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Oxford board authorizes up to $10 million drawdown to cover winter-storm costs
Summary
The Mayor and Board of Aldermen approved a request to draw up to $10,000,000 from an emergency Trustmark Bank loan to cover expenses from the January 23–26 winter storm; staff said FEMA reimbursements are beginning and that Horn CPA will assist with the loan program.
The Mayor and Board of Aldermen voted April 7 to authorize a drawdown from a Trustmark Bank emergency loan not to exceed $10,000,000 to cover expenses stemming from the Jan. 23–26 winter storm.
Rhonda (speaker 4), who delivered the February budget report, said the city has received an initial, small reimbursement from FEMA/MEMA and is tracking additional storm-related reimbursements. "We did receive our 1st reimbursement from FEMA MEMA last week. It was a very small reimbursement, but that was our test to determine how long it was going to take for us to get fundings back," Rhonda said.
City staff described the Trustmark facility as the city’s emergency loan; they said this will be the first drawdown to cover outstanding storm expenses through the end of May while the city awaits further guidance from state decision-makers. Mayor (speaker 1) explained that, if the governor signs related state measures, the city will pursue state emergency funding and will coordinate loan applications with Horn CPA, who will facilitate the program.
The Board moved and approved the authorization by voice vote. No formal roll-call tally was recorded in the minutes.
Next steps: staff will apply the drawdown once loan guidelines are finalized and continue to pursue FEMA and state reimbursements to offset the loan. The Board did not set a repayment schedule during the meeting.
