37-101-313 - Powers and duties of State Bond Commission; sale of bonds; interest rates. - Mississippi Statutes

§ 37-101-313. Powers and duties of State Bond Commission; sale of bonds; interest rates.
 

The State Bond Commission shall act as the issuing agent for such bonds, prescribe the form of the bonds, advertise for and accept bids, issue and sell the bonds so authorized to be sold, pay all fees and costs incurred in such issuance and sale, and do any and all other things necessary and advisable in connection with the issuance and sale of such bonds. The State Bond Commission shall sell such bonds on sealed bids at public sale and for such price as it may determine to be for the best interest of the State of Mississippi, but no such sale shall be made at a price less than par plus accrued interest to date of delivery of the bonds to the purchaser. All bonds shall bear interest at such rate or rates not exceeding the limits set forth in Section 75-17-101, Mississippi Code of 1972. All interest accruing on such bonds so issued shall be payable semiannually or annually; provided that the first interest payment may be for any period of not more than one (1) year. 
 

Each interest rate specified in any bid must be in a multiple of one-eighth of one percent (1/8 of 1%) or one-tenth of one percent (1/10 of 1%) and a zero rate of interest cannot be named. 
 

Notice of the sale of any such bond shall be published at least one (1) time, the first of which shall be made not less than ten (10) days prior to the date of sale, and shall be so published in one or more newspapers having a general circulation in the City of Jackson, Mississippi, and in one or more other newspapers or financial journals with a national circulation, to be selected by the State Bond Commission. 
 

The State Bond Commission, when issuing any bonds under the authority of Sections 37-101-301 through 37-101-331, may provide that bonds, at the option of the State of Mississippi, may be called in for payment and redemption in reverse order of maturity at the call price named therein and accrued interest on such date or dates named therein. 
 

Sources: Laws,  1988, ch. 510, § 7, eff from and after passage (approved May 12, 1988).