MS HB1059

Authorizes the State Bond Commission to issue up to $1,700,000 in general obligation bonds to assist the City of Olive Branch with repair, renovation, expansion, and improvements to the historic Maples Methodist Church building for use as a community events center and theater.

Creates a special fund designated "2024 City of Olive Branch Historic Maples Methodist Church Fund" within the State Treasury to receive bond proceeds and disburse funds for the project costs.

Bonds may have interest rates not exceeding limits in Mississippi Code Section 75-17-101, mature within 25 years, and are backed by the full faith and credit of the State of Mississippi.

Bond income is exempt from Mississippi state taxation, and any investment earnings on the special fund shall be used to pay debt service on the bonds.

No bonds may be issued under this act after July 1, 2028, and the act takes effect July 1, 2024.