MS HB706

Authorizes municipalities formerly designated as census-designated places and incorporated during 2011, 2012, or 2013 to borrow money for current expenses from the incorporation date in anticipation of ad valorem tax collection.

Borrowed funds must be repaid by March 15 from the first collected tax revenues at an interest rate not exceeding the rate in Section 75-17-105.

Maximum borrowing amount is limited to 50% of anticipated but uncollected revenue from the current tax levy.

Borrowing authorization requires only a governing authority resolution without voter approval, election notice, or consideration of statutory debt limitations.

Borrowing authority expires on March 1, 2014, and may be used for current municipal expenses or payment of bonded indebtedness interest.