The board of directors of the district may issue bonds of the district to pay the costs of creating the district, acquiring, owning, constructing, operating, repairing, and maintaining the projects and works specified in Sections 51-11-53 through 51-11-85, including related charges, interest during construction, engineering, legal, and other expenses incidental to and necessary for the foregoing, or for the carrying out of any power conferred by Sections 51-11-53 through 51-11-85. Before issuing any bonds for acquiring, owning, constructing, operating, repairing and maintaining any project or works under Sections 51-11-53 through 51-11-85, the board of directors of a flood control district shall obtain to the extent practicable funds from other sources for the project or works. The board of directors may issue the bonds at any time and in any amount provided for by resolution of the board of directors. After the issuance and sale of the amount of bonds first voted in the district under Sections 51-11-53 through 51-11-85, no additional bonds shall be voted, issued, or sold under this article up to an amount which, when added to the amount of outstanding bonds, will exceed twenty percent (20%) of the assessed value of all taxable property within the district, according to the then last completed state and county assessment for taxation. All bonds so issued by the district shall be secured solely by the pledge of the avails of the ad valorem tax levy provided for in Sections 51-11-53 through 51-11-85. The bonds shall not constitute general obligations of the State of Mississippi or of the counties or municipalities comprising the district. The bonds shall not be secured by a pledge of the full faith, credit, and resources of the state or of any counties or municipalities. Bonds of the district shall not be included in computing any present or future debt limit of any county or municipality in the district under any present or future law.
Sources: Laws, 1998, ch. 515, § 6, eff from and after July 1, 1998.
The board of directors of the district may issue bonds of the district to pay the costs of creating the district, acquiring, owning, constructing, operating, repairing, and maintaining the projects and works specified in Sections 51-11-53 through 51-11-85, including related charges, interest during construction, engineering, legal, and other expenses incidental to and necessary for the foregoing, or for the carrying out of any power conferred by Sections 51-11-53 through 51-11-85. Before issuing any bonds for acquiring, owning, constructing, operating, repairing and maintaining any project or works under Sections 51-11-53 through 51-11-85, the board of directors of a flood control district shall obtain to the extent practicable funds from other sources for the project or works. The board of directors may issue the bonds at any time and in any amount provided for by resolution of the board of directors. After the issuance and sale of the amount of bonds first voted in the district under Sections 51-11-53 through 51-11-85, no additional bonds shall be voted, issued, or sold under this article up to an amount which, when added to the amount of outstanding bonds, will exceed twenty percent (20%) of the assessed value of all taxable property within the district, according to the then last completed state and county assessment for taxation. All bonds so issued by the district shall be secured solely by the pledge of the avails of the ad valorem tax levy provided for in Sections 51-11-53 through 51-11-85. The bonds shall not constitute general obligations of the State of Mississippi or of the counties or municipalities comprising the district. The bonds shall not be secured by a pledge of the full faith, credit, and resources of the state or of any counties or municipalities. Bonds of the district shall not be included in computing any present or future debt limit of any county or municipality in the district under any present or future law.
Sources: Laws, 1998, ch. 515, § 6, eff from and after July 1, 1998.
The board of directors of the district may issue bonds of the district to pay the costs of creating the district, acquiring, owning, constructing, operating, repairing, and maintaining the projects and works specified in Sections 51-11-53 through 51-11-85, including related charges, interest during construction, engineering, legal, and other expenses incidental to and necessary for the foregoing, or for the carrying out of any power conferred by Sections 51-11-53 through 51-11-85. Before issuing any bonds for acquiring, owning, constructing, operating, repairing and maintaining any project or works under Sections 51-11-53 through 51-11-85, the board of directors of a flood control district shall obtain to the extent practicable funds from other sources for the project or works. The board of directors may issue the bonds at any time and in any amount provided for by resolution of the board of directors. After the issuance and sale of the amount of bonds first voted in the district under Sections 51-11-53 through 51-11-85, no additional bonds shall be voted, issued, or sold under this article up to an amount which, when added to the amount of outstanding bonds, will exceed twenty percent (20%) of the assessed value of all taxable property within the district, according to the then last completed state and county assessment for taxation. All bonds so issued by the district shall be secured solely by the pledge of the avails of the ad valorem tax levy provided for in Sections 51-11-53 through 51-11-85. The bonds shall not constitute general obligations of the State of Mississippi or of the counties or municipalities comprising the district. The bonds shall not be secured by a pledge of the full faith, credit, and resources of the state or of any counties or municipalities. Bonds of the district shall not be included in computing any present or future debt limit of any county or municipality in the district under any present or future law.
Sources: Laws, 1998, ch. 515, § 6, eff from and after July 1, 1998.
