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MS SB2459
Bill
AI Summary
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Authorizes counties to use up to 25% of their annual state aid road allocation for retiring debt incurred on local system road projects, in addition to using funds for construction and paving.
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Allows counties to use Local System Bridge Replacement and Rehabilitation Program allocations for retiring debt on local system road projects when eligible.
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Requires counties to meet existing eligibility requirements under Chapter 65-18 and obtain State Aid Engineer approval before utilizing funds for debt retirement.
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Permits state aid funds to cover debt service payments on bonds or other debt issued by counties for local system road construction, replacement, or paving projects.
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Effective date: July 1, 2011.
Legislative Description
Local system roads; allow portion of state aid allocated to counties to be used to retire debt for.
Last Action
Died In Committee
2/1/2011