MS HB88

Authorizes issuance of $16,000,000 in state general obligation bonds for capital improvements at three universities: Alcorn State University ($4,000,000), Jackson State University ($8,000,000), and Mississippi Valley State University ($4,000,000).

Alcorn State funds designated for water plant planning, construction, repair, and infrastructure upgrades; Jackson State funds for Stewart Hall renovation ($7,500,000) and campus building improvements ($500,000); Mississippi Valley State funds for Academic Skills Building repairs ($3,000,000) and student union expansion ($1,000,000).

Creates a special fund within the State Treasury to receive bond proceeds, with disbursements managed by the Department of Finance and Administration with Board of Trustees approval; unused funds must be accounted for after four years or applied to debt service.

Allows up to 2% of project bond proceeds to reimburse Department of Finance and Administration administrative costs; excess funds allocated to an institution may be used for general repairs and renovations.

Bonds may be issued at any time through July 1, 2022, with maturity not exceeding 25 years; bonds are general obligations of the state backed by full faith and credit, exempt from state taxation, and constitute legal investments for fiduciaries and financial institutions.