MS SB2918

Authorizes the Sunflower County Board of Supervisors to borrow up to $400,000 to refund ad valorem tax payments collected in error when the total erroneous collection exceeds $100,000.

Requires the board to adopt a resolution declaring the necessity for borrowing, specifying the purpose, amount, maturity dates, and how the debt will be evidenced before any money is borrowed.

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

Notes or certificates must mature in approximately equal installments of principal and interest over no more than 5 years, with principal payable annually and interest payable annually or semiannually.

The full faith, credit, and resources of Sunflower County are pledged to repay the debt, and if sufficient funds are unavailable, the board shall levy a special tax to establish a sinking fund for payment.