Mississippi § 65-33-49 - Extension, construction, and repair.

§ 65-33-49. Extension, construction, and repair.

In those counties operating under this chapter, the board of supervisors may borrow funds not in excess of three hundred fifty thousand dollars ($350,000.00) at a rate of interest not exceeding six per cent. per annum, in addition to such sums as may have heretofore been borrowed, for the purpose of extending, constructing, repairing, or maintaining the road protection of the county or to protect by sea wall or road protection any street, highway, road, or avenue connected therewith extending to or along the side of a harbor or to a boat landing or dock, which, in the judgment of the board of supervisors of such county, should be so protected either for an existing or a contemplated road, street, highway, or avenue. Such board of supervisors shall have authority to acquire by purchase or otherwise a dredge boat and use and operate the same for the purpose of pumping a sand beach adjacent to such sea wall or road protection structure, and to pay for same out of any funds provided under this section or any funds collected under Section 65-33-47. The funds or amount borrowed for the purpose provided for in this section shall be paid within a period of ten years from the date borrowed, and shall be paid out of the funds collected under this chapter. All bonds, notes, or certificates of indebtedness maturing each year and the interest thereon, however, shall be first provided for and paid out of said funds. The loans authorized herein shall not be subject to other limitations, restrictions, or provisions of the general laws governing the borrowing of money, amounts of indebtedness, budget, and election; and said loans may be made by the board of supervisors of such county either by issuance of county bonds, notes, or certificates of indebtedness which shall be full faith and credit obligations of the county issuing the same and shall be payable, both as to principal and interest, from the same sources of revenue and taxes made available for the payment of road protection bonds under the provisions of this chapter. The money herein authorized to be borrowed may be borrowed by such board of supervisors from any person, firm, corporation, governmental lending agency, or from any sinking funds of such county, provided that if the money be borrowed from any sinking fund, it shall be repaid before the sinking fund from which it is borrowed, when supplemented by funds paid into same, is needed. Before the board of supervisors shall borrow money under this section, it shall spread on its minutes an order reciting such intention and shall thereafter publish a copy of such order, in two weekly issues of some newspaper having a general circulation in the county. If, within fifteen days after the first publication of a copy of such order, twenty-five per cent of the qualified electors of the county petition the board of supervisors for an election to determine whether or not the adoption of such order should be annulled, such election shall be ordered by such board of supervisors. If at such election a majority of those voting vote in favor of the adoption of such order, the same shall be valid and effective; but if a majority shall vote against such order, it shall be annulled and shall be ineffective, and no further effort shall be made to borrow funds under this section by such board for a period of six months from the date of such election. If no such petition be presented within fifteen days after the first publication of a copy of such order, such order shall be valid and effective. The amount authorized to be borrowed under this section may be borrowed at any time and in any amount, but the total borrowed shall not exceed three hundred fifty thousand dollars ($350,000.00) in addition to such sums as may heretofore have been borrowed for the purposes herein enumerated, or either of them.