SEC. 21-33-511. Issuance and execution of bonds.
The governing authority which has elected to exercise the authority to establish special local improvement taxing districts as provided in Section 21-33-503(1) and the governing authority of any urban renewal agency or redevelopment authority to which authority under this article shall have been delegated, are authorized, in their discretion, to issue bonds for the purpose of defraying any costs described in Section 21-33-507(1); refunding outstanding bonds; paying costs relating to the issuance of such bonds; and establishing any reserve funds determined to be appropriate. Such bonds may be issued without an election thereon upon the adoption of a resolution by the governing authority of the issuing authority. Such bonds shall not be subject to any limitation as to amount and shall not be included in computing the statutory limitation of indebtedness of such issuing authority under any present or future law. Such bonds shall bear such date or dates, shall be of such denomination or denominations, shall bear interest at such rate or rates as shall be approved by the issuing authority, shall be payable at such place or places within or without the State of Mississippi, shall mature at such time or times and upon such terms and may be made redeemable prior to maturity with or without premium, shall bear such registration privileges and shall be in substantially such form as shall be determined by resolution of the governing authority of such issuing authority. Any bonds issued under this article may be sold at public or private sale at such price as may be determined by the governing authority.
Such bonds shall be executed by the manual or facsimile signature of the official or officials of such issuing authority which have been designated by the governing authority, with the seal of the issuing authority affixed thereto or reproduced thereon. Whenever such bonds shall have been signed by the officials designated to sign the same who were in office at the time of such signing but who may have ceased to be such officials prior to the date of the sale and delivery of such bonds, or who may not have been in office on the date such bonds may bear, the signatures of such officials upon such bonds shall nevertheless be valid and sufficient for all purposes and have the same effect as if the person so officially signing such bonds had remained in office until the delivery of the same to the purchaser or had been in office on the date such bonds may bear.
SOURCES: Laws, 1993, ch. 573, Sec. 6, eff from and after passage (approved April 19, 1993) and shall stand repealed July 1, 1998; reenacted without change, Laws, 1998, Ch. 502, § 6, HB 652, eff July 1, 1998, and shall stand repealed July 1, 2001. Amended by Laws 2000, Ch. 459, Sec. 6, HB1545, eff. from and after effectuation under Section 5 of the Voting Rights Act of 1965, as amended and extended.
PREVIOUS VERSIONS: Pre-2000
Chapter Index | Table of Contents