2016 Mississippi Code
Title 51 - Waters, Water Resources, Water Districts, Drainage, and Flood Control
Chapter 35 - Flood Control
Article 5 - Urban Flood Control
§ 51-35-331. Details of bonds

All such bonds provided by this article shall be negotiable instruments within the meaning of the Uniform Commercial Code, shall be lithographed or engraved and printed in two (2) or more colors to prevent counterfeiting, shall be in denominations of not less than one hundred dollars ($ 100.00) nor more than one thousand dollars ($ 1,000.00), shall be registered as issued, and shall be numbered in a regular series from one (1) upward. Each such bond shall specify on its face the purpose for which it was issued and the total amount authorized to be issued, shall be payable to bearer, and the interest to accrue thereon shall be evidenced by proper coupons to be attached thereto. Such bonds shall bear interest at such rate or rates, not exceeding that allowed in Section 75-17-103, Mississippi Code of 1972. They shall mature annually in such amounts and at such times as shall be provided by the resolution of the board of directors. However, no bond shall have a longer maturity than forty (40) years from the date of issuance thereof. The denomination, form, and place or places of payment of such bonds shall be fixed in the resolution of the board of directors of the district. Such bonds shall be signed by the president and the secretary of such board, with the seal of the district affixed thereto, but the coupons may bear only the facsimile signatures of such president and secretary. All interest accruing on such bonds so issued shall be payable semiannually, except that the first interest coupon attached to any such bond may be for any period not exceeding one (1) year.

If so specified in the resolution directing the issuance thereof, such bonds may be called in, paid, or redeemed in inverse numerical order prior to maturity, upon not less than thirty (30) days notice to the paying agent or agents designated in such bonds, and at such premium as may be designated in such bonds. However, in no case shall any premiums exceed the maximum interest rate allowed on such bonds.

All such bonds shall contain in substance a statement to the effect that they are secured solely by a pledge of the ad valorem tax levy provided in this article, they do not constitute general obligations of the state of Mississippi or of the counties or municipalities comprising said district, and they are not secured by a pledge of the full faith, credit and resources of said state or of such counties or municipalities.

All such bonds as provided for herein shall be sold at public sale as now provided by law. Except as otherwise provided hereinabove, 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 the maximum interest rate allowed on such bonds computed with relation to the absolute maturity of the bonds, in accordance with standard tables of bond value, excluding from such computation the amount of any premium to be paid on redemption of any bonds prior to maturity.

This article 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.