MS SB2603

Amends Section 29-3-113, Mississippi Code of 1972, to authorize school districts to invest sixteenth section school land principal funds in Mississippi General Obligation bonds or municipal bonds issued by municipalities located in Mississippi.

Adds General Obligation and municipal bonds to the list of approved investments for principal funds, which previously included only U.S. obligations, certificates of deposit from qualified state depositories, and certain other political subdivision investments.

Maintains existing restrictions that only interest and income from principal funds are expendable by school districts, with principal remaining permanently invested.

Takes effect July 1, 2018.