MS HB1431

Authorizes issuance of up to $60,000,000 in state general obligation bonds for repair, renovation, and upgrading of campus buildings, facilities, and infrastructure at Alcorn State University, Jackson State University, and Mississippi Valley State University ($20,000,000 allocated to each institution).

Creates a special fund designated the "2021 Alcorn State University, Jackson State University and Mississippi Valley State University Improvements Fund" within the State Treasury to receive and disburse bond proceeds under direction of the Department of Finance and Administration with approval of the Board of Trustees of State Institutions of Higher Learning.

Allows administrative costs for project management by the Department of Finance and Administration to be reimbursed from the fund, not to exceed 2% of bond proceeds for each project.

Requires unused funds to be accounted for within four years after bond proceeds are deposited; any remaining balances after project completion or abandonment shall be applied to pay debt service on the bonds.

Establishes that bonds are general obligations of the State of Mississippi backed by full faith and credit; bonds must be issued by July 1, 2025, and mature within 25 years; bonds and income are exempt from state taxation.