59-15-9 - Payment of principal and interest on bonds generally. - Mississippi Statutes

§ 59-15-9. Payment of principal and interest on bonds generally.
 

The bonds or other obligations issued by any municipality of the State of Mississippi pursuant to the provisions of this chapter shall be secured as to payment as hereinafter in this chapter provided, and in addition thereto shall be secured as to payment by the full faith and credit of the municipality issuing the same, and the governing authorities of such municipality shall annually levy a tax on all the taxable property of such municipality sufficient to produce an amount, which, when added to the net revenues hereinafter in this chapter authorized to be pledged for the payment thereof, will be sufficient to pay all interest and principal of such bonds which may mature during such annual period. Such bonds or other obligations so issued, being additionally secured as to payment as hereinafter in this chapter provided, shall not be construed as a debt within the meaning of any statutory limitation as to the amount of which may be incurred by any such municipality. 
 

Sources: Codes, 1942, § 7615; Laws,  1935, ch. 63; Laws, 1936, ch. 312.