Bill Text: MS HB1241 | 2010 | Regular Session | Introduced

Mississippi House Bill 1241 (Prior Session Legislation)

Introduced

Bill Title: Education Liquidity Fund (ELF); require interim conservator for school districts borrowing from.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Failed) 2010-02-02 - Died In Committee [HB1241 Detail]

Download: Mississippi-2010-HB1241-Introduced.html

MISSISSIPPI LEGISLATURE

2010 Regular Session

To: Education

By: Representative Gunn

House Bill 1241

AN ACT TO PROVIDE THAT ANY SCHOOL DISTRICT RECEIVING A LOAN FROM THE EDUCATION LIQUIDITY FUND (ELF) MUST BE ASSIGNED AN INTERIM CONSERVATOR UNTIL THE ELF LOAN IS PAID IN FULL; AND FOR RELATED PURPOSES.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:

SECTION 1. If a school district requests and receives financial assistance in the form of a loan from the Education Liquidity Fund (ELF), the State Board of Education shall assign an interim conservator to the school district who will be responsible for the administration, management and operation of the school district until such time that the school district has repaid all principal and interest due on the ELF loan. The interim conservator may exercise all powers and duties authorized under Section 37-17-6(14). When the school district has repaid the ELF loan in full, the powers and responsibilities of the interim conservator assigned to that district shall cease.

SECTION 2. This act shall take effect and be in force from and after July 1, 2010.