SEC. 59-9-37. Issuance of bonds and interim certificates.
The board of supervisors of any county in which a county port authority or county development commission has been created pursuant to this chapter is hereby given authority to issue bonds or other obligations of such county in an amount not to exceed twenty percent (20%) of the assessed valuation of such county to provide funds for any purpose or purposes set out in this chapter. Such bonds may be issued at one (1) time or from time to time in such amount or amounts, shall bear such date or dates, shall be of such denomination or denominations, shall be payable at such place or places, shall bear interest at such rate or rates, not exceeding that allowed in section 75-17-101, Mississippi Code of 1972, shall mature in such amount or amounts and at such time or times, not exceeding twenty (20) years from the date thereof, with or without option of prior payment, and shall be executed in such manner, all as may be determined by the said board of supervisors. The resolution or order adopted by the board of supervisors authorizing said bonds may pledge the sources of revenue authorized under the statutes to pay the principal thereof and interest thereon, and all bonds issued under the one (1) resolution or order may be equally secured and entitled to be paid. In event, however, such board of supervisors elects to delay actual delivery or sale of any part of the bonds so authorized, either until the proceeds thereof are needed, or upon the happening or occurrence of any event or thing, then and in that event the bonds so authorized and any part thereof shall be secured and be entitled to be paid, both as to principal and interest in accordance with the terms and conditions to be fixed and recited in said resolution or order. In anticipation of the issuance of the definitive bonds authorized by this chapter, any such county may issue interim certificates. Such interim certificates shall be in such form, contain such terms, conditions or provisions, bear such date or dates, and evidence such agreement or agreements relating to their discharge by payment or by the delivery of the definitive bonds, as such county, by resolution of its governing body, may determine. Whenever any county shall have issued bonds under this section or section 59-9-41, a portion of which remains outstanding and unpaid, and the governing authority of such county desires to refund all or any portion of such bonds or to issue additional bonds under this section or section 59-9-41, for the purpose herein or therein authorized and to consolidate all or any portion of such bonded indebtedness, such governing authority, by resolution or resolutions, may at any time authorize and direct the issuance of bonds. The proceeds of such new bonds shall be used to pay or provide for the payment of, at or prior to maturity, any outstanding and unpaid bonds (including any unpaid accrued interest thereon), and any balance of such proceeds not so utilized shall be used and expended for the purposes authorized by this chapter. In the event that such outstanding bonds, by the terms thereof, are redeemable prior to maturity at the option of such county, then such option of redemption may be exercised in the manner provided in such bonds. Such new bonds shall be issued in like manner and like incidence and shall be payable from the same source or sources and the payment thereof shall be secured in like manner as provided in this section or section 59-9-41 provided in the case of the issuance of original bonds under this section or under section 59-9-41. In lieu of selling such portion of such new bonds as may be required to pay or provide for the payment of such outstanding bonds, such new bonds may be issued and delivered in exchange for and upon surrender and cancellation of a like amount of such outstanding bonds.
In addition and supplemental to the rights, duties and powers now or hereafter conferred by law upon counties having created a county port authority or county development commission, such counties are empowered and authorized to issue general obligation bonds of such counties as hereinabove provided, to acquire, establish, construct, develop, improve and maintain revetments, embankments, groins, sea walls, jetties, moles, breakwaters, gates, locks, dams, water basins, reservoirs, aqueducts, canals, water supply and distribution systems or pipelines and easements necessary thereto; and the acquisition, development and improvement of lands and property for any of such purposes. Such counties are further empowered and authorized to enter into contracts, agreements, assurances, or commitments with the United States of America, or any department or agency thereof, the state of Mississippi, or any department, political subdivision or agency thereof, or any person, firm or corporation relating or in connection with any power or duty authorized, imposed, or conferred upon such county by law, and to cooperate with and assist any public body or agency, or bodies or agencies, having jurisdiction of any waterway, port, harbor, or water development program, and to jointly exercise any or all of such powers as a joint operation with any other county or counties. Any such county or any party entering into any contract with any such county shall be entitled to maintain any action in any court of competent jurisdiction against the county or any other party to said contract to enforce any contractual right arising out of any such contract.
General obligation bonds issued under the provision of this section shall be payable from an ad valorem tax which may be levied without limit as to rate or amount upon all taxable property within the county.
SOURCES: Codes, 1942, Sec. 7605-14; Laws, 1956, ch. 199, Sec. 14; 1958, ch. 226, Sec. 8; 1962, ch. 395, Sec. 1; 1980, ch. 439, Sec. 2; 1981, ch. 462, Sec. 18; 1982, ch. 434, Sec. 33; 1983, ch. 541, Sec. 40, eff from and after passage (approved April 25, 1983).