Supervisors approve financing for $7.5 million bond to be used for roads, bridges
Published 11:48 am Friday, September 30, 2022
NATCHEZ — The Adams County Board of Supervisors moved forward with its plan to borrow $7.5 million for work on roads and bridges countywide during a special called meeting on Friday.
Butler Snow law firm of Jackson presented supervisors with a use tax bid for 10-year financing on the $7.5 million bond with a 2.98 percent interest rate.
“We got an outstanding rate,” Snow said to the supervisors.
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The board unanimously approved the rate. The funds should be made available for the county to use in mid-October, Snow said.
These funds, according to state law, have to be expended on roads and bridges, County Attorney Scott Slover said.
In previous meetings, the board discussed that the roads to be worked on would be decided based on Road Superintendent Robbie Dollar’s four-year road work schedule so that the funds would be fairly dispersed in each supervisor’s district.
Dollar will present the list of roads for supervisors to consider during their regularly scheduled meeting on Monday, Slover said.
In other matters during Friday’s meeting of the Adams County Board of Supervisors, the board:
Unanimously voted to submit a U.S. Department of Agriculture grant application before Friday’s deadline.
Renewed the county’s insurance with Travelers Insurance Agency by a vote of 4-1 with Supervisor Ricky Gray voting no. Johnny Byrne with Byrne Insurance told the supervisors that Travelers’ rate increased by 9 percent, which is an approximately $40,000 increase from last year. The insurance for this year is expected to cost the county a total of $490,000. Supervisors said they were researching changing their insurance provider to the Mississippi Association of Supervisors Insurance Trust, or MASIT, which is expected to reduce the cost significantly. However, MASIT’s policy proposal wouldn’t be ready until March, Byrne said. The board discussed changing insurance at that time and taking a penalty for ending their contract with Travelers early.
“You can switch but the savings would have to be more than the penalty for switching,” Byrne said.