MS HB738

Authorizes issuance of state general obligation bonds not to exceed $2,910,000 to fund construction, furnishing, and equipping of new faculty and staff housing buildings at Alcorn State University.

Creates the "2024 Alcorn State University Housing Fund" as a special fund within the State Treasury to receive bond proceeds and disburse funds for the authorized housing project.

Bonds shall mature within 25 years from date of issue, bear interest at rates not exceeding limits set in Mississippi Code Section 75-17-101, and are backed by the full faith and credit of the State of Mississippi.

Bond proceeds and earnings are exempt from state taxation and must be used solely for housing project costs and bond issuance expenses; any remaining funds after project completion shall be applied to debt service on the bonds.

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