MS SB2974

Department of Rehabilitation Services authorized to borrow up to $7,000,000 from the bank for construction, repair, renovation, furnishing, and equipping of its office building in Madison, Mississippi.

Loan is exempt from the requirements of Section 31-25-27(14), streamlining the approval process for the Department of Rehabilitation Services.

Department may use available revenues to repay principal, premiums, and interest on the loan.

Bill amends Section 31-25-28, Mississippi Code of 1972, to add this borrowing authority as subsection (8)(b).

Effective date is July 1, 2011.