59-7-109 - Maturities of bonds; interest. - Mississippi Statutes

§ 59-7-109. Maturities of bonds; interest.
 

All bonds authorized by Section 59-7-105 shall mature annually, with all maturities not longer than twenty (20) years, with not less than one-fiftieth (1/50) of the total issue to mature each year during the first five (5) years of the life of such bonds, not less than one-twenty-fifth (1/25) of the total issue to mature each year during the succeeding ten-year period of the life of such bonds, and the remainder to be divided into approximately equal annual payments, one (1) payment to mature each year for the remaining life of such bonds. Such bonds shall not bear a greater overall maximum interest rate to maturity than that allowed in Section 75-17-101, Mississippi Code of 1972. The denomination, form and place or places of payment of such bonds shall be fixed in the resolution or order of the board of supervisors issuing such bonds. 
 

No interest payment shall be evidenced by more than one (1) coupon, and neither cancelled nor supplemental coupons shall be permitted. The lowest interest rate specified for any bonds issued shall not be less than sixty percent (60%) of the highest interest rate specified for the same bond issue. The interest rate of any one (1) interest coupon shall not exceed the maximum interest rate allowed on such bonds. 
 

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

Sources: Codes, 1942, § 7576-04; Laws,  1954, Ex. Sess. ch. 28, § 4; Laws, 1970, ch. 408, § 1; Laws, 1976, ch. 443; Laws, 1978, ch. 411, § 3; Laws, 1980, ch. 324, § 2; Laws, 1981, ch. 462, § 16; Laws, 1982, ch. 434, § 29; Laws, 1983, ch. 541, § 37, eff from and after passage (approved April 25, 1983).