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.....