SEC. 65-33-7. Details of revenue bond issue.
Such bonds shall be in the denomination of One Thousand Dollars ($1,000.00) each and shall mature annually, with all maturities not longer than twenty-five (25) 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 such bonds, not less than one-twenty-fifth (1/25) of the total issue to mature each year during the succeeding ten-year period of the life of such bonds, and the remainder to be divided into approximately equal annual payments, one (1) payment to mature each year for the remaining life of such bonds. Such bonds shall not bear a greater rate of interest than the maximum amount specified in Section 75-17-103 per annum, and the denomination, form, and place or places of payment of such bonds shall be fixed in the resolution or order of the board of supervisors issuing such bonds. Such bonds shall be signed by the president of the board of supervisors and countersigned by the clerk thereof, with the official seal of the county affixed thereto, but the coupons may bear only the facsimile signatures of such president and clerk. No bonds shall be issued and sold under the provisions of Sections 65-33-1 to 65-33-15 for less than par and accrued interest, and not more than one (1) series of interest coupons shall be attached to any bonds issued under the provisions of said sections; but all interest accruing on such bonds so issued shall be payable semiannually, except that the first interest coupon attached to any such bond may be for any period not exceeding one (1) year. Such bonds shall be payable at such place or places as may be designated therein by said board, shall be fully negotiable, and shall be sold pursuant to advertised public sale at not less than par and accrued interest. Such bonds shall not be subject to other restrictions, limitations or provisions of the general laws governing the issuance and sale of bonds by the board of supervisors, and the board of supervisors may sell said bonds at any time within three (3) years after the sale has been approved in an election held for that purpose herein required, or three (3) years after the successful termination of any litigation affecting the same, or three (3) years after the acquisition of all lands in the areas to be developed as hereinafter provided, but not later; however, in no event shall the amount borrowed by any such county after May 4, 1954, exceed the amount of Twelve Million Dollars ($12,000,000.00) under the provisions of this section.
Before any bonds shall be issued under the cited sections, the board of supervisors shall adopt a resolution reciting its intention to issue such bonds and stating the amount of bonds proposed to be issued, and shall give notice of election, to be published once each week for at least three (3) consecutive weeks in at least one (1) newspaper published in such county, in accordance with the provisions of Section 19-9-13, except that such election shall be mandatory.
Such election shall be held, as far as practicable, in the same manner as other elections are held in counties. At such election, all qualified electors of such county may vote, and the ballots used at such election shall have printed thereon a brief statement of the amount and purpose of the proposed bond issue and the words "For the Bond Issue" and "Against the Bond Issue," and the voter shall vote by placing a cross (X) or check mark (û) opposite his choice on the proposition.
When the results of the election on the question of the issuance of such bonds shall have been canvassed by the election commissioners of such county and certified by them to the board of supervisors of such county, it shall be the duty of such board of supervisors to determine and adjudicate whether or not three-fifths (3/5) of the qualified electors who voted in such election voted in favor of the issuance of such bonds; and, unless three-fifths (3/5) of the qualified electors who voted in such election shall have voted in favor of the issuance of such bonds, then such bonds shall not be issued.
SOURCES: Codes, 1930, Sec. 6918; 1942, Sec. 8499; Laws, 1924, ch. 319; 1928, ch. 18; 1954, ch. 304. Laws, 1992, ch. 448, Sec. 1, eff from and after July 1, 1992.