JACKSON, Miss. (AP) — Madison County may appeal a federal judge's order that it pay $3 million in bond payments related to a development project.
Southern District Court of Mississippi Judge Carlton Reeves says the county must reimburse a bond insurer after a special development district in the county defaulted on its bond payments.
The insurer backed more than $27 million in bond payments the Parkway East Public Improvement District had used to finance a highway development project.
Court documents show that the improvement district and the Madison County Board of Supervisors had entered into an agreement that Madison would make payments on the bonds if the district failed to do so.
Madison officials say in a statement that they're disappointed with the decision and are exploring their legal options for an appeal.
Copyright Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
More like this story
Support our reporting -- Follow the MFP.
