MS HB1527

Authorizes issuance of state general obligation bonds not to exceed $31,000,000 to fund construction, furnishing, and equipping of a new School of Medicine classroom building at the University of Mississippi Medical Center.

Creates the "2012 University of Mississippi Medical Center Improvements Fund" as a special fund within the State Treasury to receive bond proceeds and any investment earnings, which shall not lapse at fiscal year end.

Bonds may be issued at any time or in multiple installments by the State Bond Commission, with no bonds issued after July 1, 2016, and maturity not to exceed 25 years from issue date.

Bonds are general obligations of Mississippi backed by the full faith and credit of the state, with principal and interest payable semiannually or annually as determined by the State Bond Commission.

Bonds and their income are exempt from all state taxation and are legal investments for trustees, fiduciaries, and financial institutions in Mississippi.