MS SB2835

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

Establishes a special fund designated "2024 Alcorn State University K.L. Simmons Technology Building Fund" within the State Treasury to hold and disburse bond proceeds for the authorized project costs.

Bonds may be issued at any time by the State Bond Commission until July 1, 2028, with maturity dates not to exceed 25 years from issuance and interest rates subject to Mississippi Code Section 75-17-101.

Bonds are general obligations of the State of Mississippi backed by the full faith and credit of the state; any shortfall in appropriated funds shall be paid from the State Treasury.

Investment earnings on fund amounts and remaining balances after project completion shall be applied to pay debt service on the issued bonds.