77-5-161 - Issuance of bonds by district.
§ 77-5-161. Issuance of bonds by district.
Each district shall have power and is hereby authorized from time to time to issue its bonds in anticipation of its revenues. Said bonds may be issued for any corporate purpose or purposes of such district. Said bonds shall be authorized by resolution of the board of such district and may be issued in one or more series, may bear such date or dates, mature at such time or times not exceeding forty years from their respective dates, be in such denominations, be in such form, either coupon or registered, be executed in such manner, be payable in such medium of payment, at such place or places, be subject to such terms of redemption, with or without premium, and be declared or become due before the maturity date thereof, as such resolution or resolutions may provide. Said bonds may be issued for money or property, at public or private sale for such price or prices, as the board shall determine, provided that the interest cost to maturity of the money or property (at its value as determined by such board, the determination of which shall be conclusive), received for any issue of said bonds, shall not exceed six (6) per centum per annum, payable semiannually. Said bonds may be repurchased by the district out of any funds available for such purpose at a price of not more than the principal amount thereof and accrued interest, and all bonds so repurchased shall be canceled. Pending the preparation or execution of definitive bonds, interim receipts or certificates or temporary bonds may be delivered to the purchaser of said bonds. Any provision of law to the contrary notwithstanding, any bonds and the interest coupons appertaining thereto, if any, issued pursuant to this article shall possess all of the qualities of negotiable instruments.
Sources: Codes, 1942, § 5454; Laws, 1936, ch. 187.