Bonds; authorize issuance to assist Perry County with upgrading Delta Pine Road to MS Hwy 15.
Impact
The bill allows for the issuance of bonds not exceeding Five Million Dollars ($5,000,000.00), with specific provisions on how the funds are to be managed. Once the bonds are issued, the bond commission is empowered to handle all aspects of the bond sale and ensure that the funds are used specifically for the approved infrastructure upgrades. Importantly, the act also stipulates that any surplus funds remaining after the projects are completed will be redirected to cover debt service on the bonds issued under this act.
Summary
House Bill 1738 seeks to authorize the issuance of state general obligation bonds to fund specific infrastructure improvements in Perry County, Mississippi. It is designed to assist with the costs associated with upgrading Delta Pine Road to Mississippi Highway 15 and relocating the main water line that will be affected by the roadway project. The act proposes to create a designated special fund known as the '2023 Perry County Delta Pine Road Upgrades Fund,' into which the bond proceeds will be deposited, catering to the financial needs of these essential projects.
Contention
While the bill is largely focused on funding local development and ensuring that residents have improved access to important infrastructure, it may raise discussions around prioritization of state funds and the implications of state-backed borrowing. As such, stakeholders may have varying opinions on the necessity, urgency, and potential financial implications of authorizing such bonds, especially in the context of broader state budget concerns and resource allocation strategies.
Local governments capital improvements revolving loan program; revise definition of "capital improvements", extend repealer on MDA authority to use certain funds for expenses.