MS SB3004

Authorizes the issuance of up to $1,500,000 in state general obligation bonds to fund property acquisition and improvement projects at Jackson State University's campus.

Creates a special fund called the "2011 Jackson State University Property Acquisition and Improvement Fund" to receive bond proceeds and disburse funds for campus improvements including parking lots, streets, lighting, utilities, and fencing in accordance with the university's master plan.

Grants the State Bond Commission authority to issue, sell, and manage the bonds through public sale or negotiated sale, with interest payable semiannually or annually and maturity not to exceed 25 years.

Pledges the full faith and credit of Mississippi to guarantee bond repayment; bonds are exempt from state taxation and qualify as legal investments for banks, insurance companies, and fiduciaries.

Any remaining bond proceeds after project completion shall be applied to pay debt service on the bonds, with investment earnings on fund amounts also dedicated to debt service.