HB 1618 Summary

• Authorizes issuance of state general obligation bonds totaling up to $120 million for capital improvements at Mississippi institutions of higher learning, with $112.8 million allocated to specific projects and $7.2 million for discretionary building improvements.

• Creates the "2013 IHL Capital Improvements Fund" to disburse bond proceeds for campus repairs, renovations, fire suppression systems, new construction, and infrastructure improvements at eight public universities and the IHL Education and Research Center.

• Establishes a "2013 Bureau of Building IHL Discretionary Fund" with $7.2 million for general repairs, weatherization, compliance improvements, equipment purchases, and lease-purchase agreements across all institutions.

• Authorizes the State Bond Commission to determine bond terms including interest rates (not exceeding statutory limits), maturity dates (up to 25 years), and sale method; bonds are backed by full faith and credit of the state.

• Requires institutions to account for unused funds within four years; excess amounts must be applied to bond debt service, with administrative reimbursement limited to 2% of project bond proceeds.