Madison County’s timber industry is being threatened by a new hauling policy requiring a $50,000 bond, some representing the industry told the Board of Supervisors on Monday.
Timber is a $55.6 million industry annually in Madison County, according to the Mississippi State University Forestry Extension. A new policy enacted last month now requires loggers cutting 20 loads or more to post a $50,000 bond prior to beginning work.
“I’m a third generation in the timber business and the bond issue that the supervisors are implementing at the present moment is creating a hardship on us simply because it’s just adding additional cost to our operating expenses,” said Scott Penn, owner of Scott Penn Inc. Timber Dealers.
“To purchase a $50,000 road bond you have to have a financial statement that says you can pay that bond if it was due and it creates a hardship because, where is the money going to come from?”
District 5 Supervisor Paul Griffin pushed the new policy. He said he did so to ensure any damaged incurred to county roads are repaired. For the timber industry, however, the bond is viewed as excessive and makes doing business in Madison County difficult.
From The Madison County Journal: https://onlinemadison.com/main.asp?SectionID=1&SubSectionID=1&ArticleID=26990