MS HB354

Authorizes the State Bond Commission to issue up to $2,500,000 in general obligation bonds to fund repairs, renovations, upgrades, and improvements to campus buildings, facilities, and infrastructure at Alcorn State University's Lorman, Vicksburg, and Natchez campuses.

Creates a special fund called the "2024 Alcorn State University Improvements Fund" within the State Treasury to receive bond proceeds and disburse funds for the authorized projects.

Bonds shall mature no later than 25 years from date of issue, bear interest as determined by the Bond Commission (not to exceed limits in Mississippi Code), and constitute general obligations of the State backed by the full faith and credit of Mississippi.

Bond proceeds may not be issued after July 1, 2028, and any remaining funds after project completion shall be applied to pay debt service on the issued bonds.

Bonds and income from bonds are exempt from all state taxation and may serve as legal investments for trustees, fiduciaries, banks, and insurance companies; act becomes effective July 1, 2024.