MS HB371

Authorizes issuance of state general obligation bonds up to $5,000,000 to fund Jackson State University's Science, Technology, Engineering and Mathematics (STEM) program, with no bonds to be issued after July 1, 2020.

Creates a special fund called the "2016 Jackson State University Science, Technology, Engineering and Mathematics (STEM) Program Fund" within the State Treasury to receive bond proceeds and disburse funds for the STEM program administration and operation.

Grants the State Bond Commission authority to determine bond terms including interest rates (not exceeding limits in Section 75-17-101), maturity dates (up to 25 years), and redemption options, and to manage the sale of bonds through public bidding or negotiation.

Pledges the full faith and credit of the State of Mississippi to repay the bonds, with any insufficient appropriated funds to be covered by the State Treasurer from unappropriated state funds.

Exempts bonds and their income from all Mississippi state taxation and designates them as legal investments for trustees, fiduciaries, banks, and insurance companies in Mississippi.