RESOLUTION DECLARING THE INTEN...
RESOLUTION DECLARING THE INTEN...
RESOLUTION DECLARING THE INTENTION OF THE MAYOR AND THE BOARD OF ALDERMEN OF THE TOWN OF MARION,
MISSISSIPPI, TO ISSUE GENERAL OBLIGATION BONDS OF THE TOWN AND/OR A GENERAL
OBLIGATION BOND OF THE TOWN FOR SALE TO THE MISSISSIPPI
DEVELOPMENT BANK, ALL IN AN AGGREGATE
PRINCIPAL AMOUNT NOT TO EXCEED THREE
MILLION DOLLARS ($3,000,000) FOR VARIOUS CAPITAL IMPROVEMENT PROJECTS WITHIN THE TOWN AS PROVIDED
HEREIN; DIRECTING THE PUBLICATION OF A NOTICE OF SUCH INTENTION; AND FOR RELATED PURPOSES.
WHEREAS, the Mayor and the Board of Aldermen (the
"Governing Body") of the
Town of Marion, Mississippi (the "Town"), acting for and on behalf of the Town, hereby finds, determines, adjudicates and declares as follows:
1. The Town is authorized by Sections 21-33-301 et seq., Mississippi Code of 1972,
as amended and/or
supplemented from time to time (the "Town Bond Act") to issue general obligation bonds for the purposes set forth therein, including, but not limited to, any of, (i)
constructing, improving or paving streets, sidewalks, driveways, parkways,
walkways or public
parking facilities, and
purchasing land therefor; (ii) erecting, repairing, improving, adorning and equipping
municipal buildings and purchasing buildings and land therefor; (iii) purchasing land
for parks, cemeteries and
public playgrounds, and improving, equipping and adorning the same,
including the constructing, repairing and equipping of swimming pools and other recreational facilities;
(iv) purchasing firefighting equipment and apparatus, and providing housing for same,
and purchasing land therefor; (v) erecting or purchasing waterworks, gas, electric and other public utility plants or
distribution systems or
franchises, and repairing, improving and extending
the same; (vi) establishing
sanitary, storm, drainage or sewerage systems, and
repairing, improving and
extending the same; (vii) protecting a municipality, its streets and sidewalks from
overflow, caving banks and other like dangers; (viii)
constructing bridges and culverts; (ix)
purchasing machinery and equipment, including motor vehicles weighing not less than twelve thousand (12,000) pounds, which have an
expected useful life in excess of ten (10) years which
expected useful life shall exceed the life of the bonds financing such purchase; and (x) for other authorized
purposes under the Town Bond Act, including funding capitalized interest, if
applicable, and paying the costs of borrowing (collectively, the "Project").
2. The Governing Body, acting for and on behalf of the Town, is also authorized under
Sections 31-25-1 et seq., Mississippi Code of 1972, as amended and
supplemented from time to time (the "Bank Act") and together with the Town Bond Act, the "Act"), and other
applicable laws of the State of Mississippi (the "State"), to issue a general obligation bond of the Town to be sold to the Mississippi Development Bank (the "Bank") to finance the costs of the Project and to secure such general obligation bond with the full faith, credit and taxing power of
the Town.
3. The Project is in accordance with and in furtherance of the provisions of the Act
and other applicable laws of the State.
4. The Town is a "local
governmental unit" under the Bank Act.
5. The Governing Body is authorized to provide financing for the costs of the Project (a) through the issuance of general obligation bonds of the Town, in one or more
tax-exempt or taxable series (the "Bonds") pursuant to the Town Bond Act, and/or (b) through the issuance of a general obligation bond of the Town, in one or more
tax-exempt or taxable series,
to be sold to the Bank (the "Town Bond") pursuant to the Act, all in a total aggregate principal amount of not to exceed Three Million Dollars ($3,000,000).
6. As of March 1, 2025, the assessed value of all taxable property within the Town,
according to the last
completed assessment for
taxation, is $511,766,679, and the Town has
outstanding bonded
indebtedness as subject to the fifteen percent (15%) debt limit prescribed by Section 2133303 of the Town Bond Act, in the amount of $0.00, and
outstanding bonded and
floating indebtedness as subject to the twenty percent (20%) debt limit prescribed by Section 2133303 of the Town Bond Act (which amount
includes the sum set forth above subject to the
fifteen percent (15%) debt
limit), in the amount of $0.00.
