MS HB1580

Authorizes issuance of up to $92,400,000 in state general obligation bonds for capital improvements at Mississippi institutions of higher learning, with no bonds to be issued after July 1, 2018.

Creates the "2014 IHL Capital Improvements Fund" to distribute bond proceeds to eight universities and the University of Mississippi Medical Center for specific projects including building construction, renovation, repair, and equipment, with allocations ranging from $3,000,000 to $30,500,000 per institution.

Allows unused bond proceeds to be applied to debt service after four years if projects are completed, abandoned, or cannot be completed timely, and permits reimbursement of administrative costs not to exceed 2% of bond proceeds per project.

Designates the State Bond Commission to issue bonds with terms up to 25 years, maturity rates not exceeding Section 75-17-101 limits, and establishes bonds as general obligations backed by the full faith and credit of the State of Mississippi.

Exempts bonds and income from state taxation and establishes them as legal investments for trustees, banks, insurance companies, and public depositories in Mississippi.