Mississippi House Bill HB91

Mississippi 2024 Regular Session

• Introduced: 1/17/24
• Refer: 1/17/24
• Failed: 3/27/24

Caption

Bonds; authorize issuance to assist City of Baldwyn with County Road 167 gas line extension project.

Impact

This legislation creates a special fund designated as the '2024 City of Baldwyn County Road 167 Gas Line Extension Project Fund,' which will manage the disbursal of funds derived from the bond sales. The bond proceeds will support the gas line extension and potentially cover associated costs. It also affirms that funds left unspent at the end of each fiscal year will not revert to the General Fund but will stay allocated for the stated purposes. Additionally, the bonds issued under this act will carry the full faith and credit of the State of Mississippi as general obligations, securing their repayment.

Summary

House Bill 91 authorizes the issuance of state general obligation bonds aimed at providing funds to assist the City of Baldwyn, Mississippi. The funds procured through the bond issuance will specifically finance the costs associated with the County Road 167 gas line extension project. The overall intent of the bill is to facilitate infrastructure improvements that are deemed necessary for the city's development and service enhancement.

Contention

While the bill appears straightforward in its aim to fund municipal development, there may be questions surrounding state involvement in local projects and the implications of accruing state debt through bond issuance. The bonds' tax-exempt status adds an attractive aspect for investors, but concerns may arise regarding the long-term commitments tied to such funding strategies amidst other state fiscal responsibilities. The completion of the gas line project also hinges on proper project management, and any delays could impact the city's anticipated upgrades.