1997 Regular Session
To: Local and Private Legislation; Ways and Means
By: Representatives McBride, Morris, Henderson (9th)
House Bill 1908
(As Sent to Governor)
AN ACT TO AUTHORIZE THE BOARD OF SUPERVISORS OF PANOLA COUNTY TO BORROW A SUM OF MONEY FROM THE ECONOMIC DEVELOPMENT REVOLVING LOAN FUND OF THE CITY OF BATESVILLE FOR THE PURPOSE OF DEFRAYING COSTS INCURRED BY THE COUNTY IN CONSTRUCTING A LIVESTOCK FACILITY; TO PROVIDE THAT SUCH LIVESTOCK FACILITY SHALL BE USED FREE OF CHARGES OR COSTS TO THE NORTHWEST DISTRICT LIVESTOCK SHOW OR ANY PARTICIPANT IN SUCH LIVESTOCK SHOW FOR THE HOLDING OF THE LIVESTOCK SHOW FOR THE NORTHWEST DISTRICT OF MISSISSIPPI; AND FOR RELATED PURPOSES.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:
SECTION 1. (1) The Board of Supervisors of Panola County, in its discretion, by resolution duly adopted and entered on its minutes, and upon approval by the governing authorities of the City of Batesville, may borrow an amount not to exceed One Million Dollars ($1,000,000.00) from the Economic Development Revolving Loan Fund of the City of Batesville. The borrowing shall be evidenced by negotiable or nonnegotiable notes or certificates of indebtedness executed in accordance with such terms and conditions, and with such security for the loan, as may be agreed upon by the Board of Supervisors of Panola County and the governing authorities of the City of Batesville. The proceeds of such borrowing shall be deposited in a special fund of the county and may be expended, along with other monies granted to the county solely for the purpose of defraying costs incurred by the county in constructing a livestock facility in Panola County.
(2) The notes or certificates of indebtedness executed under the provisions of subsection (1) of this section shall not be included in any statutory debt limitation under Section 19-9-5, Mississippi Code of 1972, nor shall the Board of Supervisors of Panola County be required to comply with the provisions of Sections 17-21-51 through 17-21-53, Mississippi Code of 1972, or Chapter 9 of Title 19, Mississippi Code of 1972, relating to the borrowing of money and issuance of bonds.
(3) The authority granted in this act shall be deemed to be full and complete authority for exercise of the powers granted under this act, shall be considered additional, cumulative and supplemental to any other authority granted to counties and municipalities by general law, and shall not be deemed to amend, repeal or otherwise to be in derogation of any existing law of this state.
SECTION 2. The livestock facility constructed, in whole or in part, with funds provided for herein or its successor facility, shall be used, free of charges or costs to the Northwest District Livestock Show or to any participant in said livestock show, for the holding of the livestock show for the Northwest District of Mississippi at the times and in the manner and for the purposes as provided in Sections 69-5-101 through 69-5-105, inclusive, of the Mississippi Code of 1972.
SECTION 3. This act shall take effect and be in force from and after its passage.