Legislation awaits signature of governor

HATTIESBURG – A bill recently approved by the Mississippi Legislature would give the University of Southern Mississippi the ability to borrow funds necessary to pay for repairs and replacement of equipment, among other items, because of damages incurred from Hurricane Katrina. The bill awaits the signature of Gov. Haley Barbour for final approval.

The borrowing power for the university would be similar to a line of credit that would include little or no interest, and would be repaid as insurance settlements and payments from the Federal Emergency Management Agency (FEMA) are received. The funds may be used for construction costs, design fees, furniture and equipment replacement and other expenses related to repairs or replacement of facilities.

“We’re grateful to the Mississippi Legislature and to the IHL (Institutions of Higher Learning) board for approving this funding mechanism so that we can maintain our recovery efforts,” said Southern Miss President Dr. Shelby Thames.

Southern Miss officials made the decision to acquire insurance more than a year ago because of the university’s proximity to the Gulf Coast and the frequent threat of hurricanes. The university’s insurance premium is approximately $1.2 million annually, covering the Hattiesburg campus, Gulf Park campus in Long Beach and the Gulf Coast Research Laboratory in Ocean Springs at an average of about $400,000 each.