Mississippi House Bill HB1763

Mississippi 2023 Regular Session

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

Caption

Bonds; authorize issuance to assist Greene County with maintenance of Tung Oil Road and segment of Neely Avera Road.

Impact

The creation of a special fund named the '2023 Tung Oil Road and Neely Avera Road Fund' within the State Treasury is a significant aspect of this bill. Monies appropriated to this fund are intended solely for the specified maintenance and upgrade projects, ensuring that funds are used effectively and for their intended purpose. The passage of this bill may also alleviate potential funding challenges associated with local infrastructure projects by securing dedicated financial resources through bond sales.

Summary

House Bill 1763 authorizes the issuance of general obligation bonds to assist Greene County, Mississippi, in funding maintenance, upgrades, and improvements to Tung Oil Road and Neely Avera Road. The legislation permits the State Bond Commission to issue bonds that will be used specifically for these projects, with a total bond issuance capped at $1.4 million. This funding aims to enhance infrastructure in the county, thereby facilitating better transportation and access for local residents and businesses.

Contention

One notable point is the provision that all bonds and interest accruing from them shall be exempt from state taxation. This may foster a more favorable investment environment but could also raise questions about the long-term fiscal implications for the state's revenue. Additionally, the absence of any requirement for local approval for bond issuance could draw scrutiny from taxpayers regarding transparency and accountability in the use of public funds. Critics might argue that local governments should have a more direct role in approving such funding measures.