The Board of Supervisors of Leake County, Mississippi took up the matter of the issuance of a negotiable note in the principal amount of Eight Hundred Thousand Dollars ($800,000.00). After a discussion of the subject, the following Resolution was offered for adoption: RESOLUTION AUTHORIZING AND DIRECTING THAT A NEGOTIABLE NOTE OF LEAKE COUNTY, MISSISSIPPI IN THE PRINCIPAL AMOUNT OF EIGHT HUNDRED THOUSAND DOLLARS ($800,000.00) BE OFFERED FOR SALE. WHEREAS, the Board of Supervisors of Leake County, Mississippi (the "Governing Body") acting for and on behalf of Leake County, Mississippi (the "Issuer"), does hereby find, determine, adjudicate and declare as follows: Section 19-9-27 of the Mississippi Code of 1972, as amended, authorizes the Board of Supervisors of any county to borrow money in anticipation of taxes for the purpose of defraying the expenses of such county, and may issue negotiable notes of the county therefor, to mature not later than March 15 of the year succeeding the year in which they are issued. The amount of money herein authorized to be borrowed shall not be in excess of twenty-five percent (25%) of the estimated amount of taxes collected and to be collected under the last preceding annual tax levies for the particular fund for which said money is borrowed. The Board may borrow said money, as hereinbefore provided, from any available fund in the county treasury, or from any other source, and such loan shall be repaid in the manner herein provided. The notes herein authorized shall bear interest at a rate to be fixed by the board, not to exceed that allowed in Section 7 5-17 -105, Mississippi Code of 1972, and such notes shall be payable at any place to be named by the board of supervisors. Any notes or obligations issued in excess of the amount authorized to be issued under the provisions of this section shall be void. Money may be borrowed in anticipation of ad valorem taxes under the provisions of this section, regardless of whether or not such borrowing shall create an indebtedness in excess of statutory limitations. For the payment of such loan, the board of supervisors shall either pledge the levy of a special tax each year sufficient to pay the amount borrowed for use that year, with interest, or shall pledge that such notes shall be paid out of the first money collected from taxes for the year in which they are issued. The aforesaid special tax, if necessary, may be in excess of the rate of taxation otherwise limited by law. The notes herein authorized shall not be issued until the board of supervisors shall have published notice of its intention to issue same; said notice to be published once each week for three (3) weeks in some newspaper having a general circulation in such county, but not less than twenty-one (21) days, nor more than sixty (60) days, intervening between the time of the first notice and the meeting at which said board proposes to issue such notes. If, within the time of giving notice, twenty percent (20%), of fifteen hundred (1500), whichever is less, of the qualified electors of the county shall protest or file a petition against the issuance of such notes, then such notes shall not be issued unless authorized by a three-fifths(%) majority of the qualified electors of such county, voting at an election to be called and held for that purpose. WHEREAS, the Board finds that the General County Fund is in need offunds until such time as the tax payments are received in January and February 2026, and that a Note in anticipation of taxes of a total of $800,000.00 is needed and in the best interest of the County. WHEREAS, the ad valorem tax receipts for 2023-2024 fiscal year for the General County Fund was $5,150,870. NOW, THEREFORE, BE IT RESOLVED BY THE GOVERNING BODY, ACTING FOR AND ON BEHALF OF THE ISSUER, AS FOLLOWS: SECTION 1. That a negotiable note of the Issuer shall be and is hereby authorized to be offered for sale in the principal amount of Eight Hundred Thousand Dollars ($800,000.00) (the "Note") to be utilized as set forth herein. SECTION 2. That the Note shall be offered at public sale at a meeting of the Governing Body to be held at its usual meeting place in the Leake County Courthouse, in the City of Carthage, Mississippi, at the hour of 9:00 o'clock AM. on August 4, 2025, upon the terms and conditions set forth in the Notice of Sale provided for in Section 3 and attached hereto as Exhibit "A"; that the Governing Body reserves the right to reject any and all bids submitted; and if all bids are rejected, to again give notice and sale said note at some future meeting. SECTION 3. That the Clerk of the Governing Body shall be and is hereby authorized and directed to give notice of the sale of the Note by publishing a notice once each week for three (3) weeks in The Carthaginian, a newspaper published in Leake County, Mississippi, and having general circulation in County of the Issuer, and that such notice shall be in substantially the form shown as Exhibit "A" hereto. SECTION 4. That the Note issued be in substantially the same form as that attached hereto as Exhibit "B" and made a part hereof. SECTION 5. That James E. Smith, III, Attorney at Law, Carthage, Mississippi, be employed in the matter of the issuance of the Note and the drafting of Orders and Resolutions in connection therewith, as