SEC. 51-35-175. May borrow money for preliminary work.
In order to facilitate the preliminary work and to assist in the preparation of the official plan, the board of commissioners, if the expense of preliminary work be not paid as hereinbefore provided or if additional preliminary funds are needed, may borrow money with the approval of the chancellor, at a rate of not exceeding six per centum per annum, and issue its negotiable note or notes therefor to be repaid not later than four years from the date of the loan; but the principal and interest of the money paid, and the money borrowed for the preliminary funds or expenses shall not exceed the limits of preliminary expenses as hereinbefore provided. In the event of the construction of the works of the district, such moneys shall be repaid from the district funds, and in the event the works are not constructed, from the ad valorem tax provided in section 51-35-155. The words "district funds" as used herein mean funds derived from taxes authorized to be levied under the provisions of this article.
SOURCES: Codes, 1942, Sec. 4805; Laws, 1936, ch. 188, Sec. 35.
1997 Amendment
SECTION 11. Sections 51-35-147, 51-35-149, 51-35-151, 51-35-153, 51-35-155, 51-35-157, 51-35-159, 51-35-161, 51-35-163, 51-35-165, 51-35-167, 51-35-169, 51-35-171, 51-35-173, 51-35-175, 51-35-177, 51-35-179, 51-35-181, 51-35-183, 51-35-185, 51-35-187, 51-35-189, 51-35-191 and 51-35-193, Mississippi Code of 1972, which authorize the use of bonds and warrants, create an executive committee of the board, define the liability of a commissioner, require the adoption and allow the alteration of a flood control plan, authorize the board to charge preliminary expenses against property, to enter onto property, to acquire lands, to cooperate in the construction and maintenance of and to construct certain structures, to exercise eminent domain rights, to enlarge or combine districts, to borrow money for certain purposes and to fix, levy and provide for the collection of ad valorem taxes for certain purposes, allow sale of property for delinquent taxes, provide for an appeal from actions under this article, and authorize hearings before a special commissioner appointed by the chancellor, reimbursement of expenses of a chancellor and acceptance of reimbursements for amounts advanced for expenditure under an official plan, are repealed.
SOURCE: 1997 Laws, Chapter 403, Sec. 11, SB2937, Effective July 1, 1997.