House Bill 748 Summary

• Authorizes issuance of state general obligation bonds totaling $82,813,575.00 for capital improvements at Mississippi institutions of higher learning, with individual allocations specified for each university and facility project.

• Creates the "2018 IHL Capital Improvements Fund" as a separate treasury fund to disburse bond proceeds for construction, renovation, repair, and equipment of university facilities, with funds managed by the Department of Finance and Administration.

• Establishes bond issuance parameters: bonds mature within 25 years, interest rates cannot exceed limits in Section 75-17-101, and all bonds must be issued by July 1, 2022; State Bond Commission acts as issuing agent and can sell bonds through public bid or negotiated sale.

• Pledges full faith and credit of the State of Mississippi to back bonds; income from bonds is exempt from state taxation and qualifies as legal investments for trustees, fiduciaries, and financial institutions.

• Requires institutions to account for unused funds within four years; excess allocations may be redirected to general repairs, and up to 2 percent of project funds can reimburse Department of Finance and Administration administrative costs.