Senate Bill 3047 Summary

• Authorizes issuance of $82,560,000 in state general obligation bonds for capital improvements at Mississippi institutions of higher learning, including projects at eight universities and the University of Mississippi Medical Center.

• Authorizes issuance of $25,000,000 in state general obligation bonds for capital improvements at Mississippi's community and junior colleges, with funds distributed among 16 institutions.

• Authorizes issuance of $36,500,000 in state general obligation bonds for state agency capital improvements, including projects at the Department of Corrections, Department of Public Safety, Mississippi Military Department, and other agencies.

• Establishes three separate special funds in the State Treasury to receive bond proceeds and disburse funds for specified capital projects, with unused funds to be applied to debt service after four years or project completion.

• Sets July 1, 2022 as the deadline for bond issuance and allows bonds to mature up to 25 years from issuance, with all bonds backed by the full faith and credit of the State of Mississippi.