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PUBLIC NOTICE

There came on for consideration the matter of providing financing for various capital improvements for the City of Natchez, Mississippi, and after a discussion of the subject matter, Alderwoman Smith offered and moved the adoption of the following resolution:
RESOLUTION DECLARING THE INTENTION OF THE MAYOR AND BOARD OF ALDERMEN OF THE CITY OF NATCHEZ, MISSISSIPPI, TO EITHER ISSUE LIMITED OBLIGATION BONDS OF THE CITY; ISSUE LIMITED OBLIGATION BONDS OF THE CITY FOR SALE TO THE MISSISSIPPI DEVELOPMENT BANK OR ENTER INTO A LOAN WITH THE MISSISSIPPI DEVELOPMENT BANK, IN ONE OR MORE SERIES, TAXABLE OR TAX-EXEMPT, ALL IN AN AGGREGATE PRINCIPAL AMOUNT OF NOT TO EXCEED EIGHT MILLION DOLLARS ($8,000,000) TO PROVIDE FUNDS FOR THE PURPOSE OF (A) ERECTING MUNICIPAL BUILDINGS, AUDITORIUMS, COMMUNITY CENTERS, AND FOR REPAIRING, IMPROVING, ADORNING AND EQUIPPING THE SAME; (B) OWNING, ERECTING, CONSTRUCTING, FURNISHING, EQUIPPING, AND/OR CONTRACTING FOR AND OPERATING FACILITIES SUCH AS A CONVENTION CENTER, CIVIC CENTER, OR AUDITORIUM; (C) USING, OR PLEDGING THE REVENUES DERIVED FROM THE TAX LEVY AUTHORIZED UNDER THE PROVISIONS OF THE LOCAL ACT AND TO SECURE AND PAY DEBT SERVICE FOR ANY GENERAL OBLIGATION OR OTHER DEBT INCURRED BY THE GOVERNING AUTHORITIES OF THE CITY FOR THE PURPOSE OF ACCOMPLISHING ITS PROVISIONS, INCLUDING REFUNDING OR RESTRUCTURING THE OUTSTANDING BONDS OF THE $6,530,000 MISSISSIPPI DEVELOPMENT BANK SPECIAL OBLIGATION REFUNDING BONDS, SERIES 2018 (NATCHEZ MISSISSIPPI CONVENTION CENTER REFUNDING PROJECT); AND (D) PROVIDING FOR THE PAYMENT OF THE COSTS OF ISSUANCE THEREOF DIRECTING THE PUBLICATION OF A NOTICE OF SUCH INTENTION; AND FOR RELATED PURPOSES.
WHEREAS, the Board of Mayor and Aldermen of the City of Natchez, Mississippi (the “Governing Body”), acting for and on behalf of the City of Natchez, Mississippi (the “City”), is authorized by Sections 21-33-301 et seq., Mississippi Code of 1972, as amended (the “City Bonds Act”), Sections 31-15-1 et seq., Mississippi Code of 1972, as amended ( the “Refunding Act”) and by Chapter 893, Local and Private laws of 1973, as last amended by Chapter 954, Local and Private Laws of 2008 (the “Local Act”) , to issue limited obligation bonds for the purposes set forth therein, including, but not limited to, (a) erecting municipal buildings, auditoriums, community centers, and for repairing, improving, adorning and equipping the same; (b) owning, erecting, constructing, furnishing, equipping, and/or contracting for and operating facilities such as a convention center, civic center, or auditorium; (c) using, or pledging the revenues derived from the tax levy authorized under the provisions of the Local Act and to secure and pay debt service for any general obligation or other debt incurred by the governing authorities of the City for the purpose of accomplishing its provisions, including refunding or restructuring the outstanding bonds of the $6,530,000 Mississippi Development Bank Special Obligation Refunding Bonds, Series 2018 (Natchez Mississippi Convention Center Refunding Project), obligations of the City; and (d) providing for the payment of the costs of issuance thereof (collectively, the “Project”); and
WHEREAS, the Governing Body, acting for and on behalf of the City, is also authorized under the City Bonds Act and Sections 31-25-1 et seq., Mississippi Code of 1972, as amended (the “Bank Act”), and other applicable laws of the State, to (a) issue a limited obligation bond of the City to be sold to the Mississippi Development Bank (the “Bank”) to finance the costs of the Project, or (b) enter into a loan or loans with the Bank to borrow money to finance the costs of the Project; and
WHEREAS, the Project is in accordance with and in furtherance of provisions of the City Bonds Act, the Local Act, the Refunding Act and the Bank Act (collectively, the “Acts”); and
WHEREAS, the Governing Body is authorized pursuant to the Acts to provide funding for the costs of the Project either through the issuance of (a) limited obligation bonds of the City pursuant to the City Bonds Act and the Refunding Act in a total aggregate principal amount of not to exceed Eight Million Dollars ($8,000,000) (the “Bonds”), (b) limited obligation bonds of the City to be sold to the Bank in a total aggregate principal amount of not to exceed Eight Million Dollars ($8,000,000) (the “City Bonds”), or (c) by entering into a loan or loans with the Bank to borrow money from the Bank in a total principal amount not to exceed Eight Million Dollars ($8,000,000) (the “Loan”); and
