Senate Bill 2731

AN ACT TO CREATE THE "2024 IHL CAPITAL IMPROVEMENTS FUND" AS A SPECIAL FUND IN THE STATE TREASURY FOR THE PURPOSE OF PROVIDING FUNDS FOR A NEW, MULTIPURPOSE STADIUM FOR JACKSON STATE UNIVERSITY; TO DIRECT THE STATE TREASURER, IN CONJUNCTION WITH THE STATE FISCAL OFFICER, TO TRANSFER FUNDS OUT OF THE CAPITAL EXPENSE FUND TO THE "2024 IHL CAPITAL IMPROVEMENTS FUND" CREATED IN THIS ACT; AND FOR RELATED PURPOSES.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:

SECTION 1. (a) (i) A special fund, to be designated as the "2024 IHL Capital Improvements Fund," is created within the State Treasury. The fund shall be maintained by the State Treasurer as a separate and special fund, separate and apart from the General Fund of the state. Unexpended amounts remaining in the fund at the end of a fiscal year shall not lapse into the State General Fund, and any interest earned or investment earnings on amounts in the fund shall be deposited into such fund.

(ii) Monies deposited into the fund shall be disbursed, in the discretion of the Department of Finance and Administration, with the approval of the Board of Trustees of State Institutions of Higher Learning on those projects related to the universities under its management and control to pay the costs of capital improvements, renovation and/or repair of existing facilities, furnishings and/or equipping facilities for public facilities as hereinafter described:

AMOUNT

NAME PROJECT ALLOCATED

Jackson State University........................ $ 40,000,000.00

for the pre-planning,

development, construction,

furnishing and equipping of

a new, multi-purpose stadium

for major events........$ 40,000,000.00

TOTAL.......................................... $ 40,000,000.00

(b) (i) Amounts deposited into such special fund shall be disbursed to pay the costs of projects described in paragraph (a) of this section. Jackson State University must submit an application to both the Institutions of Higher Learning and the Department of Finance and Administration detailing the project for which the funds will be used. The Institution of Higher Learning and the Department of Finance and Administration shall certify that matching funds are used when the monies are disbursed under this section. If any monies in such special fund are not used within four (4) years after the date funds are transferred under Section 1 of this act from the Capital Expense Fund created in Section 27-103-303, Mississippi Code of 1972, into the special fund, then the institution of higher learning for which any unused monies are allocated under paragraph (a) of this section shall provide an accounting of such unused monies to the Department of Finance and Administration.

(ii) Monies in the special fund may be used to reimburse reasonable actual and necessary costs incurred by the Department of Finance and Administration, acting through the Bureau of Building, Grounds and Real Property Management, in administering or providing assistance directly related to a project described in paragraph (a) of this section. An accounting of actual costs incurred for which reimbursement is sought shall be maintained for each project by the Department of Finance and Administration, Bureau of Building, Grounds and Real Property Management. Reimbursement of reasonable actual and necessary costs for a project shall not exceed two percent (2%) of the monies in the special fund used for such project. Monies authorized for a particular project may not be used to reimburse administrative costs for unrelated projects.

(c) The Department of Finance and Administration, acting through the Bureau of Building, Grounds and Real Property Management, is expressly authorized and empowered to receive and expend any local or other source funds in connection with the expenditure of funds provided for in this section. The expenditure of monies deposited into the special fund shall be under the direction of the Department of Finance and Administration, and such funds shall be paid by the State Treasurer upon warrants issued by such department, which warrants shall be issued upon requisitions signed by the Executive Director of the Department of Finance and Administration, or his designee.

(d) Any amounts allocated to an institution of higher learning that are in excess of that needed to complete the projects at such institution of higher learning that are described in paragraph (a) of this section may be used for general repairs and renovations at the institution of higher learning.

SECTION 2. Upon the effective date of this act, the State Treasurer, in conjunction with the State Treasurer, shall transfer Forty Million Dollars ($40,000,000.00) from the Capital Expense Fund (Fund No. 6499C00000) to the 2024 IHL Capital Improvements Fund created in Section 2 of this act.

SECTION 3. This act shall take effect and be in force from and after July 1, 2024.