Bonds; authorize issuance to assist City of Verona with site development related to the Old Town Crossing Project.
Impact
If passed, this act will establish a special fund known as the '2023 City of Verona - Old Town Crossing Project Fund.' Funds will be disbursed by the Department of Finance and Administration at their discretion. Notably, the bill emphasizes that any remaining funds after project completion will be directed towards paying off the debt incurred from the bonds. Furthermore, the full faith and credit of the State of Mississippi will back these bonds, ensuring that in the event of insufficient state revenue, the State Treasurer is empowered to cover any shortfalls using available treasury funds.
Summary
House Bill 779 seeks to authorize the issuance of state general obligation bonds to finance the Old Town Crossing project, specifically aiding the City of Verona, Mississippi. The proposed funding is capped at One Million Dollars and is designated for site development work at a key location near the intersection of Mississippi Highway 6 and U.S. Highway 45. The bill outlines the responsibilities of the State Bond Commission, which will manage the bonds' issuance and ensure the proper disbursement of funds allocated for the project.
Contention
While the bill is primarily straightforward in its objectives, potential points of contention could arise regarding the allocation of state funds and the prioritization of projects in different regions. Critics might question the appropriateness of state funding for local projects and whether such investments adequately meet broader community needs. Given its nature, the discussions in relevant committees and legislative sessions may highlight varying perspectives on urban development, fiscal responsibility, and regional equity in funding.
Local governments capital improvements revolving loan program; revise definition of "capital improvements", extend repealer on MDA authority to use certain funds for expenses.