59-7-503 - Issuance of bonds without election; form, terms and execution of bonds.
§ 59-7-503. Issuance of bonds without election; form, terms and execution of bonds.
Revenue bonds authorized by Section 59-7-501 may be issued without an election thereon upon the adoption of a resolution by the board of supervisors of such county upon the request and recommendation of the port commission of such county. Such revenue bonds shall not be subject to any limitation as to amount and shall not be included in computing the statutory limitation of indebtedness of such county under any present or future law. Such bonds shall bear date or dates, shall be of such denomination or denominations, shall 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 and may be made redeemable prior to maturity with or without premium, shall bear such registration privileges and shall be in substantially such form 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 (5) years from the date thereof and extending not more than twenty-five (25) years from the 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 such officers. Whenever such bonds shall have been signed by the officials designated to sign the same who were in office at the time of such signing but who may have ceased to be such officers prior to the date of 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.
Sources: Codes, 1942, § 7576-52; Laws, 1970, ch. 407, § 2; Laws, 1982, ch. 434, § 31, eff from and after passage (approved April 3, 1982).