Commerce’s last-minute effort to have the General Assembly authorize the creation of a public facilities authority will be introduced this week and Rep. Tommy Benton is cautiously optimistic that the measure will pass during this legislative session.
Creation of the authority would enable Commerce to get better rates should it refinance some $12 million in revenue bonds and could free up some $1 million in reserves the city must maintain under those bond covenants. Additionally, the authority could issue bonds for future debt without the requirement of a public referendum.
The notice of intent to introduce legislation was scheduled to run in today’s Wednesday’s Commerce News and Jackson Herald.
“As soon as I get the ads, I’ll drop the bill,” Benton said Monday morning. “I already have a letter from the council saying they support it. We’re really cutting it short, because generally for a bill you need five days.”
For the full story, see the March 13 issue of The Commerce News.