MS SB2905

Authorizes the State Bond Commission to issue up to $10,000,000 in general obligation bonds to fund construction, furnishing, and equipping of a new building for the Center for Manufacturing Technology Excellence at East Mississippi Community College's Golden Triangle Campus in Lowndes County.

Creates a special fund called the "2015 Center for Manufacturing Technology Excellence Improvements Fund" within the State Treasury to receive bond proceeds and manage disbursements for project costs under direction of the Department of Finance and Administration.

Requires proof that at least $10,000,000 in matching funds from private, local, and/or federal sources have been irrevocably dedicated before any state bonds may be issued.

Establishes that bonds may be issued anytime before July 1, 2019, with a maturity period not exceeding 25 years, and that any unexpended funds remaining after project completion shall be used for debt service on the bonds.

Pledges the full faith and credit of the State of Mississippi for repayment of bonds, exempts bond income from state taxation, and authorizes the State Treasurer to issue warrants for timely principal and interest payments.