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Chickasaw County accepts low‑bid loan proposal to finance B‑22 road work
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Summary
The board voted to accept a Luana Savings Bank proposal and begin the issuance process for roughly $1.85 million in general obligation loan notes to fund a B‑22 secondary‑road project; the county will consider final authorization at a subsequent meeting.
Chickasaw County supervisors voted to accept a low bid and start the authorization process for a general obligation capital loan note to fund a secondary‑road project.
Garrett, a financial presenter working with the county’s bond team, told the board the county received seven proposals for the 2026 loan note and that Luana Savings Bank submitted the low bid with an average interest rate “right around 3.987.” He said the proposal included a flexible “anytime call” feature that would let the county prepay or refinance the bonds with 30 days’ notice to the bank. Garrett summarized that the county would borrow about $1.85 million for the B‑22 project and that closing would likely occur roughly 30 days after the proposal selection.
The board moved to accept Resolution 333‑31‑26‑19, directing acceptance of the Luana Savings Bank proposal. The motion (moved by Travis, seconded by Steve as recorded) passed on recorded ayes by the board. The chair said the next steps will be an authorizing resolution at a later meeting and then a closing where no meeting is required.
Why it matters: Accepting the low bid begins a multi‑step financing process that will allow the county to proceed with planned paving and related work on B‑22. The flexible call provision could let future boards refinance the debt if conditions change.
What’s next: County staff said they will circulate a final results packet including the debt schedule, interest rates and the planned closing date. The board plans to consider an authorizing resolution at a subsequent meeting before funds are transferred.
