MS SB2929

Authorizes the Town of Abbeville, Mississippi to borrow up to $200,000 to purchase the Abbeville Water Association

Requires governing authorities to adopt a resolution declaring the necessity for borrowing and specifying loan terms before proceeding

Notes or certificates of indebtedness must be sold at public auction after 10 days of newspaper advertising, with interest rates not exceeding state limits under Section 75-17-101

Loan repayment must occur over no more than 10 years with annual principal payments and annual or semiannual interest payments

Pledges the full faith, credit, and resources of the municipality for repayment, with authority to levy special property taxes if funds are insufficient