MS SB3011

Authorizes the issuance of state general obligation bonds not to exceed $1,250,000 to fund construction, furnishing, and equipping of a new building for the Socially Disadvantaged Farmers and Ranchers Policy Center at Alcorn State University.

Creates a special fund within the State Treasury designated as the "2017 Alcorn State University Socially Disadvantaged Farmers and Ranchers Policy Center Construction Fund" to hold and disburse bond proceeds for the project.

Grants the State Bond Commission authority to issue and sell the bonds, determine bond terms (interest rates, maturity dates up to 25 years, redemption options), advertise for bids, and manage all aspects of the bond issuance process.

Pledges the full faith and credit of Mississippi for payment of principal and interest, with any shortfall to be paid by the State Treasurer from unappropriated state funds.

Provides that bonds are exempt from Mississippi taxation and may be validated in Hinds County Chancery Court; expires July 1, 2021 for new bond issuances.