§ 2-7-8. Borrowing by county prohibited; exceptions.
Latest version.
(a) The board of county commissioners may not create any obligation or liability on the part of or on the credit of the county which shall be a floating debt, nor issue any certificate of indebtedness, nor shall the board borrow any money whatsoever for any purpose, without special legislative authority to make the loan.
(b) The county commissioners may borrow temporarily, on promissory notes during any one year, a sum of money not to exceed one hundred thousand dollars ($100,000.00), to pay the interest on the bonded indebtedness of the county. The temporary notes shall mature and be paid not later than December 31 of the same calendar year in which such sum was borrowed. In addition to the authority to borrow, the board of county commissioners may borrow, on the credit of the county, on promissory notes, such sums of money not to exceed five million dollars ($5,000,000.00) in any one year for the purpose of paying any expenses or obligations of the county, even though no specific legislative authority to make the particular loan has been first had and obtained.
