Home » NEWS » Economic Development » Madison County appeals order to pay back $3 million on bonds

Madison County appeals order to pay back $3 million on bonds

Madison County is appealing a federal judge’s order to pay $3 million in bond payments related to a failed development project.

U.S. District Judge Carlton Reeves says the county must reimburse a bond insurer after a group of landowners and developers in the county defaulted on its bond payments. The Parkway East Public Improvement district failed after taking out more than $27 million in bonds to finance the highway development project.

Madison had agreed to make payments on the bonds if the district failed to do so.

Board of Supervisors President Trey Baxter says the agreement only required Madison to make payments on the district’s behalf for two years.

Reeves says the county must make payments as long as there is outstanding debt.

BEFORE YOU GO…

… we’d like to ask for your support. More people are reading the Mississippi Business Journal than ever before, but advertising revenues for all conventional media are falling fast. Unlike many, we do not use a pay wall, because we want to continue providing Mississippi’s most comprehensive business news each and every day. But that takes time, money and hard work. We do it because it is important to us … and equally important to you, if you value the flow of trustworthy news and information which have always kept America strong and free for more than 200 years.

If those who read our content will help fund it, we can continue to bring you the very best in news and information. Please consider joining us as a valued member, or if you prefer, make a one-time contribution.

Click for more info

About Associated Press

Leave a Reply

Your email address will not be published. Required fields are marked *

*