Mississippi § 77-6-77 - Temporary borrowing through revenue anticipation notes for current and necessary expenses.

§ 77-6-77. Temporary borrowing through revenue anticipation notes for current and necessary expenses.

The authority is hereby authorized to make temporary borrowings through revenue anticipation notes for the purpose of meeting the current and necessary expenses of the authority (including the purchase of gas supplies) and paying the costs of issuing the revenue anticipation notes. The authority is authorized to make such temporary borrowings through revenue anticipation notes for a period not to exceed thirteen (13) months. To provide for such temporary borrowings, the authority may provide for the private sale of such revenue anticipation notes and may enter into any purchase, loan or credit agreements or other agreements with any banks, trust companies or other lending institutions, investment banking firms or persons in the United States having power to enter into the same. The authority shall provide for repayment of any revenue anticipation note issued hereunder within thirteen (13) months from the issuance date thereof from all or a portion of any available revenues of the system. All temporary borrowings made under this section shall be evidenced by revenue anticipation notes of the authority which shall be issued, from time to time, for such amounts, in such form and in such denominations and subject to terms and conditions of sale and issuance, prepayment or redemption and maturity, rate or rates of interest and time of payment of interest as the board of commissioners shall authorize and direct in accordance with this section. Such authorization and direction may provide for the subsequent issuance of replacement notes to refund, upon issuance thereof, such notes, and may specify such other terms and conditions with respect to the notes or any replacement notes authorized for issuance as the board of commissioners of the authority may determine and direct. Revenue anticipation notes issued by the authority under the provisions of this section shall not be subject to any other requirements set forth in this chapter with respect to projects financed with bonds or the sale of issuance of bonds.