§ 37-59-111. Execution of negotiable notes or certificates of indebtedness; interest; maturity
All indebtedness incurred under the provisions of this article shall be evidenced by the negotiable notes or certificates of indebtedness of the school district on whose behalf the money is borrowed.Said notes or certificates of indebtedness shall be signed by the president of the school board and superintendent of schools of such school district.Such notes […]
§ 37-59-113. Disposition of proceeds of notes or certificates; disposition of balance of proceeds
The proceeds of any negotiable notes or certificates of indebtedness issued under the provisions of this article shall be placed in a special fund and shall be expended only for the purpose or purposes for which they were issued as shown by the resolution authorizing the issuance thereof. If a balance shall remain of the […]
§ 37-59-37. Borrowing of money for current expenses in anticipation of school district taxes
The school board of any school district shall have the power and authority to borrow money for the anticipated current year’s expenses of such school district in anticipation of the collection of ad valorem taxes and other revenues of such school district for the then current fiscal year.The money so borrowed shall bear interest at […]
§ 37-59-22. Procedure for issuance of bonds upon election where district lies in two or more counties; levy of special tax
Whenever a school district lies in two (2) or more counties of the State of Mississippi before any money shall be borrowed under the provisions of this chapter, the school board of the school district shall adopt a resolution declaring the necessity for borrowing such money, declaring its intention to borrow such money and to […]
§ 37-59-23. Levy of special tax to pay principal and interest on bonds
The levying authority, as defined in Section 37-57-1(1)(b), acting for and on behalf of any school district, shall annually levy a special tax upon all of the taxable property within such school district, except as provided in Section 37-7-104.3(8) and (9), which shall be sufficient to provide for the payment of the principal of and […]
§ 37-59-24. Instructions to deposit tax receipts directly with trustee or paying agent
Notwithstanding any other provision of law, any school district having outstanding school debt which is repaid at least in part from local ad valorem tax receipts may, for the remaining term of such debt, irrevocably instruct the appropriate local tax collector/assessor in writing to deposit a portion of the monthly ad valorem tax collections for […]
§ 37-59-25. Form of bonds; supplemental powers conferred in issuance of bonds
All bonds issued under the provisions of this article shall be lithographed or engraved, and printed in two (2) or more colors, to prevent counterfeiting. Provided, however, where the bonds are sold to less than ten (10) purchasers at closing and the purchasers consent, a temporary bond or bonds may be issued in typewritten form […]
§ 37-59-27. Maturities of bonds; interest rates; execution of bonds; maintenance of register of bond issues
All bonds issued by a school district shall mature annually, with all maturities not longer than twenty (20) years. Not less than one-fiftieth (1/50) total issue shall mature each year during the first five (5) years of the life of such bonds, and not less than one-twenty-fifth (1/25) of the total issue shall mature each […]
§ 37-59-29. Disposition of proceeds of bonds; liability for diversion of funds
The proceeds of any bonds issued by a school district shall be placed in the county or municipal treasury or depository, as the case may be, if there be one, as a special fund, and shall be used for no other purpose than that for which such bonds were authorized to be issued. If the […]
§ 37-59-31. Election on withdrawing or revoking authority to issue bonds or on amending purpose for which bonds may be issued
In any case where the issuance of the bonds of a school district has been authorized pursuant to referendum of the qualified electors of the school district under the provisions of this article, and at any time prior to the actual issuance and sale of said bonds, there should be a resolution adopted by the […]