65-25-35 - Bridge revenue refunding bonds. - Mississippi Statutes

§ 65-25-35. Bridge revenue refunding bonds.
 

Any municipality is hereby authorized to provide by resolution for the issuance of bridge revenue refunding bonds of such municipality for the purpose of refunding any bridge revenue bonds issued under the provisions of this article and then outstanding. The issuance of such bridge revenue refunding bonds, the maturities and other details thereof, the rights of the holders thereof, and the duties of such municipality and of any other municipality or the state highway commission in respect to the same, shall be governed by the foregoing provisions of this article insofar as the same may be applicable, and by the following provisions: 
 

(a) No bridge revenue refunding bonds shall be delivered unless delivered in exchange for bridge revenue bonds to be refunded thereby, except in the amount necessary to provide for the payment of matured or redeemable bridge revenue bonds or bridge revenue bonds maturing or redeemable within three months, including any redemption premium thereon. 

(b) No bridge revenue refunding bonds shall be issued unless issued to refund bridge revenue bonds which have matured or will mature within six months, or unless the interest rate of the bridge revenue refunding bonds shall be at least one fourth of one per centum less than the interest rate borne by the bridge revenue bonds to be refunded. 
 

Sources: Codes, 1942, § 8465; Laws,  1938, ch. 283.