MS HB1617

Authorizes issuance of up to $28,000,000 in state general obligation bonds, with $25,000,000 for capital improvements at 15 Mississippi community and junior colleges and $3,000,000 for completion of the Mississippi Community College Board headquarters building (Carl J. (Jack) Gordon, Jr. Building).

Allocates the $25,000,000 in capital improvements funding among specific colleges, ranging from $1,165,790 (Southwest Mississippi) to $2,797,195 (Hinds), for acquisition of real property, construction, equipment, furnishing, and renovation of facilities.

Creates three special funds within the State Treasury to receive and disburse bond proceeds: the 2013 Community and Junior Colleges Capital Improvements Fund, the 2013 Mississippi Community College Board Headquarters Building Fund, and the 2013 Mississippi Community College Board Headquarters Lease Revenue Fund (funded by broadband channel leasing revenue up to $9,000,000).

Authorizes the State Bond Commission to issue bonds with maturity not to exceed 25 years, bearing interest at rates compliant with Mississippi law, and requires full faith and credit pledge of the state for repayment.

Requires that unused funds from projects be accounted for after four years and redirected to debt service; prohibits issuance of bonds after July 1, 2017; bonds and interest are exempt from state taxation.