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Madison County board backs higher bonding cap for Makeda, approves bond-engagements for county road projects
Summary
Supervisors agreed to ask the legislature to raise a local bonding cap for Makeda and approved engagement letters and intent resolutions to pursue general obligation bonds for Makeda land and road improvements.
The Madison County Board of Supervisors on March 3 voted to ask the Mississippi Legislature to raise local bonding authority for Makeda from a longstanding cap and approved steps to pursue bonds to fund land acquisition and major road projects.
Blake Fulton, an attorney with Jones Walker representing Makeda, told the board that Makeda's authority was established by local and private legislation and that the only way to amend that authority is through the state legislature. Fulton said the county had an effective cap that had been static since 1993 and that the request would ask the legislature to increase the county's allowable bonding amount for Makeda-related land purchases.
The board voted to request an increase in bonding capacity from the existing cap to $25,000,000. The vote was taken by voice; the record shows the motion and supervisors answered "aye." Fulton and county staff said any bonds issued later would still require the board to follow the statutory bond issuance process and approve individual bond measures.
County staff and counsel also asked the board to approve an engagement letter with bond counsel Butler Snow, a financial advisor and government consultants to proceed with two bond series: approximately $20,000,000 for Makeda land acquisition and approximately $35,000,000 restricted to specified county capacity-improvement road projects. County staff listed the road projects expected to be funded by the road-series money; staff said the list and the spending fence for the $35 million series would be identical to the previously presented road package. The board approved the engagement letter on a voice vote.
Finally, supervisors approved an intent resolution to begin the process for the $20,000,000 general obligation bonds and set a protest date of April 7 for public objections. County staff said the $35,000,000 road series would ideally be offered at the same time as the Makeda land series.
Ending: The board's actions authorize staff to proceed with bond counsel and advisory engagements and to ask the state legislature to consider the local bill; any bond issuance will return to the board for final approval and follow statutory notice and protest procedures.
