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Council approves bond professionals after debate, 4-3
Summary
The Biloxi City Council approved a resolution hiring bond professionals for an upcoming general obligation bond on a 4-3 vote after members questioned timelines and project estimates; officials said a validation hearing is set for Aug. 11 and funds are expected by late August.
The Biloxi City Council on a 4-3 vote approved a resolution to appoint bond-related professionals — including the bond attorney, underwriter and bond counsel — needed to issue a planned general obligation bond.
Council members pressed staff about timing and project cost estimates before the vote. The council’s presiding officer said the validation hearing is scheduled for Aug. 11 and staff anticipated funds would be available "certainly by August 31," a staff member said. One councilmember asked, "How much longer will it take before we get our hands on the money?" and was told mid- to late August is likely.
Council discussion noted that project cost estimates have shifted since the bond list was prepared; staff said they do not continually update all estimates because they are "moving targets" in the current market and would revisit figures as projects advance. The resolution passed 4 in favor and 3 opposed.
The council identified the professionals to manage bond issuance and clarified that these appointments are standard preparatory steps: they do not by themselves authorize spending on specific projects. The next steps are the validation hearing and subsequent procedural actions required to issue the bond.
