Taylor Marshall of the Friday Firm in Little Rock and Michael McBride of Stephens Inc. were in Blytheville this week going over the bond ordinance with county leaders.
County officials said Pam Colbert of Bancorp South in Stuttgart will be the bond trustee during a two-hour meeting Wednesday afternoon. Four Mississippi County Quorum Court justices participated in the meeting, including Rick Ash, Molly Jackson, JoAnne Henton and Michael White.
Marshall proposed a 21-page ordinance that is just waiting on the official numbers to come in on April 9 before being presented to the Quorum Court.
According to Marshall, on May 21 Stephens will wire the money for the purchase price of the bonds to an account at Bancorp South in Stuttgart. The money in the account will be for the renovation of the Blytheville and Osceola courthouses.
Marshall said that all the taxes collected will go directly from the state treasurer’s office to the bond trustee instead of the county, starting in June.
McBride said that the June collections might not make it to the county until June 28, becaue of a five-day delay from the bank trustee. Mississippi County Treasurer Peggy Meatte said they usually get the collected taxes from the state treasurer’s office on the 22nd or 23rd of the month.
McBride stated that on either April 1 or April 2 Stephens will start receiving “soft orders”, which will give them a week to see the pre-market of the bonds and an idea prices. On April 9 the soft orders then become “firm orders” during the pricing period. McBride added that usually happens between 9:30 a.m. and 11:00 a.m.
Around 11 a.m. McBride stated he would call the county and ask if the numbers sound good, then that is the “verbal award”. Then pending Quorum Court approval, the interest rates are locked. At that point, Marshall will fill in the blanks of the 21-page ordinance. Marshall and McBride will then travel to Blytheville on April 9 after the ordinances are completely filled out for the 6 p.m. special Quorum Court meeting .
Marshall noted justices must have a quorum and a two-thirds vote for the ordinance to pass. White stated they would have a quorum after four justices were out sick for Tuesday night’s March Quorum Court meeting.
Later in the meeting, Mississippi County Judge John Alan Nelson Nelson said he is always thinking, “worst case scenario” and to borrow as much as they can and then pay it back. McBride stated that they don’t want to issue bonds just to issue them. Marshall cautioned Nelson that if they didn’t need the money to not borrow it.
County officials said the contingency is $14 million for Blytheville courthouse and $2 million for Osceola courthouse.
Nelson asked Marshall if his concern was that they borrow more and then don’t have anywhere to put it, and Marshall agreed.
Justice Rick Ash said that $2 million would not fix the Osceola courthouse, but Nelson pointed out that $2 million would fix the roof.
Marshall added that additional funds could be used on repairs to the Osceola courthouse, that the county wasn’t limited to $2 million.
Nelson said, “ I guarantee you Osceola could use it.”
Justice Michael White said the Osceola courthouse will have needed repairs down the road that will have to be addressed.