WHEREAS, pursuant to the Local Act, the Governing Body and electors of the City approved an additional tax upon the gross proceeds of the sales of hotels and motels doing business in the City derived from room rentals and the gross proceeds of sale of restaurants, on premise s Alcohol Beverage Control permit holders, excluding those held by private clubs, organizations or associations, antique and secondhand shops and gift and souvenir shops, when the gross income of such businesses exceeds One Hundred Thousand Dollars ($100,000) annually (“Convention Center Taxes”).
WHEREAS, the Governing Body is authorized by the Local Act to expend proceeds from the Convention Center Taxes for the purposes of providing funds to accomplish the provisions of the Local Act; and
WHEREAS, as of October 1, 2021, the assessed value of all taxable property within the City, according to the last completed assessment for taxation, was One Hundred Forty Eight Million One Hundred Two Thousand Six Hundred Seventy Five Dollars ($148,102,675), and the City had outstanding bonded and floating indebtedness as subject to the fifteen percent (15%) debt limit prescribed by Section 21-33-303 of the City Bonds Act, as amended, in the amount of Two Million Dollars ($2,000,000), and outstanding bonded and floating indebtedness as subject to the twenty percent (20%) debt limit prescribed by Section 21-33-303 of the City Bonds Act, in the amount of Two Million Dollars ($2,000,000); and
WHEREAS, the Bonds, the City Bonds or the Loan, when added to the outstanding bonded indebtedness of the City, will not result in bonded indebtedness, exclusive of indebtedness not subject to the aforesaid fifteen percent (15%) debt limit, of more than fifteen percent (15%) of the assessed value of all taxable property within the City, will not result in indebtedness, both bonded and floating, exclusive of indebtedness not subject to the aforesaid twenty percent (20%) debt limit prescribed by Section 21-33-303 of the City Bonds Act, in excess of twenty percent (20%) of the assessed value of all taxable property within the City, and will not exceed any constitutional or statutory limitation upon indebtedness which may be incurred by the City; and
WHEREAS, there has been no increase in said bonded and floating general obligation indebtedness of the City since October 1, 2021; and
WHEREAS, it would be in the best interest of the City for the Governing Body to provide funding for the costs of the Project by borrowing money through the issuance of the Bonds or the City Bonds or by entering into the Loan; and
WHEREAS, the City reasonably expects that it will incur expenditures in connection with the Project for which the City intends to reimburse itself with the proceeds of the Bonds, the City Bonds or the Loan; and
WHEREAS, the Governing Body is authorized and empowered by the City Bonds Act and/or the Bank Act to issue the Bonds or the City Bonds or to enter into the Loan for the purposes herein set forth and there are no other available funds on hand or available from regular sources of income for such purposes; and
WHEREAS, the publication dates of the Natchez Democrat, allow the Governing Body to adhere to its regularly scheduled meeting to be held on August 23, 2022, to allow for full compliance of the publication of this resolution with the City Bonds Act.
NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND BOARD OF ALDERMEN OF THE CITY, ACTING FOR AND ON BEHALF OF THE CITY, AS FOLLOWS:
SECTION 1. The Governing Body, acting for and on behalf of the City, hereby declares its intention to either (a) issue and sell the Bonds pursuant to the Acts in an aggregate principal amount not to exceed Eight Million Dollars ($8,000,000), (b) issue and sell the City Bonds to the Bank pursuant to the Acts in an aggregate principal amount not to exceed Eight Million Dollars ($8,000,000), or (c) enter into the Loan with the Bank pursuant to the Acts in a principal amount not to exceed Eight Million Dollars ($8,000,000).
SECTION 2. The Bonds, the City Bonds or the Loan will be issued for the purpose of financing the Project, as authorized by the Acts.
SECTION 3. The Bonds or the City Bonds may be issued in one or more series, on either a taxable or tax-exempt basis. The Bonds, City Bonds or Loan, if issued or entered into, will be limited obligations of the City payable as to principal and interest out of and secured by pledge of the avails of the Convention Center Taxes and may be payable from any legally available revenues of the City payable over a period of not to exceed 15 years.
