§ 59-7-311. Exercise of authority for issuance of bonds; form, terms and conditions of bonds; execution of bonds; negotiability and sale of bonds; disposition of proceeds of sale; payment of principal and interests on bonds.
The power to issue bonds or other obligations authorized by this article and Section 59-5-31, shall be vested in and may be exercised from time to time by the governing bodies of any municipality or county so authorized in such laws.
Such revenue bonds may be issued without an election upon the adoption of a resolution of the board of supervisors of such county, declaring its intention to issue such bonds, and shall not be subject to any limitation as to amount, and shall not be included or computed in the statutory limitation of indebtedness of any such county. Such bonds shall bear date or dates, be in such denomination or denominations, bear interest at such rate or rates, be payable at such place or places within or without the State of Mississippi, shall mature at such time or times and upon such terms, with or without premium, shall bear such registration privileges, and shall be substantially in such form, all as shall be determined by resolution of the board of supervisors of such county. Such bonds shall mature in annual installments beginning not more than five years from date thereof and extending not more than thirty-five years from date thereof. Such bonds shall be signed by the president of the board of supervisors of such county, and the official seal of the county shall be affixed thereto, attested by the clerk of the board of supervisors of such county. The interest coupons to be attached to such bonds may be executed by the facsimile signatures of said officers. Whenever any such bonds shall have been signed by the officials herein designated to sign the bonds who were in office at the time of such signing but who may have ceased to be such officers prior to the sale and delivery of such bonds, or who may not have been in office on the date such bonds may bear, the signatures of such officers upon such bonds and coupons shall nevertheless be valid and sufficient for all purposes and have the same effect as if the person so officially signing such bonds had remained in office until the delivery of the same to the purchaser or had been in office on the date such bonds may bear.
All bonds and interest coupons issued under the provisions of this article shall have and are hereby declared to have all the qualities and incidents of negotiable instruments under the Mississippi Uniform Commercial Code. Such bonds and income therefrom shall be exempt from all taxation within the State of Mississippi.
The board of supervisors of such county shall sell such bonds in such manner and for such price as it may determine to be for the best interest of said county, but no such sale shall be made at a price less than par plus accrued interest to date of delivery of the bonds to the purchaser. Notice of the sale of any such bonds shall be published at least one time not less than ten days prior to the date of sale and shall be published in a newspaper published in and having general circulation within the county.
The proceeds of such bonds shall be paid into a special fund or funds in banks qualified to act as depositories for such county. The proceeds of such bonds shall be solely for the purposes for which they were issued, and the redeeming of any outstanding bonds, and shall be disbursed upon the order of the board of supervisors of such county, with such restrictions, if any, as the resolution authorizing the issuance of the bonds may provide. If the proceeds of such bonds, by error of calculation or otherwise, shall be less than the cost of the purpose for which they were issued, and the redeeming of any outstanding bonds, unless otherwise provided in the resolution authorizing the issuance of such bonds, additional bonds may in like manner be issued to provide the amount of such deficit which, unless otherwise provided in the resolution authorizing the issuance of bonds, shall be deemed to be of the same issue and shall be entitled to payment from the same fund without preference or priority of the bonds first issued for the same purpose. If the proceeds of the bonds of any issue shall exceed the amount required for the purpose for which the bonds were issued, the surplus shall be paid into the fund established for the payment of the principal of and the interest on such bonds.
Such bonds may be issued without any other proceedings or the happening of any other conditions or things than those proceedings, conditions, and things which are specified or required by this article. The bonds authorized under the authority of this article may, in the discretion of the board of supervisors of such county, be validated in the chancery court of such county in the manner and with the force and effect provided by Sections 31-13-1 through 31-13-11, Mississippi Code of 1972, for the validation of county, municipal, school district, and other bonds.
The revenue bonds issued under the provisions of this section shall be payable solely out of the revenues to accrue from the operation of such project, development, improvement or utility systems, and the full faith and credit of the county shall not be pledged therefor, nor shall any ad valorem tax be levied therefor.
Sources: Codes, 1942, § 7585; Laws, 1934, ch. 209; Laws, 1938, Ex. ch. 49; Laws, 1960, ch. 436; Laws, 1962, ch. 395, § 2, eff from and after passage (approved May 26, 1962).
