SEC. 51-23-25. Board of directors to issue bonds and notes.
The board of directors of the Lower Yazoo River Basin District as established by the provisions of this chapter is hereby authorized to borrow money for the purpose of carrying out any of the powers, duties, or responsibilities created by virtue of the provisions of this chapter and to issue negotiable notes or bonds of the district therefor. Said board may borrow money and issue notes or bonds of the district at such times and in such amounts as shall be provided for by resolution of said board of directors, not to exceed the limitations set forth in section 51-23-29. All such bonds or notes so issued shall be secured solely by a pledge of the net revenues which may now or hereafter come to the district and by a pledge of the avails of the one-half ( 1 /2 ) mill ad valorem tax levy provided for in section 51-23-11; and said one-half ( 1 /2 ) mill levy or a sufficiency thereof shall be levied and collected by the boards of supervisors of the counties which are members of the district so long as any such bonds or notes are outstanding if the same is required to provide the funds necessary to pay and discharge any such indebtedness, together with interest as and when the same becomes due and payable. Such bonds or notes shall not constitute general obligations of the State of Mississippi or of the counties comprising said district, and such bonds or notes shall not be secured by a pledge of the full faith, credit, and resources of said state or of said counties. Bonds or notes of the district shall not be included in computing any present or future debt limit of any county in such district under any present or future law. "Revenues" as used in this chapter shall mean all charges, rentals, tolls, rates, gifts, grants, avails of tax levies, moneys, and all other funds coming into the possession of the district by virtue of the provisions of this chapter, except the proceeds from the sale of bonds or notes issued hereunder. "Net revenues" as used in this chapter shall mean the revenues after payment of costs and expenses of operation and maintenance of the project and related facilities.
SOURCES: Codes, 1942, Sec. 5956-369; Laws, 1968, ch. 268, Sec. 3, eff from and after passage (approved August 7, 1968).
1997 Amendment
SECTION 8. Sections 51-23-19, 51-23-21, 51-23-23, 51-23-25, 51-23-27, 51-23-29, 51-23-31, 51-23-33, 51-23-35, 51-23-37, 51-23-39, 51-23-41, 51-23-43, 51-23-45, 51-23-47 and 51-23-49, Mississippi Code of 1972, which place certain requirements on the issuance of construction contracts, authorize the district to provide park and recreation facilities, authorize the board of directors to adopt rules and regulations and to designate depositories for district funds, authorize the board of directors to issue bonds and notes, provide for a limitation on the amount on and for validation of bonds and notes, authorize the board of directors to enter into trust agreements and to issue refunding bonds, declare bonds as legal investments, provide for certain agreements, cooperation with other government agencies and severability, exempt the district and its bonds from taxation and provide the intent of the Legislature regarding overflow of school lands, are repealed.
SOURCE: 1997 Laws, Chapter 403, Sec. 8, SB2937, Effective July 1, 1997.