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                    "OKTIBBEHA COUNTY \u2013 The board of supervisors deadline to pick a financial adviser for\nThe Oktibbeha County Reserve and Trust Fund passed three months ago. The extended search could be costing the county hundreds of thousands if not millions of dollars in interest.\nOn Wednesday, the board reopened bidding for a financial adviser for its $55 million trust containing proceeds from the sale of the former OCH Regional Medical Center after receiving no qualifying bids from its first round of bidding.\n\u201cI\u2019m trying to maximize competition so we can get the best person that we can, in our best judgment to do this for us and the taxpayer,\u201d County Administrator Wayne Carpenter said. \u201cIf it takes us a little bit longer to do that, then I think that\u2019s the right thing to do.\u201d\nThe board expects to have an adviser selected in January, six months after its July 1 deadline mandated by state legislation that created the trust.\nThe trust is currently in a low-risk \u201csweep account\u201d earning 4.01% interest, Carpenter said. At that rate, between July 1 and Jan. 1 the fund could earn roughly $1.1 million in interest.\nBut Board Attorney Rob Roberson told The Dispatch he hopes a financial adviser managing the trust funds will bring the county annual returns between 8% and 15%.\nAt 8%, the fund could have generated close to $2.2 million interest over six months, double what the county is expecting from its current investment over that time frame. At 6%, which is about what the Lowndes County hospital trust fund earned in interest in Fiscal Year 2026, Oktibbeha County\u2019s money could have grown by about $1.64 million by January \u2013 roughly $500,000 more than what the sweep account will generate.\nThose numbers do not take into account fees the county would pay to a manager.\nWhy is it hard to find an adviser? \nThe legislature established Oktibbeha County\u2019s trust fund in the 2026 session, setting July 1 as the deadline to invest the money and hire a manager.\nRoberson, who on top of being the county board attorney represents District 43 in the state House of Representatives, sponsored the legislation and is listed as its author.\nThe county invested the money on time, but did not take its first swing at hiring a financial adviser until it issued a request for proposals July 15.\nSix institutions submitted notices of interest \u2013 Regions, Trustmark, Renasant and Huntingdon banks, Edward Jones and Modern Woodmen \u2013 with none meeting the minimum standards the county set for awarding the contract. \nRenasant is one of two managers for the Lowndes County trust fund.\nOktibbeha County issued a second RFP on Wednesday with revised standards financial institutions were more likely to meet \u2013 halving the errors and omissions insurance minimum and the bond coverage to $10 million, as well as changing the type of documents required for audits.\n\u201cWe are trying to make certain that we\u2019re doing the highest level of interest we can get with the lowest possible risk for the county,\u201d Roberson said. \u201cAnd in that lowest risk category, I guess we probably put in some requirements that were unattainable. \u2026 Of course part of that is inexperience on our part.\u201d\nCarpenter and Roberson drafted the original RFP off a collection of other trusts including neighboring counties, college endowments and anything Carpenter could get his hands on.\n\u201cI was just trying to educate myself on how all of this worked (and) what best practices are,\u201d Carpenter said. \u201c\u2026 I\u2019ve never done it before; I mean this is certainly not my area of expertise.\n\u201c\u2026 We don\u2019t have somebody in mind,\u201d he added. \u201c\u2026 I don\u2019t want anybody to suspect that anything like that\u2019s going on. We\u2019re trying to maximize the number of institutions that can compete for this piece of business and still have sufficient resources and talent to do a good job.\u201d\nCounty Comptroller Deanna Collier, Carpenter and Roberson, who make up the evaluation committee, hope to select four finalists by Dec. 7, with a contract executed by Jan. 4.\nBut the board has technically been out of compliance with state law since it missed its deadline.\u00a0\nRoberson and Carpenter believe the deadline was too tight. Roberson said he wishes the bill had given the board a year. \n\u201cThe attorneys in-house basically write the bill and I told them to write the bill like they typically write them,\u201d Roberson said. \u201cAnd once we got to looking at it later (after it passed), I went, \u2018Oh crap. This is not very much time for us to get this done.\u2019\u201d\nRoberson does not believe missing the deadline will present any issues for the board, but he will try to amend the legislation during the next session in January if necessary.\n\t\t\t\n\t\t\t\t\t\t\n\t\t\t\t\t\t\n\t\t\t\n      \n      \n        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 35 articles to cdispatch.com. Please consider subscribing to our website for only $2.30 per week to help support local journalism and our community."
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