Sunday, June 18, 2017

Madison County wants to sell some bonds

It looks like the Madison County Board of Supervisors might issue bonds for $8 million.  The resolution is on the agenda for tomorrow's regular board meeting.  The resolution states:

EIGHT MILLION DOLLARS ($8,000,000) TO RAISE MONEY FOR THE PURPOSE OF PROVIDING FUNDS FOR CONSTRUCTING, RECONSTRUCTING, AND REPAIRING ROADS, HIGHWAYS AND BRIDGES, AS DESCRIBED HEREIN, AND ACQUIRING THE NECESSARY LAND, INCLUDING LAND FOR ROAD-BUILDING MATERIALS, ACQUIRING RIGHTS-OF-WAY THEREFOR, AND FOR PURPOSES RELATED THERETO,INCLUDING ANY OTHER PURPOSE AS PROVIDED IN THE COUNTY BOND ACT(AS DEFINED HEREIN); DIRECTING PUBLICATION OF NOTICE OF SUCH INTENTION; AND FOR RELATED PURPOSES. RELATED  THERETO, INCLUDING ANY OTHER PURPOSE AS PROVIDED IN THE COUNTY BOND ACT   (AS  DEFINED  HEREIN);  DIRECTING  PUBLICATION OF  NOTICE OF SUCH INTENTION; AND FOR RELATED PURPOSES.
The resolution doesn't state which roads or projects will be funded by the bonds.  Some past bond resolutions specified the projects funded while others did not do so. 

The 2003 bond resolution stated:

WHEREAS, the Board of Supervisors of the County now finds it necessary to approve the thirtieth advance under the Loan for the purpose of paying construction fees and expenses incurred in connection with the construction of the new County Jail/Sheriff complex (the "Project");
The 2006 (March 27, 2006) resolution stated:

DECLARING THE INTENTION OF THE BOARD OF SUPERVISORS OF MADISON COUNTY, MISSISSIPPI, TO ISSUE GENERAL OBLIGATION BONDS, SERIES 2006, IN THE  PRINCIPAL AMOUNT OF NOT TO EXCEED FIFTY MILLION DOLLARS ($50,000,000) FOR THE PURPOSE OF PROVIDING  FUNDS FOR CONSTRUCTING, RECONSTRUCTING, AND REPAIRING ROADS, HIGHWAYS AND BRIDGES, AND ACQUIRING THE NECESSARY LAND, INCLUDING LAND FOR ROAD-BUILDING MATERIALS, ACQUIRING RIGHTS-OF-WAY THEREFOR; AND THE PURCHASE OF HEAVY CONSTRUCTION EQUIPMENT AND ACCESSORIES THERETO REASONABLY REQUIRED TO CONSTRUCT, REPAIR AND RENOVATE ROADS, HIGHWAYS AND BRIDGES AND APPROACH AND DIRECTING PUBLICATION OF NOTICE OF SUCH INTENTION”


However, the 2014 bond issue did specify the projects funded by the bond sale:

RESOLUTION FINDING AND DETERMINING THAT THE RESOLUTION DECLARING THE INTENTION OF THE BOARD OF SUPERVISORS OF MADISON COUNTY, MISSISSIPPI (THE "COUNTY"), TO ISSUE GENERAL OBLIGATION ROAD AND BRIDGE BONDS, SERIES 2014 (THE "BONDS") OF THE COUNTY, IN THE TOTAL AGGREGATE PRINCIPAL AMOUNT OF NOT TO EXCEED FIFTEEN MILLION DOLLARS ($15,000,000),....
 Heretofore, on the 18th day of August, 2014, the Governing Body adopted a Resolution entitled  "RESOLUTION  DECLARING THE INTENTION  OF THE BOARD OF SUPERVISORS OF MADISON COUNTY, MISSISSIPPI, TO ISSUE GENERAL OBLIGATION ROAD AND BRIDGE BONDS, SERIES 2014, OF MADISON COUNTY, MISSISSIPPI IN THE PRINCIPAL AMOUNT OF NOT TO EXCEED FIFTEEN MILLION DOLLARS ($15,000,000) TO RAISE MONEY FOR THE PURPOSE OF PROVIDING FUNDS FOR CONSTRUCTING, RECONSTRUCTING, AND REPAIRING BOZEMAN ROAD, YANDELL ROAD, AND HIGHLAND COLONY PARKWAY  OTHER ROADS, HIGHWAYS AND BRIDGES, AS DESCRIBED HEREIN,....
It also appears Lord Snow will get to wet its beak yet again as will the other familiar bond monopolist: Government Consultants, Inc.  The bond resolution and the resolution to hire bond counsel and a financial advisor are posted below.

Kingfish note: Once again, a local government refuses to bid out the professional services associated with a bond sale.  The Rankin County School Board did so earlier this year and saved money.  Madison County could save money on these fees but instead has chosen not to do so.

The interesting thing here is the use of the language "or any other purpose".  Is that just some harmless language thrown in by an inexperienced lawyer or is it intended to be used as a means to fund anything dear to the Supervisors' heart? 


