MS SB2728

Amends Chapter 557, Laws of 2009 to change the authorized use of $1,000,000 in bond proceeds for University of Southern Mississippi Gulf Coast Campuses from construction of utilities, infrastructure, and buildings at Cross Creek Campus to purchase of a research vessel for the Gulf Coast Research Laboratory.

Extends the deadline for issuing state general obligation bonds from July 1, 2013 to July 1, 2015 under the 2009 capital improvements bond program.

Maintains the total authorization for state general obligation bonds at $86,250,000 across four special funds: $35,000,000 for IHL Capital Improvements, $34,000,000 for Bureau of Building State-Owned Buildings, $12,250,000 for Community and Junior Colleges, and $5,000,000 for Department of Mental Health.

Establishes that bond proceeds must be used within four years of deposit or the funds revert to debt service on the bonds, with institutions required to provide accounting of unused monies to the State Bond Commission.