MS HB1614

Authorizes issuance of state general obligation bonds up to $93,400,500 for improvements at Alcorn State University, with all bonds to be issued by July 1, 2024.

Creates the "2020 Alcorn State University Improvements Fund" as a separate special fund in the State Treasury to disburse bond proceeds for campus projects including dormitory repairs, student union construction, health and wellness center, safety and security upgrades, and agricultural facilities.

Bonds are general obligations of Mississippi with full faith and credit pledged; principal and interest must be paid from appropriated funds or from the State Treasury if appropriations are insufficient.

Bond proceeds must be used solely for the specified purposes, and any remaining fund amounts after project completion shall be applied to pay debt service on the bonds; investment earnings on the fund shall also pay debt service.

Bonds may mature up to 25 years from issuance, bear interest at rates compliant with state law, and are exempt from Mississippi state taxation and legal investments for trustees, banks, and insurance companies.