Meridian moves forward with plans for $12 million in paving, infrastructure bonds
Published 5:30 pm Wednesday, June 17, 2020
The Meridian City Council is moving forward with plans for the issuance of up to $12 million in bonds for paving and infrastructure.
Council members approved a resolution Tuesday night declaring the intent to issue general obligation bonds through Mississippi Development Bank, according to Chief Financial Officer Brandye Latimer.
The council also voted to ask Butler Snow, a law firm, and Government Consultants, Inc., the city’s financial advisor, to work on behalf of the city in connection with the sale and issuance of the bonds, Latimer said.
The proposed improvements include street paving and upgrades to traffic signals, crosswalks and school crossing signals.
Public Works Director Hugh Smith said he does not advocate using bonds to maintain the city’s streets, but the city needs to improve its street conditions.
“We’re just at a point now where we need to make some drastic improvements,” he said.
Internet sales tax proceeds will be used to pay debt service on the bonds, according to Smith.
The council will meet again in July before making a final decision on the bonds.
The council also approved a lease agreement with Al Rosenbaum Building, LLC for a space to be used by the Meridian Police Department’s interdiction unit, Chief Administrative Officer Eddie Kelly said.
The $1350 per month lease on the unit on Fifth Street will be paid for with seized drug funds, he said.