MS HB1536

Authorizes issuance of state general obligation bonds not to exceed $18,000,000 to fund construction, furnishing, and equipping of a new building for the Center for Manufacturing Technology Excellence at East Mississippi Community College's Golden Triangle Campus in Lowndes County.

Requires proof that $20,000,000 in private, local, and/or federal funds have been irrevocably dedicated to the project before any bonds may be issued.

Creates the "2014 Center for Manufacturing Technology Excellence Improvements Fund" as a separate special fund in the State Treasury to receive bond proceeds and disburse them for project costs under direction of the Department of Finance and Administration.

Bonds are general obligations of Mississippi backed by full faith and credit of the state, may mature up to 25 years from date of issue, and are exempt from state taxation.

No bonds may be issued after July 1, 2018, and any remaining fund balance after project completion shall be applied to pay debt service on the bonds.