SEC. 51-23-29. Limitation on amount of bonds and notes.

Bonds or notes shall not be issued pursuant to this chapter in excess of the amount which can be fully paid at maturity with interest out of the avails of the one-half ( 1 /2 ) mill levy provided for by section 51-23-11, and shall in no event exceed two million dollars ($2,000,000.00) in principal amount.

SOURCES: Codes, 1942, Sec. 5956-371; Laws, 1968, ch. 268, Sec. 5, 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district and its bonds from taxation and provide the intent of the Legislature regarding overflow of school lands, are repealed.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.