Section 11-10-1
Section 11-10-1
Authorized; issuance of certificates evidencing loans; pledge of uncollected taxes to secure repayment.
County commissions, for and in behalf of their respective counties, may make temporary loans in anticipation of the collection of taxes for the year in which such loans are made, and may issue certificates covering such loans and may pledge a sufficient amount of uncollected taxes of the current year to secure the repayment of such loan or loans.
(Acts 1915, No. 53, p. 105; Code 1923, §239; Code 1940, T. 12, §124.)Section 11-10-2
Section 11-10-2
Amount of loans; interest, maturity, renewal, etc.; disposition of proceeds.
Such loans shall not be in an amount greater than $400,000.00 per year and may bear interest not to exceed 12 percent per annum.
All such loans shall mature not later than February 1 of the year following that in which the loan is made and may be renewed only upon payment of all interest then due, together with not less than 10 percent of the principal then outstanding.
No proceeds from any loans made under the provisions of this chapter shall be used for any purpose other than that for which the general funds of the county may now be used.
(Acts 1915, No. 53, p. 105; Code 1923, §240; Acts 1932, Ex. Sess., No. 168, p. 196; Acts 1935, No. 379, p. 803; Code 1940, T. 12, §125; Acts 1959, No. 512, p. 1263; Acts 1975, No. 1046, p. 2102, §1; Acts 1980, No. 80-808, p. 1663; Acts 1982, 2nd Ex Sess., No. 82-756, p. 229.)Section 11-10-3
Section 11-10-3
Registration and payment of certificates.
All certificates evidencing loans made under the authority of this chapter shall be registered by the county treasurer in the order of their issue and the said treasurer shall retain out of the taxes collected for the year and paid over to him a sufficient amount to pay said certificates. Said certificates shall be in the order of their registration and they shall be entitled to priority of payment out of the proceeds of the taxes pledged to pay the same.
(Acts 1915, No. 53, p. 105; Code 1923, §241; Code 1940, T. 12, §126.)Section 11-10-4
Section 11-10-4
Cancellation of certificates.
All such certificates when paid by the treasurer shall be cancelled and such cancellation and payment shall be noted on the register and it shall be unlawful thereafter to reissue such certificates.
(Acts 1915, No. 53, p. 105; Code 1923, §242; Code 1940, T. 12, §127.)Section 11-10-5
Section 11-10-5
Certificates exempt from taxation.
All certificates issued under the authority of this chapter shall be exempt from taxation.
(Acts 1915, No. 53, p. 105; Code 1923, §243; Code 1940, T. 12, §128.)Section 11-10-6
Section 11-10-6
State and Local Fiscal Assistance Act of 1972.
(a) The governing bodies of the counties in this state are hereby authorized, for and on behalf of their respective counties, to make temporary loans in anticipation of the receipt of payments from the United States under the State and Local Fiscal Assistance Act of 1972 (31 U.S.C. §1221 et seq.) and to issue certificates evidencing such loans and to pledge a sufficient amount of said anticipated receipts to secure the repayment of such loan or loans.
(b) Such loans shall not be for a sum greater than the amount of such anticipated receipts less interest from the time of such loan until the time of the anticipated receipt of such funds.
(c) All certificates issued under the authority of this section and all interest thereon shall be exempt from taxation.
(Acts 1975, No. 1045, p. 2101, §§1-3; Acts 1982, No. 82-619, p. 117.)
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