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MS HB1644
Bill
Status
Failed
2/22/2017
Primary Sponsor
Bryant Clark
Click for details
AI Summary
- Authorizes issuance of general obligation bonds up to $100,000,000 to fund school district capital improvements as defined in Mississippi Code Section 37-61-33(2)(a)
- Creates a "2017 Public School Capital Improvements Fund" to receive bond proceeds and distribute them to school districts based on average daily attendance (30%) and at-risk pupil attendance (70%)
- Grants State Bond Commission authority to issue, sell, and manage bonds with maturity up to 25 years, interest rates per Mississippi Code limits, and flexibility to use sealed bids or negotiate sales
- Pledges full faith and credit of the State of Mississippi to guarantee bond repayment from state treasury if appropriated funds are insufficient
- Bonds are tax-exempt investments legal for state fiduciaries, trustees, and financial institutions; proceeds may only be used for capital improvements and issuance costs; effective July 1, 2017
Legislative Description
Bonds; authorize issuance to provide funds for public school capital improvements.
Last Action
Died In Committee
2/22/2017
Committee Referrals
Ways and Means2/15/2017
Full Bill Text
No bill text available