55-19-17 - Borrowing of money and issuance of bonds generally. - Mississippi Statutes

§ 55-19-17. Borrowing of money and issuance of bonds generally.
 

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 chapter. 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 Sections 55-19-19 et seq. All such bonds so issued by said district shall be secured solely by a pledge of the avails of the two (2) mills ad valorem tax levy provided for in Section 55-19-7, or so much thereof as may be necessary therefore, 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, but of the counties comprising said district and such bonds shall be secured by a pledge of the full faith, credit and resources of said district and of said counties jointly and severally. 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 chapter shall mean all charges, rentals, tolls, rates, gifts, grants, tax proceeds, monies and all other funds coming into the possession of the district by virtue of the provisions of this chapter, except the proceeds from the sale of bonds issued thereunder, and except the avails of not to exceed the two-mill ad valorem tax levy provided for in Section 55-19-7. "Net revenues" as used in this chapter shall mean the revenues after payment of costs and expenses of operation and maintenance of the activities and related facilities of the district. 
 

Sources: Codes, 1942, § 5977.5-12; Laws,  1972, ch. 329, § 12, eff from and after passage (approved April 11, 1972).