MS HB1576

Authorizes issuance of general obligation bonds of Mississippi totaling up to $100,000,000 to fund school district capital improvements.

Creates the "2010 Public School Capital Improvements Fund" as a separate state treasury fund to receive bond proceeds and disburse to school districts.

Distributes funds to school districts using two allocation methods: 30% based on average daily attendance of all students and 70% based on average daily attendance of at-risk pupils.

Bonds may mature up to 25 years from issuance, bear interest at rates compliant with Mississippi law, and are general obligations backed by full faith and credit of the state.

Bonds and income therefrom are exempt from Mississippi taxation and become effective July 1, 2010.