Mississippi Senate Bill SB2924

Mississippi 2022 Regular Session

• Introduced: 1/25/22
• Refer: 1/25/22
• Failed: 2/23/22

Caption

Bonds; authorize to assist Madison County in paying costs of completion of Bozeman Road Project.

Impact

The enactment of SB2924 will have significant implications for state infrastructure funding, specifically improving the roads in Madison County. By issuing these bonds, the state pledges its full faith and credit, which enhances the financial backing of this project and ensures a mechanism for debt service payments. Additionally, the bill allows any unspent funds in the special project fund to be utilized for debt service upon project completion, thus managing fiscal responsibilities effectively.

Summary

Senate Bill 2924 authorizes the issuance of state general obligation bonds aimed at funding the completion of the Bozeman Road Project in Madison County, Mississippi. This legislation establishes a special fund known as the '2022 Madison County Bozeman Road Project Fund', which will facilitate the disbursement of these funds as necessary to cover project costs. The bill limits the total bond issuance to $5 million and stipulates that no bonds shall be issued after July 1, 2026.

Contention

While the bill primarily aims at supporting infrastructure development, there could be contention around the scale of state funding for local projects versus reliance on county funds. Discussions surrounding similar legislation often highlight concerns about long-term financial commitments and the impact of borrowing on the state’s credit ratings. Stakeholders may voice concerns regarding potential prioritization of certain projects over others within the infrastructure budget.