CAP LOAN PROGRAM
The Board of Supervisors of Tunica County, Mississippi, acting for and on behalf of Tunica County, Mississippi took up for consideration the matter of authorizing and approving a loan on behalf of Tunica County from the Mississippi Development Authority (the Department) for the purpose of completing capital improvements identified as:
The improvements are as follows: Building and Infrastructure Improvements
BE IT RESOLVED BY THE GOVERNING BODY OF TUNICA COUNTY, AS FOLLOWS:
Section 1. The Governing Body of Tunica County does hereby declare its intention to enter into a loan agreement with the Department in the principal amount not to exceed Four Million Dollars ($4,000,000.00) for the purpose of completing the items identified above.
Section 2. The Loan will be secured by a Note executed and delivered by Tunica County to the Department. Failure of Tunica County to meet its repayment obligations shall result in the forfeiture of sales tax allocation or homestead exemption reimbursement in an amount sufficient to repay obligations due until such time as the indebtedness has been discharged or arrangements to discharge such indebtedness satisfactory to the Department have been made.
Section 3. The Governing Body proposes to authorize and approve the Loan from the Department in the amount and for the aforesaid purposes at a meeting of the Governing Body to be held at its regular meeting place being the Board Room located in the Tunica County Courthouse, 1300 School Street, in Tunica, Tunica County, Mississippi at 9:00 a.m. on Monday, February 7, 2011, or at some meeting held subsequent thereto. This date assigned to authorize and approve the aforementioned loan documents has been set to meet program requirements that mandate that four public notices be issued prior to loan closing. This will allow sufficient time for public comments.
The motion having received the foregoing vote of the Governing Body, President, William E. Pegram declared the motion carried and the Resolution adopted, on this the 4th day of January, 2011.
/s/ William E. Pegram
President, Board of Supervisors
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