MS HB1590

Authorizes the issuance of state general obligation bonds not to exceed $8,000,000 to fund Phase II repair and renovation of Alexander Hall and related facilities at Jackson State University.

Creates a special fund called the "2013 Jackson State University Alexander Hall Repair and Renovation Fund" within the State Treasury to receive and disburse bond proceeds under the direction of the Department of Finance and Administration.

Bonds may not be issued after July 1, 2017, and shall mature within twenty-five (25) years from the date of issuance with interest rates not to exceed limits set in Mississippi Code Section 75-17-101.

Bonds are general obligations of the State of Mississippi backed by the full faith and credit of the state, with the State Treasurer required to pay any deficiency from the General Treasury if appropriated funds are insufficient.

Bond proceeds are exempt from state taxation, and remaining funds after project completion shall be applied toward debt service on the bonds issued under this authorization.