Biloxi council debates a $14 million bond — some members push for a higher ‘not-to-exceed’ ceiling

The Biloxi City Council met in a special-call workshop to discuss the intention to issue general-obligation bonds, originally drafted at $14 million, to pay for building repairs, HVAC and generator replacements, sidewalks, paving and water and sewer projects.

Administration staff walked through a grouped project list and a draft calendar for issuing bonds and told the council the current working figure of $14 million would yield roughly $13.5 million in cash for projects. Jane, a city bond advisor, also noted a separate water-quality grant request that staff hopes to increase from $10 million to $15 million; that grant would likely require a local match and bond proceeds were suggested as one possible source for that match.

"If we pass a $14 million bond, we'd actually yield 13.5 cash," Bond Advisor Rick said, summarizing the expected net proceeds. Staff explained that the first interest payment would generally be due about…