Mississippi 2025 Regular Session

Mississippi Senate Bill SB2606 Compare Versions

Version 1 (Old)

Version 2 (New)

Old	New		Differences
1		-	MISSISSIPPI LEGISLATURE 2025 Regular Session To: Appropriations By: Senator(s) DeBar~~, Sparks~~ Senate Bill 2606 ~~(As Passed the Senate)~~ AN ACT TO AUTHORIZE THE DEPARTMENT OF FINANCE AND ADMINISTRATION TO RECEIVE REPAYMENTS ON APPROVED LOANS FROM THE EDUCATIONAL FACILITIES REVOLVING LOAN FUND PROGRAM; TO DIRECT THE DEPARTMENT OF EDUCATION TO PROVIDE THE DEPARTMENT OF FINANCE AND ADMINISTRATION WITH ALL EDUCATIONAL FACILITIES REVOLVING LOAN FUND PROGRAM TERMS OF REPAYMENT AND BALANCES OWED FROM SCHOOL DISTRICTS; TO DIRECT THE DEPARTMENT OF FINANCE AND ADMINISTRATION TO DEPOSIT THOSE REPAYMENTS INTO THE EDUCATION ENHANCEMENT FUND; TO PROVIDE THAT, IF A SCHOOL DISTRICT IS IN ARREARS ON LOAN REPAYMENTS, THE DEPARTMENT OF EDUCATION SHALL REMIT THE AMOUNT OWED TO THE DEPARTMENT OF FINANCE AND ADMINISTRATION AND SHALL WITHHOLD THAT AMOUNT FROM FUTURE PAYMENTS OF TOTAL FUNDING FORMULA FUNDS TO THE SCHOOL DISTRICT; TO DIRECT THE STATE TREASURER, IN CONJUNCTION WITH THE STATE FISCAL OFFICER, TO TRANSFER TO THE EDUCATION ENHANCEMENT FUND ALL REMAINING FUNDS IN THE EDUCATIONAL FACILITIES REVOLVING LOAN FUND; AND FOR RELATED PURPOSES. BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI: SECTION 1. The Department of Finance and Administration is authorized to receive repayments on approved loans from the Educational Facilities Revolving Loan Fund Program created in Section 1, Chapter 453, Laws of 2022, which was repealed on July 1, 2024, by Section 119, Chapter 484, Laws of 2024. SECTION 2. (1) The Department of Education shall provide the Department of Finance and Administration with all Educational Facilities Revolving Loan Fund Program terms of repayment and balances owed from school districts. The Department of Finance and Administration shall deposit those repayments into the Education Enhancement Fund created in Section 37-61-33. (2) If a school district is in arrears on loan repayments, the Department of Finance and Administration shall notify the Department of Education of the amount owed by the school district. The Department of Education shall then remit that amount to the Department of Finance and Administration and shall withhold that amount from future payments of total funding formula funds to the school district. SECTION 3. Upon the effective date of this section, the State Treasurer, in conjunction with the State Fiscal Officer, shall transfer to the Education Enhancement Fund (Fund No. 4400100000) all remaining funds in the Educational Facilities Revolving Loan Fund (Fund No. 3320500000). SECTION 4. Sections 1 and 2 of this act shall stand repealed on July 1, 2034. SECTION 5. Section 1 of this act shall take effect and be in force from and after July 1, 2024, and the remainder of this act shall take effect and be in force from and after its passage.
	1	+	MISSISSIPPI LEGISLATURE 2025 Regular Session To: Appropriations By: Senator(s) DeBar Senate Bill 2606 AN ACT TO AUTHORIZE THE DEPARTMENT OF FINANCE AND ADMINISTRATION TO RECEIVE REPAYMENTS ON APPROVED LOANS FROM THE EDUCATIONAL FACILITIES REVOLVING LOAN FUND PROGRAM; TO DIRECT THE DEPARTMENT OF EDUCATION TO PROVIDE THE DEPARTMENT OF FINANCE AND ADMINISTRATION WITH ALL EDUCATIONAL FACILITIES REVOLVING LOAN FUND PROGRAM TERMS OF REPAYMENT AND BALANCES OWED FROM SCHOOL DISTRICTS; TO DIRECT THE DEPARTMENT OF FINANCE AND ADMINISTRATION TO DEPOSIT THOSE REPAYMENTS INTO THE EDUCATION ENHANCEMENT FUND; TO PROVIDE THAT, IF A SCHOOL DISTRICT IS IN ARREARS ON LOAN REPAYMENTS, THE DEPARTMENT OF EDUCATION SHALL REMIT THE AMOUNT OWED TO THE DEPARTMENT OF FINANCE AND ADMINISTRATION AND SHALL WITHHOLD THAT AMOUNT FROM FUTURE PAYMENTS OF TOTAL FUNDING FORMULA FUNDS TO THE SCHOOL DISTRICT; TO DIRECT THE STATE TREASURER, IN CONJUNCTION WITH THE STATE FISCAL OFFICER, TO TRANSFER TO THE EDUCATION ENHANCEMENT FUND ALL REMAINING FUNDS IN THE EDUCATIONAL FACILITIES REVOLVING LOAN FUND; AND FOR RELATED PURPOSES. BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI: SECTION 1. The Department of Finance and Administration is authorized to receive repayments on approved loans from the Educational Facilities Revolving Loan Fund Program created in Section 1, Chapter 453, Laws of 2022, which was repealed on July 1, 2024, by Section 119, Chapter 484, Laws of 2024. SECTION 2. (1) The Department of Education shall provide the Department of Finance and Administration with all Educational Facilities Revolving Loan Fund Program terms of repayment and balances owed from school districts. The Department of Finance and