MS HB1512

Authorizes the State Bond Commission to issue up to $27,105,500 in general obligation bonds to fund capital improvements at Alcorn State University, with issuance deadline of July 1, 2025.

Establishes a special "2022 Alcorn State University Improvements Fund" within the State Treasury to receive bond proceeds and disburse funds for nine specified projects including renovations to the Whitney Arena Complex, Math and Science Building, Walter Washington Administration Building, K.L. Simmons Technology Building, and other campus facilities.

Bonds shall mature within 25 years from date of issue at interest rates not exceeding limits set by Mississippi Code Section 75-17-101, with principal and interest payable semiannually or annually as determined by the commission.

Pledges the full faith and credit of the State of Mississippi to guarantee bond repayment; authorizes the State Treasurer to issue warrants from general funds if appropriated funds are insufficient to cover debt service.

Bonds are exempt from all taxation in Mississippi and qualify as legal investments for trustees, fiduciaries, banks, and insurance companies; takes effect July 1, 2022.