SB2665 - School districts; allow certain rural districts to exceed bonded indebtedness limit once.

2 Co-Sponsors

An Act To Amend Section 37-59-7, Mississippi Code Of 1972, To Authorize Any School District That Does Not Contain An Area Classified As An Urban Area By The United States Census Bureau To Issue Bonds In An Amount Exceeding The 15% Debt Limitation, But Not Exceeding An Amount Which, When Added To All Of The School District's Then Outstanding Bonded Indebtedness, Shall Result In The Imposition On Any Of The Property In Such District Of An Indebtedness For Such School Purposes Of More Than 25% Of The Assessed Value Of The Taxable Property In Such District; To Require The School Board To Adopt A Resolution And Provide Notice Of A Bond Election, In Which The Proposed Bond Issue Must Receive The Requisite Voter Approval; To Provide That Districts Exceeding Their Debt Limitation On The Basis Allowed In This Act May Do So One Time; And For Related Purposes.