Mississippi Legislature
2003 Regular Session

Senate Bill 2196

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Bill Text

History of Actions

Background

Title

Description: Tax Increment Financing (TIF) Bonds; authorize certain school districts to issue.

Bill Text: [Introduced]

History of Actions:

1 01/10 (S) Referred To Education;Finance
2 02/26 (S) Died In Committee

Background Information:

Effective dateJuly 1, 2003
DispositionDead
DeadlineRevenue
RevenueYes
Vote type requiredThree/Fifths

Senate Committees:

Principal Author: Harden

Title: AN ACT TO AUTHORIZE SCHOOL DISTRICTS LOCATED IN CERTAIN EXTRAORDINARY GROWTH AREAS OF THE STATE TO ISSUE TAX INCREMENT FINANCING BONDS; TO PROVIDE FOR THE MATURITY AND TERMS OF SUCH BONDS; TO SPECIFY THE PURPOSES FOR WHICH THE PROCEEDS OF SUCH BONDS MAY BE EXPENDED BY SCHOOL DISTRICTS; TO REQUIRE LOCAL SCHOOL BOARDS TO ADOPT A RESOLUTION TO AUTHORIZE THE ISSUANCE OF SUCH BONDS AND TO PUBLISH NOTICE OF ITS INTENTION; TO AUTHORIZE THE ISSUANCE OF REFUNDING BONDS FOR PAYING SUCH TAX INCREMENT BONDS PRIOR TO MATURITY; TO AUTHORIZE SUCH SCHOOL BOARDS TO ADOPT A TAX INCREMENT FINANCING PLAN FOR THE PURPOSE OF PLEDGING REVENUES OF THE SCHOOL DISTRICT FOR THE PAYMENT OF DEBT SERVICE ON SUCH BONDS; TO AUTHORIZE A LEVY OF AD VALOREM TAXES FOR THE REPAYMENT OF SUCH BONDS IN THE EVENT INCREASED REVENUES OF THE SCHOOL DISTRICT ARE NOT SUFFICIENT TO PAY THE DEBT SERVICE; TO PROVIDE THAT THE INCOME FROM SUCH BONDS ARE EXEMPT FROM STATE INCOME TAXATION; AND FOR RELATED PURPOSES.


Information pertaining to this measure was last updated on 02/26/03 at 15:20.

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