MS HB776

Reenacts authorization for school districts to issue State Aid Capital Improvement Bonds secured by a pledge of Mississippi Adequate Education Program (MAEP) funds, effective October 1, 2012 through June 30, 2018.

Increases maximum bond amount to $195.00 per pupil based on latest completed average daily attendance count certified by the State Department of Education.

Permits bonds to be issued for capital improvements including building construction/repair, technology infrastructure, and matching funds for loans and grants; projects must be approved by State Board of Education based on long-range plans.

Requires State Board of Education to approve capital expenditure plans only if quality of instruction will not be reduced and district has sufficient revenue to maintain at least Level III accreditation.

Allows school districts to irrevocably pledge state revenues up to $195.00 per pupil to repay bonds, with state required to maintain pledged revenues so long as bonds remain outstanding.