MS HB62

Authorizes the State Bond Commission to issue up to $5,000,000 in general obligation bonds for Jackson State University's Science, Technology, Engineering and Mathematics (STEM) program.

Creates a special "2019 Jackson State University Science, Technology, Engineering and Mathematics (STEM) Program Fund" within the State Treasury to receive bond proceeds and disburse funds for STEM program administration and operation.

Bonds may be issued at any time before July 1, 2023, with maturity not to exceed 25 years from the date of issue and interest rates subject to Mississippi Code Section 75-17-101.

Full faith and credit of the State of Mississippi is pledged to pay bond principal and interest; any deficiency shall be paid from the State Treasury.

Bonds are exempt from Mississippi state taxation and constitute legal investments for trustees, fiduciaries, savings banks, and insurance companies in the state.