2021 Regular Session
To: Local and Private Legislation
By: Representative Reynolds
AN ACT TO AUTHORIZE THE BOARD OF SUPERVISORS OF YALOBUSHA COUNTY, MISSISSIPPI, TO LOAN THE OAKLAND NATURAL GAS DISTRICT CERTAIN FUNDS; TO PROVIDE THAT THE LOAN SHALL BE APPLIED SOLELY TO EXISTING INDEBTEDNESS OF THE GAS DISTRICT; AND FOR RELATED PURPOSES.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:
SECTION 1. The Board of Supervisors of Yalobusha County, Mississippi, may, in its discretion, loan the sum of up to Three Hundred and Fifty Thousand Dollars ($350,000.00) to the Oakland Natural Gas District, and such loan shall be applied exclusively to the existing indebtedness of the gas district. The loan shall bear interest at a rate not to exceed the legal rate of eight percent (8%) payable in monthly installments and over a term not to exceed ten (10) years. The loan shall be formalized in a mutually accepted loan agreement executed by the parties.
SECTION 2. This act shall take effect and be in force from and after its passage.