1998 Regular Session
To: Local and Private Legislation; Ways and Means
By: Representative Maples
House Bill 1842
(As Sent to Governor)
AN ACT TO AUTHORIZE THE GEORGE COUNTY BOARD OF SUPERVISORS TO GUARANTEE THE REPAYMENT OF A LOAN FROM SINGING RIVER ELECTRIC POWER ASSOCIATION TO THE GEORGE COUNTY HOSPITAL; TO PROVIDE THAT SUCH GUARANTEE SHALL BE A GENERAL OBLIGATION OF THE COUNTY AND SHALL BE BACKED BY THE FULL FAITH AND CREDIT OF THE COUNTY; TO AUTHORIZE THE GEORGE COUNTY BOARD OF SUPERVISORS TO LEVY AN ADDITIONAL AD VALOREM TAX TO SUPPORT SUCH GUARANTEE OF REPAYMENT; AND FOR RELATED PURPOSES.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:
SECTION 1. In addition to any other authority granted by law, the Board of Supervisors of George County, Mississippi ("board of supervisors"), in its discretion, is authorized to execute any documents and do any and all things necessary to guarantee the repayment of a loan made or to be made by Singing River Electric Power Association to the George County Hospital in the maximum amount of Seven Hundred Fifty Thousand Dollars ($750,000.00). However, the board of supervisors may not guarantee such loan if the interest rate on the loan exceeds one percent (1%) annually. The guarantee by the board of supervisors of the repayment of such loan shall be a general obligation of the county and the full faith and credit of the county shall be irrevocably pledged for the repayment of such indebtedness.
SECTION 2. In addition to any other authority granted by law, the board of supervisors is authorized to annually levy a special tax, not to exceed two (2) mills, upon all of the taxable property within the county to provide for the repayment of the loan from Singing River Electric Power Association to the George County Hospital as provided in Section 1 of this act. Such tax levy shall be in addition to all other tax levies provided by law. The tax levied pursuant to this section shall be excluded from the ten percent (10%) increase limitation under Section 27-39-321, Mississippi Code of 1972, and any other limitation on the increase of ad valorem taxes. The proceeds of the tax levied under this section shall be used solely for the purpose of retiring any indebtedness guaranteed under Section 1 of this act, and the authority to levy the tax shall be repealed upon retirement of such indebtedness.
SECTION 3. This act shall be deemed to be full and complete authority for the exercise of the powers herein granted and shall be construed as an additional and alternative method therefor.
SECTION 4. This act shall take effect and be in force from and after its passage.