MS SB2920

Authorizes the Madison County Economic Development Authority to borrow up to $100,000,000 by issuing negotiable promissory notes secured by deed of trust or lease on Authority property or other available collateral.

Borrowing authority under this provision expires on March 31, 2014.

Authority may use borrowed funds to acquire land and buildings, improve property, and support economic development purposes in Madison County.

Borrowing is subject to prior written approval of Madison County Board of Supervisors, which may pledge a portion of the tax levy authorized for the Authority to secure repayment.

County liability for repayment is limited only to the extent of any tax levy pledged as security; the Authority itself remains liable for the full debt.