Friday, April 26, 2019

Mayor Wants to Borrow Money to Fix Roads

Jackson Mayor Chokwe Antar Lumumba wants to use the 1% sales tax funds to borrow money to repave roads.  The Northside Sun reported last week:

Mayor Chokwe Antar Lumumba recently told the one-percent oversight commission that he would like to issue up to $30 million in road repaving bonds and repay the debt with a portion of infrastructure tax revenues.

“It would allow us to pave at a more significant pace and have money for the future,” he said.

Plans are to use half of one-percent revenues to repay the debt, while saving the remaining dollars for other projects and emergency needs.

“Our debt coverage ratio is two times what we’re seeking,” he said. “We’re not going to leverage away our future.”

The tax generates about $14 million a year.....Rest of article.
Don't worry, if this goes forward, JJ will dive into the numbers and fees for the bond sale. 

33 comments:

Anonymous said...

You have raised 69M, spent 48M. That's 21M that you have to spend that you haven't. Yet you want to borrow 30. I call BS.

Anonymous said...

What we need is truth in financing. You're borrowing $30m but paying back along the lines of $40-$45m depending on the terms. So he ties up half the funding and then continues to suck on the rest of the monies generated annually to backstop the f'ing city budget. That shit has got to stop but, of course, Pete Perry and the others have some happy ready excuse for the bailouts that have now become the norm. Meanwhile the surface sewage releases at Kimwood & Northside during heavy rains continued unabated. Why doesn't that kiss-ass Wyatt Emmerich get over and film that sewage mess bubbling up from the ground?

Kingfish said...

Pete has always argued against leveraging the sales tax for bonds or loans.

Anonymous said...

But he's Ready Freddy when it comes to greenlighting the bailouts.

Anonymous said...

Am I crazy, but who, or what would buy these additional bonds issued by the city of Jackson? This would certainly be a case of "let the buyer beware". I guess if an entity buys these street bonds and they do not pay as required, you could go and "repossessed" the elements used to fill them.

Anonymous said...

Would make more sense to increase the tax to 2% and spend for improvements as the money comes in then it would to go deeper into debt.

They can't spend what they've got on a timely manner then what the hell leads anyone to believe they'll be able to go faster if only more money was available?

Must be a new bond pimp in town pushing Antar for some action.

Kim Wade has a great term for this but I doubt it makes it past the censor here so I'll leave it out.

Anonymous said...

Just keep doing what your doing on the 1% tax. DO NOT LET THE CITY FINANCE ANYTHING! They haven't and can't budget correctly and can't be trusted as a result of the people who they have hired not having any common sense in budgeting or finance. All the streets cant be paved at once unless you call in all the paving contractors in Ms. to come help. Things take time and the water sewer items must be finished first before paving begins. The city doesn't want to spend any of it's money on paving now that we have this 1% money. I suggest the city fill the potholes all over town until the road work in some of those areas can be done.

Anonymous said...

Wasn't the 1% sales tax increase to go to fixing roads? WTF is happening with that money?

Anonymous said...

The city doesn't want to spend any of it's money on paving now that we have this 1% money.

You hit the nail on the head as they only budgeted $500,000 this fiscal year for road paving/pothole repair.

THAT is EXACTLY what will happen to any neighborhood stupid enough to pass a CID. Jackson spending in that neighborhood will flat out stop.

Anonymous said...

Understand the point 11:28 but for all intents and purposes they aren't spending now. Any CID that spends money on stupid banners and beautification efforts instead of bonafide needs deserves all the side effects from their stupidity coming their way.

Anonymous said...

Please do this. You cannot build a future on a crumbling foundation. Human beings are not perfect, and the mayor certainly is not. But this has got to start somewhere, somehow. Use the income stream to leverage the future. Give our city some actual, physical foundation. Whether you like it or not, or even want to believe it—- if you live in Mississippi, JACKSON is YOUR Capitol city. Its wins and losses are also yours. Let’s let SOMETHING HAPPEN to take steps to the future.

Cynical Sam said...

Hopefully the paving contractors will be "certified."

If not, they could still qualify if they are FOBC (Friends of Baby Chok).

Anonymous said...

Sales tax diversions have been declining YOY and per DOR took a massive hit in March vs 2018 (-26.9%). This is where those whiny Shad White-hating Jackson liberals posing as converted inflation hawks should really be complaining. Jackbekistans's bean counters better hope that was a reporting error. Businesses are fleeing the city. Check the pudding for the proof.

Anonymous said...

12:11, plenty has Already Happened in the last 20 years to place the City where it is. If you want Jackson to become managed and controlled by the State of Miss. then have Jackson give up its charter. Nothing will change the direction of Jackson and it will continue downhill until the last dollar is misspent. No one can borrow their way out of debt or mismanagement.

Anonymous said...

Is there a published plan for how the money will be spent?

Anonymous said...

Kingfish, can you get the list of what the $48mil out of the $69mil was spent on? I'm talking line item list. I bet that would be hard to come by.

Anonymous said...

