School bond and tax elections in Mississippi

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There are no school bond and tax elections in Mississippi. Mississippi requires all requests for loans and bond issues to be approved by the state government.

Laws affecting school finance

Mississppi public school building fund

All public school building projects are approved through the Mississippi Public School Building Fund. Under the law, the Mississippi Legislature sets approprations to the fund during the normal state budget cycle.[1] Capital improvements are allowed under the law such as erecting, building, enlarging, reparing, remodling, and equipping related school facilities. Also, providing all necessary water, air conditioning, heating, and sewer are allowed under state law.[2]

School districts are required to apply to the State of Mississippi for loans related to capital improvements. The repayment terms for loans include the full repayment of the loan's principal.[3] Also, the State of Mississippi cannot lend more than seventy-five (75%) percent of the school's loan value which is determined on a school district's average daily attendance.[3] All loans have a twenty (20) year repayment period.[3]

The State of Missisippi limits loans disbursed to $20 million at one time.[4]

Mississippi Bond Commission

All bond issues for school districts are approved through the Mississippi Bond Commission which members include the Governor of Mississippi, Mississippi Attorney General, and Mississippi Treasurer acting in a ex-offico capacity. [5] The Bond Commission recieves a list of all school districts that seek bonds through another agency called the Mississippi State Educational Finance Commission. The Finance Commission's list includes total bond amounts requested by districts against other requests and unpaid obligations, amount and the purposes of the bonds to be issued, a schedule of future prinicipal and intrest requirements, amount of credit to be paid to school districts from past bond sale proceeds. [6]

Mississippi's funding for bond issues cannot exceed $100 million for all school districts at any time.[4] It is up to the State Bond Commission to make sure all requests for bonds are within the $100 million limit.[7]

All bond issues must have the full faith and credit of the State of Mississippi.[8] All bonds must be signed off by the Mississippi Governor and attested by the Mississippi Secretary of State. Bond terms can be changed by the Bond Commission for earlier redemption of bonds.[9] Interest cannot exceed seven percent [10] and must have a twenty year maturity date. [11]

External links

References

  1. Michie's "Mississippi Code"(Referenced Section 37-47-7, Mississippi Code)
  2. Michie's "Mississippi Code"(Referenced Section 37-47-5, Mississippi Code)
  3. 3.0 3.1 3.2 Michie's "Mississippi Code"(Referenced Section 37-47-25, Mississippi Code)
  4. 4.0 4.1 Michie's "Mississippi Code"(Referenced Section 37-47-33, Mississippi Code)
  5. Michie's "Mississippi Code"(Referenced Section 37-47-31, Mississippi Code)
  6. Michie's "Mississippi Code"(Referenced Section 37-47-35, Mississippi Code)
  7. Michie's "Mississippi Code"(Referenced Section 37-47-37, Mississippi Code)
  8. Michie's "Mississippi Code"(Referenced Section 37-47-39, Mississippi Code)
  9. Michie's "Mississippi Code"(Referenced Section 37-47-41, Mississippi Code)
  10. Michie's "Mississippi Code"(Referenced Section 37-47-43, Mississippi Code)
  11. Michie's "Mississippi Code"(Referenced Section 37-47-45, Mississippi Code)