MS SB2876

Authorizes the issuance of state general obligation bonds not to exceed $7,475,000 to fund repair, renovation, and improvements to the K.L. Simmons Technology Building at Alcorn State University.

Creates the "2025 Alcorn State University K.L. Simmons Technology Building Fund" as a special fund within the State Treasury to receive bond proceeds and disburse funds for the authorized projects.

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

Prohibits bond issuance after July 1, 2029, and directs any remaining fund balance after project completion to be applied toward debt service on the bonds.

Bonds issued are exempt from state taxation and qualify as legal investments for trustees, fiduciaries, savings banks, and insurance companies in Mississippi.