MS HB1488

Authorizes issuance of state general obligation bonds not to exceed $48,000,000 for construction, furnishing, and equipping of a new dormitory and related facilities at Jackson State University.

Bonds may mature up to 25 years from date of issue with interest rates not exceeding limits in Mississippi Code Section 75-17-101, and all issuance costs may be paid from bond proceeds.

Creates "2022 Jackson State University Dormitory Construction Fund" as a separate state treasury fund with unexpended amounts not lapsing and investment earnings deposited into the fund.

Full faith and credit of the State of Mississippi is pledged to pay bond principal and interest, with deficiencies paid by State Treasurer from general treasury funds if appropriations are insufficient.

Bonds and income from bonds are exempt from all Mississippi state taxation, and no bonds may be issued after July 1, 2026; act becomes effective July 1, 2022.