Mississippi § 61-3-41 - Interest on bonds; details of bonds generally.
Full text of Mississippi Mississippi Code of 1972 Annotated § 61-3-41 — Interest on bonds; details of bonds generally., with citation guidance and answers to common questions.
§ 61-3-41. Interest on bonds; details of bonds generally.
All bonds shall bear interest at such rate or rates not to exceed that allowed in Section 75-17-103. No bond shall bear more than one (1) rate of interest. Each bond shall bear interest from its date to its stated maturity date at the interest rate specified in the bid or as agreed to by the authority. All bonds of the same maturity shall bear the same rate of interest. All interest accruing on such bonds so issued shall be payable semiannually or annually, except that the first interest coupon attached to any such bond may be for any period not exceeding one (1) year. No interest payment shall be evidenced by more than one (1) coupon and neither cancelled nor supplemental coupons shall be permitted. The lowest interest rate specified for any bonds issued shall not be less than two-thirds (2/3) of the highest interest rate specified for the same bond issue. The interest rate of any one (1) interest coupon shall not exceed the maximum interest rate allowed on such bonds. Each interest rate specified in any bid must be in multiples of one-eighth of one percent (1/8 of 1%) or in multiples of one-tenth of one percent (1/10 of 1%), and a zero rate of interest cannot be named. All bonds shall be lithographed, engraved or typewritten, shall be in denominations of not less than Five Thousand Dollars ($5,000.00), shall be registered by the authority, and shall be consecutively numbered in a regular series from one (1) upward. Each such bond shall specify on its face the purpose for which it was issued and the total amount authorized to be issued. The interest to accrue on each bond shall be evidenced by proper coupons to be attached thereto, unless the bonds are fully registered no-coupon bonds.
Source: official Mississippi text · Last verified 2026-08-27
Frequently Asked Questions About Mississippi § 61-3-41
What does Mississippi Code of 1972 Annotated § 61-3-41 cover?
Section 61-3-41 ("Interest on bonds; details of bonds generally.") 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 § 61-3-41?
A common citation format is "Mississippi Code of 1972 Annotated § 61-3-41" (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 § 61-3-41 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.