2016 Mississippi Code
Title 65 - Highways, Bridges and Ferries
Chapter 25 - Mississippi River Bridges
Article 1 - Mississippi River Bridge Revenue Bond Law
§ 65-25-15. Bridge revenue bonds

The governing body of any municipality is hereby authorized to provide by resolution, at one time or from time to time, for the issuance of bridge revenue bonds of such municipality for the purpose of paying the cost as hereinabove defined of any one or more such bridges, which resolution shall recite an estimate of such cost. The principal and interest of such bonds shall be payable solely from the special fund herein provided for such payment. The bonds of each issue shall be dated, shall bear interest at such rate or rates not exceeding six percent (6%) per annum, payable semiannually, shall mature at such time or times, not exceeding forty years from their date or dates, as may be determined by the governing body of such municipality, and may be made redeemable before maturity, at the option of the municipality, at such price or prices and under such terms and conditions as may be fixed by the governing body of such municipality prior to the issuance of the bonds. The principal and interest of such bonds may be made payable in any lawful medium. The governing body of such municipality shall determine the form of the bonds, including any interest coupons to be attached thereto, and shall fix the denomination or denominations of the bonds and the place or places of payment of principal and interest thereof, which may be at any bank or trust company within or without the state. The bonds and any interest coupons attached thereto shall be executed in such manner as shall be determined by the governing body of the municipality. In case any officer whose signature shall appear on the bonds or coupons shall cease to be such officer before the delivery of such bonds, such signature shall nevertheless be valid and sufficient for all purposes the same as if he had remained in office until such delivery. All bridge revenue bonds issued under the provisions of this article shall have and are hereby declared to have, as between successive holders, all the qualities and incidents of negotiable instruments under the Uniform Commercial Code of the state. Provision may be made for the registration of any of the bonds in the name of the owner as to principal alone and also as to both principal and interest and for the issuance of new coupon bonds in exchange for bonds registered as to both principal and interest. The governing body of such municipality may sell such bonds in such manner and for such price as it may determine to be for the best interests of such municipality, but no such sale shall be made at a price so low as to require the payment of interest on the money received therefor at more than six per centum per annum, computed with relation to the absolute maturity of the bonds in accordance with standard tables of bond values. The proceeds of such bonds shall be used solely for the payment of the cost of the bridge or bridges, and shall be disbursed under such restrictions, if any, as the governing body thereof may provide. If the proceeds of such bonds, by error of calculation or otherwise, shall be less than the cost of the bridge or bridges, additional bonds may in like manner be issued to provide the amount of such deficit, and unless otherwise provided in the trust indenture hereinafter mentioned, shall be deemed to be of the same issue and shall be entitled to payment from the same fund without preference or priority of the bonds first issued for the same bridge or bridges. If the proceeds of bonds issued for any bridge or bridges shall exceed the cost thereof, the surplus shall be paid into the fund hereinafter provided for the payment of principal and interest of such bonds. Prior to the preparation of definitive bonds, the municipality may, under like restrictions, issue temporary bonds, with or without coupons, exchangeable for definitive bonds upon the issuance of the latter. The governing body of any such municipality may also provide for the replacement of any bond which shall become mutilated or be destroyed or lost. Such bridge revenue bonds may be issued without any other proceedings or the happening of any other conditions or things than those proceedings, conditions, and things which are specified and required by this article. The powers conferred by this article shall be in addition to the power conferred by any other law, general, special or local, and this article, without reference to any other statute or to any charter, shall be deemed full authority for the purpose hereof. In the discretion of the governing body of any municipality, bridge revenue bonds of a single issue may be issued for the purpose of paying the cost of any one or more bridges.