As Amended
SEC. 65-23-105. Bond issues authorized.
Bonds issued hereunder may be authorized by resolution at one time or from time to time. Such bonds shall be callable serial bonds, payable from the revenues to be derived from the operation of the project; and it shall be the mandatory duty of the state highway commission to maintain and operate the project from the maintenance funds of the district in which such project is constructed, and to impose such tolls and charges for use of the project as will be fully sufficient to pay principal of and interest on the bonds when due and establish such reserve therefor as may be provided. The state highway commission shall have full discretion in fixing the details of the bonds and in determining the manner of sale thereof, provided that the bonds shall not run more than thirty years from their date, and that the interest rate and sale price shall be such that the interest cost to the state highway commission shall not exceed four per cent per annum, computed on average maturities according to standard tables of bond value. The bonds may be made redeemable prior to maturity in such manner and at such prices as may be determined by the state highway commission prior to the issuance of the bonds. All bonds issued hereunder are hereby declared to have all the qualifications and incidents of negotiable instruments under the Uniform Commercial Code of Mississippi. Provision may be made for registration of such bonds as to principal or interest or both. The proceeds of the bonds shall be used solely to pay the cost of the project as above defined, and shall be disbursed under such restrictions as may be provided in the bond resolution or trust indenture hereinafter mentioned. There is hereby created and granted a lien upon such moneys until so applied in favor of the holders of the bonds or any trustee provided in respect of such bonds. Unless otherwise provided in such resolution or indenture, if the proceeds of the bonds prove insufficient to pay the cost of the project, additional bonds may be issued to the amount of the deficit and shall be deemed to be of the same issue and entitled to payment from the same fund without preference or priority of the bonds first issued. Any surplus remaining from bond proceeds after the cost of the project has been paid in full shall be used in paying interest on and retiring bonds. Prior to the issuance of definitive bonds, temporary or interim bonds, with or without coupons, exchangeable for definitive bonds, may be issued. Such bonds may be authorized and issued without any proceedings or the happening of any conditions or things or the publication of any proceedings or notices other than those specifically specified and required by this article, and may be authorized and issued without regard to the requirements, restrictions, or procedural provisions contained in any other law. The resolution authorizing the bonds may provide that such bonds shall contain a recital that they are issued pursuant to this article and such recital shall be conclusive evidence of their validity and the regularity of their issuance.
SOURCES: Codes, 1942, Sec. 8447-03; Laws, 1950, ch. 406, Sec. 3, ch. 396.