Mississippi Senate Bill SB3083

Mississippi 2022 Regular Session

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

Caption

Bonds; authorize issuance to assist City of Guntown in paying costs of road and stormwater improvements.

Impact

Key provisions of SB3083 include the establishment of a '2022 City of Guntown Road and Stormwater Improvements Fund.' This fund will ensure that financial resources are allocated specifically for the intended infrastructure improvements and that any unspent amounts will not revert to the state general fund, allowing Guntown to manage the funds more effectively. The act mandates that the state government is responsible for the bonds' principal and interest payments, which underscores the state's financial backing of these local improvements.

Summary

Senate Bill 3083 aims to authorize the issuance of state general obligation bonds to provide financial assistance to the City of Guntown, Mississippi, in covering the costs of necessary road and stormwater improvements. The bill outlines procedures for the issuance of bonds, which are intended to be repaid through a newly created special fund dedicated to these projects. This legislation reflects an ongoing commitment to enhancing local infrastructure, specifically targeting issues related to road safety and stormwater management that are crucial for the community's resilience.

Contention

While the bill aims to facilitate crucial infrastructure improvements, it may attract scrutiny regarding the long-term implications on state finances, especially given the commitment to cover any repayment shortfalls from state treasury funds. Potential debates may arise around the prioritization of funds for specific local projects versus broader state investment strategies. Furthermore, the inclusion of a cap on bond issuance at $2.5 million and the scheduled expiration of bond issuance after 2026 may prompt discussions about the sustainable funding of local infrastructure needs beyond the lifespan of the bonds.