MS HB1564

Establishes a state credit enhancement program that pledges Mississippi's full faith, credit, and taxing power to guarantee timely payment of principal and interest on voter-approved school district general obligation bonds issued after January 1, 2026.

School districts may request certificates of eligibility from the State Treasurer to participate in the guaranty program, with eligibility determined by rules adopted by the State Bond Commission.

County tax collectors must transfer scheduled debt service payments to paying agents on or before payment dates; if funds are insufficient, the State Treasurer will make the payment and the district must reimburse the state with interest and potential penalties up to 5%.

Districts that receive state payments must reimburse the state with interest determined by the State Treasurer and may be pursued through legal action including mandamus if reimbursement is not made within one year.

The Legislature must appropriate funds annually to support the program, and the State Bond Commission may adopt rules necessary for implementation and administration.