2016 Mississippi Code
Title 51 - Waters, Water Resources, Water Districts, Drainage, and Flood Control
Chapter 11 - Pearl River Basin Development District
§ 51-11-21. Board of directors to issue bonds

The board of directors of the Pearl River Basin Development District is hereby authorized and empowered to borrow money or issue bonds of the district for the purpose of paying the cost of acquiring, owning, constructing, operating, repairing, and maintaining the projects and works provided for in this chapter, and related facilities, including all financing and financial advisory charges, interest during construction, engineering, architectural, legal, and other expenses incidental to and necessary for the foregoing or for the carrying out of any power conferred by this chapter.

Said board of directors is authorized and empowered to borrow money and issue bonds at such times and in such amounts as shall be provided for by resolution of said board of directors, not to exceed the limitation prescribed in Section 51-11-25. All such bonds so issued by the district shall be secured solely by a pledge of the net revenues which may now or hereafter come to the district and by the pledge of the avails of the two (2) mills ad valorem tax provided for in Section 51-11-33. Such bonds shall not constitute general obligations of the state of Mississippi or of the counties comprising said district and shall not be secured by a pledge of the full faith, credit, and resources of this state or of said counties. Bonds of the district shall not be included in computing any present or future debt limit of any county in such district under any present or future law. "Revenues" as used in Sections 51-11-1 through 51-11-51 shall mean all charges, rentals, tolls, rents, gifts, grants, avails of tax levies, contributions, monies, and all other funds coming into the possession of the district by virtue of the provisions of this chapter, except the proceeds from the sale of bonds issued hereunder. "Net revenues" as used in Sections 51-11-1 through 51-11-51 shall mean the revenues after payment of costs and expenses of administration of the district and of operation and maintenance of the projects and related facilities.