Mississippi Senate Bill SB2702

Mississippi 2023 Regular Session

• Introduced: 1/16/23
• Refer: 1/16/23
• Failed: 1/31/23

Caption

Mississippi Farm Reform Act; extend authority for issuance of general obligation bonds for Emerging Crops Fund.

Impact

This bill carries significant implications for the state’s agricultural finance structure. By continuing the provision for the issuance of bonds up to one hundred fourteen million dollars, the bill ensures that essential funding remains available to the agricultural sector, thereby potentially leading to enhanced productivity and innovation in farming practices. The Mississippi Development Authority is empowered to initiate these bonds, which can be issued periodically depending on fiscal needs and resolutions declared by the board. It guarantees the financial backing of the agricultural community.

Summary

Senate Bill 2702 is a legislative act that amends Section 69-2-19 of the Mississippi Code of 1972. The primary aim of this bill is to extend the existing authority for issuing general obligation bonds specifically for the Emerging Crops Fund. This fund is integral to the Mississippi Farm Reform Act, which focuses on supporting agricultural advancements and fostering crop development within the state. By extending this authority, SB2702 enables ongoing financial support for emerging agricultural initiatives.

Contention

There may be concerns regarding the state's financial commitment to these bonds. The inclusion of provisions that enables the state to levy an ad valorem tax on all taxable property primarily serves as a backup for when funds are insufficient in the General Fund to meet bond obligations. Critics might argue that relying on property taxes could impose additional burdens on taxpayers, while supporters maintain that the benefits to agriculture justify such financing methods.