Mississippi Senate Bill SB3140

Mississippi 2022 Regular Session

• Introduced: 2/18/22
• Refer: 2/18/22
• Failed: 2/23/22

Caption

Bonds; authorize issuance to assist City of Houston in paying costs of renovating historic Houston Theater.

Impact

The bill's passage would enable significant state-level funding for local theater renovations, reflecting a commitment to preserving historical sites. Importantly, it stipulates that unexpended amounts in this fund at the end of any fiscal year will not lapse into the general fund, ensuring that the money remains allocated for the project. This could set a precedent for future funding initiatives backed by state bonds for community projects, supporting local cultural infrastructure.

Summary

Senate Bill 3140 proposes the issuance of state general obligation bonds to provide financial assistance for the renovation of the historic Houston Theater in Houston, Mississippi. The bill specifies that the total amount of bonds authorized shall not exceed Two Hundred Fifty Thousand Dollars and outlines the regulations for how these bonds are to be issued and managed. It aims to create a designated fund, the '2022 City of Houston Historic Theater Fund,' through which the disbursement of money for the renovation will be handled under the purview of the Department of Finance and Administration.

Contention

While the bill addresses the need for funding local historical renovations, there could be contention regarding the prioritization of such projects in the broader context of state budgeting. Critics may argue that funding significant renovations for a theater may divert resources from other essential services or large-scale infrastructure projects that might benefit a broader segment of the population. Additionally, the regulation allowing bonds to be issued without strict compliance with the Uniform Commercial Code may raise concerns regarding transparency and accountability in financial transactions related to state bonds.