CAP LOAN PROGRAM
The Neshoba County Board of Supervisors, acting for and on behalf of Neshoba County, Mississippi (the “County”) took up for consideration the matter of authorizing and approving a loan on behalf of the County from the Mississippi Development Authority (the "Department") for the purpose of completing capital improvements identified as:
Building Improvements for Neshoba County General Hospital-Nursing Home
BE IT RESOLVED BY THE GOVERNING BODY OF THE COUNTY, AS FOLLOWS:
Section 1. The Governing Body of the County does hereby declare its intention to enter into a loan agreement with the Department in the principal amount not to exceed one million two-hundred fifty thousand dollars ($1,250,000) for the purpose of completing the capital improvements identified above.
Section 2. The Loan will be secured by a Note executed and delivered by the County to the Department. Failure of the 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 at the Board of Supervisors meeting room in Philadelphia, Mississippi at 2:00 o'clock p.m. on the 15th day of November, 2021, 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 which 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, the President of the Board declared the motion carried and the Resolution adopted, on this the 4th day of October, 2021.
/s/ KEVIN CUMBERLAND
PRESIDENT, BOARD OF SUPERVISORS
NESHOBA COUNTY, MISSISSIPPI
Published on October 13, 2021, October 20 2021, October 27, 2021 and November 3, 2021 in the Neshoba Democrat (newspaper)