As Amended
SEC. 57-39-205. Default; forfeiture of reimbursement for homestead exemption.
In the event that a loan made to a school board has not been repaid or arrangements satisfactory to the Department of Economic and Community Development have not been made to repay the loan after the same is due and payable, the department shall determine that there is a default, shall enter an order to that effect upon its official minutes, and shall send a certified copy of said order by certified mail, postage prepaid, to the school board and the chancery clerk or city clerk, as the case may be. If said default is not satisfied in full within thirty (30) days following notification of default by the department, the county or municipality, as the case may be, and the school district involved shall forfeit the right to receive reimbursement for homestead exemption to which the school district was otherwise entitled until such time as its indebtedness has been discharged or arrangements to discharge said indebtedness satisfactory to the department have been made. Homestead exemption funds forfeited hereby shall, upon written demand by the department to the Mississippi State Tax Commission, be paid by the State Department of Finance and Administration to the department and thereby be applied to the discharge of the obligation.
SOURCES: Laws, 1984, ch. 463, Sec. 3; 1992, ch. 496, Sec. 47, eff from and after July 1, 1992.