MS SB2430

Creates the Educational Facilities Revolving Loan Fund Program administered by the State Department of Education to provide interest-free loans to public school districts for repairs/renovations to existing buildings, prekindergarten facility improvements, and career and technical education facility construction or upgrades

Sets maximum loan limits of $1,000,000 per district in outstanding loans per fiscal year and $1,000,000 maximum per single project, with loans repayable over no more than 10 years

Transfers all remaining funds from the State Public School Building Fund to the new Educational Facilities Revolving Loan Fund as of July 1, 2022, and redirects the monthly $1,666,666 sales tax allocation previously going to the old fund

Prohibits use of loan funds for athletic facilities and allows up to 3% of the fund balance annually for administrative costs, with 95% available for loans

Allows school districts to use up to $500,000 per year from the program to pay principal and interest on bonds or notes issued between July 1, 2017 and July 1, 2022 for capital improvements