7. The Bonds and/or the Town Bond, when added to the outstanding bonded
indebtedness of the Town, including any indebtedness of the Town issued subsequent to the adoption of this resolution but prior to the issuance of the Bonds and/or the Town Bond will not result in bonded indebtedness, exclusive of indebtedness not subject to the aforesaid fifteen
percent (15%) debt limit, of more than fifteen percent (15%) of the assessed value of all taxable property within the Town, and will not result in indebtedness, both bonded and floating, exclusive of
indebtedness not subject to the aforesaid twenty percent (20%) debt limit, in excess
of twenty percent (20%) of the assessed value of all taxable property within the Town, and will not exceed any
constitutional or statutory limitation upon indebtedness which may be incurred
by the Town.
8. There has been no increase in said bonded and floating general obligation
indebtedness of the Town since March 1, 2025.
9. It is necessary for the health and well-being of the citizens of the Town, and it would be in the best interest of the Town for the Governing Body to provide financing for the
costs of the Project by
borrowing money through the issuance of the Bonds and/or the Town Bond, all in
accordance with the Act and other applicable laws of the State.
10. The Governing Body is authorized and empowered by the Act and other
applicable laws of the State to issue the Bonds and/or the Town Bond for the purposes as
hereinafter set forth and there are no other available funds on hand or available from regular
sources of income for such purposes.
11. The Town reasonably
expects that it will incur
expenditures prior to the
issuance of the Bonds and/or the Town Bond which it intends to reimburse itself with the
proceeds of the Bonds and/or the Town Bond upon the
issuance thereof. This
declaration of official intent to
reimburse expenditures made prior to the issuance of the Bonds and/or the Town Bond in anticipation of the issuance of the Bonds and/or the Town Bond is made pursuant to Department of Treasury
Regulations Section
1.150-2 (the "Reimbursement Regulations"). The Project for
which such expenditures are made is the same as
described herein. The
maximum principal amount of debt expected to be issued for the Project is the amount herein set forth.
NOW, THEREFORE, BE IT RESOLVED BY THE
GOVERNING BODY,
ACTING FOR AND ON BEHALF OF THE TOWN, AS FOLLOWS:
SECTION 1. The Governing Body, acting for and on behalf of the Town, hereby
declares its intention to issue and sell the Bonds and/or the Town Bond, in one or more tax-exempt or taxable series, all in the total aggregate
principal amount of not to exceed Three Million Dollars ($3,000,000).
SECTION 2. The Bonds and/or the Town Bond are to be issued to raise money for the
purpose of financing the Project in accordance with the Town Act, the Bank Act and other applicable laws of the State.
SECTION 3. The Bonds and/or the Town Bond may be issued in one or more tax-exempt or taxable series and, if issued, will be general obligations of the Town payable as to
principal and interest out of and secured by an irrevocable pledge of the avails of a direct and continuing tax to be levied annually without limitation as to time, rate, or amount upon all the taxable property within the geographical limits of the Town; provided, however, that such tax levy for any year shall be abated pro tanto to the extent the Town on or prior to September 1 of that year has transferred money to the bond fund of the Bonds and/or the Town Bond, as applicable, or has made other provisions for funds, to be applied toward the payment of the principal of and interest on the Bonds and/or the Town Bond, as applicable, due during the ensuing fiscal year of the Town, in
accordance with the provisions of the bond resolution adopted by the Governing Body in
connection with the issuance of the Bonds and/or the Town
Bond.
SECTION 4. The Governing Body proposes to direct the issuance of all or any portion
of the Bonds and/or the Town Bond in the amount and for the purposes and secured as aforesaid at a meeting of the Governing Body to be held at its usual meeting in Town Hall, located at 6021 Dale Drive, Marion, Mississippi, at the hour of 8:00 o'clock a. m. on April 15, 2025, or at some meeting or meetings subsequent
thereto; provided, however, that if ten percent (10%) of the
qualified electors of the Town of fifteen hundred (1,500), whichever is less, shall file a written protest with the Town Clerk of the Town (the "Town Clerk") in her office located in Town Hall, against the
issuance of the Bonds and/or the Town Bond on or before 8:00 o'clock a.m. on April
15, 2025, then the Bonds and/or the Town Bond shall not be issued unless approved at an
election on the question
thereof called and held as is provided by law; provided, further that if no protest is filed, then the Bonds and/or the Town Bond may be issued and sold in one or more series without an election on the question of the issuance
thereof at any time within a period of two (2) years after April 15, 2025.
