§ 57-3-19. Nature of bonds; payment of principal and interest; applicability of debt limitation; terms, conditions, execution, delivery, etc., of bonds; disposition of proceeds from sale of bonds
All bonds issued by a municipality under authority of this chapter shall be limited obligations of the municipality, the principal of and interest on which shall be payable solely out of the revenue derived from the leasing of the project to finance which bonds are issued. Bonds and interest coupons issued under authority of this […]
§ 57-3-21. Security for payment of bonds
The principal of, redemption premium, if any, and interest on any bonds issued under the authority of this chapter shall be secured by a pledge of the revenues derived from the lease or sale of the project, may be secured by a mortgage covering all or any part of the project or any additional property […]
§ 57-3-23. Requirements respecting lease of projects
Prior to the leasing of any project, the governing body must determine and find the following: the amount necessary in each year to pay the principal of and the interest on the bonds proposed to be issued to finance such project; the amount necessary to be paid each year into any reserve funds, which amounts […]
§ 57-3-25. Refunding bonds
Any bonds issued hereunder and at any time outstanding may at any time and from time to time be refunded by a municipality by the issuance of its refunding bonds in such amount as the governing body may deem necessary but not exceeding an amount sufficient to refund the principal of the bonds so to […]
§ 57-3-27. Use of proceeds from sale of bonds
The proceeds from the sale of any bonds issued under authority of this chapter shall be applied only for the purpose for which the bonds were issued. However, any accrued interest and premium received in any such sale shall be applied to the payment of the principal of or the interest on the bonds sold; […]
§ 57-3-29. Contribution by municipalities to projects; acceptance of donations by municipalities
No municipality shall have the power to pay out of its general funds or otherwise contribute any part of the costs of acquiring a project, but, the entire cost of acquiring any project must be paid out of the proceeds from the sale of bonds issued under the authority of this chapter. This provision shall […]
§ 57-3-31. Investment in bonds
Bonds issued under the provisions of this chapter shall be legal investments for savings banks and insurance companies organized under the laws of this state.
§ 57-3-33. Exemption from taxation of bonds, etc.; time limit for ad valorem tax exemption
The bonds authorized by this chapter, the income therefrom, all mortgages or deeds of trust executed as security therefor, all lease or purchase agreements made pursuant to the provisions hereof, and all purchases required to establish the enterprise and financed by bond proceeds shall be exempt from all taxation in the State of Mississippi except […]
§ 57-3-9. Additional powers conferred on municipalities
In addition to any other powers which it may now have, each municipality shall have the following powers: (a) to acquire, whether by construction, purchase, gift or lease, one or more projects, which shall be located within the State of Mississippi and may be located within or without the municipality, or partially within or partially […]
§ 57-3-11. Requirement of bond issue election
Before issuing any bonds hereunder the governing body, as hereinbefore defined, of any municipality, as hereinbefore defined, shall adopt a resolution declaring its intention so to do stating the amount of bonds proposed to be issued, the purpose for which the bonds are to be issued, and the date upon which the governing body proposes […]