51-11-81 - Maximum loan period; renewals and extensions; sources of loans; repayment of advances. - Mississippi Statutes

§ 51-11-81. Maximum loan period; renewals and extensions; sources of loans; repayment of advances.
 

The district may borrow funds for a period of not to exceed three (3) years and may renew and extend any loans from time to time, from any city, municipality, county, state, the United States of America, or any of its agencies or departments, or from any other source to pay the preliminary expenses of organizing the district or for carrying out any of the purposes of Sections 51-11-53 through 51-11-85, including engineering services, attorneys fees and expenses, and other organization and administration expenses, on any terms of repayment as the board of directors shall determine. Any municipality or county in which any part of the district shall lie may advance or loan funds to the district for the purposes. Any such municipality or county making a loan or advance may borrow money for a period not to exceed three (3) years from the date of borrowing for the purpose of making a loan or advance. The board of directors may repay any advances from the proceeds of any bonds issued under Sections 51-11-53 through 51-11-85. If any loan or advance is not paid at maturity of the bonds, the district may levy a tax on the lands of the district under Sections 51-11-53 through 51-11-85 for the repayment of the loan or advance. 
 

Sources: Laws,  1998, ch. 515, § 15, eff from and after July 1, 1998.