MS HB1513

Authorizes the issuance of general obligation bonds by the State Bond Commission not to exceed $100,000,000 to fund school district capital improvements.

Creates the "2013 Public School Capital Improvements Fund" in the State Treasury with funds distributed to school districts based on average daily attendance (30%) and at-risk pupil attendance (70%).

Bonds may mature up to 25 years from issue date with interest rates subject to Mississippi Code Section 75-17-101, and may be redeemable before maturity at the State's option.

Bond proceeds and income are exempt from Mississippi state taxation, and bonds are backed by the full faith and credit of the State with principal and interest payable from the State Treasury if appropriated funds are insufficient.

Takes effect July 1, 2013, with the State Bond Commission authorized to prescribe bond form, determine sale method, advertise bids, and manage all issuance and sale procedures.