MS HB518

Authorizes the issuance of state general obligation bonds not to exceed $3,470,000 to fund construction, furnishing, and equipping of a Hydroponics Research and Teaching Greenhouse at Alcorn State University.

Bonds shall mature within 25 years from date of issue, with interest rates not exceeding limits set by Mississippi Code Section 75-17-101, and all interest payable semiannually or annually.

Creates a special fund designated "2024 Alcorn State University Hydroponics Research and Teaching Greenhouse Fund" within the State Treasury to receive bond proceeds and disburse them for project costs.

Pledges the full faith and credit of the State of Mississippi to pay bond principal and interest, with any insufficiency covered by the State Treasurer from general funds; bonds are tax-exempt and legal investments for trustees and fiduciaries.

No bonds may be issued under this act after July 1, 2028; any remaining fund balance after project completion shall be applied to debt service on the bonds.