59-13-7 - Limitations on amount of bond issues; prerequisites for issuance of bonds.
§ 59-13-7. Limitations on amount of bond issues; prerequisites for issuance of bonds.
The board of supervisors of any county in Mississippi bordering on the Mississippi Sound or Gulf of Mexico, and having an assessed valuation in excess of eight million dollars ($8,000,000.00) may, in its discretion, issue and sell the bonds of any supervisor's district therein bordering on the Mississippi Sound or Gulf of Mexico, in an amount not exceeding two hundred thousand ($200,000) dollars, and the board of supervisors of any such county having an assessed valuation of less than five million dollars ($5,000,000.00) may, in its discretion, issue and sell the bonds of such county in an amount not exceeding two hundred thousand dollars ($200,000) and the proceeds of such bonds shall be used to construct the improvements as shown by the aforesaid approved plans and specifications, and to pay all costs and expenses necessarily incident thereto, except as provided in Section 59-13-5. Such bonds shall not be issued until notice of intention to issue and sell the same shall have been made in the manner provided for giving notice in said section, and all of the provisions of said section as to petition for election, time to file petitions for election, ordering and holding an election, shall apply to issuance of such bonds; if no petition for an election be filed in the time fixed, or if an election be called and a majority of those voting thereat vote in favor of the issuance of such bonds, the bonds shall be issued and sold at such time and in such manner as the board of supervisors shall determine.
Sources: Codes, 1942, § 7609; Laws, 1938, Ex. Sess. ch. 59; Laws, 1940, ch. 269.