MS HB943

Authorizes issuance of up to $100,000,000 in general obligation bonds by the State Bond Commission to fund school district capital improvements.

Creates the "2011 Public School Capital Improvements Fund" within the State Treasury to receive bond proceeds and distribute funds to school districts based on average daily attendance (30%) and at-risk pupil attendance (70%).

Bonds may mature up to 25 years from issuance with interest rates not exceeding limits in Mississippi Code Section 75-17-101, payable semiannually or annually.

Pledges the full faith and credit of Mississippi to bond repayment; if legislative appropriations are insufficient, the State Treasurer must cover deficiencies from unappropriated state funds.

Bonds are exempt from Mississippi state taxation and may be validated in Hinds County Chancery Court; effective July 1, 2011.