Bonds; authorize issuance to assist Perry County with making upgrades and improvements to three county roadways.
Impact
The act establishes a special fund, known as the 2023 Perry County Roadways Improvements Fund, where the bond proceeds will be deposited. The fund will not only be used for the direct costs of the roadway projects but also for applicable fees associated with the bond's issuance and sale. The issuance of these bonds is seen as a necessary step to enhance local infrastructure, which is critical for community development, safety, and economic vitality in Perry County. The availability of these funds could potentially lead to increased vehicular safety and improved accessibility in the area.
Summary
House Bill 1736 is legislation aimed at facilitating the issuance of state general obligation bonds to assist Perry County in financing upgrades and improvements to three specific roadways within the county. The total bonds authorized under this act is capped at $5,250,000, with funding allocated primarily for soil stabilization and resurfacing projects on Buck Creek Road, Cochran Road, and East Bond Road. The bonds will bear interest at rates not exceeding statutory limits and will be repayable over a period of up to 25 years.
Contention
While the bill primarily aims to provide financial support for local infrastructure projects, there may be debates regarding the long-term fiscal implications of bond issuance on the state's credit and debt obligations. As the bonds represent a commitment of the state’s financial resources, concerns could arise among lawmakers regarding adequate funding sources for future debt service, particularly if economic conditions change. Additionally, ensuring that the projects funded are completed in a timely and efficient manner with proper oversight may become a subject of scrutiny among stakeholders and the public.
Local governments capital improvements revolving loan program; revise definition of "capital improvements", extend repealer on MDA authority to use certain funds for expenses.