Mississippi House Bill HB377

Mississippi 2024 Regular Session

• Introduced: 1/22/24
• Refer: 1/22/24
• Failed: 3/27/24

Caption

Bonds; authorize issuance for improvements to the K.L. Simmons Technology Building at Alcorn State University.

Impact

The bill will create a special fund known as the '2024 Alcorn State University K.L. Simmons Technology Building Fund,' ensuring that the funds raised through these bonds are utilized explicitly for their intended purpose. Any unspent funds at the end of the fiscal year will be retained within the special fund, rather than reverting to the state general fund. This structure reinforces fiscal responsibility and targeted use of public funds, enhancing the potential impact of the investment on educational outcomes in the state.

Summary

House Bill 377 is designed to authorize the issuance of general obligation bonds by the State of Mississippi, aimed specifically at funding repairs, renovations, and upgrades to the K.L. Simmons Technology Building at Alcorn State University. The legislation proposes that the total amount of bonds issued should not exceed $7.475 million. This financial strategy is purposed to not only improve educational infrastructure but also foster a supportive environment for students and faculty by modernizing facilities that may currently inhibit academic progress and research capabilities.

Contention

Discussion surrounding HB 377 may include contention over the state's commitment to financing educational improvements through debt, potentially raising concerns among some legislators about the implications of increasing public debt. Furthermore, establishing a dedicated fund may lead to debate on the allocation of resources and the prioritization of projects, especially in a context where other urgent needs also vie for state funding. Stakeholders may advocate for transparency and effectiveness in how the funds are spent to ensure that the renovations and upgrades reflect the best interests of Alcorn State University and its community.