Senate Bill 2692 Summary

• Reduces authorization for state general obligation bonds by approximately $85.5 million across multiple programs (ACE Fund, Marine Resources, IHL projects, community colleges, and economic development projects).

• Creates five new special cash funds in the State Treasury (2023 ACE Fund Supplementary Fund, 2023 IHL Capital Projects Fund, 2023 Community Colleges Capital Projects Fund, 2023 Civil Rights Museum Fund, and 2023 MDOT Road Construction Fund) and transfers $79.8 million from the Capital Expense Fund to replace the reduced bond authority.

• Repeals $4 million in bonding authority for the Grand Gulf Access Road and $10 million in ACE Fund bonding authority while establishing a new MDOT Road Construction Fund with $4 million transferred from the Capital Expense Fund.

• Modifies bond limits under Section 57-75-15 (Mississippi Major Economic Impact Authority) by reducing authorized amounts for three specific project categories: $20 million reduction for subparagraph (XXVI), $60 million reduction for subparagraph (XXVIII), and $5 million reduction for subparagraph (XXX).

• Becomes effective July 1, 2023 and is set to expire June 30, 2023 (creating a technical anomaly that would need clarification).