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Atoka board keeps FY26 IDB funds in savings, authorizes bond draw to cash-flow $10M in wastewater projects and approves litigation settlement
Summary
After public questioning of IDB spending, the board voted to keep FY26 funds in savings, authorized up to $3M draw through the Tennessee Municipal Bond Fund to cash-flow ARPA-funded wastewater projects (4.38% interest), and approved a mediated settlement in a long-running property damage lawsuit.
The Atoka Board of Mayor and Aldermen on Nov. 18 declined to release fiscal year 2026 funds to the Atoka Industrial Development Board, instead voting to keep the funds budgeted in savings after public comment raised procurement and oversight concerns.
During public comment, resident Josh Price questioned the IDB’s proposed use of funds to hire Economic Development Advisors LLC and reported a $40,000-to-$50,000…
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