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Gas authority to hold meeting concerning scope, funding for project

The Municipal Gas Authority of Mississippi’s mission is to use the best business practices and opportunities to offer its member municipalities and their citizens the most stable and cost effective supply of natural gas which it may provide. It is the intent of the Authority to purchase an up to 31 year supply of a portion of the gas needed by implementing one or more purchase contracts financed through the issuance of its revenue bonds or through a loan from the Mississippi Development Bank which will result in locking in a reliable, long-term supply at a price below market rates (the “Project”).
The Authority has reviewed the future gas needs of its member municipalities taking into account the economics and efficiencies to be achieved by the Project and the cost of existing alternatives for gas supply. The Authority has engaged the engineering firm of Allen & Hoshall, Ltd., to prepare a feasibility study of the Project examining the future gas needs of the members and other municipal gas systems.
The Authority has determined that the Project will provide a portion of the gas needs of its members and other participating municipal gas systems. The purchase of a reliable, long-term supply of gas which can be achieved at below market rates is both appropriate and cost effective while meeting the needs of the member municipalities for a stable supply of gas.
It is the intent of the Authority to finance the Project through the issuance of its revenue bonds (as one or more series of Revenue Bonds) or through one or more loans from the Mississippi Development Bank in a total principal amount not to exceed Eight Hundred Ninety Five Million Dollars ($895,000,000) which shall be secured by a pledge of all or any part of revenues to be derived from the Project and as further provided for under Sections 77-6-1 et seq. and/or 31-25-1 et seq. of the Mississippi Code of 1972, as amended.
A meeting of the Municipal Gas Authority of Mississippi will be held on August 29, 2018, at 11:00 o’clock a.m. at 6000 Lakeover Road, Jackson, Mississippi, at which time the Authority will hear any objections or protests to the Project.
/s/ G. Geoffrey Wilson
President and Chief Executive Officer

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