MS HB535

Authorizes the State Bond Commission to issue general obligation bonds not exceeding $3,000,000 to fund repair and renovation of campus buildings and facilities at Mississippi Valley State University.

Bonds may mature up to 25 years from date of issue and bear interest rates not exceeding limits set in Mississippi Code Section 75-17-101, with sale by sealed bid or negotiated sale.

Creates a special "2025 Mississippi Valley State University Repair and Renovation Fund" within the State Treasury to receive bond proceeds, with funds disbursed by the Department of Finance and Administration for authorized projects.

Full faith and credit of the State of Mississippi is pledged to secure bonds; bond proceeds and income are exempt from state taxation and constitute legal investments for trustees, fiduciaries, banks, and insurance companies.

No bonds may be issued after July 1, 2029; any remaining fund balance after project completion shall be applied to debt service on the bonds.