MS HB373

Authorizes issuance of state general obligation bonds not to exceed $570,000 to fund repair, renovation, and upgrades to agricultural facilities and infrastructure at Alcorn State University.

Creates the "2024 Alcorn State University Agricultural Facilities Envelope and Infrastructure Fund" as a special fund within the State Treasury to receive bond proceeds and disburse funds for authorized projects.

Bonds may mature up to 25 years from date of issue, with interest rates not exceeding limits set in Mississippi Code Section 75-17-101, and shall be backed by the full faith and credit of the State of Mississippi.

Prohibits bond issuance after July 1, 2028; unexpended funds or investment earnings remaining after project completion shall be applied to debt service on the bonds.

Bonds are exempt from state taxation and constitute legal investments for trustees, fiduciaries, banks, and insurance companies in Mississippi; effective July 1, 2024.