State Auditor: Put $547,000 in escrow

State Auditor: Put $547,000 in escrow

State Auditor Stacey Pickering appeared before the Laurel City Council Tuesday morning where he recommended the council put the money collected for an anticipated bond in escrow.

Pickering, who is a resident of Laurel, told city officials that his office has been researching matters concerning the city’s current situation.

The Laurel City Council in January voted to approve the sale of $6.4 million in bonds to finance the construction of the eight softball fields at the Laurel Sportsplex. Because of this, four mills were assessed to taxpayers in anticipation of the issuance of the bonds.

The council voted 5-2 to begin the process, with Ward 3 Councilman Tony Thaxton and Ward 6 Councilman Johnny Magee voting against it.

However, before the council vote was taken in January, residents were levied a four mill tax increase in anticipation of this project.

City officials announced last week during budget committee meeting that they were exploring the possibilities of spending the approximate half a million dollars on an existing general obligation debt.

City Clerk Mary Ann Hess said her office anticipates approximately $547,000 will be collected for this purpose by the end of the city’s fiscal year.

Leader Call
4/24/8