CAP LOAN PROGRAM
Public Notice
The Mayor and Board of Aldermen, acting for and on behalf of City of Newton, Mississippi (the "City") took up for consideration the matter of authorizing and approving a loan on behalf of the City from the Mississippi Development Authority (the "Department") for the purpose of completing capital improvements identified as:
Purchase of a fire truck for the Newton Fire Department
BE IT RESOLVED BY THE GOVERNING BODY OF THE CITY, AS FOLLOWS:
Section 1. The Governing Body of the City does hereby declare its intention to enter into a loan agreement with the Department in the principal amount not to exceed Five Hundred and Fifty Thousand Dollars ($550,000.00) 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 City to the Department. Failure of the City 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 Newton City Hall in Newton, Mississippi at 5:30 p.m. on the 20th day of April, 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 Mayor declared the motion carried and the Resolution adopted, on this the 16th day of March, 2021.
s/s MURRAY WEEMS
MAYOR
CITY OF NEWTON, MISSISSIPPI
s/s CHARLENE EVANS
CITY CLERK
Publish Dates: March 24,
March 31, April 7 & April 14