§ 59-7-311. Exercise of authority for issuance of bonds; form, terms and conditions of bonds; execution of bonds; negotiability and sale of bonds; disposition of proceeds of sale; payment of principal and interests on bonds.
The power to issue bonds or other obligations authorized by this article and Section 59-5-31, shall be vested in and may be exercised from time to time by the governing bodies of any municipality or county so authorized in such laws.
Such revenue bonds may be issued without an election upon the adoption of a resolution of the board of supervisors of such county, declaring its intention to issue such bonds, and shall not be subject to any limitation as to amount, and shall not be included or computed in the statutory limitation of indebtedness of any such county. Such bonds shall bear date or dates, be in such denomination or denominations, bear interest at such rate or rates, be payable at such place or places within or without the State of Mississippi, shall mature at such time or times and upon such terms, with or without premium, shall bear such registration privileges, and shall be substantially in such form, all as shall be determined by resolution of the board of supervisors of such county. Such bonds shall mature in annual installments beginning not more than five years from date thereof and extending not more than thirty-five years from date thereof. Such bonds shall be signed by the president of the board of supervisors of such county, and the official seal of the county shall be affixed thereto, attested by the clerk of the board of supervisors of such county. The interest coupons to be attached to such bonds may be executed by the facsimile signatures of said officers. Whenever any such bonds shall have been signed by the officials herein designated to sign the bonds who were in office at the time of such signing but who may have ceased to be such officers prior to the sale and delivery of such bonds, or who may not have been in office on the date such bonds may bear, the signatures of such officers upon such bonds and coupons shall nevertheless be valid and sufficient for all purposes and have the same effect as if the person so officially signing such bonds had remained in office until the delivery of the same to the purchaser or had been in office on the date such bonds may bear.
All bonds and interest coupons issued under the provisions of this article shall have and are hereby declared to have all the qualities and incidents of negotiable instruments under the Mississippi Uniform Commercial Code. Such bonds and income therefrom shall be exempt from all taxation within the State of Mississippi.
The board of supervisors of such county shall sell such bonds in such manner and for such price as it may determine to be for the best interest of said county, but no such sale shall be made at a price less than par plus accrued interest to date of delivery of the bonds to the purchaser. Notice of the sale of any such bonds shall be published at least one time not less than ten days prior to the date of sale and shall be published in a newspaper published in and having general circulation within the county.
The proceeds of such bonds shall be paid into a special fund or funds in banks qualified to act as depositories for such county. The proceeds of such bonds shall be solely for the purposes for which they were issued, and the redeeming of any outstanding bonds, and shall be disbursed upon the order of the board of supervisors of such county, with such restrictions, if any, as the resolution authorizing the issuance of the bonds may provide. If the proceeds of such bonds, by error of calculation or otherwise, shall be less than the cost of the purpose for which they were issued, and the redeeming of any outstanding bonds, unless otherwise provided in the resolution authorizing the issuance of such bonds, additional bonds may in like manner be issued to provide the amount of such deficit which, unless otherwise provided in the resolution authorizing the issuance of bonds, shall be deemed to be of the same issue and shall be entitled to payment from the same fund without preference or priority of the bonds first issued for the same purpose. If the proceeds of the bonds of any issue shall exceed the amount required for the purpose for which the bonds were issued, the surplus shall be paid into the fund established for the payment of the principal of and the interest on such bonds.
Such bonds may be issued without any other proceedings or the happening of any other conditions or things than those proceedings, conditions, and things which are specified or required by this article. The bonds authorized under the authority of this article may, in the discretion of the board of supervisors of such county, be validated in the chancery court of such county in the manner and with the force and effect provided by Sections 31-13-1 through 31-13-11, Mississippi Code of 1972, for the validation of county, municipal, school district, and other bonds.
The revenue bonds issued under the provisions of this section shall be payable solely out of the revenues to accrue from the operation of such project, development, improvement or utility systems, and the full faith and credit of the county shall not be pledged therefor, nor shall any ad valorem tax be levied therefor.
Sources: Codes, 1942, § 7585; Laws, 1934, ch. 209; Laws, 1938, Ex. ch. 49; Laws, 1960, ch. 436; Laws, 1962, ch. 395, § 2, eff from and after passage (approved May 26, 1962).
