MS HB378

Authorizes issuance of state general obligation bonds up to $3,570,000 to fund repair, renovation, reconstruction, and restoration of the Poultry Sciences Academic Research Center (PSARC) at Alcorn State University.

Bonds may mature up to 25 years from issuance with interest rates not exceeding limits set in Mississippi Code Section 75-17-101, with no bonds issued after July 1, 2027.

Creates a special fund designated "2024 Alcorn State University Poultry Sciences Academic Research Center (PSARC) Fund" to receive bond proceeds and manage disbursements for project costs.

Bonds are general obligations of the State of Mississippi backed by full faith and credit of the state, with principal and interest payable from appropriated funds or state treasury funds if insufficient.

Bonds and income are exempt from Mississippi state taxation and constitute legal investments for trustees, fiduciaries, banks, and insurance companies; act takes effect July 1, 2024.