65-23-3 - Toll bridge revenue bonds.
§ 65-23-3. Toll bridge revenue bonds.
In order to secure funds or a part of the funds for the purpose of acquiring, constructing, owning, operating, improving, extending, and maintaining toll bridges and approaches thereto, all public agencies named in Section 65-23-1 may issue negotiable toll bridge revenue bonds and sell such bonds to the United States government or any authorized agency thereof or other investor or investors. In the event of the issuance and sale of bonds authorized by this article by a public agency, such agency shall charge a reasonable toll for the use of any such toll bridge, the amount of which toll shall be sufficient to pay the reasonable cost of maintaining, repairing, and operating such bridge and to provide a sinking fund sufficient to amortize and repay any such loan, including interest and financing cost, on such terms and within such period of time as may be agreed upon between the borrower and purchaser of such revenue bonds. Such toll shall be used for no other purpose except for the necessary purpose of maintenance and repair of said bridge; and any public body which shall issue bonds under the provisions of this article is hereby authorized and required to fix a toll schedule, alter and change it, and make all necessary provisions for the payment of principal and interest on any such bonds by the fixing, collecting, segregating, and allocating of the tolls and other revenues received from the operation of such bridge or bridges. Such public agencies enumerated above may execute liens, in proper form, and pledge the revenue derived from the toll of such bridges or such bridge and approaches, or both, which are constructed or acquired with funds borrowed as above to the retirement of such bonds. No revenue bonds or no liens securing such bonds shall be repaid in whole or in part from any funds arising from taxation, nor shall any such bonds or liens given under authority of this article constitute a lien on any other property of such public agency, or a pledge of the credit of such agency, unless specifically so voted by a majority of the qualified electors participating in an election held according to law for the purpose of so authorizing. At such time when all moneys borrowed as aforesaid shall have been repaid, together with interest and charges thereon, no further toll shall be charged for the use of such bridges by the traveling public. Bonds shall have semiannual interest coupons attached; such bonds may be made negotiable, may bear interest not to exceed 61/2 % per annum, may mature annually or semiannually, and may contain a clause giving to the issuing authority the right to redeem any part of said issue of bonds with or without premium, and if with premium then not to exceed 2%. Such bonds may be sold at such time and in such manner as the issuing authority may determine upon. All of such bonds so issued shall mature not more than thirty years after the issuing date thereof. Such bonds shall be payable at such place or places as may be determined upon by the issuing authority, which place of payment shall appear in said bonds. Any provisions of the general laws to the contrary notwithstanding, any bonds or interest coupons issued pursuant to the authorities of this article shall possess all of the qualities of negotiable instruments. The bonds and interest coupons shall be executed in such manner and shall be substantially in the form prescribed in the authorizing ordinance. In case any of the officers whose signature or signatures appear on the bonds or interest coupons shall cease to be such officers before delivery of such bonds, such signatures or counter-signatures shall nevertheless be valid and sufficient for all purposes, the same as though they had remained in office until such delivery. Such bonds shall be sold in such manner and upon such terms as the governing body of the issuing authority or authorities shall determine; but in no event shall the interest cost to maturity exceed 61/2 % per annum. If serial bonds, such bonds shall mature annually or semiannually, and the first maturity date thereof shall not be more than five years from the date of such bonds.
All bonds, maturing annually or semiannually, with all maturities not longer than twenty-five years, with not less than one-fiftieth of the total issue to mature each year during the first ten years of the life of said bonds, and not less than one-twenty-fifth of said total issue to mature annually during the succeeding ten year period of the life of said bonds, shall have the remainder to be divided into approximately equal payments, one payment to mature during each year, or each half year, for the remaining life of the bonds. The bonds and interest coupons shall be exempt from all state, county, municipal, and other taxation under the laws of the State of Mississippi; and the bridge and approaches shall likewise be exempt from all state, county, municipal, and other taxation under the laws of the State of Mississippi. No bonds issued pursuant to this article shall constitute an indebtedness of a municipality or county or taxing district within the meaning of any statute or charter restriction, limitation, or provision. It shall be plainly stated on the face of each such bond, in substance, that the same has been issued under the provisions of this article, that the taxing power of the municipality issuing the same is not pledged to the payment of such bond or interest thereon, and that such bond and interest thereon are payable solely from the revenues of the system to be acquired or improved, for which such bond is issued, unless, as heretofore set forth, a majority of the qualified electors participating in an election for the purpose of issuing such bonds shall have voted other funds toward payment of such bonds.
Sources: Codes, 1942, § 8436; Laws, 1935, ch. 44.