Senate Bill 2744 Summary

• Amends the 2016 IHL Capital Improvements Fund to revise bond allocation purposes for Jackson State University, reducing the College of Education and Human Development project from $6,000,000 to $500,000.

• Adds a new project for Jackson State University: repair, renovation, furnishing and equipping of Stewart Hall Dormitory for $5,500,000.

• Maintains total bond authorization at $61,897,500 across all Mississippi institutions of higher learning, with allocation authority through the State Bond Commission and Department of Finance and Administration.

• Allows unused bond proceeds after four years to be applied to debt service on the issued bonds, with excess allocations available for general repairs and renovations at each institution.

• Establishes that bonds are general obligations of the State of Mississippi with full faith and credit pledged, exempt from state taxation, and valid through July 1, 2020.