Mississippi § 59-9-41 - Revenue bonds.

§ 59-9-41. Revenue bonds.

In addition to the authority conferred by Section 59-9-37, the board of supervisors of such county is further authorized, in its discretion, to issue revenue bonds of such county to provide funds for any purpose or purposes set out in this chapter or in Section 59-5-31. Such revenue bonds may be issued upon compliance with Section 59-9-51, and shall not be subject to any limitation as to amount, and shall not be included or computed in the statutory limitations of indebtedness of any such county. Such bonds shall bear date or dates, be in such denomination or denominations, bear interest at such rate or rates, provided that the bonds of any issue shall not bear a greater overall maximum interest rate to maturity than that allowed in Section 75-17-103, be payable at such place or places within or without the State of Mississippi, shall mature at such time or times and upon such terms, with or without premium, shall bear such registration privileges and shall be substantially in such form, all as shall be determined by resolution of the board of supervisors of such county. Such bonds shall mature in annual installments beginning not more than five (5) years from date thereof and extending not more than thirty-five (35) years from date thereof. Such bonds shall be signed by the president of the board of supervisors of such county, and the official seal of the county shall be affixed thereto, attested by the clerk of the board of supervisors of such county. The interest coupons, if any, to be attached to such bonds may be executed by the facsimile signatures of said officers. Whenever any such bonds shall have been signed by the officers herein designated to sign the bonds who were in office at the time of such signing but who may have ceased to be such officers prior to the sale and delivery of such bonds, or who may not have been in office on the date such bonds may bear, the signatures of such officers upon such bonds and coupons shall nevertheless be valid and sufficient for all purposes and have the same effect as if the person so officially signing such bonds had remained in office until the delivery of the same to the purchaser or had been in office on the date such bonds may bear. The revenue bonds issued under the provisions of this section shall be payable solely out of the revenues to accrue from the operation of such project development, improvement or utility systems, and the full faith and credit of the county shall not be pledged therefor, nor shall any ad valorem tax be levied therefor.