Bill > HB1677

This bill authorizes the State of Mississippi to issue up to $15 million in general obligation bonds to fund the construction, furnishing, and equipping of a Science, Technology, Engineering, Agriculture and Math (STEAM) Outreach Center at Alcorn State University. The State Bond Commission will oversee the bond issuance process, with bonds bearing interest rates not exceeding legal limits and maturing within 25 years. A special fund will be created within the State Treasury to receive and manage the bond proceeds, and the funds can only be used for the specified STEAM Center project. The bonds are considered general obligations of the state, meaning the full faith and credit of Mississippi is pledged to repay them, and if legislative appropriations are insufficient, the State Treasurer will cover any shortfalls from other available funds. The bonds will be tax-exempt and considered legal investments for various financial institutions. The bill specifies detailed procedures for bond issuance, validation, and management, and sets a deadline of July 1, 2029, for issuing the bonds, with the act itself taking effect on July 1, 2025.

Budget and Finance

https://billstatus.ls.state.ms.us/2025/pdf/history/HB/HB1677.xml