SECTION 4. The Governing Body proposes to direct the issuance of all or any portion of the Bonds or the City Bonds or to authorize the Loan in the amount and for the purposes and secured as aforesaid at a meeting of the Governing Body to be held at its usual meeting place located at the City Council Chambers in the City, located at 115, S. Pearl St., Natchez, Mississippi, at the hour of 6:00 o’clock p.m. on August 23, 2022, or at some meeting or meetings subsequent thereto; provided, however, that if ten percent (10%) or Fifteen Hundred (1500), whichever is less, of the qualified electors of the City shall file a written protest with the City Clerk against the issuance of the Bonds or the City Bonds or the authorization of the Loan on or before the aforesaid date and hour, then the Bonds or the City Bonds shall not be issued or the Loan shall not be entered into unless approved at an election on the question thereof called and held as is provided by law; provided, further that if no protest is filed, then the Bonds or the City Bonds may be issued and sold in one or more series, on a taxable or tax-exempt basis, or the City may enter into the Loan without an election on the question of the issuance thereof at any time within a period of two (2) years after August 23, 2022.
SECTION 5. In full compliance with the City Bonds Act, the City Clerk is hereby directed to publish a copy of this resolution once a week for at least three (3) consecutive weeks in the Natchez Democrat, a newspaper published in and having a general circulation in the City and qualified under the provisions of Section 13-3-31, Mississippi Code of 1972, as amended, with the first publication being not less than twenty-one (21) days prior to the date set forth in Section 4 of this resolution, and the last publication being made not more than seven (7) days prior to such date.
SECTION 6. The City Clerk is hereby directed to procure from the publisher of the aforesaid newspaper the customary proof of the publication of this resolution and the required notice and have the same before the Governing Body on the date and hour specified in Section 4 hereof.
SECTION 7. The Governing Body intends to direct the expenditure of proceeds from the Convention Center Taxes for the purposes of providing funds to accomplish the provisions of the Local Act, including the payment of any debt service and allowable related costs incurred in connection therewith.
SECTION 8. The City hereby declares its official intent to reimburse itself from the proceeds of the Bonds, the City Bonds or the Loan for expenses incurred with respect to the Project subsequent to the date of this resolution. This resolution is intended as a declaration of official intent under Treasury Regulation 1.150-2. The Bonds, the City Bonds or the Loan will not exceed the aggregate principal amount of Eight Million Dollars ($8,000,000).
SECTION 9. The Governing Body authorizes Watkins & Eager, PLLC, Jackson, Mississippi, to serve as Bond Counsel (the “Bond Counsel”), and authorizes the Mayor to execute the letter of engagement attached hereto as Attachment “A”; Bryan H. Callaway, Esq., to serve as City Counsel, (the “City Counsel” or “Issuer’s Counsel”), Government Consultants, Inc., Madison, Mississippi, to serve as Municipal Advisor (the “Municipal Advisor”) and authorizes the Mayor to execute the letters of engagement and disclosure attached hereto as Attachment “B” and to negotiate for the sale of the Bond, Bonds or Loan through Raymond James & Associates, Inc., Memphis, Tennessee serving as Placement Agent and/or Underwriter. The Governing Body authorizes the compensation of said parties through negotiated agreements executed by the Mayor, payable from funds to be determined by the Mayor, in a manner not inconsistent with the Act.
SECTION 10. If any one or more of the provisions of this resolution shall for any reason be held to be illegal or invalid, such illegality or invalidity shall not affect any of the other provisions of this resolution, but this resolution shall be construed and enforced as if such illegal or invalid provision or provisions had not been contained herein.

Alderwoman Hall seconded the motion to adopt the foregoing resolution, and the question being put to a roll call vote, the result was as follows:

Alderwoman Valencia Hall voted: Aye
Alderman Billie Joe Frazier voted: Aye
Alderman Sarah Carter-Smith voted: Aye
Alderman Felicia R. Bridgewater-Irving voted: Abstain Alderwoman Benjamin Davis voted: Aye
Alderman Daniel Dillard voted: Aye

The motion having received the affirmative vote of a majority of the members of the Governing Body present, being a quorum of said Governing Body, the Mayor declared the motion carried and the resolution adopted this 26th Day of July, 2022.
/s/ Dan M. Gibson
Dan M. Gibson, Mayor
Attest and Certify:

/s/ Megan McKenzie
Megan McKenzie, City Clerk

Natchez Democrat: July 29, Aug. 5, 12 and 19, 2022
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