Bond Debt Relief For Choctaw County
CHOCTAW COUNTY, Miss. (WCBI) – A Memphis group is hoping to be instrumental in helping Choctaw County Supervisors restructure their hospital bond debt.
County officials are continuing to push forward, providing quality rural health care to that area.
The last meeting of the year held by Choctaw County officials Friday (12/28) morning could just put the county in better financial shape while a new hospital is under construction.
Representatives from Duncan/Williams of Memphis are submitting a proposal that could restructure bond debts.
“If we can help them do that, that will be a good thing for the county. We think that we can get a higher rating for Choctaw County than the bonds enjoyed a year and a half ago,” said Peyton Prospere, Jackson Attorney.
“And that will help offset some debt for this year. We’re running under a very tight budget year, and we are looking to ways we can make all our demands that are on us right now and not go up on taxes,” said Chris McIntire, Choctaw County Supervisor President.
The move could free up general fund dollars that are helpful in providing county services for roads, law enforcement, and the like.
Bond restructuring laws require there be a two percent savings before such an undertaking.
“So we are looking at hopefully will be around three percent on 13 and a half million would be a substantial number,” added McIntire.
“In four or five years the county will experience some additional inflows of tax revenue, and the county can use those to pay back the bonds, redeemed bonds,” said Prospere.
The proposed initiative is expected to lighten the load over the first few years, putting the county in good shape when tax revenues come on stream at full value in 2016.
No official decision is made on what seems to be making good financial sense for the county.
“And it’ll give them some new numbers. We’ll have a better idea of what the market is doing in the context of whats taking place in Washington D. C. With respect to the so called fiscal cliff, which has caused a little uncertainty in the markets,” said Prospere.
Duncan/Williams representatives are expected to meet with Choctaw County officials in a few weeks.