MS HB1418

Authorizes Attala County to issue up to $5,000,000 in general obligation bonds to pay costs and obligations of Montfort Jones Memorial Hospital, including operational expenses, financing costs, and costs related to sale or lease of the hospital.

Bonds are secured by full faith and credit of the county and exempt from state income taxation, with a maximum interest rate set by Section 75-17-101 and maturity not to exceed 30 years.

Requires board of supervisors to adopt a resolution declaring intent to issue bonds and publish notice for at least three consecutive weeks; a petition signed by 20% or 1,500 qualified voters (whichever is less) can trigger a voter referendum.

Authorizes the county to sell or lease the hospital building, assets, and real estate without complying with standard procedures, but requires documentation that a certified public accounting firm reviewed the hospital's operating condition and concluded a sale or lease should be considered.

Authorizes the hospital's board of trustees to petition for relief from debts and financial obligations under Chapter 9 of Title 11 of the U.S. Code (municipal bankruptcy).