SECTION 5. This resolution shall be published once a week for at least three (3)
consecutive weeks in the
Meridian Star, a newspaper published in the City of
Meridian, Mississippi and
having general circulation in the Town and qualified under the provisions of Section
13-3-31, Mississippi Code of 1972, as amended and
supplemented from time to time. The first publication of this resolution shall be made not less than twenty-one (21) days prior to the date fixed herein, and the last publication shall be made not more than seven (7) days prior to such date.
SECTION 6. The Town Clerk of the Governing Body shall be and is hereby directed to
procure from the publisher of the aforesaid newspaper the customary proof of the
publication of this resolution and have the same before the Governing Body on the date and hour specified in
Section 4 hereof.
SECTION 7. The Town
reasonably expects that it will incur expenditures prior to the
issuance of the Bonds and/or the Town Bond which it intends to reimburse with the proceeds of the Bonds and/or the Town Bond upon the issuance
thereof. This declaration of official intent to reimburse expenditures made prior to the issuance of the Bonds and/or the Town Bond in anticipation of the issuance of the Bonds and/or the Town Bond is made pursuant to the
Reimbursement Regulations. The Project for which such expenditures are made is the same as described herein. The maximum principal amount of debt expected to be issued for the Project is the amount herein set forth.
SECTION 8. If any one or more of the provisions of this resolution shall for any reason
be held to be illegal or invalid, such illegality or invalidity shall not affect any of the other
provisions of this resolution, but this resolution shall be construed and enforced as if such illegal or invalid provision or provisions had not been contained herein.
Alderperson Tammy Young made the motion and
Alderperson Lou Ann Baylor seconded the motion to adopt the foregoing resolution, and the question being put to a roll call vote, the result was as follows:
Alderwoman Tammy Young Voted: Yea
Alderwoman Lou Ann Baylor Voted: Yea
Alderwoman Stacy Blalock Voted: Absent
Alderman Norman Coleman Voted: Yea
Alderwoman Barbara Anthony Voted: Nay
The motion having received the affirmative vote of a
majority of the members
present, the Mayor declared the motion carried and the resolution adopted, on this the 11th day of March
2025.
/s/ Larry Gill
MAYOR
ATTEST:
/s/ Wanda Bouldin
TOWN CLERK
(SEAL)
03/19, 03/26, 04/02, 04/09/2025
RESOLUTION DECLARING THE INTENTION OF THE MAYOR AND THE BOARD OF ALDERMEN OF THE TOWN OF MARION,
MISSISSIPPI, TO ISSUE GENERAL OBLIGATION BONDS OF THE TOWN AND/OR A GENERAL
OBLIGATION BOND OF THE TOWN FOR SALE TO THE MISSISSIPPI
DEVELOPMENT BANK, ALL IN AN AGGREGATE
PRINCIPAL AMOUNT NOT TO EXCEED THREE
MILLION DOLLARS ($3,000,000) FOR VARIOUS CAPITAL IMPROVEMENT PROJECTS WITHIN THE TOWN AS PROVIDED
HEREIN; DIRECTING THE PUBLICATION OF A NOTICE OF SUCH INTENTION; AND FOR RELATED PURPOSES.
WHEREAS, the Mayor and the Board of Aldermen (the
"Governing Body") of the
Town of Marion, Mississippi (the "Town"), acting for and on behalf of the Town, hereby finds, determines, adjudicates and declares as follows:
1. The Town is authorized by Sections 21-33-301 et seq., Mississippi Code of 1972,
as amended and/or
supplemented from time to time (the "Town Bond Act") to issue general obligation bonds for the purposes set forth therein, including, but not limited to, any of, (i)
constructing, improving or paving streets, sidewalks, driveways, parkways,
walkways or public
parking facilities, and
purchasing land therefor; (ii) erecting, repairing, improving, adorning and equipping
municipal buildings and purchasing buildings and land therefor; (iii) purchasing land
for parks, cemeteries and
public playgrounds, and improving, equipping and adorning the same,
including the constructing, repairing and equipping of swimming pools and other recreational facilities;
(iv) purchasing firefighting equipment and apparatus, and providing housing for same,
and purchasing land therefor; (v) erecting or purchasing waterworks, gas, electric and other public utility plants or
distribution systems or
franchises, and repairing, improving and extending
the same; (vi) establishing
sanitary, storm, drainage or sewerage systems, and
repairing, improving and
extending the same; (vii) protecting a municipality, its streets and sidewalks from
overflow, caving banks and other like dangers; (viii)
constructing bridges and culverts; (ix)
purchasing machinery and equipment, including motor vehicles weighing not less than twelve thousand (12,000) pounds, which have an
expected useful life in excess of ten (10) years which
expected useful life shall exceed the life of the bonds financing such purchase; and (x) for other authorized
purposes under the Town Bond Act, including funding capitalized interest, if
applicable, and paying the costs of borrowing (collectively, the "Project").
