2005 Regular Session
To: Local and Private
By: Senator(s) Tollison, Huggins, Jordan
AN ACT TO AUTHORIZE THE BOARD OF SUPERVISORS OF TALLAHATCHIE COUNTY, MISSISSIPPI, TO PLEDGE THE CERTIFICATE OF TITLE TO THE FIRE TRUCK ACQUIRED BY TALLAHATCHIE COUNTY THROUGH THE RURAL FIRE TRUCK ACQUISITION ASSISTANCE PROGRAM AS COLLATERAL FOR A LOAN TO PURCHASE THE FIRE TRUCK AND TO BUILD A STRUCTURE FOR THE FIRE TRUCK; TO PROVIDE THAT IF THE FIRE TRUCK IS REPOSSESSED FOR FAILURE TO COMPLY WITH THE GRANT AND LOAN REQUIREMENTS, THE TALLAHATCHIE COUNTY BOARD OF SUPERVISORS SHALL REIMBURSE THE STATE OF MISSISSIPPI AND THE RURAL FIRE TRUCK FUND FOR ANY SHORTFALL; AND FOR RELATED PURPOSES.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:
SECTION 1. The Board of Supervisors of Tallahatchie County, Mississippi, in its discretion, may pledge the certificate of title to the new fire truck acquired by Tallahatchie County through the rural fire truck acquisition assistance program as collateral for a loan from any lender for the purpose of providing funds to purchase one (1) new fire truck and to build a structure to accommodate the fire truck.
SECTION 2. If the fire truck acquired under Section 1 of this act is repossessed for failure to comply with the grant and loan requirements, the Board of Supervisors of Tallahatchie County shall reimburse the State of Mississippi and the Rural Fire Truck Fund created under Section 17-23-1, Mississippi Code of 1972, for any shortfall.
SECTION 3. This act shall take effect and be in force from and after its passage.