MISSISSIPPI LEGISLATURE

1997 Regular Session

To: Local and Private

By: Senator(s) Walls, Simmons

AN ACT TO AUTHORIZE THE GOVERNING AUTHORITIES OF THE CITY OF SHELBY TO CONTRACT WITH THE UNITED STATES OF AMERICA, OR ANY AGENCY THEREOF, CONCERNING LOANS AND GRANTS TO THE CITY FOR THE PAVING, REPAIRING AND IMPROVING OF STREETS WITHIN THE CITY; AND FOR RELATED PURPOSES. 

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

SECTION 1. The Mayor and Board of Aldermen of the City of Shelby, Mississippi, are authorized to contract with the United States of America, or any agency thereof, for loans and grants to such city for the paving, repairing and improving of streets within the boundaries thereof. Such contracts may contain such terms and conditions as may be agreed upon by and between the city and the United States of America or any agency thereof.

SECTION 2. The loans authorized herein shall be in an amount not to exceed Five Hundred Thirty-three Thousand Five Hundred Dollars ($533,500.00), and shall be evidenced by bonds of the city. Such bonds shall be included within the twenty percent (20%) limitation on municipal indebtedness imposed in Section 21-33-303, Mississippi Code of 1972, and shall not be subject to or included within any other limitation on indebtedness. Also, publication shall be made in accordance with Section 21-33-307, Mississippi Code of 1972, but no posting shall be required. Further, such bonds shall be issued as fully registered bonds and may be printed in typewritten or similar form.

SECTION 3. Such bonds shall be issued, and the proceeds thereof managed, in accordance with Sections 21-33-307, 21-33-309, 21-33-311, 21-33-313, 21-33-315, 21-33-317, 21-33-319, 21-33-321, 21-33-323, 21-33-326, Mississippi Code of 1972, except as otherwise provided herein.

SECTION 4. This act, without reference to any statutes not referred to herein, shall be deemed to be full and complete authority for the borrowing of money and the contracts authorized herein, and shall be construed as an additional and alternative method therefor.

SECTION 5. Any bonds issued under the provisions of this act shall be validated in the manner provided by law.

SECTION 6. The governing authorities of the city are further authorized and empowered to adopt any and all lawful resolutions, orders or ordinances and do and perform any and all acts and things necessary and requisite to carry out the purposes of this act.

SECTION 7. This act shall take effect and be in force from and after its passage.