MS SB3009

Authorizes issuance of state general obligation bonds not to exceed $1,000,000 to fund upgrades to the fire suppression system at the Alexander Center at Jackson State University.

Creates a special fund designated the "2011 Alexander Center Fire Suppression System Upgrade Fund" within the State Treasury to receive and disburse bond proceeds for the project.

Grants the State Bond Commission authority to determine bond terms including interest rates (not to exceed limits in Section 75-17-101), maturity dates (not exceeding 25 years), and redemption provisions.

Establishes that bonds are general obligations of Mississippi with full faith and credit of the state pledged for repayment; any insufficiency in appropriated funds shall be paid from the State Treasury.

Exempts bonds and income from all state taxation and establishes bonds as legal investments for trustees, fiduciaries, and financial institutions in Mississippi.