MS SB3034

Authorizes issuance of state general obligation bonds not to exceed $150,000 to assist the City of Magnolia, Mississippi in paying costs for repair and renovation of its community center.

Creates a special fund designated the "2021 City of Magnolia Community Center Repair and Renovation Fund" within the State Treasury to receive bond proceeds and disburse them under discretion of the Department of Finance and Administration.

Bonds may mature up to 25 years from date of issue and bear interest at rates not exceeding limits set in Mississippi Code Section 75-17-101; State Bond Commission acts as issuing agent.

No bonds may be issued under this section after July 1, 2025; any remaining fund balance after project completion shall be applied to pay debt service on the issued bonds.

Full faith and credit of the State of Mississippi is pledged to pay principal and interest; bonds are exempt from state taxation and constitute legal investments for trustees, fiduciaries, and financial institutions.