Bill > HB535

This bill authorizes the State of Mississippi to issue up to $3 million in general obligation bonds to fund repair and renovation of buildings and facilities at Mississippi Valley State University. The State Bond Commission will manage the bond issuance process, with bonds having a maximum maturity of 25 years and interest rates not exceeding legal limits. A special fund called the "2025 Mississippi Valley State University Repair and Renovation Fund" will be created within the State Treasury to receive and disburse the bond proceeds, with the Department of Finance and Administration overseeing the distribution of funds for campus infrastructure improvements. The bonds will be backed by the full faith and credit of the state, meaning if initial appropriations are insufficient, the State Treasurer can use other unappropriated funds to cover principal and interest payments. The bonds will be legally exempt from state taxation, can be validated through the Chancery Court, and will be considered legal investments for various financial institutions. No bonds can be issued after July 1, 2029, and any unused funds will ultimately be applied to debt service. The bill provides comprehensive details about the bond issuance process, including publication requirements for public sales, validation procedures, and administrative responsibilities.

Budget and Finance

https://billstatus.ls.state.ms.us/2025/pdf/history/HB/HB0535.xml