SB2430: Educational Facilities Revolving Loan Fund Program; create for purpose of improving educational facilities.

Legislative Summary

An Act To Create The Educational Facilities Revolving Loan Fund Program For The Purpose Of Improving Educational Facilities In The State; To Create The Educational Facilities Revolving Loan Fund In The State Treasury; To Authorize Public School Districts To Submit Applications To The Department Of Education For Loans From The Fund; To Designate The Purposes For Which Loans May Be Used And The Percentage Of The Revolving Loan Fund To Be Made Available For Loans To Different Educational Institutions; To Provide That All Amounts Remaining In The State Public School Building Fund As Of July 1, 2022, Shall Be Transferred To The Educational Facilities Revolving Loan Fund; To Set Certain Maximum Loan Amounts Per District And Per Project; To Require Loans Made To Public Entities To Be Interest Free; To Require Loans To Be Repaid In No More Than Ten Years; To Require The State Department Of Education To Promulgate Rules For Public Educational Entities Participating In The Program; To Allow Schools To Use Funds From The Program To Pay Indebtedness From Bonds Or Other Notes Used For Capital Improvement If Certain Requirements Are Met; To Amend Section 27-65-75, Mississippi Code Of 1972, To Change The Allocation That Was Diverted To The State Public School Building Fund To Be Allocated To The Educational Facilities Revolving Loan Fund; To Amend Section 37-47-7, Mississippi Code Of 1972, To Require The State Fiscal Officer To Transfer All Amounts Remaining In The State Public School Building Fund As Of July 1, 2022, To The Educational Facilities Revolving Loan Fund; To Amend Sections 37-47-11, 37-47-13, 37-47-15, 37-47-17, 37-47-19, 37-47-21, 37-47-23 And 37-47-29, Mississippi Code Of 1972, Which Provide For The State Public School Building Fund And Its Administration, To Stand Repealed On July 1, 2023; And For Related Purposes.