Mississippi Senate Bill SB3073

Mississippi 2022 Regular Session

• Introduced: 2/17/22
• Refer: 2/17/22
• Failed: 2/23/22

Caption

Bonds; authorize issuance to assist City of West Point in paying costs of street paving.

Impact

If enacted, SB3073 will create a special fund known as the '2022 City of West Point Street Paving Fund,' where the proceeds from the bonds will be deposited. The funds will be allocated at the discretion of the Department of Finance and Administration to cover the paving costs. Moreover, any remaining amounts in this fund at the end of a fiscal year will not lapse but will remain available for future applications according to the bill's provisions. This financial support aims to enhance the city's infrastructure and improve local transportation conditions.

Summary

Senate Bill 3073 authorizes the issuance of general obligation bonds by the State of Mississippi to support the City of West Point in financing the costs associated with paving its streets. The bill outlines that the State Bond Commission will oversee the issuance and sale of these bonds, with a total amount not exceeding one million five hundred thousand dollars ($1,500,000). The bonds are intended to mature no later than twenty-five years from the date of issuance and will bear an interest rate not exceeding the limits specified in existing state law.

Contention

There could be points of contention surrounding SB3073 concerning the implications of utilizing state bonds for municipal needs. Critics might argue about the prioritization of state resources or the potential for creating long-term debt. Additionally, some may question whether the streets in West Point are a justified use of state funds when there may be competing needs in other municipalities. Community response might vary based on local conditions and the perceived efficiency of the funding process.