Mississippi House Bill HB1766

Mississippi 2023 Regular Session

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

Caption

Bonds; authorize issuance to assist Greene County overlay of Winborn Chapel Road and Old Highway 63.

Impact

The bill mandates the creation of a special fund known as the '2023 Greene County Old Highway 63 and Winborn Chapel Road Improvements Fund' within the state treasury. The funds generated through bond sales are to be allocated specifically for the overlay and upgrades of the specified road segments. This dedicated funding mechanism is designed to ensure that the financial resources are used solely for their intended purpose, which can result in improved infrastructure and better driving conditions for the community.

Summary

House Bill 1766 aims to authorize the issuance of state general obligation bonds to fund improvements to specific segments of Old Highway 63 and Winborn Chapel Road in Greene County, Mississippi. The intention behind this bill is to provide financial assistance to the county for critical infrastructure projects that are necessary for improving transportation and accessibility for its residents. By issuing these bonds, the state seeks to enhance the local road conditions, which could lead to broader economic benefits for the area.

Contention

A notable point of contention may center around the financial implications and the accountability of the bond proceeds. Concerns might arise regarding the long-term debt incurred by the state and whether the projected benefits of infrastructure improvements justify the costs. Furthermore, as these bonds are general obligations of the state, they pledge the state's full faith and credit for repayment, which could impact future fiscal decisions if the revenue generated from such infrastructure improvements does not meet expectations. This inherent risk of public funding is essential for legislators and constituents to consider.