HB 1298 Summary

• Authorizes local school boards to enter into capital leases or build-to-suit leases with private developers for acquiring or constructing school facilities, with lease terms not exceeding 30 years.

• Requires school boards to publish notice of intent to enter into build-to-suit capital leases for two consecutive weeks and adopt resolutions determining the lease is in the district's best interest and the developer is qualified.

• Mandates private developers seek competitive bids from prime contractors for construction work, advertise publicly at least 30 days in advance, and comply with minority business participation goals.

• Allows school boards to transfer property to private developers for construction, repair, or renovation under build-to-suit capital leases, subject to State Board of Education approval.

• Exempts build-to-suit capital leases from state bid law requirements under Section 31-7-13, Mississippi Code of 1972.