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SB 3046

Appropriation; Debt Service-Gen. Obli.

2025 Regular Session Introduced by Briggs Hopson and 4 co-sponsors

SB 3046 would allocate state funds to pay maturing FY2026 debt service on general obligation and revenue bonds, plus bank service charges; bill died in conference.

Died In Conference
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Bill Summary · SB 3046

Summary — SB 3046 (2025)

Title: Appropriation; Debt Service — General Obligation
Status: Died in Conference (bill did not become law)
Introduced: April 11, 2025
Subject areas: Appropriations (General Fund and Special Funds); debt service

Main purpose

SB 3046 would appropriate and authorize the use of state funds to pay maturing principal and interest on the State of Mississippi’s full-faith-and-credit (general obligation) bonds and revenue bonds that fall due during Fiscal Year 2026, and to cover bank service charges associated with bond payments. It also authorizes certain administrative flexibilities for handling excess interest earnings on bond proceeds.

Key provisions and dollar amounts

  • Section 1 — Appropriation from the State General Fund for paying maturing full faith and credit bonds and related interest due in FY2026 and for bank service charges. (The primary general‑fund amount is not shown in the provided text; see Section 6 for the service-charge allocation.)
  • Section 2 — Appropriates $422,365,135 from state treasury special source funds and interest earnings on bond proceeds to pay maturing full faith and credit bonds and interest due in FY2026.
  • Section 3 — Authorizes expenditure of $17,750,250 from special source funds and interest earnings on bond proceeds to pay maturing revenue bonds and interest due in FY2026.
  • Section 4 — Identifies $35,537,475 covering maturing bonds and interest (as evidenced by coupons) payable from the State Treasury for obligations due between July 1, 2025 and June 30, 2026.
  • Section 6 — Specifies that $500,000 of the funds appropriated in Section 1 are for paying bank service charges for banks acting as paying agents; requires itemized statements from banks to be attached to Treasurer requisitions.
  • Section 5 — Authorizes the State Treasurer to accept, budget and expend excess funds derived from interest earnings on bond proceeds or loan repayments and to escalate such funds consistent with Department of Finance and Administration rules and federal fund escalation practices.
  • Section 7 — Payment mechanics: disbursements by State Treasurer upon warrants issued by the State Fiscal Officer and appropriate requisitions.
  • Section 8 — Effective date: July 1, 2025. Appropriations available until the bonds are paid or June 30, 2026, whichever occurs first.

Who is affected / impact

  • State government fiscal operations: ensures appropriation authority to meet scheduled debt-service obligations in FY2026.
  • Bondholders and paying-agent banks: payment flows and bank service charges are covered and subject to itemized billing.
  • State Treasurer and Department of Finance and Administration: given discretion to accept and spend excess interest earnings on bond proceeds and to escalate funds per DFA rules.
  • Funding sources: uses a mix of State General Fund (amount not shown in provided text), special source funds, and interest on bond proceeds.

Procedural/timeline notes

  • The bill passed various committees and the legislature in amended form but ultimately was recorded as "Died In Conference" on March 29, 2025 — it did not become law.
  • If enacted, appropriations and authorities would have taken effect July 1, 2025 and remained available until the relevant bonds were paid or until June 30, 2026.

Compiled from official sources — confirm details with the bill’s official record.

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