Ruling settles fight over 16th Section leases

A ruling issued this week from the attorney general’s office confirms that the appraisal method Madison County schools have used for years is the proper way to figure annual lease payments.

The new opinion overrides one requested by Secretary of State Delbert Hosemann earlier this year. Hosemann’s formula changed the calculation method that could have resulted in homeowners facing payments of more than four times their current cost when they refinance or buy out an existing lease.

“The attorney general agreed we had been doing it correctly,” school board attorney Holmes Adams said, adding that the new opinion should end any questions about the process. “The issue has been put to bed.”