School bond and tax elections in Mississippi
| Bond elections |
|---|
| 2018 • 2017 • 2016 • 2015 2014 • 2013 • 2012 • 2011 2010 • 2009 • 2008 All years and states |
| Property tax elections |
| 2018 • 2017 • 2016 • 2015 2014 • 2013 • 2012 • 2011 2010 • 2009 • 2008 All years and states |
| See also |
| State comparisons How voting works Approval rates |
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
Mississippi 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 appropriations to the fund during the normal state budget cycle.[1] Capital improvements are allowed under the law such as erecting, building, enlarging, repairing, remodeling, and equipping related school facilities. Additionally, providing all necessary water, air conditioning, heating, and sewer services is 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 Mississippi 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, whose members include the Governor of Mississippi, Mississippi Attorney General, and Mississippi Treasurer acting in a ex-offico capacity.[5] The Bond Commission receives 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 interest 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]
See also
- Voting on school bond and tax measures
- Where to find information about local school bond and tax elections
- School bond election
- Approval rates of local school bond and tax elections
External links
- Mississippi Department of Education
- Mississippi School Boards Association
- Mississippi State Treasurer
Footnotes
- ↑ Michie's, "Mississippi Code"(Referenced Section 37-47-7, Mississippi Code)
- ↑ Michie's, "Mississippi Code"(Referenced Section 37-47-5, Mississippi Code)
- ↑ 3.0 3.1 3.2 Michie's, "Mississippi Code"(Referenced Section 37-47-25, Mississippi Code)
- ↑ 4.0 4.1 Michie's, "Mississippi Code"(Referenced Section 37-47-33, Mississippi Code)
- ↑ Michie's, "Mississippi Code"(Referenced Section 37-47-31, Mississippi Code)
- ↑ Michie's, "Mississippi Code"(Referenced Section 37-47-35, Mississippi Code)
- ↑ Michie's, "Mississippi Code"(Referenced Section 37-47-37, Mississippi Code)
- ↑ Michie's, "Mississippi Code"(Referenced Section 37-47-39, Mississippi Code)
- ↑ Michie's, "Mississippi Code"(Referenced Section 37-47-41, Mississippi Code)
- ↑ Michie's, "Mississippi Code"(Referenced Section 37-47-43, Mississippi Code)
- ↑ Michie's, "Mississippi Code"(Referenced Section 37-47-45, Mississippi Code)
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