City of Laurel plans to issue $3 million GO bond

City of Laurel plans to issue $3 million GO bond

LAUREL, MS (WDAM) - The City of Laurel plans to issue a $3 million General Obligation Bond primarily for drainage repairs.

City leaders approved the resolution with intent to issue the bond during Tuesday’s City Council meeting.

“We are borrowing $3 million to try to address some of those [issues],” said Laurel Mayor Johnny Magee. “It’s not going to fix all the drainage issues that we have but it is going to give us some leverage to match some grant funds."

Magee said recent rainfall has shown the city how desperately their drainage system needs repairs.

“People get sick of flash flooding,” said Magee. “If we all work together with them doing what they need to do and us doing what we need to do, we can help alleviate some of this flooding and that’s what this $3 million is for.”

Magee said this is just one of several different projects the city is currently working on to address issues such as road re-pavement and sewer repairs.

“It’s millions of dollars that we need and this is one of those steps,” said Magee. “The can has been kicked down the road so long you got to stop somewhere and work on it.”

If the city moves forward with issuing the bond, there's a 15-year payback period.

Residents have 60 days to protest the resolution before the city moves forward;.

Magee says he hopes to start work within the next three to four months.

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