SB 2666 Summary

• Amends Chapter 480, Laws of 2011 to revise bond proceeds allocation, specifically modifying Mississippi State University's allocation from capital improvements to allow funds for the Wise Center ($600,000) and Animal Life Sciences Initiative ($200,000).

• Maintains the overall bond authorization cap of $230,175,000 distributed across five special funds for institutions of higher learning, state agencies, and community/junior colleges.

• Establishes that unused bond proceeds must be accounted for within four years and any remaining funds applied to debt service on bonds, as certified by the State Bond Commission.

• Authorizes the Department of Finance and Administration to administer expenditures with reimbursement of administrative costs limited to 2% of bond proceeds per project.

• Bonds remain general obligations of the State of Mississippi backed by full faith and credit, exempt from state taxation, with maturity not to exceed 25 years and no bonds to be issued after July 1, 2015.