77-5-27 - Issuance of bonds by authority. - Mississippi Statutes

§ 77-5-27. Issuance of bonds by authority.
 

The authority shall have power and is hereby authorized from time to time to issue its bonds in anticipation of its revenues, for any corporate purpose. Said bonds may be authorized by resolution or resolutions of the board, and may be issued in one or more series, may bear such date or dates, mature at such time to times not exceeding twenty-five (25) years from their respective dates, bear interest at such rate or rates, not exceeding that allowed in Section 75-17-103, Mississippi Code of 1972, payable semiannually, be in such denominations, be in such form, either coupon or registered, be executed in such manner, be payable in such medium of payment, at such place or places, be subject to such terms of redemption, with or without premium, and be declared or become due before the maturity date thereof, as such resolution or resolutions may provide. Said bonds may be issued for money or property, at public or private sale for such price or prices, as the board shall determine. The interest cost to maturity of the money or property (at its value as determined by the board, the determination of which shall be conclusive) received for any issue of said bonds, shall not exceed the rate allowed in Section 75-17-103, Mississippi Code of 1972. Said bonds may be repurchased by the authority out of any available funds at a price not to exceed the principal amount thereof and accrued interest, and all bonds so repurchased shall be canceled. Pending the preparation or execution of definitive bonds, interim receipts or certificates, or temporary bonds may be delivered to the purchaser or purchasers of said bonds. Any provision of law to the contrary notwithstanding, any bonds and the interest coupons appertaining thereto, if any, issued pursuant to this article shall possess all of the qualities of negotiable instruments. 
 

Sources: Codes, 1942, § 5513; Laws,  1936, ch. 183; Laws, 1982, ch. 434, § 35; Laws, 1983, ch. 541, § 43, eff from and after passage (approved April 25, 1983).