Mississippi House Bill HB1556

Mississippi 2022 Regular Session

• Introduced: 2/8/22
• Refer: 2/8/22
• Failed: 2/23/22

Caption

Bonds; authorize issuance to assist City of Greenville with hangar improvements at Greenville Mid-Delta Airport.

Impact

The bill creates a special fund called the '2022 Greenville Mid-Delta Airport Improvements Fund.' Funds allocated to this account can be utilized for the costs associated with the aforementioned repairs and upgrades. Investment earnings from this fund are also designated to cover the debt service on the bonds issued. The establishment of this fund also indicates a long-term investment approach towards ensuring the sustainability and growth of infrastructure within the state, particularly community-centric projects like the airport.

Summary

House Bill 1556 authorizes the issuance of state general obligation bonds to assist the City of Greenville, Mississippi, specifically for the purposes of repairing and renovating Hangar 450 and Hangar 173 at the Greenville Mid-Delta Airport. The total amount of bonds that can be issued under this act is limited to $2 million, and it is pertinent to note that no bonds shall be issued after July 1, 2026. This legislation aims to enhance the facilities of the Greenville Mid-Delta Airport, potentially providing broader accessibility and improving infrastructure crucial for economic activities in the region.

Contention

Although the bill appears to have straightforward intentions, it could face scrutiny regarding the justification for state funding in local projects. Opponents may argue that the issuance of general obligation bonds places a financial burden on the state's credit and necessitates a careful examination of the fiscal consequences. Additionally, the potential long-term management of funds and accountability in terms of the improvement outcomes may also become points of discussion as the state moves forward with authorizing these bonds, especially in divorce from broader budgetary considerations.