MS HB1215

Extends the authority to issue state general obligation bonds for capital improvements from July 1, 2013 to July 1, 2015.

Authorizes issuance of up to $86,250,000 in bonds distributed among four special funds: $35,000,000 for IHL Capital Improvements, $34,000,000 for State-Owned Buildings, $12,250,000 for Community and Junior Colleges, and $5,000,000 for Department of Mental Health facilities.

Allocates IHL bond funds ($35,000,000 total) to eight universities and one medical center for repair, renovation, and infrastructure improvements, with amounts ranging from $1,500,000 to $4,700,000 per institution.

Requires unused bond funds to be accounted for within four years and applied to debt service if projects are completed, abandoned, or cannot be timely completed.

Pledges full faith and credit of the State of Mississippi for bond repayment and exempts bonds and income from state taxation.