MISSISSIPPI LEGISLATURE

2001 Regular Session

To: Local and Private

By: Senator(s) Bryan

AN ACT TO AUTHORIZE THE BOARD OF SUPERVISORS OF MONROE COUNTY, MISSISSIPPI, THE GOVERNING AUTHORITIES OF THE CITY OF ABERDEEN, MISSISSIPPI, AND THE GOVERNING AUTHORITIES OF AMORY, MISSISSIPPI, TO JOINTLY AND SEVERALLY GUARANTEE ANY LOANS MADE BY FINANCIAL INSTITUTIONS TO THE MONROE COUNTY CHAMBER OF COMMERCE FOR THE PURCHASE OF PROPERTY FOR, AND CONSTRUCTION OF, SPECULATIVE COMMERCIAL BUILDINGS, TO PAY THE INTEREST ON ANY SUCH LOAN DURING THE TERM OF THE CONTRACT AND TO PURCHASE ANY SPECULATIVE COMMERCIAL BUILDING CONSTRUCTED BY THE MONROE COUNTY CHAMBER OF COMMERCE IF THE BUILDING HAS NOT BEEN SOLD TO A PROSPECT BY THE END OF THE TERM OF SUCH A LOAN; AND FOR RELATED PURPOSES.

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

SECTION 1. (1) The Board of Supervisors of Monroe County, Mississippi, the governing authorities of the City of Aberdeen, Mississippi, and governing authorities of the City of Amory, Mississippi, (hereinafter called governmental entities), are hereby authorized and empowered, in their discretion, to jointly or severally:

(a) Guarantee any loans made by financial institutions to the Monroe County Chamber of Commerce for the purchase of property for, and construction of, speculative commercial buildings;

(b) Pay the interest on any such loan during the term of the loan; and

(c) Purchase any speculative commercial building constructed by the Monroe County Chamber of Commerce if the building has not been sold to a prospect by the end of the term of such a loan.

(2) The governmental entities are authorized and empowered, in their discretion, to jointly or severally enter into agreements with the Monroe County Chamber of Commerce and financial institutions regarding the provisions of subsection (1) of this section. The term of any such agreement shall not exceed five (5) years and may extend beyond the term of office of the governing body of the governmental entities.

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