Bonds; authorize issuance to assist City of Verona with site development related to the Old Town Crossing Project.
If enacted, the bill will create a special fund within the State Treasury specifically for the Old Town Crossing Project, allowing the Department of Finance and Administration to disburse funds to the City of Verona for their designated development work. The bonds issued under this act will be general obligations of the State of Mississippi, meaning that the state will irrevocably pledge full faith and credit in support of the bonds, which may enhance the city's ability to develop vital infrastructure.
House Bill 157 aims to authorize the issuance of state general obligation bonds up to a maximum amount of one million dollars to support the City of Verona in their efforts to cover costs associated with site development work for the Old Town Crossing Project. This project is located near the southeast corner of Mississippi Highway 6 and U.S. Highway 45 in Verona, indicating a focus on enhancing local infrastructure and community development.
The legislation underscores the commitment to bolster local economies through funding, but it could raise questions of fiscal responsibility among lawmakers regarding the long-term use of state resources for local projects. Additionally, regulations govern the issuance and sale of these bonds, including requirements for public bidding and management of proceeds, emphasizing accountability in handling taxpayer funds.