Skip to content
Melton Asks Council to Wait to...

Melton Asks Council to Wait to Refinance Bonds

By: Magnolia Tribune - June 22, 2005

Melton Asks Council to Wait to Refinance Bonds

Jackson City Council is continuing a plan to refinance bonds worth 75 million dollars, despite Mayor Elect Frank Melton’s request that council halt its progress.

Outgoing Mayor Harvey Johnson says refinancing water and sewer system bonds will save the city 2 million dollars in 20 years. But in a letter to the council, Melton asked that the state auditor look at the plan before the project goes forward.

Because the plan will not be finalized before Melton becomes mayor, Melton will have the final decision on the project. Johnson says he does not understand how anyone could be opposed to the refinancing plan.

“It seems to me the controversy comes when the Mayor-elect writes on the transitional letterhead to the Council and Mayor and everyone else indicating he’s going to call the auditor and do other things that seem to be, not casting dispersions, but it seems not friendly,” said Johnson.

Melton said he wants to investigate the issue further.

“I want to make sure that the tax payers get the maximum benefit of any bond issue we offer in the City of Jackson,” said Melton.

The city will not pay any costs for the refinancing plans unless the city decides to close on the deal.


About the Author(s)
author profile image

Magnolia Tribune

This article was produced by Magnolia Tribune staff.
Previous Story