MS HB631

Authorizes the issuance of state general obligation bonds not to exceed $5,000,000 to fund Jackson State University's Science, Technology, Engineering and Mathematics (STEM) program.

Creates a special fund designated "2018 Jackson State University Science, Technology, Engineering and Mathematics (STEM) Program Fund" within the State Treasury to receive bond proceeds and disburse them for STEM program administration and operation.

Bonds may not be issued after July 1, 2022, and shall mature within 25 years from date of issue with interest rates not to exceed limits in Mississippi Code Section 75-17-101.

Bonds are general obligations of Mississippi with full faith and credit pledged; any remaining fund balance after project completion shall be applied to debt service on the bonds.

Bond proceeds are exempt from state taxation, and bonds are legal investments for state trustees, fiduciaries, savings banks, trust companies, and insurance companies.