MS HB1440

Authorizes issuance of up to $20,000,000 in state general obligation bonds to fund Jackson State University's Endowed Professorship Challenge Grant Program.

Creates the "2015 Jackson State University Endowed Professorship Challenge Grant Fund" as a separate fund in the State Treasury to receive bond proceeds and disburse them for the program's establishment, operation, and administration.

Bonds must be issued by July 1, 2019, with a maturity period not exceeding 25 years and interest rates subject to Mississippi Code Section 75-17-101.

Full faith and credit of the State of Mississippi is pledged to secure the bonds; any insufficient appropriated funds will be covered from the State Treasury.

Bond proceeds and income are exempt from all state taxation and may be used as legal investments for trustees, fiduciaries, savings banks, and insurance companies in Mississippi.