Bonds; authorize issuance to assist Town of Metcalfe in paying costs of repair and renovation of town park.
Impact
The passage of HB 194 will allow the State of Mississippi to create a specialized fund, the '2023 Town of Metcalfe Park Repair and Renovation Fund.' This fund will be used explicitly for the disbursement of resources towards the designated park improvement project. The funds remaining at the end of each fiscal year will not be returned to the General Fund but will continue to be available for the intended purposes, thereby safeguarding the designated resources for future park-related expenditures.
Summary
House Bill 194 aims to authorize the issuance of state general obligation bonds to provide financial assistance to the Town of Metcalfe, Mississippi, specifically for repairing and renovating the town park. The total amount of bonds issued under this act cannot exceed $150,000 and must be issued before July 1, 2027. This financial support is intended to aid the town in addressing community needs and enhancing local infrastructure.
Contention
The proposition of general obligation bonds also brings with it implications for state fiscal policy. Proponents argue that it enables necessary local investments without the immediate financial burden on the local government, while critics may voice concerns over increasing state debt. The bill pledges the full faith and credit of the state for the payment of these bonds, establishing a long-term financial commitment. Any shortfall in appropriated funds must be covered by the State Treasurer from any unallocated funds in the State Treasury, implicating broader fiscal management issues at the state level.
Local governments capital improvements revolving loan program; revise definition of "capital improvements", extend repealer on MDA authority to use certain funds for expenses.