MS HB1530

Authorizes counties, cities, and towns to levy ad valorem taxes on taxable property to fund acquisition, construction, renovation, and equipment of community or junior college dormitories and auxiliary facilities, with tax pledges not subject to state debt limits.

Limits annual tax levy to three (3) mills on the dollar and restricts annual expenditures to amounts budgeted by the college board of trustees.

Amends Section 37-29-131 to increase the maximum primary lease term for lands and buildings from an unspecified period to thirty-five (35) years for community and junior colleges.

Allows lease or lease purchase arrangements for machinery, furnishings, fixtures, and equipment with terms not exceeding the estimated useful economic life of the items.

Tax levies authorized under this act are in addition to all other existing and future authorized tax levies.