25 comments:

Madison Rulz said...

I just hope the bonds will help finance a new shopping development with an Olive Garden. I hate having to go to Jackson to get some good Italian food at Olive Garden.

Anonymous said...

This county has plenty of cash they need to quit throwing money away on BS get some people that can get the job of repairing roads for the people.

Anonymous said...

This is much needed. I don't see any issue with paving roads with long term money.

As for Butler Snow, there are plenty of pretend advisors hooked up with Jackson if that's who you want bidding on professional services.

Anonymous said...

That didn't take long- Parkway East Appeal over with and lets go bond millions!

Dist 4 Supervisor Bishop finally gets his motion rammed through.
Now a resolution worded like this.

Anonymous said...

@ 8:47

You don't mind paving roads with borrowed money when there is cash on hand to pave roads?

Anonymous said...

Maybe they can widen Parkway East, the traffic is very congested. I saw three vehicles on it one day.

Anonymous said...

Madison Rulz,

Olive Garden is not that good in my opinion. You should give Fratesis a try in Ridgeland.

http://www.fratesis.com

Kingfish said...

Had to play the race card, didn't you? There are plenty of firms who would bid on the bond counsel contract. I imagine BD, BB, and some others would who are in the bidness. Madison County doesn't know if it could have saved money because it didn't try to save any money. But of course, you have to bring up the race issue, klukker, when it had nothing to do with anything.

Anonymous said...

Where's this imaginary 'race card' you speak of? Does the mere mention of Jackson nowadays equate to race and klukker?

Meanwhile, there's this that you don't even comment on: "INCLUDING ANY OTHER PURPOSE AS PROVIDED IN THE COUNTY BOND ACT..." And therein lies Griffin Lake in the most-remote northeast Leake corner of Madison County.

Anonymous said...

@2:47 a.m. go buy yourself a map. Griffin lake is nowhere near the most remote Leake corner of Madison county

Anonymous said...

8:35 get a life

Anonymous said...

The biggest issue last election, other than the engineer, was repairing roads. Now that they are moving to do that, people complain. From a blog posting, seems a lot of subdivisions in the Madison the City are being paved with this money. We need it. Glad to see most of the money coming south.

Anonymous said...

The point being made regarding 'Griffin's Nowhere Lake' is that it's so remote that only people who live in Griffin's neighborhood and Leake County will be using it. It will cost millions of dollars to complete (after already pissing away millions on it). Nothing but a favoritism project to pacify Paul Griffin. In no way will it benefit the county of Madison. It will be a drug exchange location and a place for winos to hang out night and day. Security fencing will cost thousands. Guard service will cost a hundred thousand a year. Insurance will be astronomical. This county owns no similar property.

Get your own damned map and check the roads leading to this water hole, 8:35.

Justice for Trayvon said...

I love how people talk about the corruption in Jackson but look just next door at Madison.

Anonymous said...

Are they going to borrow money to pay for that lawsuit against Randy T. Too

Anonymous said...

I don't think anyone has a problem with repairing roads.

But I also don't think anyone should automatically believe that's what this money would be used for.

Anonymous said...

11:28....Was '...any other purpose...' your clue? It's a Dangerous Day in Dodge City when David Bishop and Geraldo Steen get their mitts on a pile of cash. And Griffin will just stand off to the side demanding his cut.

Anonymous said...


Everyone say it all together " STEEN ROAD PLAN " OR BUST !

Paving roads with borrowed money.
Who will not vote for this?
Who will not?

Anonymous said...

So, from a few (very few) comments on here: 1. If I get my roads paved, I don't care if it is borrowed or what. It's needed! (never mind that the resolution enables spending on virtually anything else and that cash is on hand for it if needed.) 2. No problem with financing road paving that lasts 6-7 years with 20 years of debt. Do everyone a favor both of you -- please do not give anyone financial advise in this lifetime or the next. These 3 supervisors want to borrow money because they can, and figure out how to spend it later. Totally unbelievable. About as unbelievable as attempting to get the county to hire a campaign advisor so the supervisor doesn't have to pay him himself.

Anonymous said...

This Board has already paved millions of dollars worth of roads with bond money left over from the prior board. They could have saved it to "build roads". In fact, those bonds were issued to four lane Bozeman Road.

Anonymous said...

Financial advise. Nug said !

Anonymous said...

Why all the hate toward BS by KF?

Anonymous said...

The bond lawyer was ask, how much are the fees?

His reply: uh we will have to negotiate that once we have the details.

Anonymous said...

Step right up! Free Admission! Come into the tent and witness before your very eyes the three-way struggle for power and authority in MadCo. The longest serving dude smiles all the way to the bank as the one who is there by a slim margin of 23 votes manages the shell game and the new guy with cash-stuffed pockets holds up his "I'm For Sale" sign. Step right up! Free Admission....come right in.

Anonymous said...

"Why all the hate toward BS by KF?"

Why the initials? Who or what in the hell are you talking about?

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