Mississippi § 51-35-323 - Board of directors to issue bonds.

§ 51-35-323. Board of directors to issue bonds.

The board of directors of the district is hereby authorized and empowered to issue bonds of the district for the purpose of paying the costs of creating said districts, acquiring, owning, constructing, operating, repairing, and maintaining the projects and works specified herein, including related charges, interest during construction, engineering, legal, and other expenses incidental to and necessary for the foregoing, or for the carrying out of any power conferred by this article. Said board of directors is authorized and empowered to issue such bonds at such times and in such amounts as shall be provided for by resolution of the said board of directors. After the issuance and sale of the amount of bonds first voted in any such district under the provisions of this article, no additional bonds shall thereafter be voted, issued, or sold under the provisions of this article to an amount which, when added to the amount of outstanding bonds, will exceed twenty per cent (20%) of the assessed value of all taxable property within such district, according to the then last completed state and county assessment for taxation. All such bonds so issued by said district shall be secured solely by the pledge of the avails of the ad valorem tax levy provided for in this article, such bonds shall not constitute general obligations of the State of Mississippi or of the counties or municipalities comprising said district, and such bonds shall not be secured by a pledge of the full faith, credit, and resources of said state or of said counties or municipalities. Bonds of the district shall not be included in computing any present or future debt limit of any county or municipality in such district under any present or future law.