Steven O'Meara, a consultant advising the county, and Jason, a financial adviser, presented preliminary financing options for a proposed multipurpose building on Seaway Road, estimated at about $67 million in earlier conceptual work but refined to roughly $6,700,000 in recent estimates.

They offered two long-term financing approaches: a public offering of bonds (general obligation) and a lease-purchase transaction commonly called a COPS arrangement, using Southern Mississippi Investment Corporation (SMIC) as the leaseholder. O'Meara said SMIC and the project architect worked with county administration and produced conceptual drawings and detailed cost estimates, and that the current market premium on bonds could generate proceeds above par to help fund the project.

Jason said interest rates in current public-offering markets average about 5% for annual coupon rates and that net interest cost figures presented to the board account for issuance costs and any premium generated at sale. He explained that a COPS option typically carries a slightly higher project estimate in these scenarios because it often includes capitalized interest for the construction period (about 18 months), which increases the upfront funding need. "These the average annual coupon that you see there is 5%. That's what coupons in the public offering markets currently are," Jason said, describing the basis for the preliminary cost comparisons.

O'Meara explained procurement and legal differences between the two approaches. Under the lease-purchase structure, SMIC would contract with a builder and lease the finished building to the county; because SMIC would be the contracting party, O'Meara said public bid laws would not constrain the county's choice of contractor in the same way as a direct general-obligation procurement. He cautioned that the county pays for that procurement flexibility and that the board should weigh that trade-off. "You pay up for that. So, you know, there's nonfinancial reasons to do that because you have more control over... you're not subject to the low bid," O'Meara said.

Supervisors asked for clarifications about building size and occupancy. O'Meara said the proposed building would be about 19,000 square feet — slightly smaller than a prior 22,000-square-foot project — and suggested it would house three departments, including grounds, the coroner's office and the election commission.

Presenters emphasized that the analysis was preliminary and that no action was requested at the meeting. They encouraged the board to consider the two options and decide later whether to proceed with formal financing steps or public offerings.

Ending: The board did not vote on financing at this meeting; presenters said they would provide further detail if the county requests it. The discussion is recorded as preliminary guidance to inform a future financing decision.