The city of Yazoo City entered into a 20-year agreement this week for $3 million worth of bonds that will be used to improve the streets and other infrastructure within the city.
It’s a process that began last March, but it came to its end last Monday during the Board of Mayor and Aldermen meeting. The city accepted the bid from First Tennessee National, who purchased $3 million worth of general obligation bonds for the city to be paid back in semi-annual installments over 20 years.
Mayor Diane Delaware said the bonds will be used to address a number of concerns from street repairs to infrastructure improvements.
“Our streets have to be fixed, but we won’t be able to fix all of them,” Delaware said. “People tell me all the time that the potholes need fixing; the streets need fixing; the steps need fixing. We don’t have any money to fix anything. We just don’t. So, you can make the choice to having people coming in to tell you what you are not doing and take the heat for it. Or you can take that heat and fix it. I am glad we have chosen to take the heat in fixing it.”
There has been criticism about the city’s recent tax increase, but the majority of the city council said the increase comes as a result of the bond issue.
“We have just done something that many other governments fail to do,” Delaware said, to the council. “They wait too long, talk about a one percent tax or little things like that. We can’t sit around and wait for others to give us fish. It’s not going to happen.”