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S. B. No. 2603 *SS36/R1026* ~ OFFICIAL ~ G1/2
26/SS36/R1026
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To: Universities and
Colleges; Appropriations
MISSISSIPPI LEGISLATURE REGULAR SESSION 2026
By: Senator(s) Mumford
SENATE BILL NO. 2603
AN ACT TO CREATE THE HBCU EQUITY FUND TO ELIMINATE DOCUMENTED 1
EQUITY GAPS IN OPERATING FUNDING, ADDRESS DEFERRED MAINTENANCE AND 2
CAPITAL NEEDS, AND SUPPORT ACADEMIC PROGRAMS, RESEARCH CAPACITY 3
AND STUDENT SERVICES; TO PROVIDE FOR DISTRIBUTION OF FUNDS; TO 4
REQUIRE THE BOARD OF TRUSTEES OF STATE INSTITUTIONS OF HIGHER 5
LEARNING TO CONDUCT A BIENNIAL FACILITIES ASSESSMENT OF ALL PUBLIC 6
HBCS AND DISBURSE MONIES ACCORDINGLY; TO PROVIDE FOR COMPETITIVE 7
GRANTS; TO PROVIDE APPROPRIATE SOURCES OF MONIES FOR THE FUND; AND 8
FOR RELATED PURPOSES. 9
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI: 10
SECTION 1. (1) There is created in the State Treasury a 11
special fund to be designated as the "HBCU Equity Fund." The fund 12
shall be maintained by the State Treasurer as a separate and 13
special fund, separate and apart from the General Fund of the 14
state. Subject to appropriation by the Legislature, monies in the 15
fund shall be disbursed by the Board of Trustees of State 16
Institutions of Higher Learning only to eliminate documented 17
equity gaps in operating funding, address deferred maintenance and 18
capital needs, and support academic programs, research capacity 19
and student services. Unexpended amounts remaining in the fund at 20
the end of a fiscal year shall not lapse into the General Fund, 21
S. B. No. 2603 *SS36/R1026* ~ OFFICIAL ~
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and any interest earned or investment earnings on amounts in the 22
fund shall be deposited into such fund. 23
(2) Funds deposited into the HBCU Equity Fund shall 24
supplement and not supplant existing appropriations. 25
(3) For the purposes of this act, "HBCUs" refers to Alcorn 26
State University, Jackson State University and Mississippi Valley 27
State University. 28
(4) Beginning in Fiscal Year 2027, the Legislature shall 29
appropriate funds sufficient to ensure that per-student operating 30
support for public HBCUs is no less than the average per-student 31
support provided to non-HBCU public universities. The board shall 32
annually calculate and certify: 33
(a) Per student operating funding levels for all public 34
institutions; and 35
(b) Any remaining equity gaps. 36
(5) (a) To effectuate the purposes of this act, the board, 37
in coordination with each HBCU, shall conduct a biennial 38
facilities assessment of each HBCU. Priority funding shall be 39
provided for: 40
(i) Deferred maintenance; 41
(ii) Classroom and laboratory modernization; 42
(iii) Student housing and campus safety 43
improvements; and 44
(iv) Infrastructure necessary for accreditation 45
and competitiveness. 46
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ST: HBCU Equity Fund; create.
(b) Capital funding shall be appropriated to eliminate 47
identified disparities within a ten-year equity plan. 48
(6) (a) The HBCU Equity Fund may provide competitive grants 49
for: 50
(i) Retention and graduation initiatives; 51
(ii) High-demand workforce programs; 52
(iii) Teacher, healthcare, engineering and 53
technology pipelines; and 54
(iv) Graduate and professional program expansion. 55
(b) Grant criteria shall emphasize workforce needs and 56
economic impact. 57
(7) The HBCU Equity Fund may consist of legislative 58
appropriations, bond proceeds authorized by law, federal funds and 59
grants and private gifts and philanthropic partnerships. 60
SECTION 2. This act shall take effect and be in force from 61
and after July 1, 2026. 62