MS HB1441

Authorize issuance of state general obligation bonds up to $5,000,000 to provide funds for Jackson State University's Science, Technology, Engineering and Mathematics (STEM) Program.

Create a special fund designated "2015 Jackson State University Science, Technology, Engineering and Mathematics (STEM) Program Fund" to be maintained separately from the General Fund, with funds disbursed by the Department of Finance and Administration.

Bonds shall mature in no more than 25 years from date of issue, with interest rates not exceeding limits in Mississippi Code Section 75-17-101, and shall be signed by the State Bond Commission chairman.

Bonds are general obligations of the State of Mississippi backed by full faith and credit of the state; any remaining fund balance after project completion shall be applied to debt service on the bonds.

No bonds may be issued under this section after July 1, 2019; bonds and income therefrom are exempt from all taxation in Mississippi.