As Amended
SEC. 37-29-101. Borrowing in anticipation of taxes.
In addition to other authority granted by sections 37-29-1 through 37-29-273 or existing laws, the board of trustees may borrow money in anticipation of taxes, not to exceed fifty percent (50%) of the previous year's ad valorem tax receipts, for the purpose of paying any expenses authorized by law for the operation, maintenance and support of the college. The loan shall be evidenced by note or notes bearing the signatures of the chairman of the board and of the secretary of the board of trustees, and the seal of the college shall be thereon impressed. Said notes shall mature not later than the thirtieth day of June next thereafter, and the same shall not bear interest in excess of that allowed in section 75-17-105, Mississippi Code of 1972.
SOURCES: Codes, 1942, Sec. 6475-57; Laws, 1964, ch. 398, Sec. 7; 1968, ch. 406, Sec. 1; 1981, ch. 462, Sec. 6; 1982, ch. 434, Sec. 11; 1983, ch. 541, Sec. 16, eff from and after passage (approved April 25, 1983).