19-5-185 - Sale of bonds; bids; refunding; validation.
§ 19-5-185. Sale of bonds; bids; refunding; validation.
The bonds issued under Sections 19-5-151 to 19-5-207 shall be sold upon sealed bids in the manner provided for in Section 31-19-25, Mississippi Code of 1972, in conformity with the provisions of Sections 19-5-151 to 19-5-207; however, bonds may be sold to the United States of America or an agency or instrumentality thereof at private sale.
Each interest rate specified in any bid must be in a multiple of one-tenth of one percent (1/10 of 1%) or in multiples of one-eighth of one percent (1/8 of 1%), and a zero rate of interest cannot be named. Any premium must be paid in bank funds as a part of the purchase price, and bids shall not contemplate the cancellation of any interest coupon or the waiver of interest or other concession by the bidder as a substitute for bank funds.
Any bonds issued under the provisions of Sections 19-5-151 to 19-5-207 may be refunded in like manner as revenue bonds of municipalities shall be refunded.
Any bonds issued under the provisions of Sections 19-5-151 through 19-5-207 shall be submitted to validation under the provisions of Sections 31-13-1 through 31-13-11, inclusive, Mississippi Code of 1972.
Sources: Codes, 1942, § 2998.7-31; Laws, 1972, ch. 536, § 11, eff from and after passage (approved May 23, 1972).