Town eyes emergency bond bill
Wesson Aldermen have authorized the town to initiate a process that could potentially lead to a bond bill agreement with a bank to assure necessary funds in case of a revenue shortfall stemming from the loss of sales tax monies due the impact of COVID-19 pandemic economic restrictions, shutdowns and other mitigation measures.
In Wesson, many businesses, including Ace Hardware, Family Dollar, Dollar General, Shop 'N Wash, Ashley's 51 and the East End Market, stayed open as sources of essential supplies, while cosmetologists, the Mill Town Mall, Another Time. . . Another Place and the Carpenter Shop shut down, and restaurants severely curtailed operations. The biggest economic impact probably related to the loss of customers by open businesses as a result of the drastically curtailed activities of Co-Lin and Wesson Attendance Center.
Mayor Alton Shaw concedes the economic impact of the pandemic measures is not known, but he and the Board of Aldermen decided they wanted to prepare for a significant decline in tax revenues returned to the town by the state.
With the action by the Aldermen at their May meeting, town officials will explore with bankers terms of a bond bill in the $80,000 range that would be repayable over ten years. The town would be able to tap the funds to meet emergency revenue needs, but do so only if required.