59-5-41 - State bonds; issuance, terms, and conditions; interim financing of construction projects.
§ 59-5-41. State bonds; issuance, terms, and conditions; interim financing of construction projects.
The board is hereby authorized, at one (1) time or from time to time, to petition by resolution to the state bond commission for the issuance of negotiable bonds of the state of Mississippi by the state bond commission to provide funds for the purpose of paying all or any part of the cost of the acquisition of any state port, harbor, waterway or part thereof and the planned development thereof or to complete the planned development of any port, harbor, waterway or part thereof, but in no event shall the amount of such bonds issued exceed the actual cost of an approved plan for the development of any port, harbor, waterway or part thereof. The principal of and the interest on such bonds shall be payable from a special fund to be provided for that purpose in the manner hereinafter set forth. 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 absolutely at such time or times, be redeemable prior to maturity 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 state bond commission. Such bonds shall mature or otherwise be retired in annual installments beginning not more than five (5) years from date thereof and extending not more than forty (40) years from date thereof. Such bonds shall be signed by the chairman of the state bond commission, or by his facsimile signature, and the official seal of the state bond commission shall be affixed thereto, attested by the secretary of the state bond commission. 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.
Any state port authority organized and existing under the provisions of this chapter, with the concurrence of the board, shall have the power to obtain loans from banking institutions authorized to do business in the state of Mississippi, for necessary interim financing pending the receipt of the proceeds from the sale of bonds, on such terms and at such interest rates as the authority, with the concurrence of the board, may deem feasible. All such interim loans shall be payable from the proceeds of the permanent obligations when same shall be sold and issued, or from the proceeds of any federal grant.
Sources: Codes, 1942, § 7564-15; Laws, 1958, ch. 365, § 15; Laws, 1967, Ex. Sess. ch. 7, § 2; Laws, 1968, ch. 431, § 1; Laws, 1974, ch. 484, § 1; Laws, 1984, ch. 488, § 249, eff from and after July 1, 1984.