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Lamar County School Board unanimously approves up to $17.59 million bond for new schools and campus projects
Summary
The Lamar County School District board voted unanimously May 11 to authorize a general obligation bond of up to $17,590,000 to finance construction and renovation projects across the district, including new high schools and an elementary PE facility; the bond will be sold to the Mississippi Development Bank and funded through an unlimited special ad valorem tax pledged by the district.
The Lamar County School District Board of Education unanimously adopted a resolution May 11 authorizing issuance of a general obligation bond, Series 2026, in an amount not to exceed $17,590,000 to finance construction and renovation projects across the district.
The board voted to sell the district bond to the Mississippi Development Bank, which will issue special obligation bonds, Series 2026, to purchase the District Bond. The district bond is secured by a special unlimited ad valorem tax levied annually by the Boards of Supervisors of Lamar and Pearl River counties and pledged to the district’s Bond Fund for debt service. The motion to adopt the resolution passed on a 5-0 vote. Jordan Carlisle, Shae Farmer, Jennie Hensarling, Lance LeFan and Jared Slade each voted yea.
According to the approved bond resolution and related documents the proceeds will fund a package of projects the district describes as the District Project: constructing and equipping a new Purvis High School, a new Sumrall High School, a new Oak Grove Middle School, a new Oak Grove Elementary School office and a new Lumberton Elementary School PE facility, along with related site work and capitalized interest and issuance costs.
The board reviewed the form of the district bond and the trustee arrangements under an Indenture of Trust assigning the District Bond to Regions Bank as trustee. The Indenture also creates a Bond Fund and a Construction Fund; monies deposited in the Bond Fund will be used to make the payments to the trustee to cover interest and principal on the bank bonds that will finance the district bond purchase. The district’s legal counsel and bond counsel reviewed required tax, rebate and continuing-disclosure covenants that the district must meet to maintain the federal and state tax-exempt status of interest on the bonds.
Board members and district staff said the district will work with MuniGroup, LLC as municipal advisor and Wells Fargo as underwriter to finalize the sale. The district’s financial presentation and reconciliations for March were also approved earlier in the meeting. The district’s business officer presented detailed activity fund reconciliations and the district’s cash flow for the maintenance fund through March 31, 2026.
Board Chair confirmed the closing authorities in the resolution, including authorizing the superintendent, president and secretary to execute sale documents, the preliminary and final official statements and any bond purchase agreements. The resolution deems the preliminary official statement “final” for the underwriter and triggers the district’s continuing-disclosure obligations under federal securities rules.
The district’s Superintendent, Dr. Wesley Quick, told the board the financing will allow the district to proceed with several long-planned facility projects. The board set the next regular meeting for June 8 and July 20, 2026.
Next steps include finalizing the Indenture and bond purchase agreement, completing the trustee and paying agent agreements, completing the preliminary and final official statements, and scheduling the actual sale and delivery of the bonds in coordination with the Mississippi Development Bank and the underwriter. The district and bond counsel also will file required validation proceedings in chancery court as required by Mississippi law.
