Bill > HB1672

This bill authorizes the State of Mississippi to issue up to $5 million in general obligation bonds to fund repairs and renovations for Americans with Disabilities Act (ADA) compliance 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. The bill establishes a special "2025 Alcorn State University Improvements Fund" within the State Treasury, where bond proceeds will be deposited and used exclusively for ADA-related building and facility 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 funds. The bonds will be legally investable by financial institutions, exempt from state taxation, and can be validated through the Chancery Court. The bill specifies that no bonds can be issued after July 1, 2029, and the act will take effect on July 1, 2025, providing a clear timeline for the bond issuance and project completion.

Budget and Finance

https://billstatus.ls.state.ms.us/2025/pdf/history/HB/HB1672.xml