MS SB2686

Amends Section 29-3-113 of Mississippi Code to authorize school districts to invest sixteenth section school land principal funds in General Obligation bonds issued by the State of Mississippi or municipalities located in Mississippi.

Adds Mississippi state and municipal general obligation bonds as permitted investment options alongside existing authorized investments (U.S. obligations, certificates of deposit, and other political subdivision investments).

Maintains existing restrictions on principal fund use, requiring that only interest and income from invested funds be expendable by school districts, except where otherwise provided by law.

Takes effect July 1, 2017.