House Bill 1566 Summary

• Authorizes issuance of up to $28,000,000 in state general obligation bonds for repair, renovation, and infrastructure improvements to state-owned buildings, universities, and community colleges, with bond issuance authority expiring July 1, 2019.

• Creates "2015 Bureau of Building State-Owned Buildings Discretionary Fund" to receive bond proceeds and disburse funds for site improvements, repairs, weatherization, roofing, ADA compliance, equipment purchases, and project continuation.

• Authorizes issuance of up to $7,000,000 in additional state general obligation bonds for tenant improvements, mechanical upgrades, elevator replacements, and furnishing of facilities under the Office of Capitol Facilities, including completion of the Robert G. Clark Building renovation project.

• Establishes that bonds are general obligations backed by full faith and credit of Mississippi, with proceeds managed by Department of Finance and Administration; interest accruals and unexpended funds used to pay bond debt service after project completion.

• Bonds may mature up to 25 years from issue date, are exempt from state taxation, and constitute legal investments for fiduciaries and financial institutions.