Mississippi Code 1972 (2023) › Title 37 - EDUCATION (§§ 37-NEW-001 — 37-NEW01-004) › Chapter 115 - UNIVERSITY OF MISSISSIPPI (§§ 37-115-1 — 37-115-131) › LOCAL GOVERNMENTAL ISSUANCE OF BONDS FOR BENEFIT OF UNIVERSITY (§§ 37-115-61 — 37-115-75) › Section 37-115-71 - Issuance and sale of bonds; election; terms; tax levy

Any such county as is provided for in Section
37-115-69
is hereby authorized and empowered to issue and sell its bonds, notes or other evidences of indebtedness for the purpose of providing funds with which to make the contribution or donation authorized under the provisions of said section. Such bonds, notes or other evidences of indebtedness shall not be issued in an amount which will exceed the limit of indebtedness of said county as such limit is prescribed by Sections
19-9-1
through
19-9-31
, Mississippi Code of 1972. Before issuing any such bonds, notes or other evidences of indebtedness, the board of supervisors acting for such county shall adopt a resolution declaring its intention to issue the same, stating the amount and purpose thereof and fixing the date upon which an election will be held on the proposition. Notice of such election shall be given by publication of such resolution once a week for at least three consecutive weeks in at least one newspaper published in said county. The first publication of such notice shall be made not less than twenty-one days prior to the date fixed in such resolution for the holding of said election as aforesaid and the last publication shall be made not more than seven days prior to such date. At such election all qualified electors of said county may vote and the ballots used shall have printed thereon a brief statement of the amount and purpose of the bonds, notes or other evidences of indebtedness proposed to be issued and the voter shall vote by placing a cross (X) or check (Tick) opposite his choice on the proposition. The bonds, notes or other evidences of indebtedness authorized herein shall not be issued unless authorized by the affirmative vote of a majority of the qualified voters of said county who vote on the proposition at such election.
Such election shall be conducted and the returns thereof made, canvassed, and declared as nearly as may be in like manner as is now or may hereafter be provided by law in the case of general elections in counties. In the event that the question of the issuance of such bonds, notes or other evidences of indebtedness be not authorized at such election, such question shall not again be submitted to a vote until the expiration of a period of six months, from and after the date of such election.
Such bonds, notes or other evidences of indebtedness shall bear such date or dates, shall be of such denomination or denominations, shall be payable at such place or places, shall bear such rate or rates of interest and shall mature in such amounts and at such times as may be provided and directed by the board of supervisors of said county. Such bonds shall bear interest at a rate or rates not exceeding six per cent per annum and shall mature in not more than twenty-five years from the date thereof and shall be sold for not less than par and accrued interest.
Any bonds authorized to be issued at an election as provided for in this section shall be issued by such county, acting by and through its board of supervisors, at such times and in such amounts as shall be provided for by resolution of the board of trustees of state institutions of higher learning.
All bonds, notes or other evidences of indebtedness issued hereunder shall be secured by a pledge of the full faith, credit and resources of such county. There shall annually be levied upon all taxable property within said county an ad valorem tax in addition to all other taxes, sufficient to provide for the payment of the principal of and the interest on said bonds, notes or other evidences of indebtedness as the same respectively mature and accrue.
Codes, 1942, §§ 2926-42, 2926-43; Laws, 1962, ch. 370, §§ 2, 3.