59-5-45 - Manner and price of sale of bonds; interest; maturity and redemption. - Mississippi Statutes

§ 59-5-45. Manner and price of sale of bonds; interest; maturity and redemption.
 

The State Bond Commission shall sell such bonds at public sale or private sale, and for such price as it may determine to be for the best interest of the State of Mississippi, but no sale shall be made at a price of less than ninety-eight percent (98%) of par, plus accrued interest. However, the One Hundred Thirty Million Dollars ($130,000,000.00) additional bonds herein authorized shall mature annually, with all maturities not longer than twenty-five (25) years, and may be sold for a price of not less than ninety-eight percent (98%) of 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 that allowed in Section 75-17-101, Mississippi Code of 1972. All interest accruing on such bonds so issued shall be payable semiannually or annually. 
 

No interest payment due on any bond shall be evidenced by more than one (1) coupon and supplemental coupons will not be permitted. 
 

Notice of the public sale of any such bonds shall be published at least two (2) times, 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 and in one or more other newspapers or financial journals with a large national circulation, to be selected by the State Bond Commission. 
 

The State Bond Commission, when issuing any bonds under the authority of this chapter, shall provide that bonds maturing eleven (11) or more years after the date of the issuance of such bonds may, at the option of the State of Mississippi, be called in for payment and redemption at the call price named therein and accrued interest, or on the tenth anniversary of the date of issue, or on any interest payment date thereafter prior to maturity. 
 

Sources: Codes, 1942, § 7564-17; Laws,  1958, ch. 365, § 17; Laws, 1967, Ex. Sess. ch. 7, § 4; Laws, 1974, ch. 484, § 2; Laws, 1975, ch. 456; Laws, 1976, ch. 415; Laws, 1980, ch. 530, § 4; Laws, 1982, ch. 425; Laws, 1983, ch. 541, § 35; Laws, 1991, ch. 397 § 2; Laws, 1993, ch. 472, § 2, eff from and after passage (approved March 27, 1993).