OKTIBBEHA COUNTY – Supervisors have until July 1 to determine how much money they plan to deposit in the county’s newly-established reserve and trust fund. On Wednesday, they took the first steps in determining who will manage the funds.
The board, during its recess meeting at the courthouse annex, authorized County Administrator Wayne Carpenter to advertise for qualifications from banks, trust companies and other registered fiduciaries to manage the trust, which is expected to hold millions from the October sale of the former OCH Regional Medical Center.
While Carpenter said the request for qualifications won’t be advertised immediately, state legislation creating the fund requires the county to award an initial contract by July 1.
“My goal (is) I want to have the trust selected, everything hammered out, those people onboarded … and … have the trust completely in place and the money deposited in the trust not later than September 30,” Carpenter told The Dispatch on Wednesday.
The trust was established April 8 after Gov. Tate Reeves signed local and private legislation allowing the county to invest in higher-yield assets, following the sale of OCH, which generated tens of millions in proceeds for the county.
The county expects between $55 million and $58 million in net proceeds from the sale, though the amount is still fluid, with roughly $3.8 million set aside for potential lawsuits and about $1 million reserved for health insurance costs.
Supervisors previously declared their intent to endow all available hospital sale proceeds, with plans to use interest generated on the principal for future capital improvements. Under the legislation, at least 80% of the proceeds must be deposited into the trust.
The county must select one fiduciary to manage and invest those funds on the county’s behalf.
The advertisement requesting qualifications from interested firms will run for two weeks in the Starkville Daily News. After applications are submitted, a selection committee appointed by the board will vet applicants and narrow the field to four finalists, who will make presentations to supervisors before a final vote.
Eligible applicants must have at least 10 years experience in managing public sector endowments or foundation assets. Firms must also manage at least $500 million in assets and demonstrate experience handling individual trust accounts worth at least $25 million.
The selection committee will evaluate firms based on investment performance, strategy, in-state experience and service costs.
Bridge closure
Residents near Trim Cane Creek on Sturgis West Point Road will face detours for at least six months following the emergency closure of a 57-foot bridge.
County Road Manager Victor Collins said residents south of the bridge can detour via New Light Road, while those north of the structure can detour via Brown Road.
A routine inspection conducted April 21 by the Office of State Aid Road Construction found severe deterioration in the bridge’s foundation, including significant steel loss in four pilings supporting the structure.
Collins said the bridge will have to be fully replaced due to the severity of damage, which he estimates would take between three and four months once funding and any necessary right-of-way easements are obtained.
While no formal estimate has been completed, Collins said the project will likely cost “hundreds of thousands” of dollars. Officials are still determining whether the structure qualifies as a State Aid bridge. If so, replacement of the bridge could be covered through State Aid funding. Otherwise the county will have to rely on its local bridge fund.
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You can help your community
Quality, in-depth journalism is essential to a healthy community. The Dispatch brings you the most complete reporting and insightful commentary in the Golden Triangle, but we need your help to continue our efforts. In the past week, our reporters have posted 32 articles to cdispatch.com. Please consider subscribing to our website for only $2.30 per week to help support local journalism and our community.
