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Consultants present bond and lease-purchase options for proposed Seaway Road multipurpose building
Summary
Steven O'Meara, a consultant advising Harrison County, and a colleague presented two preliminary long-term financing options for a proposed multipurpose building on Seaway Road: issuance of public bonds or a lease-purchase (COPS) arrangement through Southern Mississippi Investment Corporation.
Steven O'Meara, a consultant advising the county, and Jason, a financial adviser, presented preliminary financing options for a proposed multipurpose building on Seaway Road, estimated at about $67 million in earlier conceptual work but refined to roughly $6,700,000 in recent estimates.
They offered two long-term financing approaches: a public offering of bonds (general obligation) and a lease-purchase transaction commonly called a COPS arrangement, using Southern Mississippi Investment Corporation (SMIC) as the leaseholder. O'Meara said SMIC and the project architect worked with county administration and produced conceptual drawings and detailed cost estimates, and that the current market premium on bonds could…
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