Mississippi § 77-5-307 - Activities must be self-sustaining.
Full text of Mississippi Mississippi Code of 1972 Annotated § 77-5-307 — Activities must be self-sustaining., with citation guidance and answers to common questions.
§ 77-5-307. Activities must be self-sustaining.
No board of supervisors taking advantage of the provisions of this article shall issue any notes, bonds, or other obligations against the county for the purpose of paying or securing the payment of the cost or expense of purchasing, constructing, or otherwise acquiring, extending, or improving any real or personal property to be used, operated, or controlled under the provisions of this article, and the credit of the county shall not be pledged for the obligations arising out of the exercise of the powers contained in this article. All revenue derived from the operation of any property authorized by this article shall be placed in a separate fund, out of which the expenses are authorized to be paid. The board of supervisors shall have the power to pledge, assign, or otherwise hypothecate the net earnings of said property for a period not exceeding twenty-five years for the purpose of securing the payment of the original cost of the purchase and/or construction and/or extension and/or improvement of such property and also to mortgage or otherwise give a lien on any such property in order to secure the payment of any indebtedness on such property. The board of supervisors shall have power to borrow money for the purpose of paying the expenses authorized by this section and to issue negotiable notes or other evidences of indebtedness each of which shall distinctly state on its face that it is payable solely out of the earnings of the electric power system of such county and that the full faith and credit of the county are not pledged for its payment. The board of supervisors shall have the power to mortgage or otherwise give a lien on the electric power system of the county in order to secure any money borrowed for the purposes authorized in this article. The board of supervisors is expressly authorized to enter into such contracts as may be necessary and proper to carry out the provisions of this section.
Frequently Asked Questions About Mississippi § 77-5-307
What does Mississippi Code of 1972 Annotated § 77-5-307 cover?
Section 77-5-307 ("Activities must be self-sustaining.") 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 § 77-5-307?
A common citation format is "Mississippi Code of 1972 Annotated § 77-5-307" (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 § 77-5-307 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.