MS HB136

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

Creates the "2016 Public School Capital Improvements Fund" as a separate state treasury fund to receive bond proceeds and distribute funds to school districts.

Distributes fund monies to school districts with 30% based on average daily attendance and 70% based on average daily attendance of at-risk pupils.

Bonds are general obligations of the State of Mississippi backed by full faith and credit, with principal and interest payable over a maximum maturity of 25 years.

Takes effect July 1, 2016; bonds and investment income are exempt from state taxation and can be used only for school capital improvement projects and associated issuance costs.