MS HB1187

Prohibits governmental entities from issuing bonds exceeding $250,000 after July 1, 2012, unless the governing authority files a bond financing review form with the State Auditor's Office before the official bond award.

Requires the bond financing review form to include statements confirming the entity has considered financial obligations, identified debt service sources, reviewed usefulness of financed property, received itemized fees from all parties, obtained comparable interest rate information, and considered constitutional debt limits.

Mandates additional requirements for refunding bonds, including analysis of net present value savings and potential debt period extension, and for swap agreements, including risk disclosure, designated monitoring official, and general obligation status determination.

Requires governing authorities to consult with legal counsel, financial officers, or certified public accountants when preparing the bond financing review form, and mandates semi-annual reports to the State Auditor on December 31 and June 30 documenting all outstanding bond issues and related transactions.

Establishes penalties for clerks, secretaries, or other officials who fail to file required reports, making them liable on their official bonds for the cost of the State Auditor completing the report on the entity's behalf.