MS SB3185

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

Creates the "2022 Alcorn State University, Jackson State University and Mississippi Valley State University Improvements Fund" as a special fund within the State Treasury to receive bond proceeds and disburse funds with approval from the Board of Trustees of State Institutions of Higher Learning.

Establishes that bonds may mature up to 25 years from issuance, with interest rates not exceeding limits in Mississippi Code Section 75-17-101, and allows the State Bond Commission to determine terms including call provisions and sale method.

Pledges full faith and credit of the State of Mississippi for bond repayment; any deficiency in appropriated funds shall be paid from the State Treasury, and bond income is exempt from state taxation.

Requires completion of projects within four years of bond proceeds deposit; any unused monies must be applied to debt service on bonds, and administrative costs reimbursement is capped at 2 percent of bond proceeds per project; deadline for bond issuance is July 1, 2026.