MS HB1253

Authorizes issuance of general obligation bonds up to $100,000,000 to provide funds to Mississippi school districts for capital improvements.

Creates a "2014 Public School Capital Improvements Fund" within the State Treasury 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 issue date with interest rates set by State Bond Commission resolution, and are general obligations backed by the full faith and credit of the State of Mississippi.

Bonds are exempt from Mississippi taxation and qualify as legal investments for trustees, fiduciaries, banks, trust companies, and insurance companies in the state.

Takes effect July 1, 2014, with remaining fund balances after project completion to be applied toward debt service on the bonds.