§ 31-27-7. Issuance of refunding bonds
Refunding bonds shall be issued pursuant to an authorizing resolution of the governing body of a governmental unit. Refunding bonds may be issued in one or more series, may bear such date or dates, may mature at such time or times (either serially or term or a combination thereof), may bear interest at such rate […]
§ 31-27-9. Escrow account; banking corporation as trustee for bondholders
The governing body of any governmental unit may, in addition to the other powers conferred, include provisions in any resolution authorizing the issuance of refunding bonds, which shall be a part of the contract with the holders of the refunding bonds, as to: The establishment of an escrow account in accordance with the provisions of […]
§ 31-27-11. Security for refunding bonds
Refunding bonds may be secured by a pledge of: (a) the same source of security as the bonds to be refunded, or (b) such other security as the governing body of the governmental unit may lawfully pledge, or both; all as may be provided by resolution of the governing body of the governmental unit.
§ 31-27-13. Amount of refunding bonds authorized to be issued
The total amount of refunding bonds to be issued under this chapter shall be an amount sufficient to effect the refunding and may include an amount sufficient to pay (a) the principal amount of the refunded bonds, (b) interest accrued or to accrue to the date of maturity or the date of redemption of the […]
§ 31-27-15. Sale of refunding bonds and disposition of proceeds
Refunding bonds may be sold and proceeds thereof may be applied to the payment of the bonds refunded or, as to such bonds as are not yet maturing, such proceeds may be deposited in escrow to be held until such time as the bonds to be refunded become available for payment by maturity, call for […]
§ 31-27-17. Refinancing of outstanding bonds by issuance of refunding bonds
The governing body of a governmental unit may refinance outstanding bonds through the issuance of refunding bonds and the exchange of such refunding bonds for the bonds to be refunded. Any such refunding may be effected whether or not the bonds to be refunded shall have then matured or shall thereafter mature.
§ 31-27-19. Negotiability of refunding bonds
All refunding bonds issued under this chapter shall be fully negotiable in accordance with their terms and shall be “securities” within the meaning of Article 8 of the Uniform Commercial Code, subject to the provisions of such bonds pertaining to registration. It shall not be necessary to file financing statements or continuation statements to protect […]
§ 31-27-21. Tax treatment
All refunding bonds issued under this chapter, and all interest thereon and income therefrom, shall be exempt from taxation to the same extent that the refunded bonds are exempt from taxation.
§ 31-25-55. Savings clause
If any section, subsection, paragraph, sentence, clause or provision of this act shall be unconstitutional or ineffective, in whole or in part, to the extent that it is not unconstitutional or ineffective, it shall be valid and effective and no other section, subdivision, paragraph, sentence, clause or provision shall on account thereof be deemed invalid […]
§ 31-25-101. Definitions
For the purposes of this article, the following words and phrases shall have the meaning ascribed in this section unless the context clearly indicates otherwise: “Bank” means the Mississippi Development Bank created pursuant to Section 31-25-1 et seq., Mississippi Code of 1972. “Bonds” means bonds, notes and any other evidence of indebtedness. “Commission” means the […]