51-13-123 - Board of directors to issue bonds. - Mississippi Statutes

§ 51-13-123. Board of directors to issue bonds.
 

The board of directors of the district is hereby authorized and empowered to borrow money or issue bonds of the district for the purpose of paying the costs of acquiring, owning, constructing, operating, repairing, and maintaining the projects and works specified herein, including related facilities and including all financing and financial advisory charges, interest during construction, engineering, architectural, legal, and other expenses incidental to and necessary for the foregoing, or for the carrying out of any power conferred by this article. Said board of directors is authorized and empowered to borrow money and issue bonds at such times and in such amounts as shall be provided for by resolution of the said board of directors, not to exceed the limitation prescribed in Section 51-13-127. All such bonds so issued by said district shall be secured solely by a pledge of the avails of the two mills ad valorem tax levy provided for in Section 51-13-121 or so much thereof as may be necessary therefor, and of the net revenues as hereinafter defined or so much thereof as may be necessary therefor. Such bonds shall not constitute general obligations of the State of Mississippi or of the counties comprising said district, and such bonds shall not be secured by a pledge of the full faith, credit, and resources of said state or of said counties. Bonds of the district shall not be included in computing any present or future debt limit of any county in such district under any present or future law. "Revenues" as used in this article shall mean all charges, rentals, tolls, rates, gifts, grants, tax proceeds, moneys, and all other funds coming into the possession of the district by virtue of the provisions of this article, except the proceeds from the sale of bonds issued hereunder, and except the avails of the two mill ad valorem tax levy provided for in Section 51-13-121. "Net revenues" as used in this article shall mean the revenues after payment of costs and expenses of operation and maintenance of the project and related facilities. 
 

Sources: Codes, 1942, § 5956-141; Laws,  1962, ch. 224, § 11; Laws, 1962, 2d Ex. Sess., ch. 32, § 5; Laws, 1964, ch. 251, § 2, eff from and after passage (approved June 11, 1964).