Mississippi § 59-15-11 - Details of bonds; interim certificates.

§ 59-15-11. Details of bonds; interim certificates.

The power to issue bonds or other obligations authorized by Sections 59-15-1 through 59-15-9, shall be vested in, and may be exercised from time to time by, the governing body of any municipality described in said sections. Such bonds or other obligations shall be authorized by resolution of the governing body of any such municipality and shall bear such date or dates, mature at such time or times, not exceeding twenty-five years from their respective dates, bear interest at such rate or rates, not exceeding four per centum per annum, be in such denomination, be in such form, either coupon or registered, carry such registration privileges, be executed in such manner, be payable in such medium of payment, at such place or places, and be subject to such terms of prior redemption, with or without premium as such resolution or resolutions may provide. Such bonds or other obligations may be sold at public or private sale for such price or prices as the governing body of such municipality shall determine, provided that the interest cost to maturity of the money received from any issue of said bonds or other obligations shall not exceed four per centum per annum. Such bonds or other obligations may be issued by any municipality described in Sections 59-15-1 through 59-15-9 in a principal amount not exceeding in the aggregate one hundred thousand dollars ($100,000.00), for any purpose or purposes authorized by said sections. Such municipality shall have power out of any funds available to purchase any bonds or other obligations issued by it pursuant to this chapter, and all bonds or other obligations so purchased shall be canceled and no bonds or other obligations shall be issued in lieu thereof. In anticipation of the issuance of the definitive bonds authorized by this chapter, any such municipality may issue interim certificates. Such interim certificates shall be in such form, contain such terms, conditions or provisions, bear such date or dates, and evidence such agreement or agreements relating to their discharge by payment or by the delivery of the definitive bonds, as such municipality by resolution of its governing body may determine. Any bonds, interim certificates or other obligations issued pursuant to this chapter shall be fully negotiable within the meaning and for all the purposes of the Mississippi Uniform Commercial Code.