2015 Mississippi Code
Title 59 - PORTS, HARBORS, LANDINGS AND WATERCRAFT
Chapter 17 - STATE INLAND PORTS
§ 59-17-35 - State bonds; issuance, terms, and conditions generally

The board shall have power and is hereby authorized, at one (1) time, or from time to time, to provide by resolution for the issuance of negotiable bonds of the State of Mississippi by the state bond commission to provide funds for the purpose of paying all or any part of the cost of the acquisition of any state port, harbor, waterway or part thereof, and the planned development of any port, harbor, waterway or part thereof, but in no event shall the amount of such bonds issued exceed the actual cost of an approved plan for the development of any port, harbor, waterway or part thereof. The principal of and the interest on such bonds shall be payable from a special fund to be provided for that purpose in the manner hereinafter set forth. Such bonds shall bear the date or dates, be in such denomination or denominations, bear interest at such rate or rates, be payable at such place or places within or without the State of Mississippi, shall mature absolutely at such time or times, be redeemable prior to maturity at such time or times and upon such terms, with or without premium, shall bear such registration privileges, and shall be substantially in such form, all as shall be determined by resolution of the board. Such bonds shall mature in annual installments beginning not more than four (4) years from date thereof and extending not more than thirty (30) years from date thereof. In no event shall any bonds be issued for a period of time which shall be longer than ninety percent (90%) of the expected useful life of the project or projects to be financed by the proceeds of said bonds. Such bonds shall be signed by the governor or by his facsimile signature, and the official seal of the state shall be affixed thereto, attested by the secretary of state. The interest coupons to be attached to such bonds may be executed by the facsimile signatures of said officers. Whenever any such bonds shall have been signed by the officials 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.