Lawmakers approve measure aimed at reducing state’s debt
by MBJ Staff
Published: March 13,2012
JACKSON — The Mississippi Senate today passed legislation that would direct additional funds to pay off state debt and move toward reducing the state’s total debt, Lt. Gov. Tate Reeves announced.
“We need to get control of the state’s debt, and this bill is one way we can do that and be responsible stewards of taxpayers’ money,” Reeves said. “Getting control of our debt means less money will have to be spent each year to pay debt service. With fewer tax dollars going to pay debt, we can spend more on our priorities like education and public safety.”
Senate Bill 2343 modifies repayments to a revolving loan fund at the Mississippi Development Authority, which is funded through bonds authorized by the Legislature. Currently, repayments of these bonds do not go toward debt service, but instead are recaptured by the revolving loan program. Senate Bill 2343 caps the program at $50 million and uses any repayments in excess of $50 million to pay debt service. MDA continues to rely on the $50 million program to lure economic development projects to Mississippi while easing the state’s debt burden.
The bill, sponsored by Sen. Joey Fillingane, is part of Reeves’ legislative agenda for the 2012 session.
To sign up for Mississippi Business Daily Updates, click here.
Top Posts & Pages
- Chris McDaniel gets a thank you note from Travis Childers
- Senate passes teacher pay raise legislation
- Lawmakers debating alternative to Medicaid expansion
- Pickering collects more money from failed beef plant project
- The First acquiring Alabama bank in cash/stock deal
- Todd Smith's Spin Cycle — Not milk! It’s end of era for milk industry’s iconic ‘Got Milk?’ campaign
- States settle with manufacturers in DRAM price-fixing case
- District at Eastover takes shape with financing in place, tenant signings under way
- MBJ's Businesswoman of the Year never expected her career to take this path
- Mississippi ag aviation plays a critical role in production and profitability