65-33-21 - Federal aid; terms of bonds; payment; debt limit not applicable.
§ 65-33-21. Federal aid; terms of bonds; payment; debt limit not applicable.
Bonds issued under the provisions of Sections 65-33-17 through 65-33-21 shall be full faith and credit obligations of the county for which the same are issued, shall mature so as to be paid within twenty years from their date of issuance, and shall be paid out of the funds collected under this chapter. All bonds, notes and certificates of indebtedness heretofore issued by such county for seawall and road protection purposes maturing each year and the interest thereon however, shall be first provided for and paid out of said funds. The bonds authorized to be issued under Sections 65-33-17 through 65-33-21 shall not be subject to other limitations, restrictions or provisions of the general laws or laws which may be enacted at the Regular 1940 Session of the Mississippi Legislature governing the borrowing of money, amounts of indebtedness, budget and election, and shall be payable, both as to principal and interest, from the same sources of revenue and taxes made available for the payment of road protection bonds under the provisions of this chapter.
Sources: Codes, 1942, § 8502; Laws, 1940, ch. 258.