MS SB3047

Authorizes the State Bond Commission to issue general obligation bonds totaling $285,000 to assist the City of Houston, Mississippi with four specific projects: $75,000 for Bijou Theater repair and renovation, $50,000 for Trace-to-Trail Connector Loop Phase I construction, $135,000 for Joe Brigance Park improvements including a new playground, and $25,000 for Chickasaw County Heritage Museum repair and renovation.

Creates a special fund called the "2021 City of Houston Projects Fund" within the State Treasury to receive bond proceeds and disburse funds to pay project costs; any remaining amounts after project completion shall be applied to pay bond debt service.

Bonds shall be signed by the State Bond Commission chairman and bear the commission's official seal, mature within 25 years of issue, and bear interest rates not to exceed limits set in Mississippi Code Section 75-17-101; bonds cannot be issued after July 1, 2025.

Bonds are general obligations of the State of Mississippi backed by the full faith and credit of the state; the State Treasurer must pay any deficiency from the General Treasury if appropriated funds are insufficient to cover principal and interest payments.

Bond proceeds are exempt from all Mississippi state taxation, qualify as legal investments for fiduciaries and financial institutions, and may be validated in Hinds County Chancery Court.