Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Municipal Finance topic
No spam. Unsubscribe anytime.
Biloxi council tables proposed $14 million bond after extended debate, schedules workshop
Summary
After nearly two hours of debate about project scope and debt capacity, the Biloxi City Council voted to table a substitute resolution to issue up to $14 million in general-obligation bonds and scheduled a workshop to prioritize projects and clarify spending timelines.
The Biloxi City Council voted to table a proposed resolution that would authorize the city to issue general-obligation bonds for up to $14,000,000, opting instead to hold a workshop to refine which projects would be funded.
Councilmember Dr. Tisdale moved to table the resolution and schedule a workshop for Feb. 10 at 10 a.m.; the motion was seconded by Councilmember Shoemaker and carried. The substitution in the resolution chiefly adjusted the taxpayer-protest deadline to March 3, according to city staff.
The item prompted an extended discussion about how much the city should borrow. The chair said after review he could "support up to $14,000,000," adding that borrowing beyond that level was not something he felt comfortable endorsing without more work to prioritize projects. Councilmember Marshall urged colleagues to consider whether the $14 million cap would exclude long-promised projects in East Biloxi, saying council members should be realistic about project costs and expectations.
City finance staff presented preliminary debt-service estimates showing the city could service higher amounts but cautioned that projected interest rates and the requirement that a large portion of proceeds be obligated within three years could affect planning. One finance advisor summarized the trade-offs by noting that borrowing more could be feasible but carries the risk that bond proceeds might not be spent within the three-year window available for tax-exempt bonds.
Councilmembers agreed to use a workshop to whittle the project list — which staff said currently totals roughly $24 million to $26 million in candidate projects — and to identify priority items and alternates that fit the council's chosen borrowing limit. The tabling motion directs staff to return the item to the Feb. 10 council meeting after the workshop discussion.
Next steps: the council will convene a workshop on Feb. 10 at 10 a.m. to prioritize projects for the bond package; the formal resolution remains tabled until the council revisits it at its next regular meeting.
