Mississippi § 65-19-25 - General provisions for bonds.

§ 65-19-25. General provisions for bonds.

The bonds issued under authority hereof shall mature not later than twenty-five (25) years from the date of their issuance; shall 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 75-17-101, payable annually or semiannually, as the board of supervisors shall direct; shall be exempt from all taxes, and shall be payable in annual installments, the amount to be paid each year to be fixed by the board of supervisors when the bonds are issued. All such bonds, with interest coupons if any attached, shall be lithographed with suitable devices to prevent counterfeiting; shall be in denominations to be fixed by the board of supervisors; shall be registered by the clerk of the board of supervisors in a book to be kept for that purpose; shall be numbered as provided by the board of supervisors, and shall be signed by the president of the board and countersigned by the clerk, who shall impress the seal of the county upon each bond as it is issued. The coupons, if any, shall be lithographed with the facsimile signatures of the president and clerk of said board, and every such bond shall specify on its face the purpose for which it was authorized and the total amount authorized to be issued. Each bond shall be made payable to a person by name, or may be made payable to bearer without any name, such bonds to be entitled “Road bonds of ,” describing by name or number the territory created and organized into a road district. Such bonds shall not be sold for less than their face value; and the board of supervisors of each county shall levy annually a special tax upon all the taxable property of the district to be used exclusively in paying the interest on the bonds and providing a sinking fund for their redemption. Notwithstanding the foregoing provisions of this section, bonds referred to hereinabove may be issued pursuant to the supplemental powers and authorizations conferred by the provisions of the Registered Bond Act, being Sections 31-21-1 through 31-21-7.