There is established a local governments capital improvements revolving loan program to be administered by the Mississippi Development Authority for the purpose of assisting counties and municipalities in making capital improvements. For purposes of Sections 57-1-301 through 57-1-335, “capital improvements” include any combination of the following: Construction or repair of water and sewer facilities; Construction […]
(i) There is created a special fund in the State Treasury to be designated as the “Local Governments Capital Improvements Revolving Loan Fund,” which fund shall consist of such monies as provided in Sections 57-1-307 through 57-1-335. The fund shall be maintained in perpetuity for the purposes established in Sections 57-1-301 through 57-1-335. Unexpended amounts […]
In administering the provisions of Sections 57-1-301 through 57-1-335, the Department of Economic and Community Development shall have the following powers and duties: To supervise the use of all funds made available under Sections 57-1-301 through 57-1-335 for local governments capital improvements; To review and certify all projects for which funds are authorized to be […]
The State Bond Commission, at one time, or from time to time, may declare by resolution the necessity for issuance of general obligation bonds of the State of Mississippi to provide funds for all costs incurred or to be incurred for the purposes described in Section 57-1-303. Upon the adoption of a resolution by the […]
The principal of and interest on the bonds authorized under Section 57-1-307 shall be payable in the manner provided in this section. Such bonds shall bear such date or dates, be in such denomination or denominations, bear interest at such rate or rates (not to exceed the limits set forth in Section 75-17-101, Mississippi Code […]
The bonds authorized by Section 57-1-307 shall be signed by the Chairman of the State Bond Commission, or by his facsimile signature, and the official seal of the commission shall be affixed thereto, attested by the Secretary of the State Bond Commission. The interest coupons, if any, to be attached to such bonds may be […]
All bonds and interest coupons issued under the provisions of Sections 57-1-307 through 57-1-335 have all the qualities and incidents of negotiable instruments under the provisions of the Uniform Commercial Code, and in exercising the powers granted by this chapter, the State Bond Commission shall not be required to and need not comply with the […]
The State Bond Commission shall act as issuing agent for the bonds authorized under Section 57-1-307, prescribe the form of the bonds, determine the appropriate method for sale of the bonds, advertise for and accept bids or negotiate the sale of the bonds, issue and sell the bonds so authorized to be sold, pay all […]
The bonds issued under the provisions of Sections 57-1-307 through 57-1-335 are general obligations of the State of Mississippi, and for the payment thereof the full faith and credit of the State of Mississippi is irrevocably pledged. If the funds appropriated by the Legislature are insufficient to pay the principal of and the interest on […]
Upon the issuance and sale of bonds under the provisions of Sections 57-1-307 through 57-1-335, the State Bond Commission shall transfer the proceeds of any such sale or sales to the special fund created in Section 57-1-303. The proceeds of such bonds shall be disbursed solely upon the order of the Department of Economic and […]
The bonds authorized under Sections 57-1-307 through 57-1-335 may be issued without any other proceedings or the happening of any other conditions or things other than those proceedings, conditions and things which are specified or required by Sections 57-1-307 through 57-1-335. Any resolution providing for the issuance of bonds under the provisions of Sections 57-1-307 […]
The bonds authorized under the authority of Sections 57-1-307 through 57-1-335 may be validated in the Chancery Court of the First Judicial District of Hinds County, Mississippi, in the manner and with the force and effect provided by Chapter 13, Title 31, Mississippi Code of 1972, for the validation of county, municipal, school district and […]
Any holder of bonds issued under the provisions of Sections 57-1-307 through 57-1-335 or of any of the interest coupons pertaining thereto may, either at law or in equity, by suit, action, mandamus or other proceeding, protect and enforce any and all rights granted under Sections 57-1-307 through 57-1-335, or under such resolution, and may […]
All bonds issued under the provisions of Sections 57-1-307 through 57-1-335 shall be legal investments for trustees and other fiduciaries, and for savings banks, trust companies and insurance companies organized under the laws of the State of Mississippi, and such bonds shall be legal securities which may be deposited with and shall be received by […]
Bonds issued under the provisions of Sections 57-1-307 through 57-1-335 and income therefrom shall be exempt from all taxation in the State of Mississippi.
The proceeds of the bonds issued under Sections 57-1-307 through 57-1-335 shall be used solely for the purposes herein provided, including the costs incident to the issuance and sale of such bonds.
The State Treasurer is authorized to certify to the Department of Finance and Administration the necessity for warrants, and the Executive Director of the Department of Finance and Administration is authorized and directed to issue such warrants, in such amounts as may be necessary to pay when due the principal of, premium, if any, and […]
Sections 57-1-307 through 57-1-335 shall be deemed to be full and complete authority for the exercise of the powers herein granted, but Sections 57-1-307 through 57-1-335 shall not be deemed to repeal or to be in derogation of any existing law of this state.
