MS HB1350

Authorizes issuance of up to $45,960,000 in state general obligation bonds to fund various Alcorn State University improvement projects through July 1, 2027.

Establishes the "2023 Alcorn State University Improvements Fund" to pay for five specific projects: David L. Whitney Arena Complex ($11,885,000), Walter Washington Administration Building Phase I ($8,610,000), K.L. Simmons Technology Building Phase I ($7,475,000), ADA compliance Phase II ($4,540,000), and faculty/staff housing Phase II ($13,450,000).

Bonds are general obligations of Mississippi backed by the full faith and credit of the state; bonds and income are exempt from state taxation and become legal investments for trustees and fiduciaries.

State Bond Commission authorized to determine bond terms (maturity up to 25 years, interest rates, redemption terms) and manage bond issuance and sale; proceeds transferred to the special fund and disbursed by the Department of Finance and Administration.

Any remaining funds after project completion shall be applied to pay debt service on the bonds; interest earnings on the fund are also dedicated to debt service.