MS SB2234

Authorizes the Department of Finance and Administration to acquire approximately 78 acres of real estate (three tracts totaling 5.78, 2.022, and 70.4 acres) in Jackson, Hinds County, for the University of Mississippi Medical Center

Requires property to be purchased at fair market value determined by the average of at least two appraisals from certified and licensed appraisers selected by the Department of Finance and Administration

Authorizes issuance of up to $5,000,000 in state general obligation bonds to fund the property acquisition, with bonds maturing no later than 25 years from date of issue

Creates the "2014 University of Mississippi Property Acquisition Fund" within the State Treasury to hold bond proceeds and investment earnings, with unexpended amounts not lapsing into the General Fund

Bonds must be issued before July 1, 2018, and are backed by the full faith and credit of the State of Mississippi, with bond income exempt from all state taxation