Mississippi Senate Bill SB3148

Mississippi 2022 Regular Session

• Introduced: 2/18/22
• Refer: 2/18/22
• Failed: 2/23/22

Caption

Bonds; authorize issuance to assist in paying costs of improvements to North Hills Street in Meridian.

Impact

The newly proposed legislation allows the Mississippi State Bond Commission to manage the sale of these bonds and stipulates that the funds raised will specifically be utilized for the improvements mentioned in the bill. An establishment of a special fund termed '2022 City of Meridian North Hills Street Improvements Fund' is mandated to segregate these funds from the State General Fund to safeguard against lapsing funds at the end of fiscal years. This could lead to more focused investment in local projects and infrastructure, providing substantial economic benefits for the residents of Meridian.

Summary

Senate Bill 3148 authorizes the issuance of state general obligation bonds to fund improvements to North Hills Street in Meridian, Mississippi. The bill identifies that the total bond issuance may not exceed $28 million and is structured to assist with the associated costs of the proposed street enhancements. Additionally, the bonds will be general obligations of the state, meaning that the state’s full faith and credit are pledged to ensure repayment. This financial mechanism aims to enhance local infrastructure, aiming to improve public utilities and support local development efforts.

Contention

Although the bill is primarily aimed at bolstering local infrastructure, points of contention may arise surrounding the appropriations of such large sums for single projects, especially in times of constrained state budgets. Critics might argue that such funds could be distributed more evenly across various districts or allocated for more pressing statewide needs. The use of general obligation bonds also raises questions regarding future financial obligations for the state, as taxpayers will ultimately bear the cost of repaying these bonds.