MS HB585

Authorizes issuance of state general obligation bonds totaling $20,075,000 for Alcorn State University improvements, with no bonds to be issued after July 1, 2025.

Creates the "2021 Alcorn State University Improvements Fund" within the State Treasury to fund five specific projects: campus dormitory repairs ($5,000,000), Walter Washington Administration and Classroom Building upgrades ($7,500,000), multi-campus facility improvements ($3,200,000), K.L. Simmons Technology Building renovations ($3,500,000), and David L. Whitney Arena Complex and Wellness Center expansion ($875,000).

Bonds mature within 25 years and bear interest rates not exceeding limits set in Mississippi Code Section 75-17-101, with interest paid semiannually or annually.

Pledges the full faith and credit of the State of Mississippi to guarantee bond payment, with any shortfall covered by the State Treasurer from the general treasury.

Bonds are tax-exempt and qualify as legal investments for trustees, fiduciaries, and financial institutions in Mississippi.