provided for by Section 19-3-47(1)(c), Miss. Code of 1972, as amended. SECTION 6. That the issuance of the Note does not exceed the statutory limitation upon the indebtedness which may be incurred by the Issuer. Following the reading of the foregoing Resolution, a second to the motion to adopt was duly made. The President put the question to a roll call vote, and the result was as follows: Kirby Nazary voting "Aye", Joe Andy Helton voting "Aye", Charlie Luckett voting "Aye", Michael Sherman voting "Aye" Chip Jones voting "Aye", The motion having received the affirmative vote of the Board, the President declared the motion carried and the Resolution adopted, this 7th day NOTICE OF SALE OF NEGOTIABLE NOTE Pursuant to Section 19-9-27, Miss. Code of 1972, as amended, and Resolution of the Board of Supervisors of Leake County, Mississippi, notice hereby is given that the said Board of Supervisors will offer a negotiable note of Leake County, Mississippi, in the principal amount of Eight Hundred Thousand Dollars ($800,000.00) to the bidder offering the lowest rate of interest or whose bid represents the lowest net cost to the county, at public sale, at a meeting of the Leake County Board of Supervisors to be held at its usual meeting place in the Leake County Courthouse, in the City of Carthage, Mississippi at the hour of 9:00 o'clock A.M. on Monday, August 4, 2025. The note shall mature and be due in one installment of principal and interest, on or before March 15, 2026. The note will allow for, and provide no penalty for, early retirement. For prompt payment of the note at maturity of each installment, both principal and interest, the full faith, credit, and resources of the issuing entity, Leake County, Mississippi, will be pledged. The Board reserves the right to reject any and all bids offered, and if all bids are rejected, to again give notice and sell said note at some future meeting. By Order of the Board of Supervisors of Leake County, Mississippi, this the 7th day of July, 2025. Isl Dot Merchant Publish three (3) times July 10, 17, and 24 Bill General County Fund CLERK, BOARD OF SUPERVISORS NEGOTIABLE NOTE LEAKE COUNTY NOTE 2025-1, TAX ANTICIPATION - GENERAL COUNTY THE COUNTY OF LEAKE in the STATE OF MISSISSIPPI (the "Issuer") acknowledges itself indebted and, for value received, hereby promises to pay to ___________ or order, the sum of Eight Hundred Thousand Dollars ($800,000.00) in one installment of principal and interest, being due on or before March 15, 2026. Said note shall interest thereon from date hereof at the rate of ___ _ % with payment first to be applied to the interest due and the balance of each monthly payment to be applied to the unpaid principal of this note. Both principal of and interest on this note are payable in lawful money of the United States of America at Carthage, Leake County, Mississippi. This note is the only one of this issue and is issued pursuant to Section 19-9-27 to raise money for the in anticipation of receipt of taxes. The Issuer covenants and agrees that it will apply the proceeds of this note to the purpose set forth above, and for the prompt payment of this note and the installments herein at maturity, both principal and interest, the full faith, credit and resources of the Issuer are hereby irrevocably pledged. The Issuer covenants and agrees that if it does not have available funds in an amount sufficient to pay the principal and interest on this note as the same fall due, the Issuer shall levy annually a tax upon all its taxable property at a rate, the avails of which, will be sufficient to pay such principal and interest as the same fall due. Nothing contained in this note shall affect or impair the negotiability of this note and this note shall be deemed to be a negotiable instrument under the laws of Exhibit "B" 1 the State of Mississippi. This note is issued with the intent that the laws of the State of Mississippi will govern its construction. IT IS HEREBY CER'l'IFIED, RECITED AND REPRESENTED that all conditions, acts and things required by law to exist, to have happened and to have been performed precedent to and in the issuance of this note, in order to make the same a legal and binding general obligation of the Issuer according to the terms hereof, do exist, have happened, and have been performed in regular and due time, form and manner as required by law. IN WITNESS WHEREOF, THE Issuer has caused this note to be issued by causing it to be signed by the President of the Leake County Board of Supervisors and countersigned by the Clerk thereof, thereunto duly authorized, and its seal to be affixed, all as of the ~ day of _,i~l~l \~~+. _____ __ , 2025. LEAKE COUNTY, MISSISSIPPI Exhibit "B" 2

RESOLUTION AUTHORIZING AND DIRECTING THAT A NEGOTIABLE NOTE OF LEAKE COUNTY, MISSISSIPPI IN THE PRINCIPAL AMOUNT OF SIX HUNDRED THOUSAND DOLLARS ($600,000.00) BE OFFERED FOR SALE.

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RESOLUTION AUTHORIZING AND DIRECTING THAT A NEGOTIABLE NOTE OF LEAKE COUNTY, MISSISSIPPI IN THE PRINCIPAL AMOUNT OF SIX HUNDRED THOUSAND DOLLARS ($600,000.00) BE OFFERED FOR SALE.

RESOLUTION AUTHORIZING AND DIRECTING THAT A NEGOTIABLE NOTE OF LEAKE COUNTY, MISSISSIPPI IN THE PRINCIPAL AMOUNT OF SIX HUNDRED THOUSAND DOLLARS ($600,000.00) BE OFFERED FOR SALE. Read More »