61-3-27 - Issuance of bonds; attorneys' services. - Mississippi Statutes

§ 61-3-27. Issuance of bonds; attorneys' services.
 

An authority shall have the power to borrow money for any of its corporate purposes and issue its bonds therefor, including refunding bonds, which bonds may be payable out of any revenues of the authority, including grants or contributions from the federal government or other sources. Any bonds of an authority issued pursuant to this chapter which are payable, as to principal and interest, solely from revenues of an airport or air navigation facility (and they shall so state on their face) shall not constitute a debt of any municipality, the state, or any political subdivision thereof other than the authority, and shall not constitute an indebtedness within the meaning of any constitutional or statutory debt limitation or restriction. Neither the commissioners of an authority nor any person executing such bonds shall be liable personally thereon by reason of the issuance thereof, provided the issuance is in compliance with this chapter. 
 

An authority proposing to issue bonds or notes as defined in this chapter of any kind, nature, or description shall have, prior to authorization, issuance, and subsequent validation thereof, secured the legal services of a competent practicing attorney or firm of attorneys. In no instance shall the attorney's fees paid for the issuance or refunding of such bonds exceed the following amounts, to wit: 
 

On all such bond issues the attorney's fees shall not exceed one percent (1%) of the first five hundred thousand dollars ($500,000.00); one-half percent (1/2%) of all over five hundred thousand dollars ($500,000.00) and not more than one million dollars ($1,000,000.00); and one-fourth percent (1/4%) of all amounts in excess of one million dollars ($1,000,000.00). 
 

Sources: Codes, 1942, § 7545-40; Laws,  1958, ch. 230, § 10; Laws, 1969, Ex. Sess. ch. 35, § 1, eff from and after passage (approved October 7, 1969).