Bonds; authorize to assist Village of Cary in paying costs of construction of fire station.
Impact
If passed, the bill would create a dedicated fund called the '2024 Village of Cary Fire Station Fund' within the State Treasury, which will keep the allocated funds separate from the state's general budget. The new fund will also accumulate interest, which can be utilized for the same construction project. Moreover, the total bond amount will not exceed $500,000, with a clear deadline for issuance, set for July 1, 2028. This specific targeting could ensure that emergency services infrastructure receives timely financial attention, thus improving community safety.
Summary
Senate Bill 2109 aims to authorize the issuance of state general obligation bonds to support the Village of Cary, Mississippi. The primary purpose of these bonds is to assist in covering the expenses associated with the construction of a fire station, which is crucial for enhancing local emergency services and safety infrastructure. This financial assistance is expected to alleviate some of the budgetary pressures faced by the village and provide essential services to its residents. The act stipulates that the State Bond Commission would be responsible for the bond issuance, managed through a specially created fund intended for this project.
Contention
Potential points of contention around SB2109 could arise regarding the fiscal accountability of state funds and the appropriateness of state-level funding for local projects. Some lawmakers may question whether financial support for a single village aligns with broader state financial priorities. Additionally, there might be inquiries related to the impact on the state's overall debt, considering that these bonds represent obligations backed by the full faith and credit of Mississippi. Such discussions will be crucial in determining whether the bill garners bipartisan support in the legislature.
Local governments capital improvements revolving loan program; revise definition of "capital improvements", extend repealer on MDA authority to use certain funds for expenses.