City of Vicksburg names Delta Bank to handle animal shelter loan
Published 11:29 am Tuesday, April 18, 2023
The Board of Mayor and Aldermen Monday accepted the bid of Delta Bank to handle the city’s $1.5 million general obligation loan to build Vicksburg’s new animal shelter.
Delta Bank bid an annual percentage rate of 4.21 percent for the five-year loan, the lowest of the four banks submitting bids. Other banks and percentage rates included Cadence Bank, 4.69 percent; Riverhills Bank, 4.81 percent; and Trustmark Bank, 4.53 percent.
Fordice Construction of Vicksburg in January was awarded the contract to build the new shelter for $1,263,700. The board on March 20 approved taking out the five-year, short-term note to pay for the project. City Accounting Director Doug Whittington said at the time the city was borrowing $1.5 million to provide a cushion to cover any additional costs that may arise during construction.
Email newsletter signup
Mayor George Flaggs Jr. said in March that borrowing the money made better sense than using reserve money or money from the general fund to pay for the shelter because it could be spread over five years with an affordable payment.
“I think it’s absolutely imperative to protect the integrity of the cash flow going forward,” he said.
Flaggs said after Monday’s meeting the remaining $236,300 from the loan will be transferred to other accounts.
“I think we have more than enough out of the $1.5 (million),” he said. “We’re going to take the other money and use it for some infrastructure and other things.”
He said part of the remaining $236,300 could be used for striping city streets.
“I think striping’s important,” he said.
Flaggs discussed street striping during his remarks at the start of Monday’s meeting, saying he discussed developing a striping plan with traffic superintendent W.L. Sanders and Whittington.
“It is not safe out there. We cannot allow the streets — (either) signage or striping — to fade to where you don’t know where the center line is; it’s dangerous,” Flaggs said, adding the striping on North Frontage Road between McDonald’s and Big Wheelie skating rink “is real bad.”
He said North Frontage Road is a state road, but Sanders was working on a proposal that would allow the city to stripe the road.
“We cannot put citizens, particularly at night, in harm’s way because they can’t see the middle of the road.”