MS SB2970

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

Creates the "2021 COVID-19 Mississippi Independent College and University Loan Fund" within the State Treasury to disburse loans for relief from economic hardship caused by COVID-19.

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

Requires colleges to repay full loan principal within 10 years and prohibits use of funds to increase salaries of non-full-time faculty employees; violation triggers immediate repayment of outstanding principal.

Distributes half the loan funds equally among eligible institutions and the remaining half pro rata based on full-time in-person enrollment data reported to the federal Integrated Postsecondary Education System.