The Mississippi County Quorum Court met Tuesday night in a special session and passed the ordinance that authorized the issuance of sales and use tax bonds for the purpose of financing all or a portion of the cost of capital improvements.
The bonds issued were $17,635,000 by Stephens Inc. According to Michael McBride of Stephens, the bonds were rated an AA minus by Standard and Poors. According to Mississippi County Judge John Alan Nelson, he has been told that an AA minus rating is almost unheard of in the state of Arkansas.
Tuesday morning, McBride called the judge's office and noted the interest rate had been reduced from 3.512 percent from Monday to 3.505 percent.
McBride stated that more people wanted bonds than bonds available. McBride added they got the county $5,000 extra in the construction fund and saved the county a little over $15,000 in the long run in interest. They had 80 percent of the bonds sold.
“Nothing but a great win,” McBride explained. “I’m excited!”
Tuesday night, McBride and Taylor Marshall of the Friday Firm were in Blytheville for the special meeting.
Justice Michael White asked to suspend the rules of reading the 21 page ordinance and to read by title only, which passed unanimously all three times.
Marshall asked if they’d also accept the emergency clause of the ordinance separately. White made the motion to accept the emergency clause, which also passed unanimously.
Also passed in the special meeting was allowing John Prunty, the owner of Essence Center, to run the Essence Center as a private club and submit an application to the state Alcoholic Beverage Control Division.
Approved unanimously as well was the appropriation ordinance for economic development and a business disclosure between Nelson’s collection agency, Commercial Collection Inc., to continue doing business with the Mississippi County Hospital System.