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Mississippi Legislature does not add...

Mississippi Legislature does not add new debt by avoiding annual bond bill

By: Anne Summerhays - April 18, 2022

The move is projected to save the state nearly $3 million in interest immediately and roughly $9 million long term.

During the 2022 Mississippi Legislative session, lawmakers adopted a budget for Fiscal Year 2023 at just under $6.3 billion. The Legislature, however, did not issue a traditional bond bill, saving the state around $3 million in interest immediately and roughly $9 million long term.

On Monday, State Treasurer David McRae thanked the Mississippi Legislature and Governor Tate Reeves for delivering the largest tax cut in state history and declining to pass an annual bond bill.

Treasurer David McRae

“Their decision to forego an annual bond bill will keep around $300 million off the taxpayers’ credit card, while the historic tax cut will leave a half-billion dollars in the pockets of hardworking Mississippians,” Treasurer McRae said. “Actions like this help tremendously as I continue to fight to squeeze more out of every dollar spent by protecting and boosting the state’s credit rating.”

At the end of the session, State Senator Briggs Hopson, Chairman of Senate Appropriations, told Y’all Politics that lawmakers were able to take care of the state’s needs within the state budget instead of taking on new debt.

“We didn’t create any debt for the state. We took care of projects that have typically been financed or created by taking on debt, but this year we took no debt on for the state,” said

Lieutenant Governor Delbert Hosemann said that instead of borrowing money to fund more projects, they are paying off some of the state’s debt.

“The Mississippi Legislature is not doing bonds this year,” Hosemann said. “We are not incurring any debt. In fact, over the next two years, we will write off approximately over half a billion dollars in debt in Mississippi making our financial statement very strong for this year and for every year in the future.”

Hosemann explained that when and if the state has to borrow any money, Mississippi will have the most favorable rate because its finances are in order. 

About the Author(s)
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Anne Summerhays

Anne Summerhays is a recent graduate of Millsaps College where she majored in Political Science, with minors in Sociology and American Studies. In 2021, she joined Y’all Politics as a Capitol Correspondent. Prior to making that move, she interned for a congressional office in Washington, D.C. and a multi-state government relations and public affairs firm in Jackson, Mississippi. While at Millsaps, Summerhays received a Legislative Fellowship with the Women’s Foundation of Mississippi where she worked with an active member of the Mississippi Legislature for the length of session. She has quickly established trust in the Capitol as a fair, honest, and hardworking young reporter. Her background in political science helps her cut through the noise to find and explain the truth. Email Anne: