59-7-505 - Interest on bonds. - Mississippi Statutes

§ 59-7-505. Interest on bonds.
 

All bonds shall bear interest at such rate or rates as may be determined by resolution of the board of supervisors of the county issuing them, not to exceed an overall maximum interest rate to maturity than that allowed in Section 75-17-103, Mississippi Code of 1972. No bond shall bear more than one (1) rate of interest; each bond shall bear interest from its date to its stated maturity date at the interest rate specified in the bid; all bonds of the same maturity shall bear the same rate of interest from date to maturity; all interest accruing on such bonds so issued shall be payable semiannually or annually, except that the first interest coupon attached to any such bond may be for any period not exceeding one (1) year. 
 

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, § 7576-53; Laws,  1970, ch. 407, § 3; Laws, 1981, ch. 462, § 18; Laws, 1982, ch. 434, § 32; Laws, 1983, ch. 541, § 39, eff from and after passage (approved April 25, 1983).