MISSISSIPPI LEGISLATURE

2001 Regular Session

To: Local and Private Legislation

By: Representative Montgomery (15th), Ford

AN ACT TO AUTHORIZE THE GOVERNING AUTHORITIES OF THE CITY OF PONTOTOC, MISSISSIPPI, TO EXPEND FUNDS FOR THE PURPOSE OF ACQUIRING RAW MATERIALS AND PROVIDING WORKING CAPITAL FOR AN ENTERPRISE; TO LIMIT THE AMOUNT OF FUNDS THAT MAY BE EXPENDED FOR SUCH PURPOSES; AND FOR RELATED PURPOSES.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:

SECTION 1. The governing authorities of the City of Pontotoc, Mississippi, in their discretion, may expend funds from any available source for the following purposes: (a) acquiring raw materials to be used by the enterprise, and (b) to provide working capital for the enterprise. For the purposes of this section, the term "enterprise" means an industrial enterprise comprised of the land and the building or buildings thereon owned or leased by the City of Pontotoc, and equipment and machinery for warehousing, storing, distributing, manufacturing or processing goods or industrial products. The aggregate amount that may be used for such purposes may not exceed Three Million Dollars ($3,000,000.00). Any acquisition under this section may be made on such terms and conditions as the governing authorities may determine is in the public interest without the necessity for appraisal, advertisement or bidding, notwithstanding any other statute or rule of law to the contrary.

SECTION 2. This act shall take effect and be in force from and after its passage.