12:11 You are out of your mind. The money will have 25% consultants fees taken from it. How do you think over the last 20 years we have gotten into this shape? The water department problems for the last 30 years have shown non collections and people with illegal hook ups. Granted the new water meters have had some problems but 25% of the people just don't pay their water bills but they have a new phone or go get their hair done every Friday.

Anonymous said...

12:49, may be true for the particular month you reference, but the tax revenue to the 1% STC fund has remained steady since its inception some five years ago. Has been $13.5 million +/- every year, and since it is based on the sales taxes collected in the city of Jackson, they must be remaining steady.

Anonymous said...

Maggie Wade:

Mayor Lumumba met us at the Jackson Convention Complex . When we talked with the mayor in March he discussed the ongoing problem of straight piping water.

Mayor Lumumba said, "our estimate is that it could be as high as 15,000 or above in customers that have been stealing water."

Wednesday the Mayor talked with 3 On Your Side about an ongoing investigation that has now expanded to another agency.

"This investigation is at a high level. You know not only did we become concerned after learning certain things, the FBI you know expressed some concern in wanting to walk along in this investigation. But we're gonna get it straight."

While Mayor Lumumba says he is limited on what he can say about the investigation he makes it clear the city is going after those who are taking water illegally.


Do you get that? 15,000 is nearly ONE-FOURTH of all Jackson water connections. SURELY Antar knows who is stealing water. Why haven't the prosecutions began?

Anonymous said...

2:47 "why haven't the prosecutions begun?"

Several damn good reasons, I suppose.

1) while one may "know" who is stealing water, in order to prosecute you have to have the evidence, properly obtained, and be able to present it

2) hopefully they are wanting to prosecute more than just the ones that are stealing the water; I would bet that there are many folks within the system that participated in, assisted, or covered up, the stealing. I assume the investigation is working to develop the evidence to prosecute those folks - even more so than the ones actually stealing.

3) with the involvement of the additional agencies that are now in the mix, it appears that this may go much higher than just the folks that were 'stealing the water' - maybe stealing much more than a monthly utility bill. I don't know about you, but I'm willing to wait a few weeks for them (and I'm not sure that the "them" includes the Mayor) to ferret out all those involved - yes, including the residents who didn't pay for their water (and sewer, and garbage collection) but also all the other employees that are in on the process.

Patience, grasshopper.

Anonymous said...

"Can not talk about stealing of City water for the FBI is now walking along?"What a bunch of silly child like BS. This in not only the worst run city in America but maybe in the history of America. There is not one person in a leadership position with the city who could find work on a garbage truck in a real city.

Anonymous said...

They don't need to raise the salestax on everything. Just raise it on booze, tobacco, and hair. No need to punish people trying to buy a lawnmower or groceries. Definitely need to collect extra taxes on hard liquor that people drive from nearby dry counties to procure.

Anonymous said...

Why go through all that trouble when Tomie and her cohorts are just going to give them all blessings.

Anonymous said...

Am I the only one who realizes this suggestion goes under the heading of 'kick the can down the road'? Antwar will be languishing in a beach-front condo on Lake Hico when the interest payments come due. Sitting on a bucket, worm-fishing.

Anonymous said...

May I ask why he is addressed by his 3 names in public instead of just Mayor Lumumba?

Anonymous said...

The money is coming in faster than Jackson can spend it. It takes years to plan and engineer major road projects. Repacking of neighborhood streets should not be financed because the bond payments will last longer than the new pavement. Someone is wanting some bond issuance fees.

Anonymous said...

This is nothing more than an attempt to try and cover up for his and his cronies' GROSS mis-management and mis-appropriations of city funds, just in time for the 2021 election. People vote for the things that impact them the most. Most of the time, that's street conditions. He's incompetent and corrupt, but not stupid.

Anonymous said...

They's some experts on the Madison County Board who can give advice on borrowing 15 year money for five year blacktop. They're willing to CONsult, for cash.

Anonymous said...

To @7:53 a.m., I believe all three of the mayor's names are used to differentiate the current Mayor Chokwe Lumumba from his decease father, former Mayor Chokwe Lumumba,as people still refer to his the elder Lumumba as Mayor Lumumba. In Jackson, once you get a title you get to keep it forever.

Rod Knox said...

As soon as the city reduces all the taxe rates the revenue will quickly begin to flood in. Reagan and Laffer proved that didn't they!

Anonymous said...

"May I ask why he is addressed by his 3 names in public instead of just Mayor Lumumba?"

Yes, you may. Great question. The mayor, himself, uses all three names in his many bios, his writings, his document signature and his requests for grant money. He does this to keep the New Afrika dream alive. It's just another one of those Islamist, in-your-face things.

Anonymous said...

"May I ask why he is addressed by his 3 names in public "

In case her forgets one.

Anonymous said...

Would this be the same 3 name fellow whose dad and Bennie Thompson were members of the terrorist group new Republic of Africa based out of Bolton as named by the FBI. Sure is funny that you can belong to a terrorist group and both of them hold a public office.......strange

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