2016 Mississippi Code
Title 51 - Waters, Water Resources, Water Districts, Drainage, and Flood Control
Chapter 11 - Pearl River Basin Development District
§ 51-11-23. Details of bonds

All such bonds provided for by Section 51-11-21 are hereby declared to have all the qualities and incidents of negotiable instruments under the provisions of the Uniform Commercial Code, and in exercising the powers granted by this chapter the district shall not be required to and need not comply with the provisions of the Uniform Commercial Code. Such bonds may be issued at one 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 six percent (6%) per annum, shall mature in such amount or amounts and at such time or times, not exceeding forty years from the date thereof, with or without option or prior payment, and shall be executed in such manner, all as may be determined by the board of directors of the Pearl River Basin Development District, as set out in the resolution or resolutions adopted by said board authorizing the issuance of said bonds. No interest payment due on any bond shall be evidenced by more than one 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 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. All interest accruing on such bonds so issued shall be payable semiannually, except that the first interest coupon attached to pay such bond may be for a period not exceeding one year. Such bonds shall be signed by the president of the district, and the official seal of the district shall be affixed thereto, attested by the secretary of the district. The interest coupons to be attached to such bonds may be executed by the facsimile signatures of such officers. 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.

Such bonds may be called in, paid, and redeemed upon such terms and conditions as may be specified in the resolution authorizing the issuance of such bonds, on a date to be specified therein or on any interest payment date thereafter prior to maturity, upon not less than thirty days' notice to the paying agent or agents designated in such bonds, and at such premium as may be designated in such bonds. In no case shall any premium exceed six percent (6%) of the face value of 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 such district, as defined in Section 51-11-21, and that they do not constitute general obligations of the State of Mississippi or of the counties comprising said district, and are not secured by a pledge of the full faith, credit, and resources of this state or of such counties.

All such bonds as provided for herein shall be sold on sealed bids at public sale as provided by Section 31-19-25, of the Mississippi Code of 1972. No such sale shall be at a price so low as to require the payment of interest on the money received therefor at more than six percent (6%) 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 chapter 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.