Bonds; authorize issuance for construction of a Hydroponics Research and Teaching Greenhouse at Alcorn State University.
Impact
By establishing a dedicated fund named the '2024 Alcorn State University Hydroponics Research and Teaching Greenhouse Fund,' the legislation guarantees that the bonding proceeds are allocated specifically for the greenhouse project. This ensures that unspent funds from the project will not revert to the general fund of the state, which is a significant financial safeguard that provides transparency and accountability in the use of the allocated funds.
Summary
Senate Bill 2833 authorizes the issuance of state general obligation bonds to fund the construction, furnishing, and equipping of a Hydroponics Research and Teaching Greenhouse at Alcorn State University. The total amount of bonds that can be issued under this act is capped at three million four hundred seventy thousand dollars ($3,470,000). This bill outlines the procedures for the issuance of these bonds, including the requirements for interest payment and maturity terms.
Contention
Key provisions of the bill include measures for the authorization of bonds based on resolutions from the state's Department of Finance and Administration and the State Bond Commission. The legislation includes various stipulations regarding the sale of the bonds, interest rates, and the overall management of the fund. While the bill is primarily focused on funding an educational facility, there may be considerations regarding the allocation of state resources and prioritization of other projects within the state.