Mississippi § 55-19-21 - Sale and redemption of bonds; security for payment generally; restriction on amount of bonds.

§ 55-19-21. Sale and redemption of bonds; security for payment generally; restriction on amount of bonds.

All bonds provided for herein shall be sold under the sealed bid procedure as designated in Section 31-19-25, Mississippi Code of 1972, and as additionally provided in this and other sections of this chapter. Each interest rate specified in any bid must be in a multiple of one-tenth of one percent (1/10 of 1%) or in multiples of one-eighth of one percent (1/8 of 1%), and a zero rate of interest cannot be named. Any premium must be paid in bank funds as a part of the purchase price, and bids shall not contemplate the cancellation of any interest coupon or the waiver of interest or other concession by the bidder as a substitute for bank funds. Any bonds issued under the provisions of this chapter shall be submitted to validation under the provisions of Sections 31-13-1 through 31-13-11, inclusive, Mississippi Code of 1972. Such bonds may be called in, paid and redeemed in inverse numerical order on any interest date prior to maturity but not before ten (10) years after issued 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. In no case shall any premiums exceed six percent (6%) of the face value of such bonds. All such bonds shall contain in substance a statement to the effect that they are secured solely by a pledge of the avails of not to exceed two (2) mills ad valorem tax levy provided for in Section 55-19-7, or so much thereof as may be necessary therefor, and of the net revenues as hereinabove defined or so much thereof as may be necessary therefor, and they do not constitute general obligations of the State of Mississippi, but of the counties comprising said district, and are secured by a pledge of the full faith, credit and resources of said district and of such counties, jointly and severally. This chapter 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. Bonds issued pursuant to this chapter shall not exceed fifteen million dollars ($15,000,000.00) in principal amount.