Bill > HB421

This bill authorizes the issuance of $60 million in state general obligation bonds to fund repair, renovation, and infrastructure upgrades at three historically Black universities in Mississippi: Alcorn State University, Jackson State University, and Mississippi Valley State University. Specifically, each university will receive $20 million to improve campus buildings, facilities, and infrastructure. The State Bond Commission will manage the bond issuance, which can occur until July 1, 2029, with bonds having a maximum maturity of 25 years and interest rates within legal limits. A special "2025 Alcorn State University, Jackson State University and Mississippi Valley State University Improvements Fund" will be created in the State Treasury to receive and manage the bond proceeds. If any funds remain unused after four years, the universities must provide an accounting, and unused funds will be applied to debt service. The bonds will be backed by the full faith and credit of the State of Mississippi, meaning the state guarantees repayment. The bonds will be tax-exempt and can be considered legal investments for various financial institutions. The bill specifies that the bonds can be validated through the Chancery Court and provides detailed provisions for their issuance, sale, and management.

Budget and Finance

https://billstatus.ls.state.ms.us/2025/pdf/history/HB/HB0421.xml