MS SB3027

Increases the authorized amount of state general obligation bonds from $400,000 to $1,400,000 for the Natchez Seminary property of the General Missionary Baptist Convention of Mississippi, Inc.

Authorizes the State Bond Commission to issue bonds for furnishing, equipping, repairing and renovating the Natchez Seminary property, with proceeds deposited into a special "2016 Natchez Seminary Repair and Renovation Fund."

Establishes that bonds are general obligations of Mississippi backed by the full faith and credit of the state, with principal and interest payable according to terms determined by the State Bond Commission.

Allows investment earnings on funds in the special account to be used for debt service on the bonds, and requires remaining funds to be applied to debt service once the renovation project is completed or abandoned.

Exempts the bonds and income from all state taxation and designates them as legal investments for trustees, fiduciaries, banks and insurance companies.