Mississippi § 37-59-5 - General limitation of indebtedness.
Full text of Mississippi Mississippi Code of 1972 Annotated § 37-59-5 — General limitation of indebtedness., with citation guidance and answers to common questions.
§ 37-59-5. General limitation of indebtedness.
No school district shall, except as provided in Section 37-59-7, hereafter issue bonds for the purposes authorized by law in an amount which, added to all of its then outstanding bonded indebtedness, shall result in the imposition on any of the property in such district of an indebtedness for school purposes of more than fifteen per cent of the assessed value of the taxable property within such district, according to the then last completed assessment for taxation, regardless of whether any of such indebtedness shall have been incurred by such district or by another school district or districts.
Source: official Mississippi text · Last verified 2026-08-27
Frequently Asked Questions About Mississippi § 37-59-5
What does Mississippi Code of 1972 Annotated § 37-59-5 cover?
Section 37-59-5 ("General limitation of indebtedness.") is part of the Mississippi Code of 1972 Annotated, the codified statutory law of Mississippi. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Mississippi § 37-59-5?
A common citation format is "Mississippi Code of 1972 Annotated § 37-59-5" (Mississippi). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Mississippi law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Mississippi official source linked on this page or consult a licensed Mississippi attorney.
How does Mississippi § 37-59-5 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Mississippi can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Mississippi.