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MS treasurer Lynn Fitch opposed to state borrowing

JACKSON, Miss.- Recently Gov. Bryant has called for the borrowing of money for special projects. Treasurer Lynn Fitch speaks out about her disappointment on this decision.

Fitch says what state legislature is doing is hypocritical. She wrote a letter to state leaders explaining her disapproval at the bill which allows a $250 million bond. Fitch noted $308 million which includes numbers for 2018.

“Several items in the over $308 million bill…lack any specificity. Bonds are borrowed to cover specific projects, not simply for ‘paying costs associated with infrastructure and infrastructure related projects.” Fitch wrote in her letter.

She says that this bill is very similar to the ones congress tries to pass in the dead of night that state leaders criticize.

On the other side Senate Finance Chairman Joey Fillingane said that legislature has been on top of borrowing by not over borrowing for upcoming years.

Fillingane told Clarion Ledger,

“We are paying off right at $290 million in bonds this year and are set to pay off an additional $315 million next year. It has been the policy of Lt. Gov. Tate Reeves and his Senate leadership for the past five years to always pay off as much or more as we are borrowing.”

Even some of the Senates most conservative members have argued against the bill saying it appeared to fund projects that aren’t of high value or seem frivolous.

Fitch adamantly says she will end the practice of borrowing for local projects, and use her power as a member of the Bond Commission to do so.

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