Monday, March 13, 2017

City publishes notice for $90 million loan.

Read for yourself.  The notice was published in the Mississippi Link and the Clarion-Ledger.  The relevant language is highlighted for your convenience.  The video of the City Council discussion is posted below as well.






RESOLUTION DECLARING THE INTENTION OF THE CITY COUNCIL OF THE CITY OF JACKSON, MISSISSIPPI, TO EITHER ISSUE A SPECIAL OBLIGATION BOND OF THE CITY FOR SALE TO THE MISSISSIPPI DEVELOPMENT BANK OR ENTER INTO A LOAN WITH THE MISSISSIPPI DEVELOPMENT BANK, EACH IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED NINETY MILLION DOLLARS ($90,000,000) TO RAISE MONEY FOR THE PURPOSE OF PAYING THE COSTS OF ROAD AND STREET REPAIR, RECONSTRUCTION AND RESURFACING PROJECTS AND TO PAY THE COSTS OF WATER, SEWER AND DRAINAGE PROJECTS; DIRECTING THE PUBLICATION OF A NOTICE OF SUCH INTENTION; AND FOR RELATED PURPOSES.

WHEREAS, the City Council of the City of Jackson, Mississippi (the “Governing Body”), acting for and on behalf of the City of Jackson, Mississippi (the “City”), is authorized by Sections 27-65-241 through 27-65-243, Mississippi Code of 1972, as amended and supplemented from time to time (the “One-Percent Act”), and Sections 31-25-1 et seq., Mississippi Code of 1972, as amended and supplemented from time to time (the “Bank Act” and together with the One-Percent Act, the “Act”), and other applicable laws of the State, to provide funding for the costs of road and street repair, reconstruction and resurfacing projects based on traffic patterns, need and usage, and paying the costs of water, sewer and drainage projects in accordance with a master plan adopted by the commission established pursuant to subsection (7) of the One-Percent Act (the “Project”) either (a) through the issuance of a bond of the City (the “City Bond”) to be sold to the Mississippi Development Bank (the “Bank”), which City Bond may be secured by the proceeds of the special sales tax levied pursuant to the One-Percent Act (the “One-Percent Tax”) and any available revenues of the City, or (b)by entering into a loan with the Bank (the “Loan”), which Loan may be secured by the proceeds of the One-Percent Tax and any available revenues of the City, each in an aggregate principal amount not to exceed Ninety Million Dollars ($90,000,000); and

WHEREAS, the Project is in accordance with and in furtherance of the provisions of the Act; and

WHEREAS, as of February 1, 2017, the assessed value of all taxable property within the City, according to the last completed assessment for taxation, is One Billion Two Hundred Twenty Two Million Two Hundred Ninety
Six Thousand Nine Hundred Forty Seven Dollars ($1,222,296,947), and the City has outstanding bonded indebtedness as subject to the twenty percent (20%) debt limit prescribed by Section 2133303, Mississippi Code of 1972, as amended, in the amount of Three Hundred Forty Six Million Eight Hundred Forty Two Thousand Six Hundred Eighteen Dollars ($346,842,618); and

WHEREAS, neither the City Bond nor the Loan, when added to the outstanding bonded indebtedness of the City, including any indebtedness of the City issued subsequent to the adoption of this resolution but prior to the issuance of the City Bond or entering into the Loan, will result in indebtedness, both bonded and floating, exclusive of indebtedness not subject to the aforesaid twenty percent (20%) debt limit, of more than twenty percent (20%) of the assessed value of all taxable property within the City, and will not exceed any constitutional or statutory limitation upon indebtedness which may be incurred by the City; and WHEREAS, there has been no increase in said bonded and floating indebtedness of the City since February 1, 2017; and

WHEREAS, it would be in the best interest of the City for the Governing Body to provide funding for the costs of the Project by borrowing money through the issuance of the City Bond or by entering into the Loan; and WHEREAS, the City reasonably expects that it will incur expenditures in connection with the Project for which the City intends to reimburse itself with the proceeds of the City Bond or the Loan; and

WHEREAS, the Governing Body is authorized and empowered by the Act to issue the City Bond or to enter into the Loan for the purposes herein set forth and there are no other available funds on hand or available from regular sources of income for such purposes.

