MS HB376

Authorizes issuance of state general obligation bonds not to exceed $8,610,000 to fund repair, renovation, and improvements to the Walter Washington Administration and Classroom Building at Alcorn State University.

Creates a special fund designated "2024 Alcorn State University Walter Washington Administration and Classroom Building Fund" within the State Treasury to receive bond proceeds and disburse funds for the project.

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

Bonds are exempt from state taxation and qualify as legal investments for trustees, fiduciaries, savings banks, trust companies, and insurance companies organized under Mississippi law.