MISSISSIPPI LEGISLATURE

1997 Regular Session

To: Education; Ways and Means

By: Representative Manning

AN ACT TO AMEND SECTION 37-47-33, MISSISSIPPI CODE OF 1972, TO AUTHORIZE THE STATE BOND COMMISSION TO ISSUE ADDITIONAL STATE SCHOOL BONDS TO FUND THE STATE PUBLIC SCHOOL BUILDING FUND; TO AMEND SECTIONS 37-47-45 AND 37-47-23, MISSISSIPPI CODE OF 1972, IN CONFORMITY THERETO; TO BRING FORWARD SECTION 37-47-9, MISSISSIPPI CODE OF 1972, WHICH PROVIDES FOR ANNUAL GRANTS TO BE CREDITED TO THE SCHOOL DISTRICTS BY THE STATE FOR MAINTAINING PHYSICAL FACILITIES; AND FOR RELATED PURPOSES. 

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:

SECTION 1. Section 37-47-33, Mississippi Code of 1972, is amended as follows:

37-47-33. For the purpose of providing funds to enable the State Department of Education to make loans or advances to school districts as provided by Section 37-47-25, and for the purpose of providing funds for the payment and redemption of certificates of credit issued to school districts under Section 37-47-13, or for either or both of such purposes, the State Bond Commission is  * * * authorized and empowered to issue state school bonds under the conditions prescribed in this chapter. The aggregate principal amount of such bonds outstanding at any one time, after deducting the amount of the sinking fund provided for the retirement of bonds issued for such purposes, shall never exceed a sum equal to the total of the unexpended funds that have accumulated to the credit of all school districts under this chapter. Within such limits, however, state school bonds may be issued from time to time under the conditions prescribed in this chapter.

SECTION 2. Section 37-47-45, Mississippi Code of 1972, is amended as follows:

37-47-45. All bonds issued under the authority of this chapter shall mature annually. None of such bonds shall have a final maturity date of more than twenty (20) years from the date of the issuance thereof * * *. In issuing such bonds, the State Bond Commission shall be authorized and empowered to provide maturities therefor in such amounts and at such times as the State Bond Commission shall deem appropriate, proper and feasible. No bonds shall be issued and sold under the provisions of this chapter for less than par and accrued interest.

SECTION 3. Section 37-47-23, Mississippi Code of 1972, is amended as follows:

37-47-23. When any school district holding certificates of credit shall desire to expend funds which have accumulated to its credit under the provisions of this chapter and the expenditure thereof has been approved by the State Department of Education but insufficient funds are available in the State Public School Building Fund because of loans or advances having been made to other school districts, the department shall forthwith transmit to the State Bond Commission its request for the issuance of state school bonds, as is otherwise provided in this chapter, in an amount sufficient to provide the funds to which the school district holding the certificate of credit is entitled, or such portion of such funds as such school district then desires to expend.

SECTION 4. Section 37-47-9, Mississippi Code of 1972, is brought forward as follows:

37-47-9. It is found and determined that the state should make an annual grant of Twenty-four Dollars ($24.00) for each child in average daily attendance in the public schools of this state during each school year, and that such monies should be applied for the purpose of establishing and maintaining adequate physical facilities for the public school system and/or the payment of existing debt therefor.

The grant to which a public school is entitled under the provisions of this section shall be credited to the school district of which such school is part. If any change is made in the operation or boundaries of any such school district, equitable reallocations shall be made by the commission of all balances to the credit of such school district, and all debits charged against the districts affected by the change in the boundaries or system of operation. The obligation of the state to make remittance of the sums appropriated or otherwise provided to make the annual grants provided by this section shall be subordinate to the pledge made to secure the state school bonds authorized under this chapter and the sinking fund created for their retirement. The grants shall be computed annually as soon as practicable after the end of the school year, and shall be based on the average daily attendance for such school year in all of the public schools operated by each school district as determined by the State Department of Education.

SECTION 5. This act shall take effect and be in force from and after July 1, 1997.