Bill > HB1674

This bill authorizes the State of Mississippi to issue up to $2,910,000 in general obligation bonds to fund new housing facilities for faculty and staff 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 Housing Fund" will be created in the State Treasury to receive the bond proceeds, and funds will be used specifically for constructing, furnishing, and equipping new housing buildings and related facilities for university personnel. The bonds are considered general obligations of the state, meaning the state's full faith and credit is pledged to repay them, and if initial appropriations are insufficient, the State Treasurer will cover any remaining debt from unappropriated 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, providing a clear timeline and framework for the housing improvement project at Alcorn State University.

Budget and Finance

https://billstatus.ls.state.ms.us/2025/pdf/history/HB/HB1674.xml