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MS HB1506
Bill
Status
3/3/2020
Primary Sponsor
Richard Bennett
Click for details
AI Summary
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Amends Section 29-3-113 of Mississippi Code to allow school districts to use expendable trust funds earned or accumulated in previous years once the district becomes current on loan payments from its principal fund.
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Authorizes districts to spend accumulated sixteenth section interest funds for any purpose permitted under expendable trust fund laws after becoming current on annual loan payments.
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Maintains existing restrictions that no school land trust funds may be expended after the annual payment date until the payment is made on loans borrowed from trust funds.
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Takes effect July 1, 2020.
Legislative Description
Sixteenth section funds; authorize school districts to use earned interest from once it becomes current on loans borrowed from trust funds.
Last Action
Died In Committee
3/3/2020