Bill Text: MS SB2218 | 2018 | Regular Session | Engrossed
Bill Title: Community and junior colleges; may enter into loans for up to 25 years with board of trustees' approval.
Spectrum: Bipartisan Bill
Status: (Passed) 2018-03-16 - Approved by Governor [SB2218 Detail]
Download: Mississippi-2018-SB2218-Engrossed.html
MISSISSIPPI LEGISLATURE
2018 Regular Session
To: Universities and Colleges; Finance
By: Senator(s) Harkins, Jackson (11th)
Senate Bill 2218
(As Passed the Senate)
AN ACT TO AMEND SECTION 37-29-103, MISSISSIPPI CODE OF 1972, TO AUTHORIZE A BOARD OF TRUSTEES OF A COMMUNITY OR JUNIOR COLLEGE TO ENTER INTO LOANS FOR PERIODS NOT TO EXCEED 25 YEARS; AND FOR RELATED PURPOSES.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:
SECTION 1. Section 37-29-103, Mississippi Code of 1972, is amended as follows:
37-29-103. Any board of
trustees may, in its discretion, by the concurrence of two-thirds (2/3) of its
authorized members present and voting and for good cause shown therefor, to be
spread upon its minutes by way of its resolution or order, which shall contain
a proposal as to the revenues from which it is anticipated the loans herein
authorized are to be repaid, authorize the junior college district to borrow
money from time to time for periods not to exceed * * * twenty-five (25) years
under such terms and conditions as the board deems necessary and requisite and
upon its issuing its promissory note or notes or other negotiable instruments.
Such loans may be repaid from the general fund of the district, whether the
same shall have been derived from ad valorem tax receipts or otherwise and may
be further secured by a pledge of the avails of the levies, whether for
support, enlargement, improvement or repairs, authorized by Section 37-29-141,
Mississippi Code of 1972; and the tax receipts used to repay such loans from
any levies so pledged shall be excluded from the ten percent (10%) growth
limitation on ad valorem taxes imposed in Sections 27-39-320, 27-39-321 and 37-57-107,
Mississippi Code of 1972. Such note or notes or other negotiable instruments
shall be executed by the manual or facsimile signature of the chairman of the
board of trustees and countersigned by the manual or facsimile signature of the
secretary thereof, with the seal of the district affixed thereto. At least one
(1) signature on each such note shall be a manual signature, as specified in
the issuing resolution. The coupons, if any, may bear only facsimile
signatures. Any notes or other evidences of indebtedness issued pursuant to
this section shall be sold pursuant to the provisions of Section 31-19-25,
Mississippi Code of 1972, and shall not bear a greater overall maximum interest
rate to maturity than that allowed in Section 75-17-101, Mississippi Code of
1972.
SECTION 2. This act shall take effect and be in force from and after July 1, 2018.
