Bill > HB1678

This bill authorizes the State of Mississippi to issue up to $1 million in general obligation bonds to fund preplanning efforts for repairing, renovating, and upgrading the Walter Washington Administration and Classroom Building at Alcorn State University. The State Bond Commission will manage the bond issuance process, with bonds bearing interest rates not exceeding legal limits and maturing within 25 years. A special "2025 Alcorn State University Walter Washington Administration and Classroom Building Preplanning Fund" will be created in the State Treasury to receive and manage the bond proceeds, with the Department of Finance and Administration overseeing fund disbursements for preplanning costs. The bonds will be backed by the full faith and credit of Mississippi, meaning the state guarantees repayment, and any shortfalls in appropriated funds will be covered by the State Treasurer. The bonds will be exempt from state taxation, can be validated through the Chancery Court, and are considered legal investments for various financial institutions. The bill specifies that bond issuance can occur between now and July 1, 2029, with any unused funds ultimately applied to debt service on the bonds. The legislation is set to take effect on July 1, 2025.

Budget and Finance

https://billstatus.ls.state.ms.us/2025/pdf/history/HB/HB1678.xml