59-7-321 - Powers of municipality with respect to issuance of bonds.
§ 59-7-321. Powers of municipality with respect to issuance of bonds.
In connection with the issuance of bonds or other obligations by any municipality pursuant to this article, or in order to secure the payment of said bonds or other obligations, such municipality shall have power:
(a) To accept grants from the United States of America, the president of the United States, the federal emergency administrator of public works, or such other agencies, instrumentalities or corporations as may be designated or created to make grants or loans (hereinafter termed "federal agency") pursuant to the national industrial recovery act and any further act of the congress of the United States providing for the construction of useful public works (hereinafter termed "national industrial recovery act"), for or in aid of work, development or improvement authorized by this article.
(b) To make such contracts and execute such instruments containing such provisions, covenants and conditions as in the discretion of the authorities of any such municipalities may be necessary, proper or advisable for the purpose of obtaining or securing grants, loans, or other financial assistance from any federal agency pursuant to the national industrial recovery act; to make such further, different or additional contracts and execute all instruments necessary or convenient in or for the furtherance of any work, development or improvement, including but not limited to all property real and personal appurtenant thereto or connected therewith and the existing work, development or improvement, if any, to which the work, development or improvement authorized by this article is an extension, addition, betterment or embellishment (hereinafter termed "work, development or improvement"), to carry out and perform the terms and conditions of any such contract or instrument.
(c) To pledge all or any part of the fees, rents, tolls, revenues or other charges received or receivable by such municipality and/or port commission from any work, development or improvement to which its right then exists or the right to which may thereafter come into existence.
(d) To covenant against the pledging of all or any part of the fees, rents, tolls, revenues or other charges received or receivable by such municipality and/or port commission from any work, development or improvement to which its right then exists or the right to which may thereafter come into existence.
(e) To covenant against the encumbering of all or any part of any work, development or improvement or against permitting or suffering any lien thereon.
(f) To covenant as to what other or additional debt may be incurred by such municipality.
(g) To provide for the preparation, specifications, terms, form, registration, extension, execution and authentication of any bonds or other obligations, issued pursuant to this article.
(h) To provide for the replacement of lost, destroyed or mutilated bonds or other obligations issued pursuant to this article.
(i) To covenant as to the fees, rents, revenues or tolls to be charged, the amount to be raised each year or other period of time and as to the use and disbursement to be made thereof.
(j) To covenant to set aside or to pay over reserves and sinking funds and as to the disposal thereof.
(k) To redeem prior to maturity, with or without premium, bonds or other obligations issued pursuant to this article and to covenant for their prior redemption and to provide the terms and conditions thereof.
(l) To covenant against extending the time for the payment of the interest on or principal of the bonds or other obligations issued pursuant to this article directly or indirectly by any means or in any manner.
(m) To covenant as to books of account of such municipality and as to the inspection and audit thereof and as to the accounting methods.
(n) To covenant as to the rights, liabilities, powers and duties arising upon the breach by such municipality of any covenant, condition or obligation assumed pursuant to this article.
(o) To make such covenants and do any and all such acts and things as may be necessary, convenient or desirable in order to secure any bonds or other obligations issued pursuant to this article, or in the absolute discretion of the authorities of such municipality in order to make such bonds or other obligations more marketable, notwithstanding that such covenants, acts, or things may not be enumerated herein or expressly authorized herein; it being the intention hereby to give the authorities of any municipality issuing bonds or other obligations pursuant to this article the power to do all things in the issuance of said bonds or other obligations and for their execution that may not be inconsistent with the constitution of the State of Mississippi.
Sources: Codes, 1942, § 7582; Laws, 1934, ch. 209.