Bonds; authorize to assist in paying for capital improvements for Lowndes County Supervisor District 5.
Impact
The bill creates a special fund, known as the 2022 Lowndes County Supervisor District 5 Capital Improvements Fund, which is separate from the state's general fund. The proceeds from the bond issuance will be deposited into this fund and may only be used for designated capital improvement projects. Additionally, unexpended funds at the end of each fiscal year will not revert to the state's general fund, ensuring that local projects can be fully funded without the risk of financial reallocation before their completion.
Summary
Senate Bill 2378 authorizes the issuance of state general obligation bonds aimed at providing funding to the Board of Supervisors of Lowndes County, Mississippi, for costs associated with capital improvements in Supervisor District 5. This legislative action is intended to facilitate local development by ensuring that necessary funds are allocated for infrastructure projects and improvements that may benefit the local community. The specific amount authorized for these bonds shall not exceed One Million Dollars ($1,000,000.00), with a provision that no bonds may be issued under this act after July 1, 2026.
Contention
A notable aspect of SB2378 is its focus on local control over budgeting and improvement projects, which may lead to discussions about the appropriateness of state intervention in funding local projects. Some may view the authorization of bonds as a necessary tool for supporting local governance, while others might argue it reflects larger legislative oversight that can affect local priorities. Furthermore, the act ensures the bonds and accruing interest will be exempt from taxation, potentially raising discussions about fiscal responsibility and the impact on state revenues.