MS HB374

Authorizes the State Bond Commission to issue general obligation bonds not exceeding $11,917,500 to fund construction, furnishing, and equipping of a STEAM Outreach Center at Alcorn State University.

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 may be issued through July 1, 2028.

Proceeds from bond sales are deposited into a special "2024 Alcorn State University Science, Technology Engineering, Agriculture and Math (STEAM) Outreach Center Fund" maintained separately from the General Fund, with unexpended amounts and investment earnings retained in the fund.

Bonds are general obligations of Mississippi backed by the full faith and credit of the state; if appropriated funds are insufficient, the State Treasurer must pay deficiencies from available state funds.

Bond proceeds and income are exempt from all Mississippi state taxation, and remaining funds after project completion shall be applied toward debt service on the issued bonds.