Pascagoula seeks millions in bonds for infrastructure work - WLOX.com - The News for South Mississippi

Pascagoula seeks millions in bonds for infrastructure work

Some much needed infrastructure work in Pascagoula could begin before the end of this year, if the city can secure about $15,000,000 worth of bond money. (Photo source: WLOX) Some much needed infrastructure work in Pascagoula could begin before the end of this year, if the city can secure about $15,000,000 worth of bond money. (Photo source: WLOX)
Pascagoula Mayor Jim Blevins said the city's flooding issues have been out of hand for years. (Photo source: WLOX) Pascagoula Mayor Jim Blevins said the city's flooding issues have been out of hand for years. (Photo source: WLOX)
PASCAGOULA, MS (WLOX) -

Some much needed infrastructure work in Pascagoula could begin before the end of this year, if the city can secure about $15,000,000 worth of bond money.

"It will improve the drainage, and we can improve our flooding. It will ensure that we have our systems like our sewers in good positions so that we don't have problems with this as we go forward," said Mayor Jim Blevins.

Mayor Blevins said the city's flooding issues have been out of hand for years. Restoring the drainage systems will costs millions. That's why the city is seeking bond money for the first time in 15 years, with the help of financial consultant, Demery Grubbs.

"Obviously there is competition out there to buy those bonds for those entities, and our job is to make sure that these local governmental entities get the lowest and best interest rate that's available to them in the marketplace," said Grubbs.

Grubbs said he works with cities all over the state on projects like this, and thinks Pascagoula is in a great place financially to pursue these bonds.

"They don't have a lot of debt. Their finances appear to be in real good shape," Grubbs said. "Of course, all cities struggle. But they've done a real good job of managing their finances. So I think it will be a good sale."

The city is expecting to receive the bond money by October and get bids out as early as November of this year.

"I'm doing some preliminary engineering. We've identified the problem. We've kind of listed and prioritized to a certain degree, so we're ready to jump out of the shoot as soon as we can, and get some funds in the bank," said Blevins.

Right now $8 million is being allocated for streets, drainage improvements, and property acquisition; $7 million will go toward water, sewage, gas and utility improvements.

To read more about the city of Pascagoula's plans for the future, visit: http://cityofpascagoula.com/pascagoula%E2%80%99s-future

Copyright 2014 WLOX. All rights reserved.

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