Investment bankers say Hattiesburg faces adverse financial effects with ... - WDAM-TV

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  Investment bankers say Hattiesburg faces adverse financial effects with Groundworx deliberations

  
  

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  A letter from the lead investment banker for the Groundworx project tells council members their waiting game is a threat to Hattiesburg's financial situation. The letter from Stephens, Inc.'s CharlieMore >>
  
  
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HATTIESBURG, MS (WDAM) -

A letter from the lead investment banker for the Groundworx project tells council members their waiting game is a threat to Hattiesburg's financial situation.

The letter from Stephens, Inc.'s Charlie Sides states that "extended deliberations over enacting necessary sewer rate increases" caused him to address "several arising issues" that would adversely affect city consumers.

The main point in his letter is the continual rise of interest rates ("both taxable and tax-exempt, short-term and long-term"). The longer the city deliberates a revenue stream, the higher these rates will climb.

Sides states that bondsmen have been and continue to observe the lack of action coming from the Hattiesburg city council and administration, which is a concern that shows irresponsibility for remaining committed to paying off bonds.

Council president Kim Bradley says this letter should serve as "a wake up call" to the council and administration. Bradley said he is "embarrassed" that these outside bonding companies are aware of the divisive state of the council on this matter.

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