51-33-21 - Certificates of indebtedness for repairs.
§ 51-33-21. Certificates of indebtedness for repairs.
Such certificates of indebtedness shall in no case be issued in a principal amount which, when added to any outstanding certificates of indebtedness issued hereunder, will exceed fifteen per centum (15%) of the total amount of benefits assessed and confirmed against the land and other property within any such district in connection with the original construction of the drainage system therein which is to be so cleaned out, restored, repaired, and rehabilitated, in whole or in part. Such certificates of indebtedness shall bear such date or dates, shall mature at such time or times not exceeding sixty (60) months from the date thereof, shall bear interest at such rate or rates not exceeding eight per centum (8%) per annum, payable semiannually, shall be of such denomination or denominations, shall be payable at such place or places within or without the State of Mississippi, and shall be sold in such amount or amounts and at such price or prices not less than their par value and accrued interest, all as shall be determined by resolution of such commissioners.
Sources: Codes, 1942, § 4609-01; Laws, 1946, ch. 271, §§ 1-5; Laws, 1962, ch. 159; Laws, 1974, ch. 361, § 2, eff from and after passage (approved March 14, 1974).