MS SB2878

Authorizes the issuance of state general obligation bonds not to exceed $11,920,000 to fund construction, furnishing, and equipping of a Science, Technology, Engineering, Agriculture and Math (STEAM) Outreach Center at Alcorn State University.

Creates a special fund designated the "2025 Alcorn State University Science, Technology Engineering, Agriculture and Math (STEAM) Outreach Center Fund" within the State Treasury to receive bond proceeds and disburse funds for project costs.

Bonds may mature up to 25 years from date of issue with interest rates not exceeding limits in Mississippi Code Section 75-17-101, and the full faith and credit of the State of Mississippi is pledged for repayment.

No bonds may be issued under this act after July 1, 2029, and any remaining fund amounts after project completion shall be applied to pay debt service on the bonds.

Act takes effect July 1, 2025, and establishes standard procedures for the State Bond Commission to issue, sell, and manage the bonds.