MISSISSIPPI LEGISLATURE

1997 Regular Session

To: Local and Private Legislation; Ways and Means

By: Representatives McBride, Morris, Henderson (9th)

AN ACT TO AUTHORIZE THE BOARD OF SUPERVISORS OF PANOLA COUNTY TO BORROW A SUM OF MONEY FROM THE ECONOMIC DEVELOPMENT REVOLVING LOAN FUND OF THE CITY OF BATESVILLE FOR THE PURPOSE OF DEFRAYING COSTS INCURRED BY THE COUNTY IN CONSTRUCTING A LIVESTOCK FACILITY; AND FOR RELATED PURPOSES. 

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:

SECTION 1. (1) The Board of Supervisors of Panola County, in its discretion, by resolution duly adopted and entered on its minutes, and upon approval by the governing authorities of the City of Batesville, may borrow an amount not to exceed One Million Dollars ($1,000,000.00) from the Economic Development Revolving Loan Fund of the City of Batesville. The borrowing shall be evidenced by negotiable or nonnegotiable notes or certificates of indebtedness executed in accordance with such terms and conditions, and with such security for the loan, as may be agreed upon by the Board of Supervisors of Panola County and the governing authorities of the City of Batesville. The proceeds of such borrowing shall be deposited in a special fund of the county and may be expended, along with other monies granted to the county under the provisions of Chapter 530, Laws of 1997, solely for the purpose of defraying costs incurred by the county in constructing a livestock facility in Panola County.

(2) The notes or certificates of indebtedness executed under the provisions of subsection (1) of this section shall not be included in any statutory debt limitation under Section 19-9-5, Mississippi Code of 1972, nor shall the Board of Supervisors of Panola County be required to comply with the provisions of Sections 17-21-51 through 17-21-53, Mississippi Code of 1972, or Chapter 9 of Title 19, Mississippi Code of 1972, relating to the borrowing of money and issuance of bonds.

(3) The authority granted in this act shall be deemed to be full and complete authority for exercise of the powers granted under this act, shall be considered additional, cumulative and supplemental to any other authority granted to counties and municipalities by general law, and shall not be deemed to amend, repeal or otherwise to be in derogation of any existing law of this state.

SECTION 2. This act shall take effect and be in force from and after its passage.