Bill > HB1675

This bill authorizes the State of Mississippi to issue up to $700,000 in general obligation bonds to fund repair, renovation, and infrastructure upgrades for agricultural facilities at Alcorn State University. The State Bond Commission will manage the bond issuance, which can occur anytime before July 1, 2029, with bonds having a maximum maturity of 25 years and interest rates not exceeding legal limits. A special fund called the "2025 Alcorn State University Agricultural Facilities Envelope and Infrastructure 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 agricultural 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 initial appropriations are insufficient, the State Treasurer will cover any shortfalls from other unappropriated funds. The bonds will be exempt from state taxation, can be legally used as investment securities, and can be validated through the Chancery Court. The bill specifies detailed provisions for bond issuance, sale, and management, ensuring transparency and legal compliance in the financial process.

Budget and Finance

https://billstatus.ls.state.ms.us/2025/pdf/history/HB/HB1675.xml