SEC. 41-13-21. Details of bonds; interest; sale.
Such bonds, notes or other evidences of indebtedness as are issued pursuant to section 41-13-19 shall bear such date or dates, shall be of such denomination or denominations, shall be payable at such place or places, shall bear such rate or rates of interest, and shall mature in such amounts and at such times, not to exceed twenty (20) years for general obligation bonds and not to exceed thirty (30) years for revenue bonds, as may be provided and directed by the board of supervisors, board of aldermen, city council, or other like governing body, as the case may be, consistent with the provisions of sections 41-13-19 to 41-13-23.
Any provisions of the general laws to the contrary notwithstanding, any bonds and interest coupons issued pursuant to the authority of section 43-13-19 shall possess all the qualities of negotiable instruments. The bonds and the interest coupons shall be executed in such manner and shall be substantially in the form prescribed in the authorizing ordinance. In case any of the officers whose signatures or countersignatures appear on the bonds or interest coupons shall cease to be such officers before delivery of such bonds, such signatures or countersignatures shall nevertheless be valid and sufficient for all purposes the same as if they had remained in office until such delivery. 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 seventy percent (70%) of the highest interest rate specified for the same bond issue. Each interest rate specified in any bid must be in multiples of one-eighth of one percent (1/8 of 1%) or one-tenth of one percent (1/10 of 1%). If serial bonds, such bonds shall mature annually, and the first maturity date thereof shall not be more than five (5) years from the date of such bonds. Such bonds shall be legal investments for trustees and other fiduciaries, and for savings banks, trust companies and insurance companies organized under the laws of the state of Mississippi. The bonds and interest coupons shall be exempt from all state, county, municipal and other taxation under the laws of the state of Mississippi.
All bonds, notes or other evidences of indebtedness secured by a pledge of the full faith, credit and resources of the issuing entity shall not bear a rate of interest in excess of that allowed in section 75-17-101, Mississippi Code of 1972, and shall be sold for not less than par plus accrued interest at public sale in the manner provided by section 31-19-25.
All bonds, notes or other evidences of indebtedness not secured by a pledge of the full faith, credit and resources of the issuing entity shall not bear a rate of interest in excess of that allowed in section 75-17-103, Mississippi Code of 1972, and shall be sold for not less than par plus accrued interest at public sale in the manner provided by section 31-19-25.
Bonds, notes or other evidences of indebtedness may be sold to the United States of America or an agency or agencies thereof at private sale upon such terms and conditions as the governing authorities of the issuing entity may determine, consistent with the provisions of sections 41-13-19 through 41-13-23.
SOURCES: Codes, 1942, Sec. 7129-51; Laws, 1944, ch. 277, Sec. 2; 1946, ch. 412, Sec. 2; 1948, ch. 435, Sec. 2; 1954, ch. 294, Sec. 2; 1966, ch. 459, Sec. 1; 1968, ch. 442, Sec. 2; 1970, ch. 321, Sec. 1; 1972, ch. 447, Sec. 1; 1975, ch. 452; 1976, ch. 410; 1977, ch. 480; 1980, ch. 490, Sec. 3; 1981, ch. 455, Sec. 3; 1982, ch. 434, Sec. 21; 1983, ch. 541, Sec. 26, eff from and after passage (approved April 25, 1983).