MS HB520

Amends Section 37-29-103 of the Mississippi Code to extend the maximum loan period for community and junior college districts from 15 years to 30 years.

Requires a two-thirds majority vote of authorized board of trustees members present and voting to authorize loans, with good cause documented in board minutes and resolutions.

Allows loans to be repaid from the district's general fund or secured by a pledge of tax levies authorized for support, enlargement, improvement, or repairs.

Exempts tax receipts used to repay pledged levies from the 10% ad valorem tax growth limitation imposed under state law.

Effective July 1, 2017.