MS HB313

Authorizes issuance of state general obligation bonds totaling $60,000,000 for repair, renovation, and upgrading of campus buildings, facilities, and infrastructure at three universities: Alcorn State University ($20,000,000), Jackson State University ($20,000,000), and Mississippi Valley State University ($20,000,000).

Creates a special fund designated the "2022 Alcorn State University, Jackson State University and Mississippi Valley State University Improvements Fund" within the State Treasury to receive bond proceeds and disburse funds for eligible projects under Department of Finance and Administration direction with Board of Trustees approval.

Funds not used within four years must be reported to the State Bond Commission; after projects are completed or abandoned, remaining funds are applied to pay bond debt service.

Allows reimbursement of reasonable administrative costs incurred by the Department of Finance and Administration, not to exceed 2% of bond proceeds per project.

Bonds are general obligations of Mississippi with full faith and credit pledge, exempt from state taxation, may mature up to 25 years from issue date, and cannot be issued after July 1, 2026; takes effect July 1, 2022.