Gov. Phil Bryant and the Mississippi Bond Commission voted this afternoon allow short term borrowing of the $50 million bond bill, for immediate infrastructure needs.
“Let us remember that there are too many county bridges that have been closed. We are going to do our best today as Bond Commission to reach out and help them solve some of these problems that are endangering lives of the motoring public across Mississippi,” said Gov. Bryant.
Since the recent forced closure of over 80 locally owned bridges, and previous closure of many more, the Governor and other lawmakers have been working toward a way to access the $50 million appropriated for infrastructure needs during the 2018 legislative session. The bond money had an access date of July 1, but through several conversation with state bond lawyers the Governor has announced a plan to get the money in use faster.
The bond commission voted to approve short term borrowing on the money after lawyers recommended that this option will best support immediate action on those closed down bridges. This vote will allow the first $25 million of the bond to be accessed as needed to address immediate repairs. The remaining $25 million in the bond will be used after July 1, 2018.
“Certainly this is the thing to do because it is critical to the infrastructure and wellbeing of the people across the state of Mississippi,” said Treasurer Lynn Fitch.
This short term borrowing will not add any additional costs for the state on interest rates for the funds as opposed to them waiting until say August to pull the money. The state will actually save money because they will draw down as needed.