Bill > HB534

This bill authorizes the State of Mississippi to issue up to $28,511,500 in general obligation bonds to fund the construction, furnishing, and equipping of a new student housing building and related facilities at Mississippi Valley State University. The State Bond Commission will oversee the bond issuance process, determining details such as interest rates (not exceeding legal limits), maturity dates (up to 25 years), and sales method. The bonds will be considered general obligations of the state, backed by its full faith and credit, meaning if appropriated funds are insufficient, the State Treasurer will cover any deficits from unallocated state funds. A special "2025 Mississippi Valley State University Student Housing Building Construction Fund" will be created in the State Treasury to receive and manage the bond proceeds, with any unused funds ultimately applied to debt service. The bonds will be tax-exempt and considered legal investments for various financial institutions. The bill sets a deadline of July 1, 2029, for bond issuance and provides comprehensive guidelines for the bond's technical and legal aspects, including validation procedures, payment mechanisms, and administrative processes.

Budget and Finance

https://billstatus.ls.state.ms.us/2025/pdf/history/HB/HB0534.xml