MS HB261

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

Creates the "2012 Public School Capital Improvements Fund" as a separate state treasury fund to receive bond proceeds and distribute them to school districts based on average daily attendance (30%) and at-risk pupil attendance (70%).

Bonds may mature up to 25 years from issuance, bear interest rates not exceeding limits in Mississippi Code Section 75-17-101, and are general obligations backed by the full faith and credit of the State of Mississippi.

Authorizes the State Bond Commission to determine bond terms, advertise and accept bids for sales, and handle all issuance and delivery procedures; may sell via sealed bids or negotiated sale.

Bonds and income are exempt from state taxation, and bond proceeds may be used solely for school capital improvements and costs incident to bond issuance; effective July 1, 2012.