REPORT OF CONFERENCE COMMITTEE

S. B. No. 3185: Short-term notes issued by school districts; increase authorized term of.

than par and accrued interest. All such notes or certificates of indebtedness shall mature according to the following:

(a) All notes or certificates of indebtedness issued for purposes authorized under Section 37-59-101, with the exception of the financing of school buses and transportation equipment, shall mature in approximately equal * * * installments of principal and interest over a period not to exceed twenty (20) years from the date of * * * issuance thereof. Provided, however, that if negotiable notes used to finance other such capital improvements are outstanding from not more than one (1) previous issue authorized under the provisions of this article, then the schedule of payments for a new or supplementary issue may be so adjusted that the schedule of maturities of all notes or series of notes hereunder shall, when combined, mature in approximately equal installments of principal and interest over a period of twenty (20) years from the date of the new or supplementary issue, or if a lower interest rate will * * * be secured on notes previously issued and outstanding, a

(b) All notes or certificates of indebtedness for purposes of financing of school buses and transportation equipment shall mature in approximately equal installments of principal and interest over a period not to exceed ten (10) years from the date of issuance thereof. Provided, however, that if negotiable notes used to finance such noncapital improvements are outstanding from not more than one (1) previous issue authorized under the provisions of this article, then the schedule of payments for a new or supplementary issue may be so adjusted that the schedule of maturities of all notes or series of notes hereunder shall, when combined, mature in approximately equal installments of principal and interest over a period of ten (10) years from the date of the new or supplementary issue, or if a lower interest rate will thereby be secured on notes previously issued and outstanding, a portion of the proceeds of any issue authorized hereunder may be used to refund the balance of the indebtedness previously issued under the authority of this article.

AN ACT TO AMEND SECTION 37-59-111, MISSISSIPPI CODE OF 1972, TO INCREASE THE AUTHORIZED TERM TO MATURITY OF NOTES OR CERTIFICATES OF INDEBTEDNESS ISSUED BY SCHOOL DISTRICTS FOR CAPITAL IMPROVEMENT; AND FOR RELATED PURPOSES.