Mississippi Senate Bill SB3087

Mississippi 2022 Regular Session

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

Caption

Bonds; authorize to assist City of Richland in paying costs of construction of walkway over U.S. Highway 49.

Impact

If signed into law, SB3087 would empower the state to issue up to $1 million in general obligation bonds, which would be backed by the full faith and credit of the State of Mississippi. This mechanism not only provides financial assistance but also allows Richland to undertake a critical project without burdening local taxpayers. The funds will be allocated at the discretion of the Department of Finance and Administration and will be used solely for the designated project, ensuring that vital infrastructure needs are met.

Summary

Senate Bill 3087 is an act designed to authorize the issuance of state general obligation bonds aimed at supporting the City of Richland, Mississippi, in financing the costs associated with the construction of a walkway over U.S. Highway 49. The bill seeks to provide the necessary funds through a special treasury fund that ensures the city's project costs will be covered. By establishing this funding mechanism, the state underscores its commitment to local infrastructure development and safety improvements for pedestrians.

Contention

While the bill primarily aims to support local development, discussions surrounding its passage may raise questions regarding the financial implications of such bond issues and their impact on the state's overall debt capacity. Opponents may argue that the state should prioritize existing obligations or explore alternative funding avenues. Nevertheless, supporters maintain that investing in this walkway will ultimately enhance community accessibility and safety, making it a valuable use of state resources.