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 Six Hundred Thousand Dollars ($600,000.00) 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, November 18, 2024.

The note shall mature and be due in one installment of principal and interest, on or before April 1, 2025. 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. If, within the time of giving notice, twenty percent (20%), or 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 (⅗) majority of the qualified electors of such county, voting at an election to be called and held for that purpose.

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 21st day of October, 2024.

                                                            /s/ Dot Merchant                                        

                                                            CLERK, BOARD OF SUPERVISORS

Publish three (3) times October 24, October 31 and November 7

Bill General County Fund

Resolution

The Board of Supervisors of Leake County, Mississippi took up the matter of the issuance of a negotiable note in the principal amount of Six Hundred Thousand Dollars ($600,000.00). 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 SIX HUNDRED THOUSAND DOLLARS ($600,000.00) 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 April 1 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 75-17-105, 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 (⅗) 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 of funds until such time as the tax payments are received in January and February 2025, and that a Note in anticipation of taxes of a total of $600,000.00 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 $5,040,715.00.

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 Six Hundred Thousand Dollars ($600,000.00) (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 A.M. on November 18, 2024, 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 Jeff Webb, Webb Law Firm, PLLC, 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 21st day of October, 2024.

 

                                                            __________________________________________

                                                            PRESIDENT

 

Attest:

 ___________________________________

Clerk, Board of Supervisors

 

 

 

 

 

 

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