Mississippi Code 1972 (2023) › Title 49 - CONSERVATION AND ECOLOGY (§§ 49-NEW-001 — 49-39-7) › Chapter 17 - POLLUTION OF WATERS, STREAMS, AND AIR (§§ 49-17-1 — 49-17-775) › COUNTY AND MUNICIPAL BONDS FOR POLLUTION CONTROL (§§ 49-17-101 — 49-17-123) › Section 49-17-108 - Refunding bonds

Any bonds issued under authority of Sections
49-17-101
through
49-17-123
, 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 board may deem necessary, but not to exceed in the aggregate the sum of (a) the principal amount of the obligations to be refunded, (b) applicable redemption premiums thereon, (c) unpaid interest on such obligations to be refunded to the date of delivery or exchange of the refunding bonds, (d) in the event the proceeds from the sale of the refunding bonds are to be deposited in trust as hereinafter provided, interest to accrue on such obligations to be refunded from the date of delivery of the refunding bonds to the date of maturity of such obligations to be refunded, or to the first redemption date of such obligations to be refunded, whichever shall be earlier, and (e) expenses, premiums and commissions deemed by the governing board to be necessary in connection with the issuance of the refunding bonds.
Any such refunding may be effected whether the obligations to be refunded shall have then matured or shall thereafter mature, either by the exchange of the refunding bonds for the obligations to be refunded thereby or by sale of the refunding bonds and the application of the proceeds thereof to the payment of the obligations to be refunded thereby, provided that the holders of any bonds so to be refunded shall not be compelled without their consent to surrender their bonds for payment or exchange prior to the date on which they are payable or, if they are called for redemption, prior to the date on which they are, by their terms, subject to redemption, and regardless of whether or not the obligations to be refunded were issued in connection with the same projects or separate projects, and regardless of whether or not the obligations to be refunded shall be payable on the same date or different dates or shall be due serially or otherwise. Any refunding bonds issued under the authority of this section shall be payable from the revenues out of which the bonds to be refunded hereby were payable and shall be secured in accordance with the provisions of Section
49-17-107
and as authorized by this section.
The principal proceeds from the sale of any refunding bonds shall be applied to the payment of any expenses, premiums and commissions incurred in connection with such refunding and as follows:
(a)
To the immediate payment and retirement of the obligations being refunded; or
(b)
Deposited in trust to provide for the payment and retirement of the obligations being refunded, including the interest thereon, and to pay interest on the refunding bonds prior to the retirement of the obligations being refunded. Money in any such trust fund may be invested in direct obligations of, or obligations the principal of and interest on which are guaranteed by, the United States of America, or obligations of any agency or instrumentality of the United States Government, or in certificates of deposit issued by a bank or trust company located in the State of Mississippi, if such certificates shall be secured by a pledge of any of said obligations having an aggregate market value equal to one hundred twenty percent (120%) of the principal amount of the certificates so secured. Nothing herein shall be construed as a limitation on the duration of any deposit in trust for the retirement of obligations being refunded, but which shall not have matured and which shall not be presently redeemable.
Prior to the issuance of refunding bonds under this section no findings shall be required of the pollution authority under Section
49-17-111
. In lieu of the petition required by Section
49-17-121
, the governing board shall file with the board a petition giving a brief explanation of the proposal to refund the obligations sought to be refunded, and financial statements on the company obligated under the lease/sale. Upon the filing of the petition, the board shall, as soon as practicable, approve the issuance of such refunding bonds, unless it determines that the issuance of such bonds would not be consistent with the purposes of Sections
49-17-101
through
49-17-123
; and at any time not exceeding six (6) years following such approval the governing board may proceed with the issuance of such refunding bonds. The refunding bonds issued pursuant to this section shall be subject to all other terms and conditions of Sections
49-17-101
through
49-17-123
, except for those provisions which, by their terms, do not apply to such refunding bonds.
It is the intent of the legislature that the terms used in this section shall have the meanings set forth in Section
49-17-101
.
Laws, 1977, ch. 420, §§ 1, 2, eff. 3/30/1977.