Bonds; authorize issuance for improvements to Lynn Meadows Discovery Center in Gulfport.
Impact
If enacted, this bill will create a special fund designated as the '2023 Lynn Meadows Discovery Center Improvements Fund' within the state treasury, specifically for the purposes outlined in the bill. The fund will be managed separately from the state’s general fund, allowing unexpended amounts at the end of each fiscal year to remain available for future disbursement towards the center's improvements. Additionally, any investment earnings on amounts within this fund will also be reinvested back into the fund, enhancing its capability to cover costs associated with the project.
Summary
House Bill 1658 authorizes the issuance of state general obligation bonds to provide financial support for improvements to the Lynn Meadows Discovery Center in Gulfport, Mississippi. Specifically, the bill details the construction, repair, renovation, equipping, and expansion of the center's facilities, which serves an important educational and recreational function in the community. The total amount of bonds that can be issued under this act is capped at $875,000, and no bonds will be issued after July 1, 2027, ensuring that this funding is timely and directed towards meaningful enhancements within a defined timeframe.
Contention
While the bill primarily focuses on promoting the development of the Lynn Meadows Discovery Center, it is also structured to retain compliance with existing laws governing the issuance of bonds in the state. This aspect ensures that the project is financed without overriding other regulations or legislative priorities. Importantly, the bonds issued under this bill bear the full faith and credit of the state, which could raise discussions about the state’s fiscal responsibilities and implications for future funding allocations.
Local governments capital improvements revolving loan program; revise definition of "capital improvements", extend repealer on MDA authority to use certain funds for expenses.