MS HB1429

Authorizes issuance of up to $1,000,000 in state general obligation bonds to fund land acquisition, infrastructure improvements, and campus development at Jackson State University in Jackson, Mississippi.

Creates a special fund designated as the "2011 Jackson State University Property Acquisition and Improvement Fund" to receive bond proceeds and disburse funds for specified campus projects including parking lots, streets, utilities, and lighting.

Directs the State Bond Commission to act as issuing agent for the bonds, which shall mature within 25 years, bear interest within statutory limits, and be backed by the full faith and credit of the state.

Authorizes the Department of Finance and Administration to transfer three parcels of state-owned property (parcels 345, 346, and 348 at Terry Road and Walter Payton Drive intersection) to the Jackson State University Development Foundation, Inc.

Bonds issued are exempt from state taxation, and any remaining bond proceeds or fund earnings after project completion shall be applied toward debt service on the bonds.