MS HB1673

Authorizes the Board of Supervisors of Sunflower County, Mississippi to borrow money to refund ad valorem tax payments collected in error when the aggregate amount exceeds $100,000.

Requires the board to adopt a resolution declaring necessity for borrowing, specifying the amount, maturity dates, and form of evidence before any funds are borrowed.

Borrowing must be evidenced by negotiable notes or certificates of indebtedness signed by the clerk, offered at public sale after at least 10 days' newspaper advertising, with interest rates not to exceed those authorized in Mississippi Code Section 75-17-101.

Notes and certificates must mature in approximately equal principal and interest installments over a period not exceeding five years, with principal payable annually and interest payable annually or semiannually.

Pledges the full faith, credit, and resources of Sunflower County for payment; authorizes the board to levy a special tax if necessary to establish a sinking fund for timely payment of principal and interest.