2007 Regular Session
To: Local and Private Legislation; Ways and Means
By: Representative Ward
AN ACT TO AUTHORIZE TIPPAH COUNTY, MISSISSIPPI, TO ASSUME AN EXISTING LOAN BY THE UNITED STATES DEPARTMENT OF AGRICULTURE TO THE TIPPAH COUNTY DEVELOPMENT FOUNDATION FOR THE PURPOSE OF PURCHASING 320 ACRES OF INDUSTRIAL PROPERTY; AND FOR RELATED PURPOSES.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:
SECTION 1. It is hereby determined that for the benefit of the people of Tippah County, Mississippi, that to increase their commerce, welfare and prosperity, and to improve the living conditions, the Board of Supervisors of Tippah County, Mississippi, be granted the authority to assume a loan from the United States Department of Agriculture to the Tippah County Development Foundation and to pledge the full faith and credit of the county to the United States Department of Agriculture to guarantee the repayment of said loan for the purpose of purchasing three hundred twenty (320) acres of industrial property which joins the Tippah County Industrial Park near Ripley, Mississippi.
SECTION 2. As used in this act, the following words shall have the meanings ascribed herein unless the context clearly requires otherwise:
(a) "County" means Tippah County, Mississippi.
(b) "Development foundation" means the Tippah County Development Foundation, a Mississippi nonprofit corporation which is an organization described in Section 501(c)(3) or any successor section of the Internal Revenue Code, as amended, and which is authorized to own and develop industrial property in Tippah County, Mississippi.
(c) "Property" means three hundred twenty (320) acres of real property which was purchased by the Tippah County Development Foundation in 2006 which adjoins the current Tippah County Industrial Park which no longer has any available industrial land for purchase by prospects and which newly acquired land already has water, electricity and other infrastructure needed for industrial use.
(d) "Loan agreement" means the loan from the United States Department of Agriculture to the Tippah County Development Foundation completed in 2006 in the amount of Nine Hundred Sixty Thousand Dollars ($960,000.00) to be repaid over a forty-year period which was guaranteed by the full faith and credit of Tippah County, Mississippi.
SECTION 3. Tippah County, Mississippi, is hereby authorized to assume the existing loan agreement from the development foundation to the United States Department of Agriculture for a period of forty (40) years pursuant to the other terms and conditions of the loan agreement.
SECTION 4. The assumption of the loan agreement shall not exceed Nine Hundred Sixty Thousand Dollars ($960,000.00).
SECTION 5. Before any money is borrowed under the provisions of this act, the board of supervisors shall adopt a resolution declaring the necessity for such borrowing and specifying the purpose for which the money borrowed is to be expended, the amount to be borrowed, the date or dates of the maturity thereafter and how such debt shall be evidenced. The resolution shall be certified over the signature of the head of the governing authority. Such resolution shall be published once a week for at least three (3) consecutive weeks in a newspaper with a general circulation in Tippah County, Mississippi. The first publication of such resolution shall be made not less than twenty-one (21) days prior to the date fixed in such resolution and shall be made not more than seven (7) days prior to such date. If one thousand five hundred (1,500) or ten percent (10%) of the qualified electors of the county, whichever is less, shall file a written protest against the assumption of the loan agreement, then an election on the question of the issuance of such bonds shall be called and held as provided in Section 19-9-13, Mississippi Code of 1972. If no protest is filed, then such assumption may be issued without an election on the question of the issuance of the assumption at any time within a period of two (2) years after the date specified in the above-mentioned resolution.
SECTION 6. For the prompt payment of the loan agreement to the United States Department of Agriculture, the full faith, credit and resources of the county may be pledged.
SECTION 7. The money borrowed herein shall not exceed the maximum authority to incur debt provided for in Section 17-21-51, Mississippi Code of 1972.
SECTION 8. The board of supervisors shall be entitled to execute all documents necessary to effectuate the assumption of the loan agreement.
SECTION 9. This act, without reference to any other statute, shall be deemed to be full and complete authority for the assumption of the loan agreement, and shall be construed as an additional and alternative method therefor, and none of the present restrictions, requirements, conditions or limitations of law applicable to the issuance of debt shall apply to the assumption of the loan agreement under this act, and no proceedings shall be required for the assumption of the loan agreement other than those provided for herein, and all powers necessary to be exercised in order to carry out the provisions of this act are hereby conferred.
SECTION 10. This act shall take effect and be in force from and after its passage.