Mississippi § 77-5-407 - Issuance of bonds; election resolution and election procedure.

§ 77-5-407. Issuance of bonds; election resolution and election procedure.

Before any bonds are issued under this article an election shall be held in the manner herein provided. The governing body of the municipality shall adopt a resolution (herein called the “election resolution”) which shall state in substance: the amount or maximum amount of bonds to be issued; the purpose or purposes for which such bonds are to be issued; the rate or maximum rate of interest which such bonds are to bear; a brief concise statement (which need not go into any detail other than the mere statement of fact) showing whether such bonds will be payable (1) exclusively from revenues, (2) exclusively from taxes, (3) primarily from revenues and, to the extent of any deficiency in such revenues, from taxes, or (4) from taxes and additionally secured by a pledge of revenues; the date on which such election will be held; and the place or places where votes may be cast. Such election resolution shall be published in full at least once, not less than fifteen (15) days prior to the date fixed for such election, in a newspaper published and circulating in the municipality, or, if there be no such newspaper, then such election resolution shall be so published in a newspaper circulating in the municipality. Such election resolution shall also be posted not less than fifteen (15) days prior to the date fixed for such election in five (5) public places in the municipality. At such election the ballot shall contain a brief statement of the maximum amount of bonds to be authorized and the purposes for which such bonds are to be issued, and shall contain the words “for the issuance of electric plant bonds” and “against the issuance of electric plant bonds,” so arranged that the voter can intelligently vote his preference by making a cross (x) mark opposite the words indicating his preference. It shall not be necessary for the ballot to be of any particular size, color or quality, nor need sample ballots be printed, posted, or distributed. At or before the regular meeting of the governing body of the municipality next succeeding the date of such election, such governing body shall canvass the returns and determine and declare the results of the election, and it shall be the duty of the governing body of such municipality to enter upon its minutes the results and the returns in such election. Except as otherwise provided in this article, such election shall be conducted by the election authorities prescribed by the general law of the State of Mississippi and according to the provisions of the general election laws of the State of Mississippi.