65-13-37 - General provisions for bonds.
§ 65-13-37. General provisions for bonds.
The bonds of the authority shall not be included in computing any present or future debt limit of the county, supervisors district, municipality, agency, or department under any present or future law.
All such bonds provided by this chapter shall be negotiable instruments within the meaning of the Uniform Commercial Code, shall be lithographed or engraved and printed in two (2) or more colors to prevent counterfeiting. They shall be in denominations of not less than One Thousand Dollars ($1,000.00), may be registered as issued, and shall be numbered as determined by the authority. Each such bond shall specify on its face the purpose for which it was issued and the total amount authorized to be issued, and the interest to accrue thereon may be evidenced by proper coupons to be attached thereto. Such bonds shall bear interest at such rate or rates as may be determined by the sale of such bonds, provided that the bonds of any issue shall not bear a greater overall maximum interest rate to maturity than that allowed in Section 75-17-103. They shall mature annually in such amounts and at such times as shall be provided by the resolution of the board of trustees. No bond shall have a longer maturity than forty (40) years from date of issuance, and the first maturity date thereof shall be not more than five (5) years from the date of such bonds. The denomination, form, and place or places of payment of such bonds shall be fixed in the resolution of the board of trustees of the authority. Such bonds shall be signed by the president and secretary of such board, with the seal of the authority affixed thereto, but the coupons, if any, may bear only the facsimile signatures of such president and secretary. All interest accruing on such bonds so issued shall be payable semiannually, except that the first interest coupon attached to any such bond may be for any period not exceeding one (1) year. Only one (1) coupon may be attached to a bond for any one (1) specified period of time. No interest coupon can vary more than twenty-five percent (25%) in value from any other coupon on the same bond or another coupon in the same issue.
Such bonds may be called in, paid, and redeemed in inverse numerical order on any interest date prior to maturity, upon not less than thirty (30) days' notice to the paying agent or agents designated in such bonds, and at such premium as may be designated in such bonds. However, in no case shall any premiums exceed six percent (6%) of the face value of such bonds.
All such bonds shall contain in substance a statement to the effect that they are secured solely by a pledge of the net revenues of the authority and/or the avails of voluntary assessments of adjacent landowners, and that they do not constitute general obligations of any political subdivision of the State of Mississippi except the authority created by this chapter, and are not secured by a pledge of the full faith, credit, and resources of said state or of such county or counties.
All such bonds as provided for herein shall be sold under the sealed bid procedure at public sale as now provided by law except as otherwise provided herein. No such sale shall be at a price so low as to require the payment of interest on money received therefor at more than a greater overall maximum interest rate to maturity than that allowed in Section 75-17-103.
This chapter shall be full and complete authority for the issuance of the bonds provided for herein, and no restriction or limitation otherwise prescribed by law shall apply herein.
Notwithstanding the foregoing provisions of this section, bonds referred to hereinabove may be issued pursuant to the supplemental powers and authorizations conferred by the provisions of the Registered Bond Act, being Sections 31-21-1 through 31-21-7.
Sources: Codes, 1942, §§ 8368-16, 8368-17; Laws, 1966, ch. 603, §§ 16, 17; Laws, 1983, ch. 494, § 30; Laws, 1985, ch. 477, § 13, eff from and after passage (approved April 8, 1985).