Mississippi Senate Bill SB3078

Mississippi 2022 Regular Session

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

Caption

Bonds; authorize to assist Montgomery County in paying the costs of road improvements.

Impact

The Act stipulates that the funds collected from the bond issuance will be housed in a special fund designated as the '2022 Montgomery County Road Improvements Fund'. Funds remaining at the end of any fiscal year will not revert to the State General Fund and will continue to support the mentioned road projects. The bill further outlines the responsibilities of the State Bond Commission in managing the funds, bond sales, and ensuring sufficient finance to meet bond obligations.

Summary

Senate Bill 3078 authorizes the issuance of state general obligation bonds amounting to a maximum of $9.83 million. The funds raised through these bonds will be allocated to assist the Board of Supervisors of Montgomery County, Mississippi, specifically for improvements to several roads: Lower Milligan Springs Road, Ellis Road, Bluff Springs Road, and Windham Road. The legislation aims to enhance the infrastructure of the region, which is crucial for local development and public safety.

Contention

While the bill seems straightforward in its intent to improve local infrastructure, potential concerns could arise regarding the state's long-term financial commitments to support the bonds. The full faith and credit of the State of Mississippi are pledged for the repayment of these bonds, implying that state finances will be responsible for fulfilling this obligation if necessary. Legislative discussions may also touch upon whether the improvement of roads will sufficiently meet the maintenance and development needs of Montgomery County and ensure that public funds are used judiciously.