2016 Mississippi Code
Title 29 - Public Lands, Buildings and Property
Chapter 3 - Sixteenth Section and Lieu Lands
Sixteenth Section Development Authorities (§§ 29-3-151 - 29-3-183)
§ 29-3-161. Issuance of bonds authorized

The board of trustees of the authority is hereby authorized and empowered to issue bonds of the authority for the purpose of paying the costs of acquiring, owning, constructing, operating, repairing and maintaining the projects and works specified herein, including related facilities, and including all financing and financial advisory charges, interest during construction, engineering, legal, and other expenses incidental to and necessary for the foregoing, or for the carrying out of any power conferred by Sections 29-3-151 through 29-3-183. Said board of trustees is authorized and empowered to issue such bonds at such times and in such amounts as shall be provided for by resolution of the said board of trustees.

Provided, however, the bonds herein authorized shall not be issued until the board shall have published notice of its intention to issue same; said notice to be published once each week for three (3) consecutive weeks in some newspaper in the county, but not less than twenty-one (21) days nor more than sixty (60) days intervening between the time of the first notice and the meeting at which said board proposes to issue such bonds. If, within the time of giving notice, not less than fifteen hundred (1500) of the qualified electors of the county shall file a written petition with the board of trustees of the authority protesting the issuance of the bonds, the board of supervisors shall call an election on the question of issuing the bonds. Such election shall be held and conducted by the election commissioners of the county as nearly as may be in conformity with the provisions of Sections 19-9-13 through 19-9-17, Mississippi Code of 1972, governing bond elections, in which election all qualified electors of the county may vote.

All such bonds so issued by said authority shall be secured solely by pledge of the net revenues which may now or hereafter come to the authority and by pledge of the rental income from the sixteenth section, or lands granted in lieu thereof, to be developed by the authority which may now or hereafter come to the county school board and/or the trustees of the municipal separate school district. Such bonds shall not constitute general obligations of the State of Mississippi, or of the county creating the authority, and such bonds shall not be secured by a pledge of the full faith, credit and resources of said state or of said county. "Revenues" as used in Sections 29-3-151 through 29-3-183 shall mean all charges, tolls, rates, gifts, grants, moneys, rentals and proceeds from the leasing for commercial and/or industrial use of the lands actually developed by the authority under said sections, and all other funds coming into the possession of the authority by virtue of the provisions of said sections, except the proceeds from the sale of the bonds issued hereunder. "Net revenues" as used in Sections 29-3-151 through 29-3-183 shall mean the revenues after payment of costs and expenses of management and maintenance of the project and related facilities. "Rental income" shall mean all rentals, moneys or funds derived pursuant to Sections 29-3-27 et seq., Mississippi Code of 1972, from the sixteenth section, or lands granted in lieu thereof, to be developed by the authority, except such rentals, moneys, or funds derived from the leasing for commercial and/or industrial use of the lands actually developed by the authority.