MS HB377

Authorizes issuance of state general obligation bonds up to $7,475,000 to fund repair, renovation, and improvements to the K.L. Simmons Technology Building at Alcorn State University.

Bonds may mature over up to 25 years from issuance, with interest rates not exceeding limits in Mississippi Code Section 75-17-101, and may be sold at public auction or through negotiated sale.

Creates a special fund designated "2024 Alcorn State University K.L. Simmons Technology Building Fund" to receive bond proceeds and disburse funds for project costs and debt service.

Bonds are general obligations of the State of Mississippi backed by the full faith and credit of the state, with income from the bonds exempt from state taxation.

No bonds may be issued after July 1, 2028, and the act takes effect July 1, 2024.