Tupelo gives final OK on $3.9M bond

By Emily Le Coz/NEMS Daily Journal

TUPELO – City leaders Tuesday reaffirmed a $3.9 million bond issue they had voted on last month in a final resolution at City Hall.
The resolution, which passed 4-2, noted that Tupelo had published information about the bond in the newspaper and that no one had protested it. It also listed the city’s total assessed value at $440.2 million.
It was the last step before issuing the bond.
Dissenting were Ward 3 Councilman Jim Newell and Ward 6 Councilman Mike Bryan, who had voted against the first bond resolution in November.
Ward 4 Councilwoman Nettie Davis was absent.
The bond is the first in a series of anticipated borrowings to fund a $32 million, five-year capital projects plan approved in September. It will fund a half-million-dollar fire truck, about $400,000 worth of vehicles and equipment for the Public Works Department, and $2 million in engineering and early construction costs of the new $11.3 million aquatic center.
More than a half-million dollars will go toward neighborhood improvements – otherwise billed as infrastructure improvements – which will help the city purchase and demolish dilapidated structures and generally spruce up older neighborhoods to attract families.
Finally, the bond will fund the first phase of some long-anticipated improvements to Gumtree park, which sits along one of the city’s major entrances off Front Street. It sets aside $85,000 for trees and a new plaza there.
It’s the first bond issue since 2007, when Tupelo took on $9.5 million in debt to pay for a new baseball complex, police station and fire station.
emily.lecoz@journalinc.com