MS HB1244

Creates new Section 31-25-6 requiring local governmental units to file a bond financing review form with the State Auditor's Office before the Mississippi Development Bank may issue bonds on their behalf, effective July 1, 2012.

Bond financing review form must include statements certifying the governing authority has considered financial obligations, debt service sources, usefulness of improvements, prohibition on using proceeds for operating expenses, itemized fees and costs, interest rate reasonableness, and constitutional debt limit effects.

Requires local governmental units to consult with an attorney, financial officer, or certified public accountant when preparing the bond financing review form, and form must be signed by the governing authority chair and the adviser.

Mandates local governmental units file initial and periodic reports (December 31 and June 30) with the State Auditor detailing all outstanding bond issues, including dates, amounts, maturity dates, interest rates, and payment information; State Auditor must maintain this information on the Audit Department's website by June 1, 2013.

Imposes penalties for failure to report, allowing the State Auditor to prepare reports at the local governmental unit's expense, with costs recoverable from the responsible clerk, secretary, or official through their official bond.