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Tag Archives: borrow

Moody's downgrades city's bond rating

NATCHEZ — The City of Natchez has received a slight downgrade to its bond rating. The Natchez Democrat reports the Moody’s Investors Service downgraded the city’s general obligation bond rating from A1 to A2. City financial adviser Demery Grubbs said the move should have no effect on the city’s capacity to borrow money. He said A2 remains an excellent score. ...

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Moody's cuts Coast city's credit rating, cites cash reserves

GULFPORT — A credit agency has cut Gulfport’s rating by a notch. Moody’s Investors Service says the city’s cash reserves are suffering because of hurricane recovery projects the city hasn’t collected federal money for and because sales tax collections are lagging. John Kelly, Gulfport’s chief administrative officer, tells the Sun Herald the lower rating means the city could pay more ...

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City borrowing from gas fund to meet obligations

OLIVE BRANCH — Olive Branch officials will borrow $1 million from the city’s natural gas fund to meet financial obligations. Mayor Sam Rikard tells the Commercial Appeal the funds would be repaid with interest once property tax collections come in. It’s not uncommon for cities to take out tax anticipation loans. Officials may borrow from a bank or from their ...

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Committee chair vows to work on bond package next session

JACKSON — The Mississippi House and Senate will try to agree on a package of long-term borrowing next year, after failing to authorize one this past spring, a top lawmaker said. Senate Finance Committee chairman Joey Fillingane, R-Sumrall, said leaders want to cover the state’s needs without creating too much bond debt. The state issues bonds as long-term financing for ...

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Mayor wants vote on proposed sports complex

VICKSBURG — Mayor Paul Winfield has resurrected his plan for a sports complex and wants to put it before the voters on the June 2013 ballot. The Vicksburg Post reports in a meeting last week on the budget for fiscal year 2012-13 fiscal year budget Winfield said he would introduce the issue to the three-member Board of Mayor and Aldermen ...

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County borrowing money for multiple bridge repair projects

MCCOMB — Pike County will borrow $5.5 million to work on local bridges. The Enterprise-Journal reports supervisors acted this past week after agreeing to advertise for bids to replace the bridge over the Tangipahoa River at Chatawa, work that will be paid for by bond funds. Keith Lott of Neel-Schaffer engineering firm said the expected completion date for the Chatawa ...

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