59-9-65 - Issuance of bonds and obligations for dredging channels and industrial site preparation.
§ 59-9-65. Issuance of bonds and obligations for dredging channels and industrial site preparation.
(1) In addition to authority to issue bonds or other obligations pursuant to this chapter, the board of supervisors of any county which has a plan approved by the Mississippi Board of Economic Development for the planned development of any port, harbor or waterway, may, with the approval of the Mississippi Board of Economic Development, issue general obligation bonds of such county in the maximum principal amount of two million dollars ($2,000,000.00) to provide funds for the dredging of channel and harbor and preparation of site for the construction or acquisition of ships, vessels, shipyards, shipbuilding facilities, machinery and equipment, dredges, floating drydocks, graving docks, marine railways, tugboats, or any other facilities required or incidental to the construction, outfitting, drydocking or repair of ships or vessels.
(2) Such bonds may be issued at one (1) time or from time to time, in such amount or amounts, shall bear such date or dates, shall be of such denomination or denominations, shall be payable at such place or places, shall bear interest at such rate or rates, not exceeding that allowed in Section 75-17-101, Mississippi Code of 1972, shall mature in such amount or amounts and at such time or times, not exceeding twenty (20) years from the date thereof, with or without option of prior payment, and shall be executed in such manner, all as may be determined by the said board of supervisors. No interest payment due on any bond shall be evidenced by more than one (1) coupon and supplemental coupons will not be permitted; the difference between the highest rate of interest specified for any bond issue shall not exceed the lowest rate of interest specified for the same bond issue by more than one and one-fourth percent (1-1/4%). Each interest rate specified in any bid must be in a multiple of one-eighth of one percent (1/8 of 1%) or one-tenth of one percent (1/10 of 1%) and a zero rate of interest cannot be named. Such bonds shall be signed by the president of the board of supervisors of such county, and the official seal of the county shall be affixed thereto, attested by the clerk of the board of supervisors of such county. The interest coupons to be attached to such bonds may be executed by the facsimile signatures of said officer. Whenever any such bonds shall have been signed by the officers herein designated to sign the bonds who were in office at the time of such signing but who may have ceased to be such officers prior to the sale and delivery of such bonds, or who may not have been in office on the date such bonds may bear, the signatures of such officers upon such bonds and coupons shall nevertheless be valid and sufficient for all purposes and have the same effect as if the person so officially signing such bonds had remained in office until the delivery of the same to the purchaser or had been in office on the date such bonds may bear.
(3) Before issuing such bonds, the board of supervisors of such county shall adopt a resolution declaring its intention to issue such bonds, stating the amount of bonds proposed to be issued and the date upon which further action will be taken by the board looking toward the issuance of such bonds. Such resolution shall be published once a week for at least three (3) successive weeks in a newspaper published and of general circulation within such county. The first of such publications shall be made at least twenty-one (21) days prior to the date set forth in said resolution as the date upon which further action will be taken by the board, and the last of such publications shall be made not more than seven (7) days prior to such date. If, prior to the date set forth as aforesaid, there shall be filed with the clerk of such board a petition in writing signed by twenty percent (20%) of the qualified electors of such county, requesting an election on the question of the issuance of such bonds, then such bonds shall not be issued unless authorized by a majority of the qualified electors of such county who vote thereon at an election to be ordered by such board for that purpose. Notice of such election shall be given and such election shall be held and conducted in like manner as provided by law with respect to the submission of other county bond issues in the county. If, however, no such petition shall be so filed, or if at such election, or subsequent election, such proposition be assented to by a majority of the qualified electors voting thereon, then such board of supervisors shall be authorized to proceed with the issuance of such bonds without further election.
(4) The board of supervisors of such county shall sell such bonds in such manner and for such price as it may determine to be for the best interest of said county, but in no case to exceed the rate of interest hereinabove provided, but no such sale shall be made at a price less than par plus accrued interest to date of delivery of the bonds to the purchaser. Notice of the sale of any such bonds shall be published at least one (1) time not less than ten (10) days prior to the date of sale and shall be published in a newspaper published in and having general circulation within the county.
(5) The resolution or order adopted by the board of supervisors authorizing the issuance of said bonds shall pledge the sources of revenues authorized under the statutes to pay the principal thereof and interest thereon; and all bonds issued under one (1) resolution or order may be equally secured and entitled to be paid. In addition to such pledge, such bonds shall be payable from an ad valorem tax which may be levied without limit as to rate or amount upon all taxable property within the county.
Sources: Codes, 1942, § 7605-23; Laws, 1956, ch. 199, § 23; Laws, 1967, Ex. Sess. ch. 6, §§ 1-3; Laws, 1981, ch. 462, § 20; Laws, 1982, ch. 434, § 34; Laws, 1983, ch. 541, § 41, eff from and after passage (approved April 25, 1983).