MS SB2292

Authorizes issuance of state general obligation bonds not to exceed $5,000,000 to fund construction of the Pearl River Community College Workforce Development Center in Hancock County, Mississippi.

Creates a special fund designated the "2020 Pearl River Community College Workforce Development Center Construction Fund" to receive bond proceeds and disburse them for project costs under the Department of Finance and Administration's discretion.

Bonds may mature up to 25 years from date of issue with interest rates not exceeding limits set in Mississippi Code Section 75-17-101, with the State Bond Commission acting as issuing agent.

No bonds may be issued under this authority after July 1, 2024; any remaining fund balance after project completion shall be applied to pay debt service on the bonds.

Bonds are general obligations of the State of Mississippi backed by full faith and credit of the state, are exempt from Mississippi taxation, and become effective immediately upon passage.