Mississippi Code Title 37. Education § 37-29-101

(1) In addition to other authority granted by Sections 37-29-1 through 37-29-273 or existing laws, the board of trustees may borrow money in anticipation of taxes, not to exceed fifty percent (50%) of the previous year's ad valorem tax receipts, for the purpose of paying any expenses authorized by law for the operation, maintenance and support of the college. The loan shall be evidenced by note or notes bearing the signatures of the chairman of the board and of the secretary of the board of trustees, and the seal of the college shall be thereon impressed. The notes shall mature not later than the thirtieth day of June next thereafter, and the notes shall not bear interest in excess of that allowed in Section 75-17-105, Mississippi Code of 1972.

(2) The board of trustees may borrow funds from the United States federal government or any agency thereof to compensate for the loss of revenue collected or estimated to be collected on behalf of the community or junior college district from local sources during a fiscal year as a result of Hurricane Katrina, may issue its promissory note to the United States federal government or any agency thereof, and may comply with and issue the regulations of the United States federal government or agency thereof regarding the promissory note. However, this section does not authorize any levy of taxes or pledge of collateral for the security of a promissory note not otherwise allowed by law. The State of Mississippi may sign any promissory note as an equal co-obligor on any such note, and in the event the State of Mississippi signs the promissory note as a co-obligor, the full faith and credit of the State of Mississippi shall be pledged for the payment of the promissory note.