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MS HB83
Bill
Status
Passed
3/15/2010
Primary Sponsor
Jessica Upshaw
Click for details
AI Summary
- Extends eligibility for certain newly incorporated municipalities (formerly census-designated places) to borrow money for current expenses in anticipation of ad valorem tax collections, expanding the incorporation window from calendar years 2009-2010 to include 2011
- Applies specifically to municipalities that were formerly census-designated places as identified by the U.S. Census Bureau and incorporated during calendar year 2009, 2010, or 2011
- Borrowed funds may not exceed 50% of anticipated but uncollected revenue from current tax levies and must be repaid by the following March 15 from the first monies collected from those levies
- Extends the deadline for governing authorities to borrow money or incur indebtedness under this section to March 1, 2012
- Borrowing requires no public notice, no voter approval, and may proceed even if it causes indebtedness to exceed statutory limitations; it may be authorized by resolution and evidenced by negotiable notes
Legislative Description
Municipalities, certain; extend time to borrow funds from date of incorporation in anticipation of collection of ad valorem taxes.
Last Action
Approved by Governor
3/15/2010
Full Bill Text
No bill text available