51-15-133 - Details of bonds; supplemental powers conferred in issuance of bonds.

§ 51-15-133. Details of bonds; supplemental powers conferred in issuance of bonds.
 

All bonds provided for by Section 51-15-131 shall be negotiable instruments within the meaning of the Uniform Commercial Code of this state, shall be lithographed or engraved and printed in two (2) or more colors to prevent counterfeiting, shall be in denominations of not less than One Hundred Dollars ($100.00) nor more than One Thousand Dollars ($1,000.00), shall be registered as issued, and shall be numbered in a regular series from one (1) upward. Each bond shall specify on its face the purpose for which it was issued and the total amount authorized to be issued, it shall be payable to bearer, and the interest to accrue thereon shall be evidenced by proper coupons to be attached thereto. The bonds shall not bear a greater overall maximum interest rate to maturity than that allowed in Section 75-17-101. They shall mature annually in such amounts and at such times as shall be provided by the resolution of the board of directors. No bond shall have a longer maturity than forty (40) years, 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 the bonds shall be fixed in the resolution of the board of directors of the district. The bonds shall be signed by the president and the secretary of the board with the seal of the district affixed thereto, but the coupons may bear only the facsimile signatures of the president and secretary. All interest accruing on such bonds so issued shall be payable semiannually, except that the first interest coupon attached to any bond may be for a period not exceeding one (1) year. 
 

The 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 the bonds, and at such premium as may be designated in 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 district, including the avails of the ad valorem tax levy provided for in Section 51-15-129, and that they do not constitute general obligations of the State of Mississippi or of the counties comprising the district, and are not secured by a pledge of the full faith, credit and resources of the state or of the counties. 
 

All the bonds as provided for herein shall be sold for not less than par value plus accrued interest at public sale in the manner provided by Section 31-19-25. No sale shall be at a price so low as to require the payment of interest on the money received therefor at more than eleven percent (11%) per annum computed with relation to the absolute maturity of the bonds, in accordance with standard tables of bond values, excluding from such computation the amount of any premium to be paid on redemption of any bonds prior to maturity. 
 

This article 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, § 5956-187; Laws,  1962, ch. 222, § 12; Laws, 1962, 2d Ex. Sess., ch. 31, § 5; Laws, 1983, ch. 494, § 20; Laws, 1989, ch. 456, § 2; Laws, 2005, ch. 396, § 3, eff from and after July 1, 2005.