(a) The Mobile County Commission is authorized and empowered to borrow money in anticipation of the collection of taxes for the fiscal year subsequent to the fiscal year in which the money is borrowed, and may issue certificates covering such borrowed money and may pledge a sufficient amount of uncollected taxes and additional revenues of the subsequent fiscal year to secure the repayment of such borrowed money, provided, that the sum or sums of money borrowed during any fiscal year shall not exceed two million five hundred thousand dollars ($2,500,000).
(b) Any loan by which money is borrowed under this section shall be repaid by the Mobile County Commission by February 1 of the subsequent fiscal year.
(c) No money borrowed under this section shall be used for any purpose other than that for which the general funds of the county may now be used.
(d) All certificates evidencing loans made under the authority of this section shall be registered by the county treasurer in the order of their issue. All certificates when paid by the treasurer shall be canceled and such cancellation and payment shall be noted on the register. All certificates issued under the authority of this section shall be exempt from taxation.
Last modified: May 3, 2021