MS SB3002

Authorizes the State Bond Commission to issue up to $2,000,000 in state general obligation bonds for upgrading mechanical systems at the Alexander Center at Jackson State University.

Creates a special fund designated the "2011 Alexander Center Mechanical System Upgrade Fund" within the State Treasury to receive bond proceeds and disburse funds under direction of the Department of Finance and Administration.

Bonds shall mature within 25 years, bear interest rates not exceeding limits in Mississippi Code Section 75-17-101, and may be sold by sealed bid or negotiated sale as determined by the commission.

Full faith and credit of the State of Mississippi is pledged to secure the bonds; any insufficiency in appropriated funds for debt service shall be paid from the State Treasury.

Bond proceeds and income are exempt from state taxation, and remaining funds after project completion shall be applied to debt service on the issued bonds.