MS HB132

Authorizes issuance of state general obligation bonds up to $50,000,000 for capital improvements at Mississippi community and junior colleges, with proceeds distributed to 15 colleges in specified amounts ranging from $2.3 million to $5.6 million.

Creates the "2019 Community and Junior Colleges Capital Improvements Fund" as a separate state treasury account to receive bond proceeds and disburse funds for acquisition of real property, construction, equipment, and renovation of college facilities as recommended by the Mississippi Community College Board.

Bonds may mature up to 25 years from issuance with interest rates not exceeding limits in Mississippi Code Section 75-17-101, and no bonds may be issued after July 1, 2023.

Pledges the full faith and credit of the State of Mississippi to guarantee bond payments, with any shortfall covered by the State Treasurer from unappropriated state funds; unused monies after four years must be accounted for and applied to debt service.

Bonds are exempt from state taxation and qualify as legal investments for trustees, fiduciaries, banks, and insurance companies; takes effect July 1, 2019.