MS HB361

Authorizes issuance of state general obligation bonds not to exceed $300,000 to fund establishment of a Business Impact Center at Alcorn State University Extension/Research Farm and Technology Transfer Center in Mound Bayou, Mississippi.

Creates a special fund designated "2018 Alcorn State University Business Impact Center Fund" within the State Treasury to receive bond proceeds and disburse funds under direction of the Department of Finance and Administration.

Bonds must be issued by July 1, 2022, with maturity not to exceed 25 years, interest rates subject to Mississippi Code Section 75-17-101, and proceeds used solely for the stated project purposes.

Bonds are backed by the full faith and credit of the State of Mississippi, with principal and interest payments guaranteed by the State Treasury if appropriated funds are insufficient.

Upon project completion or abandonment, any remaining fund amounts shall be applied to pay debt service on the bonds, and investment earnings on the fund shall be used for debt service payments.