Mississippi Code 1972 (2023) › Title 57 - PLANNING, RESEARCH AND DEVELOPMENT (§§ 57-NEW-001 — 57-123-55) › Chapter 3 - AGRICULTURE AND INDUSTRY PROGRAM (§§ 57-3-1 — 57-3-33) › Section 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

(1)
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 chapter shall never constitute an indebtedness of the municipality within the meaning of any state constitutional provision or statutory limitation, and shall never constitute nor give rise to a pecuniary liability of the municipality or a charge against its general credit or taxing powers, and such fact shall be plainly stated in the face of each such bond. Such bonds may be executed and delivered at any time and from time to time, may be in such form and denominations and may bear interest irrespective of any interest rate limitation; may be of such tenor, may be in registered or bearer form either as to principal or interest or both, may be payable in such installments and at such time or times not exceeding thirty (30) years from their date, may be payable at such place or places and evidenced in such manner, and may contain such provisions not inconsistent herewith, all as shall be provided in the proceedings of the governing body whereunder the bonds shall be authorized to be issued. Any bonds issued under the authority of this chapter may be sold at public or private sale from time to time in such manner and at such price as may be determined by the governing body to be most advantageous, and the municipality may pay all expenses, premiums and commissions which the governing body may deem necessary or advantageous in connection with the authorization, sale and issuance thereof. All bonds issued under the authority of this chapter and all interest coupons applicable thereto shall be construed to be negotiable instruments, despite the fact that they are payable solely from a specified source.
(2)
Any funds received from the sale of bonds issued under this chapter, including accrued interest thereon, which are not required for immediate disbursement for the purpose for which issued may be invested at the direction of the enterprise in any one or more of the following:
(a)
Bonds or other obligations of the United States;
(b)
Bonds or other obligations, the payment of the principal and interest of which is unconditionally guaranteed by the United States;
(c)
Direct obligations issued by the United States of America or obligations guaranteed in full as to principal and interest by the United States of America, maturing or subject to a repurchase agreement with a qualified state depository bank maturing on or before the date when such funds will be required for disbursement;
(d)
Certificates of deposit issued by qualified depositories of the State of Mississippi as approved by the State Depository Commission;
(e)
Prime commercial paper;
(f)
Bankers' acceptances drawn on and accepted by commercial banks.
(g)
Any other investment authorized by any bank, savings bank, savings and loan association, insurance company or similar institutional investor, or combination thereof, which, at the time of authorization, is the owner of all of the bonds.
Codes, 1942, § 8936-59; Laws, 1960, ch. 147, § 9; Laws, 1964, ch. 217, § 3; Laws, 1966, ch. 235, § 3; Laws, 1968, ch. 558, § 1; Laws, 1975, ch. 451; Laws, 1977, ch. 415; Laws, 1978, ch. 491, § 1; Laws, 1979, ch. 456, § 2; Laws, 1980, ch. 433, § 1; Laws, 1981, ch. 459, § 1; Laws, 1982, ch. 453, § 1; Laws, 1983, ch. 541, § 31; Laws, 1984, ch. 506, § 10; Laws, 1993, ch. 397, § 2, eff. 3/16/1993.