Chickasaw County supervisors approve $600,000 general-obligation loan note

The Chickasaw County Board of Supervisors voted to adopt resolution 111025-51 on Nov. 10, 2025, approving a $600,000 general-obligation capital loan note series 2025, authorizing the loan agreement form and providers for insurance, and approving a tax-exempt certificate needed for the sale.

The action, introduced by the board chair, authorizes county officials to complete paperwork needed to close the financing for the Secondary Road Main project. "This will get the ball rolling for the closing date on November 25," the chair said during discussion, noting that no additional board meeting would be required for the closing though a debt certification will be required afterward.

The resolution’s tax-exempt certificate contains fields that depend on the eventual resale price of the notes; staff said some blanks remain because resale details are not yet final. County staff advised that the document is a routine final step to maintain the notes’ tax-exempt status if the specified conditions are met.

Motion by Travis and second by Steve to approve resolution 111025-51 passed with four Ayes and one absence (Scott). The board recorded the motion carried and directed staff to be available for required post-closing certification once funds are received.

Background: county staff said the borrowing is tied to capital work on the Secondary Road Main job and that the board previously held a hearing and received a bank proposal. Officials set a tentative closing date of Nov. 25 and said the county attorney and bond counsel have prepared closing documents.