Mississippi Code 1972 (2023) › Title 51 - WATERS, WATER RESOURCES, WATER DISTRICTS, DRAINAGE, AND FLOOD CONTROL (§§ 51-1-1 — 51-41-33) › Chapter 9 - DEVELOPMENT OF REGION BORDERING PEARL RIVER; PEARL RIVER VALLEY WATER SUPPLY DISTRICT; METROPOLITAN AREA WATER SUPPLY ACT (§§ 51-9-1 — 51-9-227) › Article 7 - METROPOLITAN AREA WATER SUPPLY ACT (§§ 51-9-189 — 51-9-227) › Section 51-9-205 - Issuance of bonds by district; sales price and other bond requirements

(1)
The district shall have the power and is hereby authorized, from time to time, to issue bonds without notice and without an election on the question of the issuance thereof in such principal amounts as the district may determine to be necessary to provide sufficient funds for achieving the purposes of this act, including, without limiting the generality of the foregoing, to defray the cost of the acquisition, construction, improvement or extension of the waterworks or water supply system or any part thereof, whether or not such facilities are owned by the district, the payment of interest on bonds of the district issued pursuant to this act, establishment of reserves to secure such bonds and payment of the interest thereon, expenses incident to the issuance of such bonds and to the implementation of the district's waterworks, water supply system and all other expenditures of the district incident to or necessary or convenient to carry out the purposes of this act. The bonds authorized by this act shall never constitute nor give rise to a pecuniary liability of the district, or a charge against its general credit or taxing powers and shall not constitute general obligations of the state.
(2)
Bonds of the district issued pursuant to this act shall be payable from and secured by a pledge of all or any part of the revenues under any contract entered into pursuant to this act and from all or any part of the revenues derived from the operation of the waterworks and water supply system or any part thereof, as may be determined by the district, subject only to any agreement with the registered owners of the bonds. Such bonds may be further secured by a trust indenture between the district and a corporate trustee, which may be any trust company or bank having powers of a trust company within or without the state.
(3)
Bonds of the district issued pursuant to this act shall be authorized by a resolution or resolutions of the district. Such bonds shall bear such date or dates, mature at such time or times, bear interest at such rate or rates, be in such denomination or denominations, be in such form, carry such conversion privileges, have such rank or priority, be executed in such manner and by such officers, be payable from such sources in such medium of payment at such place or places within or without the state, provided that one (l) such place shall be within the state, be subject to such terms of redemption prior to maturity, all as may be provided by resolution or resolutions of the district; however, such bonds shall not bear a greater overall interest rate to maturity than that allowed in Section
75-17-103
, Mississippi Code of 1972.
(4)
Bonds of the district issued pursuant to this act may be sold at a price not less than ninety-seven percent (97%) of par value plus accrued interest, at public or private sale, at such times as may be determined by the district to be in the public interest, and the district may pay all expenses, premiums, fees and commissions which it may deem necessary and advantageous in connection with the issuance and sale thereof.
(5)
Any pledge of earnings, revenues or other moneys made by the district shall be valid and binding from the time the pledge is made. The earnings, revenues or other moneys so pledged and thereafter received by the district shall immediately be subject to the lien of such pledge without any physical delivery thereof or further act, and the lien of any such pledge shall be valid and binding as against all parties having claims of any kind in tort, contract or otherwise against the district irrespective of whether such parties have notice thereof. Neither the resolution nor any other instrument by which a pledge is created need be recorded.
(6)
Neither the directors of the district nor any person executing the bonds shall be personally liable on the bonds or be subject to any personal liability or accountability by reason of the issuance thereof.
(7)
Whenever any bonds shall have been signed by the officer(s) designated by the resolution of the district to sign the bonds who were in office at the time of such signing but who may have ceased to be such officer(s) prior to the sale and delivery of such bonds, or who may not have been in office on the date such bonds may bear, the manual or facsimile signatures of such officer(s) upon such bonds shall nevertheless be valid and sufficient for all purposes and have the same effect as if the person so officially executing such bonds had remained in office until the delivery of the same to the purchaser or had been in office on the date such bonds may bear.
Laws, 1985, ch. 428, § 8, eff. 3/26/1985.