NOW, THEREFORE, BE IT RESOLVED, DETERMINED AND ORDERED BY THE CITY COUNCIL OF THE CITY, ACTING FOR AND ON BEHALF OF THE CITY, AS FOLLOWS:

SECTION 2. This resolution is adopted pursuant to the Act, the Constitution, and other applicable laws of the State.

SECTION 3. The Governing Body, acting for and on behalf of the City, hereby declares its intention to either (a) issue and sell the City Bond to the Bank pursuant to the Act in an aggregate principal amount not to exceed Ninety Million Dollars ($90,000,000) or (b) enter into the Loan with the Bank pursuant to the Act to borrow money from the Bank in an aggregate principal amount not to exceed Ninety Million Dollars ($90,000,000).

SECTION 4. The City Bond or the Loan will be issued for the purpose of financing the Project, as authorized by the Act.



SECTION 5. The City Bond may be issued in one or more series and, if issued, will not be a general obligation of the City but will be payable solely from and secured by the One-Percent Tax and any available revenues of the City. The Loan, if entered into, will not be a general obligation of the City and will be payable solely from and secured by the One-Percent Tax and available revenues of the City. Except for the One-Percent Tax, the taxing power of the City will not be pledged to the payment of the City Bond or the Loan. No special tax, other than the One-Percent Tax, will be levied by the City for the payment of the City Bond or the Loan.

SECTION 6. The Governing Body proposes to direct the issuance of all or any portion of the City Bond or to authorize the Loan in the amount and for the purposes and secured as aforesaid at a meeting of the Governing Body to be held at its usual meeting place located at City Hall in the City in Jackson, Mississippi, at the hour of 10:00 a.m. on April 4, 2017, or at some meeting or meetings subsequent thereto; provided, however, that if ten percent (10%) or Fifteen Hundred (1500), whichever is less, of the qualified electors of the City shall file a written protest with the City Clerk against the issuance of the City Bond or the authorization of the Loan on or before the aforesaid date and hour, then the City Bond shall not be issued nor shall the Loan be entered into unless approved at an election on the question thereof called and held as is provided by law; provided, further that if no protest is filed, then the City Bond may be issued and sold in one or more series or the City may enter into the Loan without an election on the question of the issuance thereof at any time within a period of two (2) years after April 4, 2017.

SECTION 7. In full compliance with the Act, the City Clerk is hereby directed to publish a copy of this resolution once a week for at least three (3) consecutive weeks in The Mississippi Link and The Clarion Ledger, both
newspapers published in and having a general circulation in the City and qualified under the provisions of Section 13 3 31, Mississippi Code of 1972, as amended, with the first publication being not less than twenty-one (21)
days prior to the date set forth in Section 6 of this resolution, and the last publication being made not more than seven (7) days prior to such date. SECTION 8. The City Clerk is hereby directed to procure from the publishers
of the aforesaid newspapers the customary proof of the publication of this resolution and the required notice and have the same before the Governing Body on the date and hour specified in Section 6 hereof. ...

SECTION 9. The City hereby declares its official intent to reimburse itself from the proceeds of the City Bond or the Loan for expenses incurred with respect to the Project subsequent to the date of this resolution and the 60-
day period immediately preceding the same. This resolution is intended as a declaration of official intent under Treasury Regulation 1.150-2. The City Bond or the Loan will not exceed the aggregate principal amount of Ninety
Million Dollars ($90,000,000).

SECTION 10. In the event any scrivener’s errors shall be discovered in this resolution after the adoption hereof but prior to the issuance of the City Bond or the entering into of the Loan, the City hereby authorizes and directs that each such scrivener’s error shall be corrected in all multiple counterparts of this resolution prior to the issuance of the City Bond or the entering into of the Loan.....

13 comments:

Anonymous said...

The purpose of doing this now is to reward all the financial consultants and bond attorney with huge fees. The in house attorney will probably get 1%.

Anonymous said...

Does anyone know a good real estate person dealing primarily with selling property in the city of Jackson? I would love to get rid of my property asap.

Anonymous said...

Get your popcorn ready. Can't wait till KF posts the next 1% STC Commission Meeting. Should be extremely entertaining...to say the least.

