Bill > HB1676

This bill authorizes the State of Mississippi to issue up to $5 million in general obligation bonds to fund repair, renovation, reconstruction, and restoration of the Poultry Sciences Academic Research Center (PSARC) at Alcorn State University. 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 Poultry Sciences Academic Research Center (PSARC) Fund" will be created in the State Treasury to receive the bond proceeds, and funds will be disbursed by the Department of Finance and Administration specifically for the PSARC project. The bonds are backed by the full faith and credit of the state, meaning if appropriated funds are insufficient to pay principal and interest, the State Treasurer will cover the shortfall from other available funds. The bonds will be legally exempt from state taxation, can be validated through the Chancery Court, and are considered legal investments for various financial institutions. The bill specifies that no bonds can be issued after 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/HB/HB1676.xml