Mississippi § 65-29-19 - General bond provisions.

§ 65-29-19. General bond provisions.

The power to issue bonds or other obligations authorized by Section 65-29-11 shall be vested in, and may be exercised from time to time by, the governing body of any municipality or county described in said section. Such bonds or other obligations shall be authorized by resolution of the governing body of any such municipality and shall bear such date or dates, mature at such time or times, not exceeding twenty-five years from their respective dates, bear interest at such rate or rates, not exceeding six per centum per annum, be in such denomination, be in such form, either coupon or registered, carry such registration privileges, be executed in such manner, be payable in such medium of payment, at such place or places, and be subject to such terms of prior redemption, with or without premium, as such resolution or resolutions shall provide. Such bonds or other obligations may be sold at public or private sale for such price or prices as the governing body of such municipality or county shall determine, provided that the interest cost to maturity of the money received from any issue of said bonds or other obligations shall not exceed six per centum per annum. Such bonds or other obligations may be issued by any municipality or county described in Section 65-29-11 in a principal amount not exceeding in the aggregate two hundred thousand dollars, for any purpose or purposes authorized by said section. Such municipality or county shall have the power out of any funds available to purchase any bonds or other obligations issued by it pursuant to this chapter, and all bonds or other obligations so purchased shall be cancelled and no bonds or other obligations shall be issued in lieu thereof. In anticipation of the issuance of the definitive bonds authorized by this chapter, any such municipality or county may issue interim certificates. Such interim certificates shall be in such form, contain such terms, conditions, or provisions, bear such dates or date, and evidence such agreement or agreements relating to their discharge by payment or by the delivery of the definitive bonds, as such municipality or county by resolution of its governing body may determine. Any bonds, interim certificates, or other obligations issued pursuant to this chapter shall be fully negotiable within the meaning and for all the purposes of the Uniform Commercial Code of Mississippi.