MS SB3018

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 three universities: $20,000,000 each for Alcorn State University, Jackson State University, and Mississippi Valley State University.

Creates a special fund designated the "2021 Alcorn State University, Jackson State University and Mississippi Valley State University Improvements Fund" to be maintained separately in the State Treasury for disbursement of bond proceeds under direction of the Department of Finance and Administration with Board of Trustees approval.

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

Permits reimbursement of reasonable administrative costs incurred by the Department of Finance and Administration for project administration, limited to 2% of bond proceeds for each project.

Establishes that bonds are general obligations of Mississippi with full faith and credit pledged; bonds mature within 25 years, may be sold by sealed bid or negotiation, and are exempt from state taxation; deadline for bond issuance is July 1, 2025.