MS HB421

Authorizes issuance of up to $60,000,000 in general obligation bonds, with $20,000,000 allocated to each of Alcorn State University, Jackson State University, and Mississippi Valley State University for repair, renovation, and upgrading of campus buildings, facilities, and infrastructure.

Creates a special fund designated "2025 Alcorn State University, Jackson State University and Mississippi Valley State University Improvements Fund" within the State Treasury to receive and disburse bond proceeds under approval of the Board of Trustees of State Institutions of Higher Learning.

Establishes that bond proceeds must be used within four (4) years or institutions must account for unused monies; any remaining funds after project completion shall be applied to bond debt service.

Permits administrative costs for project management by the Department of Finance and Administration to be reimbursed from the fund, not to exceed 2% of bond proceeds for each project.

Bonds are general obligations of Mississippi with full faith and credit pledged; total bond issuance authority expires July 1, 2029; bonds mature within 25 years and are tax-exempt in Mississippi.