Coast city borrowing to pay on two bond issues
Published: November 8,2011
WAVELAND — The City of Waveland has borrowed $486,000 to pay on two public works bond issues from 2004.
Mayor David Garcia tells the Sea Coast Echo the city borrowed money against its anticipated 2012 property taxes.
In 2004, Waveland took out two bonds totaling more than $6 million for public works projects such as drainage, street paving and general infrastructure.
The first bond was for $820,000 and the second was for $5.3 million.
Most of the projects were completed after Hurricane Katrina hit in 2005.
Garcia says the smaller bond was paid off last week. The city is still maker payments on the larger one.
Garcia says the city makes two annual payments on the bond, a $400,000 payment every November and an $88,000 interest payment in May.
To sign up for Mississippi Business Daily Updates, click here.
Top Posts & Pages
- DAVID DALLAS: Who in the Hell are We?
- New Mississippi state highway map is available for the public
- Tanger Outlets involved in Southaven project
- Ikea confirms plan for Memphis store
- Ingalls to lease former SRHS clinic in Gautier for employee medical center
- Shale oil: market correction or longterm direction?
- McCrory joins Epps in asking for trial delay
- Former Lane Furniture plant sold for $1.45 million
- OUR VIEW: JRA evolving toward transparency? Maybe, maybe not