Bill > SB2871

This bill authorizes the State of Mississippi to issue up to $4,540,000 in general obligation bonds to fund repairs and renovations at Alcorn State University specifically focused on improving Americans with Disabilities Act (ADA) compliance for university buildings and facilities. The bonds will be issued by the State Bond Commission and will have a maximum maturity of 25 years, with interest rates not exceeding legal limits. A special fund called the "2025 Alcorn State University Improvements Fund" will be created within the State Treasury to receive and manage the bond proceeds, with the Department of Finance and Administration responsible for disbursing funds for the specified ADA improvements. The bonds are considered general obligations of the state, meaning the state's full faith and credit is pledged to repay them, and if legislative appropriations are insufficient, the State Treasurer will cover any shortfall from unappropriated state funds. The bonds will be legal investments for financial institutions, exempt from state taxation, and can be validated through the Chancery Court. The authorization for issuing these bonds expires on July 1, 2029, and the act will take effect on July 1, 2025.

Budget and Finance

https://billstatus.ls.state.ms.us/2025/pdf/history/SB/SB2871.xml