SEC. 59-7-19. Issuance of bonds; maturities, interest, and execution; payment of principal and interest on bonds.
Should the election provided for in sections 59-7-15 and 59-7-17 result in favor of the issuance of the bonds, the corporate authorities may issue said bonds, either in whole or in part within one (1) year after the date of such election or within (1) year after final favorable determination of any litigation affecting such bonds, as may be deemed best, and should the bonds be issued by the municipalities without an election therefor as provided. All bonds shall mature annually, with all maturities not longer than twenty (20) years, with not less than one-fiftieth ( 1 /50 ) of the total issue to mature each year during the first five (5) years of the life of said bonds, and not less than one-twenty-fifth ( 1 /25 ) of the said total issue to mature annually during the succeeding ten-year period of the life of said bonds, and the remainder to be divided into approximately equal payments, one (1) payment to mature during each year of the remaining life of the bonds. Said bonds shall not bear a greater rate of interest than that allowed in section 75-17-101, Mississippi Code of 1972, payable semiannually, the denomination and form and place of payment to be fixed in the ordinance of the corporate authorities issuing said bonds, and they shall be prepared and signed by the mayor and clerk of said municipality with the seal of the municipality affixed thereto, but the coupons may only bear a facsimile signature of such mayor and clerk. Such bonds when issued, shall constitute a lien on all the taxable property in such municipality and county and the corporate authorities shall annually levy a special tax on all such property sufficient to pay the principal and interest of such bonds as the same falls due, if there not be sufficient funds provided herein.
SOURCES: Codes, 1942, Sec. 7574; Laws, 1932, ch. 269; 1981, ch. 462, Sec. 15; 1982, ch. 434, Sec. 28; 1983, ch. 541, Sec. 36, eff from and after passage (approved April 25, 1983).