MS HB1596

Authorizes issuance of up to $25,000,000 in state general obligation bonds for capital improvements at Mississippi community and junior colleges, with funds distributed to 15 colleges in specified amounts ranging from $1,186,040 to $2,741,536.

Creates a special "2014 Community and Junior Colleges Capital Improvements Fund" within the State Treasury to receive bond proceeds and fund acquisition of real property, construction of new facilities, equipment, technology infrastructure, and renovation of existing facilities.

Establishes a four-year deadline for colleges to use allocated funds; any unused amounts after four years must be reported to the State Bond Commission and applied to bond debt service.

Grants the State Bond Commission authority to determine bond terms (interest rates up to statutory limits, maturity up to 25 years, redemption provisions), prescribe bond form, conduct public sale or negotiate sales, and manage all issuance procedures.

Provides that bonds are general obligations backed by the full faith and credit of Mississippi; pledges state funds to cover any shortfalls in debt service and exempts bond income from state taxation.