Let's get ready to RUMBLE! Round 2......

Anonymous said...

So all we need is 1500 votes to block the loan?

Anonymous said...

The Rez is lost! Serious pollution, mutant fish, no waves, leaking dam, Nazi cops, Rankin v. Madison, meth labs, predatory alligators. Doomed!!!

Anonymous said...


It's like---I spent all my paycheck over the weekend and I just need a loan until Friday to pay my rent and buy food for my children---does anyone not see a pattern here that is decades old. It will never change the amount keeps getting larger.

Kingfish said...

I think it forces a referendum if I remember the law, correctly.

Compost to Prosperity said...

Don't forget the exact same ruse was played for the black elephant Convention Center. When all was said and done Jackson issued GENERAL OBLIGATION bonds.

Anonymous said...

The Mississippi Link? Doesn't Socrates Garrett own it or have a hand in its creation? So, the largest city in the State uses one the smallest publications in the area to publish their RFPs and Notices instead of a statewide newspaper (Clarion Ledger) that reaches the most people? Anyone else thinks this smells?

Looks like Socks still getting, while the getting is good!

Anonymous said...

Attn 2:51, I don't know anything about Socrates's paper, but I find it easy to believe that it is as equally unbiased and fair in reporting as the Clarion Ledger.

Anonymous said...

2:51 - The second sentence of this post says the notice was published in both papers.

However I do recall several years ago that there was a stink because the city decided to publish their notices in the Link because they charged less than the CL did. Obviously less circulation with that paper, but since the city already knows what contractors it will be using beforehand, it doesn't really matter...

Anonymous said...

"Does anyone know a good real estate person dealing primarily with selling property in the city of Jackson? I would love to get rid of my property asap."
March 13, 2017 at 1:26 PM

Yes! Just google "Trey ceilings Jackson, Mississippi", and you'll see several realtors of the sort who can "relate to" the sort of folks we now call "Typical Jacksonians".

(It's actually "Tray", but apparently some realtors think the feature was named after a bubba named 'Trey', rather than after the well-shaped platter beneath a silver service.)

Anonymous said...

They publish in the Link to reduce the potential for public scrutiny. Yarber and Priester should put the $90m on the 2017 general election ballot and seek passage as a respective campaign plank. Because this last minute backdoor shit doesn't build confidence in their transparency.

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Trollfest '09

Trollfest '07 was such a success that Jackson Jambalaya will once again host Trollfest '09. Catch this great event which will leave NE Jackson & Fondren in flames. Othor Cain and his band, The Black Power Structure headline the night while Sonjay Poontang returns for an encore performance. Former Frank Melton bodyguard Marcus Wright makes his premier appearance at Trollfest singing "I'm a Sweet Transvestite" from "The Rocky Horror Picture Show." Kamikaze will sing his new hit, “How I sold out to da Man.” Robbie Bell again performs: “Mamas, don't let your babies grow up to be Bells” and “Any friend of Ed Peters is a friend of mine”. After the show, Ms. Bell will autograph copies of her mug shot photos. In a salute to “Dancing with the Stars”, Ms. Bell and Hinds County District Attorney Robert Smith will dance the Wango Tango.

Wrestling returns, except this time it will be a Battle Royal with Othor Cain, Ben Allen, Kim Wade, Haley Fisackerly, Alan Lange, and “Big Cat” Donna Ladd all in the ring at the same time. The Battle Royal will be in a steel cage, no time limit, no referee, and the losers must leave town. Marshand Crisler will be the honorary referee (as it gives him a title without actually having to do anything).


Meet KIM Waaaaaade at the Entergy Tent. For five pesos, Kim will sell you a chance to win a deed to a crack house on Ridgeway Street stuffed in the Howard Industries pinata. Don't worry if the pinata is beaten to shreds, as Mr. Wade has Jose, Emmanuel, and Carlos, all illegal immigrants, available as replacements for the it. Upon leaving the Entergy tent, fig leaves will be available in case Entergy literally takes everything you have as part of its Trollfest ticket price adjustment charge.