§ 59-7-311. Exercise of authority for issuance of bonds; form, terms and conditions of bonds; execution of bonds; negotiability and sale of bonds; disposition of proceeds of sale; payment of principal and interests on bonds.
The power to issue bonds or other obligations authorized by this article and Section 59-5-31, shall be vested in and may be exercised from time to time by the governing bodies of any municipality or county so authorized in such laws.
Such revenue bonds may be issued without an election upon the adoption of a resolution of the board of supervisors of such county, declaring its intention to issue such bonds, and shall not be subject to any limitation as to amount, and shall not be included or computed in the statutory limitation of indebtedness of any such county. Such bonds shall bear date or dates, be in such denomination or denominations, bear interest at such rate or rates, be payable at such place or places within or without the State of Mississippi, shall mature at such time or times and upon such terms, with or without premium, shall bear such registration privileges, and shall be substantially in such form, all as shall be determined by resolution of the board of supervisors of such county. Such bonds shall mature in annual installments beginning not more than five years from date thereof and extending not more than thirty-five years from date thereof. Such bonds shall be signed by the president of the board of supervisors of such county, and the official seal of the county shall be affixed thereto, attested by the clerk of the board of supervisors of such county. The interest coupons to be attached to such bonds may be executed by the facsimile signatures of said officers. Whenever any such bonds shall have been signed by the officials herein designated to sign the bonds who were in office at the time of such signing but who may have ceased to be such officers prior to the sale and delivery of such bonds, or who may not have been in office on the date such bonds may bear, the signatures of such officers upon such bonds and coupons shall nevertheless be valid and sufficient for all purposes and have the same effect as if the person so officially signing such bonds had remained in office until the delivery of the same to the purchaser or had been in office on the date such bonds may bear.
All bonds and interest coupons issued under the provisions of this article shall have and are hereby declared to have all the qualities and incidents of negotiable instruments under the Mississippi Uniform Commercial Code. Such bonds and income therefrom shall be exempt from all taxation within the State of Mississippi.
The board of supervisors of such county shall sell such bonds in such manner and for such price as it may determine to be for the best interest of said county, but no such sale shall be made at a price less than par plus accrued interest to date of delivery of the bonds to the purchaser. Notice of the sale of any such bonds shall be published at least one time not less than ten days prior to the date of sale and shall be published in a newspaper published in and having general circulation within the county.
The proceeds of such bonds shall be paid into a special fund or funds in banks qualified to act as depositories for such county. The proceeds of such bonds shall be solely for the purposes for which they were issued, and the redeeming of any outstanding bonds, and shall be disbursed upon the order of the board of supervisors of such county, with such restrictions, if any, as the resolution authorizing the issuance of the bonds may provide. If the proceeds of such bonds, by error of calculation or otherwise, shall be less than the cost of the purpose for which they were issued, and the redeeming of any outstanding bonds, unless otherwise provided in the resolution authorizing the issuance of such bonds, additional bonds may in like manner be issued to provide the amount of such deficit which, unless otherwise provided in the resolution authorizing the issuance of bonds, shall be deemed to be of the same issue and shall be entitled to payment from the same fund without preference or priority of the bonds first issued for the same purpose. If the proceeds of the bonds of any issue shall exceed the amount required for the purpose for which the bonds were issued, the surplus shall be paid into the fund established for the payment of the principal of and the interest on such bonds.
Such bonds may be issued without any other proceedings or the happening of any other conditions or things than those proceedings, conditions, and things which are specified or required by this article. The bonds authorized under the authority of this article may, in the discretion of the board of supervisors of such county, be validated in the chancery court of such county in the manner and with the force and effect provided by Sections 31-13-1 through 31-13-11, Mississippi Code of 1972, for the validation of county, municipal, school district, and other bonds.
The revenue bonds issued under the provisions of this section shall be payable solely out of the revenues to accrue from the operation of such project, development, improvement or utility systems, and the full faith and credit of the county shall not be pledged therefor, nor shall any ad valorem tax be levied therefor.
Sources: Codes, 1942, § 7585; Laws, 1934, ch. 209; Laws, 1938, Ex. ch. 49; Laws, 1960, ch. 436; Laws, 1962, ch. 395, § 2, eff from and after passage (approved May 26, 1962).