2. The Governing Body, acting for and on behalf of the Town, is also authorized under
Sections 31-25-1 et seq., Mississippi Code of 1972, as amended and
supplemented from time to time (the "Bank Act") and together with the Town Bond Act, the "Act"), and other
applicable laws of the State of Mississippi (the "State"), to issue a general obligation bond of the Town to be sold to the Mississippi Development Bank (the "Bank") to finance the costs of the Project and to secure such general obligation bond with the full faith, credit and taxing power of
the Town.
3. The Project is in accordance with and in furtherance of the provisions of the Act
and other applicable laws of the State.
4. The Town is a "local
governmental unit" under the Bank Act.
5. The Governing Body is authorized to provide financing for the costs of the Project (a) through the issuance of general obligation bonds of the Town, in one or more
tax-exempt or taxable series (the "Bonds") pursuant to the Town Bond Act, and/or (b) through the issuance of a general obligation bond of the Town, in one or more
tax-exempt or taxable series,
to be sold to the Bank (the "Town Bond") pursuant to the Act, all in a total aggregate principal amount of not to exceed Three Million Dollars ($3,000,000).
6. As of March 1, 2025, the assessed value of all taxable property within the Town,
according to the last
completed assessment for
taxation, is $511,766,679, and the Town has
outstanding bonded
indebtedness as subject to the fifteen percent (15%) debt limit prescribed by Section 2133303 of the Town Bond Act, in the amount of $0.00, and
outstanding bonded and
floating indebtedness as subject to the twenty percent (20%) debt limit prescribed by Section 2133303 of the Town Bond Act (which amount
includes the sum set forth above subject to the
fifteen percent (15%) debt
limit), in the amount of $0.00.
7. The Bonds and/or the Town Bond, when added to the outstanding bonded
indebtedness of the Town, including any indebtedness of the Town issued subsequent to the adoption of this resolution but prior to the issuance of the Bonds and/or the Town Bond will not result in bonded indebtedness, exclusive of indebtedness not subject to the aforesaid fifteen
percent (15%) debt limit, of more than fifteen percent (15%) of the assessed value of all taxable property within the Town, and will not result in indebtedness, both bonded and floating, exclusive of
indebtedness not subject to the aforesaid twenty percent (20%) debt limit, in excess
of twenty percent (20%) of the assessed value of all taxable property within the Town, and will not exceed any
constitutional or statutory limitation upon indebtedness which may be incurred
by the Town.
8. There has been no increase in said bonded and floating general obligation
indebtedness of the Town since March 1, 2025.
9. It is necessary for the health and well-being of the citizens of the Town, and it would be in the best interest of the Town for the Governing Body to provide financing for the
costs of the Project by
borrowing money through the issuance of the Bonds and/or the Town Bond, all in
accordance with the Act and other applicable laws of the State.
10. The Governing Body is authorized and empowered by the Act and other
applicable laws of the State to issue the Bonds and/or the Town Bond for the purposes as
hereinafter set forth and there are no other available funds on hand or available from regular
sources of income for such purposes.
11. The Town reasonably
expects that it will incur
expenditures prior to the
issuance of the Bonds and/or the Town Bond which it intends to reimburse itself with the
proceeds of the Bonds and/or the Town Bond upon the
issuance thereof. This
declaration of official intent to
reimburse expenditures made prior to the issuance of the Bonds and/or the Town Bond in anticipation of the issuance of the Bonds and/or the Town Bond is made pursuant to Department of Treasury
Regulations Section
1.150-2 (the "Reimbursement Regulations"). The Project for
which such expenditures are made is the same as
described herein. The
maximum principal amount of debt expected to be issued for the Project is the amount herein set forth.
NOW, THEREFORE, BE IT RESOLVED BY THE
GOVERNING BODY,
ACTING FOR AND ON BEHALF OF THE TOWN, AS FOLLOWS:
SECTION 1. The Governing Body, acting for and on behalf of the Town, hereby
declares its intention to issue and sell the Bonds and/or the Town Bond, in one or more tax-exempt or taxable series, all in the total aggregate
principal amount of not to exceed Three Million Dollars ($3,000,000).
