The Oktibbeha County Board of Supervisors spent the majority of Monday's board meeting discussing the county's ability to take on future bonds to tackle major roadwork projects, as part of a scheduled bond workshop session.
The board will host a special-call workshop to discuss specific, countywide projects on Dec. 1 at 7 a.m for prospective future projects. Supervisors also unanimously approved issuing a notice of intent to secure a $4.5 million general obligation bond to accompany the future Blackjack Road project, near the Aspen Heights and Helix apartment complexes. The initial intent motion could change if the board decides upon a larger intent motion, set to include projects in each district.
At Monday's meeting, the board discussed the possibility of securing either a $10 million, $14 million or $20 million bond—but talks slowed as board members looked to move cautiously on the issue. To secure a large bond, the county would entertain millage rate increases—impacting all county residents, regardless of if residents lived in the specific areas planned for improvements.
Board bond attorneys laid out multiple scenarios in which the county could fund future bonds through millage rate allocations, and told supervisors the process would create a capital improvement fund, to be used on a reoccurring basis to satisfy road projects. The attorneys also briefed the board on the county's borrowing capacity, between $30 and $79 million.
Currently, the Aspen Heights and Helix properties generate $230,000 and $170,000 in annual property taxes, with funds in part being designated for the past, established tax increment financing district in the area. The high rate of collections negates the need for a future tax increase on the intensive, $4 million road project on Blackjack, supervisors said.
For more, see the Nov. 22 edition.