By John Howell
Batesville aldermen, in an adjourned meeting November 20, adopted a resolution authorizing the Butler Snow LLP law firm of Ridgeland to provide ongoing financial information about the city’s outstanding bonds to the Municipal Securities Rulemaking Board (MSRB).

City officials discussed the action in an executive session during their regular Third Tuesday meeting November 18, then adjourned until Thursday when they again voted to go into executive session. CPA Bill Crawford of the Will Polk and Company accounting firm met with city officials to discuss the need for the resolution.

Assistant City Attorney Colmon Mitchell said that the discussion was appropriate for executive session because the matter might later be subject to possible litigation.

Proposed minutes from the meetings, which will be presented to aldermen for approval at their December 2 meeting, state that the policy of continuing disclosure was adopted to comply with Securities and Exchange Commission (SEC) Rule 15c2-12.

“Continuing disclosure consists of important information about a municipal bond that arises after the initial issuance of the bonds,” the MSRB states. “The information generally reflects the financial health or operating condition of the state or  local government as it changes over time, or the occurrence of specific events that can have an impact on key features of the bonds.”

The resolution was approved by Aldermen Teddy Morrow, Bill Dugger, Ted Stewart, Stan Harrison and Eddie Nabors by unanimous vote.

In other city business this month:
• Aldermen during their Nov. 18 meeting approved the mayor’s signing a grant agreement with the Appalachian Regional Commission for the city to receive $300,000 to help fund a new water well east of I-55. The city is expected to provide the remaining $386,000 for the project;
• A recommendation to add a gas department employee to on-call rotation was unanimously approved by aldermen. The change adds $50 monthly pay and authorizes payment for weekend overtime if the worker is called out for a gas leak emergency;
• Aldermen approved payment of $31,068.80 to Hemphill Construction Company for work at the Waste Water Treatment Plant;
• A request for Tallahatchie Valley Electric Power Association to place an additional street light at the Highway 6/278-Eureka Street intersection received aldermen’s unanimous approval.