MS SB2514

Authorizes issuance of state general obligation bonds up to $1,000,000 to fund upgrades to the fire suppression system at the Alexander Center at Jackson State University.

Creates the "2012 Alexander Center Fire Suppression System Upgrade Fund" within the State Treasury to receive bond proceeds and manage expenditures under the Department of Finance and Administration.

Bonds shall mature within 25 years from date of issue with interest rates not to exceed limits in Mississippi Code Section 75-17-101, payable semiannually or annually.

Pledges the full faith and credit of the State of Mississippi to guarantee bond repayment; any shortfall between appropriated funds and bond obligations shall be paid from unappropriated state treasury funds.

Bonds are exempt from Mississippi state taxation and constitute legal investments for trustees, fiduciaries, and financial institutions; proceeds may be used only for the fire suppression system upgrade and issuance costs.