MS SB2515

Authorizes the State Bond Commission to issue up to $1,500,000 in general obligation bonds for acquiring and improving property at Jackson State University's campus.

Creates the "2012 Jackson State University Property Acquisition and Improvement Fund" to be maintained separately in the State Treasury and used for property acquisition, development, parking lots, streets, utilities, and other campus infrastructure per the university's master plan.

Bonds may mature up to 25 years from issuance with interest rates not exceeding limits set in Mississippi Code Section 75-17-101, with interest payable semiannually or annually.

Bonds are backed by the full faith and credit of the State of Mississippi, are exempt from state taxation, and constitute legal investments for trustees, fiduciaries, banks, and insurance companies in Mississippi.

Remaining funds after project completion shall be applied to pay debt service on the bonds, and bond proceeds may only be used for authorized purposes including costs incident to issuance and sale.