SECTION 2. The Bonds and/or the Town Bond are to be issued to raise money for the
purpose of financing the Project in accordance with the Town Act, the Bank Act and other applicable laws of the State.
SECTION 3. The Bonds and/or the Town Bond may be issued in one or more tax-exempt or taxable series and, if issued, will be general obligations of the Town payable as to
principal and interest out of and secured by an irrevocable pledge of the avails of a direct and continuing tax to be levied annually without limitation as to time, rate, or amount upon all the taxable property within the geographical limits of the Town; provided, however, that such tax levy for any year shall be abated pro tanto to the extent the Town on or prior to September 1 of that year has transferred money to the bond fund of the Bonds and/or the Town Bond, as applicable, or has made other provisions for funds, to be applied toward the payment of the principal of and interest on the Bonds and/or the Town Bond, as applicable, due during the ensuing fiscal year of the Town, in
accordance with the provisions of the bond resolution adopted by the Governing Body in
connection with the issuance of the Bonds and/or the Town
Bond.
SECTION 4. The Governing Body proposes to direct the issuance of all or any portion
of the Bonds and/or the Town Bond in the amount and for the purposes and secured as aforesaid at a meeting of the Governing Body to be held at its usual meeting in Town Hall, located at 6021 Dale Drive, Marion, Mississippi, at the hour of 8:00 o'clock a. m. on April 15, 2025, or at some meeting or meetings subsequent
thereto; provided, however, that if ten percent (10%) of the
qualified electors of the Town of fifteen hundred (1,500), whichever is less, shall file a written protest with the Town Clerk of the Town (the "Town Clerk") in her office located in Town Hall, against the
issuance of the Bonds and/or the Town Bond on or before 8:00 o'clock a.m. on April
15, 2025, then the Bonds and/or the Town Bond shall not be issued unless approved at an
election on the question
thereof called and held as is provided by law; provided, further that if no protest is filed, then the Bonds and/or the Town Bond may be issued and sold in one or more series without an election on the question of the issuance
thereof at any time within a period of two (2) years after April 15, 2025.
SECTION 5. This resolution shall be published once a week for at least three (3)
consecutive weeks in the
Meridian Star, a newspaper published in the City of
Meridian, Mississippi and
having general circulation in the Town and qualified under the provisions of Section
13-3-31, Mississippi Code of 1972, as amended and
supplemented from time to time. The first publication of this resolution shall be made not less than twenty-one (21) days prior to the date fixed herein, and the last publication shall be made not more than seven (7) days prior to such date.
SECTION 6. The Town Clerk of the Governing Body shall be and is hereby directed to
procure from the publisher of the aforesaid newspaper the customary proof of the
publication of this resolution and have the same before the Governing Body on the date and hour specified in
Section 4 hereof.
SECTION 7. The Town
reasonably expects that it will incur expenditures prior to the
issuance of the Bonds and/or the Town Bond which it intends to reimburse with the proceeds of the Bonds and/or the Town Bond upon the issuance
thereof. This declaration of official intent to reimburse expenditures made prior to the issuance of the Bonds and/or the Town Bond in anticipation of the issuance of the Bonds and/or the Town Bond is made pursuant to the
Reimbursement Regulations. The Project for which such expenditures are made is the same as described herein. The maximum principal amount of debt expected to be issued for the Project is the amount herein set forth.
SECTION 8. If any one or more of the provisions of this resolution shall for any reason
be held to be illegal or invalid, such illegality or invalidity shall not affect any of the other
provisions of this resolution, but this resolution shall be construed and enforced as if such illegal or invalid provision or provisions had not been contained herein.
Alderperson Tammy Young made the motion and
Alderperson Lou Ann Baylor seconded the motion to adopt the foregoing resolution, and the question being put to a roll call vote, the result was as follows:
Alderwoman Tammy Young Voted: Yea
Alderwoman Lou Ann Baylor Voted: Yea
Alderwoman Stacy Blalock Voted: Absent
Alderman Norman Coleman Voted: Yea
Alderwoman Barbara Anthony Voted: Nay
The motion having received the affirmative vote of a
majority of the members
present, the Mayor declared the motion carried and the resolution adopted, on this the 11th day of March
2025.
/s/ Larry Gill
MAYOR
ATTEST:
/s/ Wanda Bouldin
TOWN CLERK
(SEAL)
03/19, 03/26, 04/02, 04/09/2025
Posted Online 15 weeks ago