Donna Ladd of The Jackson Free Press will give several classes on learning how to write. Smearing, writing without factchecking, and reporting only one side of a story will be covered. A donation to pay their taxes will be accepted and she will be signing copies of their former federal tax liens. Ms. Ladd will give a dramatic reading of her two award-winning essays (They received The Jackson Free Press "Best Of" awards.) "Why everything is always about me" and "Why I cover murders better than anyone else in Jackson".

In the spirit of helping those who are less fortunate, Trollfest '09 adopts a cause for which a portion of the proceeds and donations will be donated: Keeping Frank Melton in his home. The “Keep Frank Melton From Being Homeless” booth will sell chances for five dollars to pin the tail on the jackass. John Reeves has graciously volunteered to be the jackass for this honorable excursion into saving Frank's ass. What's an ass between two friends after all? If Mr. Reeves is unable to um, perform, Speaker Billy McCoy has also volunteered as when the word “jackass” was mentioned he immediately ran as fast as he could to sign up.


In order to help clean up the legal profession, Adam Kilgore of the Mississippi Bar will be giving away free, round-trip plane tickets to the North Pole where they keep their bar complaint forms (which are NOT available online). If you don't want to go to the North Pole, you can enjoy Brant Brantley's (of the Mississippi Commission on Judicial Performance) free guided tours of the quicksand field over by High Street where all complaints against judges disappear. If for some reason you are unable to control yourself, never fear; Judge Houston Patton will operate his jail where no lawyers are needed or allowed as you just sit there for minutes... hours.... months...years until he decides he is tired of you sitting in his jail. Do not think Judge Patton is a bad judge however as he plans to serve free Mad Dog 20/20 to all inmates.

Trollfest '09 is a pet-friendly event as well. Feel free to bring your dog with you and do not worry if your pet gets hungry, as employees of the Jackson Zoo will be on hand to provide some of their animals as food when it gets to be feeding time for your little loved one.

Relax at the Fox News Tent. Since there are only three blonde reporters in Jackson (being blonde is a requirement for working at Fox News), Megan and Kathryn from WAPT and Wendy from WLBT will be on loan to Fox. To gain admittance to the VIP section, bring either your Republican Party ID card or a Rebel Flag. Bringing both and a torn-up Obama yard sign will entitle you to free drinks served by Megan, Wendy, and Kathryn. Get your tickets now. Since this is an event for trolls, no ID is required. Just bring the hate. Bring the family, Trollfest '09 is for EVERYONE!!!

This is definitely a Beaver production.


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Trollfest '07

Jackson Jambalaya is the home of Trollfest '07. Catch this great event which promises to leave NE Jackson & Fondren in flames. Sonjay Poontang and his band headline the night with a special steel cage, no time limit "loser must leave town" bout between Alan Lange and "Big Cat"Donna Ladd following afterwards. Kamikaze will perform his new song F*** Bush, he's still a _____. Did I mention there was no referee? Dr. Heddy Matthias and Lori Gregory will face off in the undercard dueling with dangling participles and other um, devices. Robbie Bell will perform Her two latest songs: My Best Friends are in the Media and Mama's, Don't Let Your Babies Grow up to be George Bell. Sid Salter of The Clarion-Ledger will host "Pin the Tail on the Trial Lawyer", sponsored by State Farm.

There will be a hugging booth where in exchange for your young son, Frank Melton will give you a loooong hug. Trollfest will have a dunking booth where Muhammed the terrorist will curse you to Allah as you try to hit a target that will drop him into a vat of pig grease. However, in the true spirit of Separate But Equal, Don Imus and someone from NE Jackson will also sit in the dunking booth for an equal amount of time. Tom Head will give a reading for two hours on why he can't figure out who the hell he is. Cliff Cargill will give lessons with his .80 caliber desert eagle, using Frank Melton photos as targets. Tackleberry will be on hand for an autograph session. KIM Waaaaaade will be passing out free titles and deeds to crackhouses formerly owned by The Wood Street Players.

If you get tired come relax at the Fox News Tent. To gain admittance to the VIP section, bring either your Republican Party ID card or a Rebel Flag. Bringing both will entitle you to free drinks.Get your tickets now. Since this is an event for trolls, no ID is required, just bring the hate. Bring the family, Trollfest '07 is for EVERYONE!!!

This is definitely a Beaver production.

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