Mississippi House Bill HB84

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 paving Ripley Road.

Impact

If enacted, HB84 would create a special fund designated as the '2023 City of Baldwyn Ripley Road Fund' within the State Treasury. This fund would be managed separately from the state's General Fund, ensuring that the allocated resources remain dedicated to the specific project. Furthermore, amount not used by the end of each fiscal year will not revert to the General Fund but remain in this special fund for future infrastructure development. The bill limits the bond issuance to a maximum of $440,565, with provisions ensuring that this funding contributes directly to debt service associated with the bonds.

Summary

House Bill 84 is a legislative proposal introduced to authorize the issuance of state general obligation bonds to facilitate funding for the City of Baldwyn, Mississippi. Specifically, the bill seeks to assist the city with expenses related to the construction and paving of Ripley Road, an essential infrastructure project that is expected to enhance local access and improve transportation in the area. The proposed funding aims to address municipal needs while demonstrating a commitment to enhancing local infrastructure as part of broader state efforts.

Contention

The bill recognizes the necessity for local government support in financing infrastructure projects but may spark discussions around fiscal responsibility and prioritization of state resources. There could be debates on whether issuing state bonds for a local project's costs aligns with broader state funding strategies and the potential impacts on future bonding capacity. Moreover, stakeholders may express differing opinions about the efficacy of such funding mechanisms in terms of transparency and accountability in fiscal management.