Before the issuance of any of the bonds herein authorized, the Board of Trustees of State Institutions of Higher Learning shall forward to the State Bond Commission its recommendation declaring the necessity for the issuance of general obligation bonds as authorized by Sections 37-101-301 through 37-101-331 for the purpose of erecting, repairing, constructing, remodeling, adding to or improving capital facilities for institutions of higher learning. The State Bond Commission shall have the power and is hereby authorized, upon receipt of the aforesaid recommendations, at one (1) time or from time to time, to declare the necessity for issuance of negotiable general obligation bonds of the State of Mississippi in an aggregate amount not to exceed Forty Million Dollars ($40,000,000.00) to provide funds for the purposes hereinabove set forth and to issue and sell bonds in the amount specified.
Out of the total amount of bonds authorized to be issued, funds shall be allocated among the institutions of higher learning as follows:
Alcorn State University $4,416,000.00Delta State University 1,882,000.00Jackson State University 2,396,000.00Mississippi State University 9,810,000.00Mississippi University for Women 1,909,000.00Mississippi Valley State University 1,775,000.00University of Mississippi 6,086,000.00University of Southern Mississippi 5,971,000.00University of Southern Mississippi–Gulf Park Campus 309,000.00University Medical Center 3,465,000.00Gulf Coast Research Laboratory 260,000.00Education and Research Center 475,000.00Division of Agriculture, Forestry and Veterinary Medicine 1,246,000.00
It is expressly provided, however, that in the event any emergencies or unforeseen contingencies arise, the amount set forth above for any institution may be increased by the Board of Trustees of State Institutions of Higher Learning, provided that the amount of such increase is achieved by a pro rata reduction in the amounts allocated to the other institutions.