Mississippi House Bill HB1657

Mississippi 2023 Regular Session

• Introduced: 2/15/23
• Refer: 2/15/23
• Failed: 2/22/23

Caption

Bonds; authorize issuance for improvements to Lynn Meadows Discovery Center in Gulfport.

Impact

The enactment of HB1657 will create a special fund, the '2023 Lynn Meadows Discovery Center Improvements Fund', where all proceeds from the bond sale will be deposited. These funds will be allocated to specific projects related to the center's infrastructure, which may significantly enhance its capacity to serve the community. Furthermore, the bonds issued under this act will not lapse into the State General Fund, thus ensuring their dedicated use for the intended improvements. This funding mechanism is seen as a positive step for local development, particularly for educational and community engagement at the center.

Summary

House Bill 1657 is an act to authorize the issuance of state general obligation bonds to provide funds for the Lynn Meadows Discovery Center in Gulfport, Mississippi. The bill aims to assist with costs related to improvements at the center, which includes construction, renovation, and the purchase of real estate necessary for the center's expansion and development. The total amount of bonds that can be issued under this act is capped at One Million One Hundred Five Thousand Dollars ($1,105,000,000.00). Any bonds issued will be a full obligation of the State of Mississippi and secured by its full faith and credit.

Contention

While the bill mostly garners support for its aim to improve a local educational resource, there may be discussions surrounding the state’s fiscal responsibility in issuing such a significant amount in bonds. Concerns may arise over long-term impacts on state debt, as bonds can contribute to financial liabilities that voters and taxpayers will eventually bear. Additionally, there may be arguments about ensuring that the improvements lead to tangible benefits for the local community and not just for the center's management.