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Oktibbeha County approves up to $12 million general obligation bond to fund roads and building improvements
Summary
The Board of Supervisors unanimously adopted a resolution authorizing up to $12,000,000 in General Obligation bonds, allocating roughly $10 million to road projects and the remainder to building improvements; the placement requires expedited audited financials and closing is expected in early July.
The Oktibbeha County Board of Supervisors voted unanimously June 1 to adopt Resolution No. RS-20260601-XX authorizing the issuance of General Obligation Bonds of up to $12,000,000 to finance road projects and building improvements.
Nick Schorr of Government Consultants, Inc., appearing with Lynn Norris and Sue Fairbanks, presented the county's debt-service model for the Series 2026 bond, explaining the plan reallocates available millage to cover the issuance and reduces the county's statutory Use Tax transfer obligation from 50% to 25% for 2024 debt, freeing roughly $1.5 million for the Road and Bridge capital budget. Schorr said the bond is modeled on a 15-year schedule with a final maturity in 2041 and a compressed nine-year average bond life to capture interest savings. Transaction documents discussed included an Indenture of Trust with Regions Bank and a Private Placement Agreement with Raymond James & Associates.
Board Attorney Rob Roberson presented the final authorizing resolution drafted by bond counsel Butler Snow LLP. Following discussion, Supervisor Orlando Trainer moved to adopt the resolution and Supervisor Joe Williams seconded the motion; the Board voted unanimously to approve it. The Mississippi Development Bank is scheduled to meet the week of June 10 to execute placement documents; closing was described as anticipated in early July and will require legal validation in the Chancery Courts of Oktibbeha and Hinds Counties. Chancery Clerk Sharon Livingston and Board President Marvel Howard are expected to be present for placement actions.
County officials stressed the need to expedite outstanding audited financial statements to support placement transactions and grant eligibility. Schorr noted that once upcoming reappraisals are finalized the model will be updated to determine whether all Use Tax can be removed from debt service. The presentation allocated approximately $10 million toward road projects and the balance to building improvements.
The measure passed unanimously as Resolution No. RS-20260601-XX. The Board recorded no dissenting votes and took no amendments to the resolution during the session. The Mississippi Development Bank and placement agent steps will follow in mid-June with legal closings expected in early July.
