MS HB56

Authorizes the State Bond Commission to issue up to $100,000,000 in general obligation bonds to fund school district capital improvements.

Creates a "2020 Public School Capital Improvements Fund" within the State Treasury to receive bond proceeds and distribute them to school districts based on average daily attendance (30%) and at-risk pupil attendance (70%).

Bonds may mature up to 25 years from issue date with interest rates not exceeding limits under Mississippi Code Section 75-17-101, with full faith and credit of the state pledged for repayment.

Establishes that any remaining fund amounts after project completion shall be applied toward bond debt service, and investment earnings on fund amounts shall be used for debt service payments.

Takes effect July 1, 2020, and exempts issued bonds and income from state taxation.