MS SB3003

Authorizes issuance of state general obligation bonds up to $9,000,000 to fund replacement of Dansby Hall at Jackson State University.

Creates a special "2011 Dansby Hall Replacement Fund" within the State Treasury to receive bond proceeds and disburse funds under direction of the Department of Finance and Administration.

Bonds may mature up to 25 years from issuance with interest rates not to exceed limits set in Mississippi Code Section 75-17-101, and may be sold by sealed bid or negotiated sale.

Full faith and credit of the State of Mississippi is pledged to secure the bonds; any insufficiency in appropriated funds will be covered by the State Treasurer from unappropriated state funds.

Bonds are exempt from Mississippi state taxation and constitute legal investments for trustees, fiduciaries, banks, trust companies, and insurance companies.