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Jackson council approves amendment allowing up to $40M in modernization-tax bond financing for streets and facilities
Summary
Council approved an amendment to parameters authorizing a promissory note and special-obligation financing not to exceed $40 million for infrastructure projects; administration cited a private placement rate and a Sept. 30 closing timetable.
The Jackson City Council on Aug. 26 approved an amendment to a parameters resolution permitting the city to issue a promissory note and obtain up to $40 million from the Mississippi Development Bank for an infrastructure modernization tax revenue bond project. City officials said the funds are primarily intended for resurfacing and street repairs, with some allowance for drainage and building improvements.Mayor and finance team: Mayor Trey Hairston and city finance advisers said the financing was structured to secure a private placement purchaser. A financial…
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