Administration shall deposit those repayments into the Education Enhancement Fund created in Section 37-61-33. (2) If a school district is in arrears on loan repayments, the Department of Finance and Administration shall notify the Department of Education of the amount owed by the school district. The Department of Education shall then remit that amount to the Department of Finance and Administration and shall withhold that amount from future payments of total funding formula funds to the school district. SECTION 3. Upon the effective date of this section, the State Treasurer, in conjunction with the State Fiscal Officer, shall transfer to the Education Enhancement Fund (Fund No. 4400100000) all remaining funds in the Educational Facilities Revolving Loan Fund (Fund No. 3320500000). SECTION 4. Sections 1 and 2 of this act shall stand repealed on July 1, 2034. SECTION 5. Section 1 of this act shall take effect and be in force from and after July 1, 2024, and the remainder of this act shall take effect and be in force from and after its passage.
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3	3		MISSISSIPPI LEGISLATURE
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5	5		2025 Regular Session
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7	7		To: Appropriations
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9		-	By: Senator(s) DeBar~~, Sparks~~
	9	+	By: Senator(s) DeBar
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11	11		# Senate Bill 2606
12		-
13		-	## (As Passed the Senate)
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15	13		AN ACT TO AUTHORIZE THE DEPARTMENT OF FINANCE AND ADMINISTRATION TO RECEIVE REPAYMENTS ON APPROVED LOANS FROM THE EDUCATIONAL FACILITIES REVOLVING LOAN FUND PROGRAM; TO DIRECT THE DEPARTMENT OF EDUCATION TO PROVIDE THE DEPARTMENT OF FINANCE AND ADMINISTRATION WITH ALL EDUCATIONAL FACILITIES REVOLVING LOAN FUND PROGRAM TERMS OF REPAYMENT AND BALANCES OWED FROM SCHOOL DISTRICTS; TO DIRECT THE DEPARTMENT OF FINANCE AND ADMINISTRATION TO DEPOSIT THOSE REPAYMENTS INTO THE EDUCATION ENHANCEMENT FUND; TO PROVIDE THAT, IF A SCHOOL DISTRICT IS IN ARREARS ON LOAN REPAYMENTS, THE DEPARTMENT OF EDUCATION SHALL REMIT THE AMOUNT OWED TO THE DEPARTMENT OF FINANCE AND ADMINISTRATION AND SHALL WITHHOLD THAT AMOUNT FROM FUTURE PAYMENTS OF TOTAL FUNDING FORMULA FUNDS TO THE SCHOOL DISTRICT; TO DIRECT THE STATE TREASURER, IN CONJUNCTION WITH THE STATE FISCAL OFFICER, TO TRANSFER TO THE EDUCATION ENHANCEMENT FUND ALL REMAINING FUNDS IN THE EDUCATIONAL FACILITIES REVOLVING LOAN FUND; AND FOR RELATED PURPOSES.
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17	15		BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:
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19	17		SECTION 1. The Department of Finance and Administration is authorized to receive repayments on approved loans from the Educational Facilities Revolving Loan Fund Program created in Section 1, Chapter 453, Laws of 2022, which was repealed on July 1, 2024, by Section 119, Chapter 484, Laws of 2024.
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21	19		SECTION 2. (1) The Department of Education shall provide the Department of Finance and Administration with all Educational Facilities Revolving Loan Fund Program terms of repayment and balances owed from school districts. The Department of Finance and Administration shall deposit those repayments into the Education Enhancement Fund created in Section 37-61-33.
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23	21		(2) If a school district is in arrears on loan repayments, the Department of Finance and Administration shall notify the Department of Education of the amount owed by the school district. The Department of Education shall then remit that amount to the Department of Finance and Administration and shall withhold that amount from future payments of total funding formula funds to the school district.
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25	23		SECTION 3. Upon the effective date of this section, the State Treasurer, in conjunction with the State Fiscal Officer, shall transfer to the Education Enhancement Fund (Fund No. 4400100000) all remaining funds in the Educational Facilities Revolving Loan Fund (Fund No. 3320500000).
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27	25		SECTION 4. Sections 1 and 2 of this act shall stand repealed on July 1, 2034.
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29	27		SECTION 5. Section 1 of this act shall take effect and be in force from and after July 1, 2024, and the remainder of this act shall take effect and be in force from and after its passage.