Mississippi House Bill HB1489

Mississippi 2022 Regular Session

• Introduced: 1/17/22
• Refer: 1/17/22
• Failed: 2/23/22

Caption

Bonds; authorize issuance for repair and renovation projects at Mississippi Valley State University.

Impact

The approval of House Bill 1489 will allow for the allocation of funds not exceeding $49.6 million through the issuance of general obligation bonds. This financing mechanism ensures that projects such as the renovation of the Charles Lackey Recreation Center and the Fielding L. Wright Math and Science Building, among others, will receive the necessary funding. The establishment of the '2022 Mississippi Valley State University Repair and Renovation Fund' within the state treasury guarantees that the money is earmarked specifically for the outlined improvements, preventing any lapse into the general state fund.

Summary

House Bill 1489 proposes the issuance of state general obligation bonds, specifically aimed at funding significant repair and renovation projects at Mississippi Valley State University. This legislative act is framed as a necessary step towards enhancing the infrastructure of the university, ensuring that the facilities used for education and extracurricular activities meet modern standards. The bill outlines a structured financial framework that includes the establishment of a special fund designated for these purposes.

Contention

Notably, the bill emphasizes that the proceeds from these bonds will be exempt from taxation, making them an attractive investment for various fiduciaries. However, concerns may arise regarding long-term debt implications for the state, as well as the management and execution of the specified renovation projects. Furthermore, discussions within the legislature may highlight debates about prioritizing funds for educational infrastructure versus other state needs, such as healthcare or public safety funding.