MS SB3025

Authorizes issuance of $20,000,000 in state general obligation bonds to provide interest-free loans to seven eligible independent colleges and universities that are MAICU members and SACSCOC-accredited.

Creates the "2020 COVID-19 Mississippi Independent College and University Loan Fund" to disburse loan proceeds for COVID-19 relief from economic hardship caused by containment measures.

Establishes a bond sinking fund to pay principal and interest on bonds through appropriations, with loan repayments from colleges deposited into the fund.

Requires colleges to repay full loan principal within 10 years, prohibits funds from increasing salaries of non-faculty employees, and grants the state priority against other creditors for repayment.

Distributes half of available loan funds equally among eligible colleges, with remaining half divided proportionally based on full-time in-person enrollment data reported to IPEDS for the two most recent school years.