MS HB107

Department of Finance and Administration shall establish and serve as purchasing agent for a group business property insurance program covering all public school districts' real and personal property effective July 1, 2010.

Department shall negotiate group property insurance coverage and develop premium schedules for local school boards to use when purchasing such coverage.

Department of Finance and Administration shall establish and serve as purchasing agent for a group workers' compensation insurance program covering workers' compensation liabilities of all school districts effective July 1, 2010.

Department may authorize a group self-insurance program for workers' compensation liability of all public school districts subject to approval by the Workers' Compensation Commission and applicable state requirements.

Local school boards remain authorized to borrow funds for up to five years at not exceeding 8% annual interest to pay insurance premiums from non-adequate education program funds.