Bonds; authorize to assist Town of Rolling Fork in paying costs of Muddy Waters memorial sculpture.
Impact
The enactment of SB2104 will create a special fund, named the ‘2024 Town of Rolling Fork Muddy Waters Memorial Sculpture Fund,’ managed separately from the State's General Fund. This ensures that unexpended amounts at the end of a fiscal year do not lapse into the State General Fund, allowing continued support for the memorial project. Moreover, the interest accrued on the fund will contribute to covering the debt service of the bonds, bolstering the financial framework for the project.
Summary
Senate Bill 2104 authorizes the issuance of state general obligation bonds to assist the Town of Rolling Fork, Mississippi, in funding the costs associated with the acquisition and placement of a Muddy Waters memorial sculpture. The total amount of bonds issued under this bill shall not exceed $150,000 and shall be structured under the authority of the State Bond Commission. The proceeds from the bonds are designated exclusively for the specified memorial project, along with covering costs incident to the issuance and sale of these bonds.
Contention
While the bill primarily aims to honor the legacy of Muddy Waters through a memorial sculpture, it highlights broader themes associated with state financial responsibilities and priorities. Discussions may arise around the use of state resources for local projects, particularly in terms of whether such funds could be more effectively allocated to pressing statewide needs. Additionally, ensuring accountability and transparency in the handling of the funds generated by this bill may be a point of contention among legislators and constituents alike.
Local governments capital improvements revolving loan program; revise definition of "capital improvements", extend repealer on MDA authority to use certain funds for expenses.