Bill > HB1671

This bill authorizes the State of Mississippi to issue up to $5 million in general obligation bonds to fund the construction, furnishing, and equipping of a Hydroponics Research and Teaching Greenhouse at Alcorn State University. The State Bond Commission will oversee the bond issuance, with bonds to be repaid using the state's full faith and credit and mature within 25 years at an interest rate not exceeding legal limits. A special fund called the "2025 Alcorn State University Hydroponics Research and Teaching Greenhouse Fund" will be created within the State Treasury to manage the bond proceeds, with funds to be disbursed by the Department of Finance and Administration specifically for the greenhouse project. The bonds will be legally investable by financial institutions, exempt from state taxation, and can be issued anytime before July 1, 2029. If the project is completed, abandoned, or cannot be finished in a timely manner, any remaining funds will be applied to debt service on the bonds. The bill provides detailed provisions for bond issuance, including requirements for public sale notices, validation procedures, and payment mechanisms, ensuring transparency and proper financial management of the bond funding.

Budget and Finance

https://billstatus.ls.state.ms.us/2025/pdf/history/HB/HB1671.xml