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For the purpose of refunding bonded indebtedness, now or hereafter outstanding, of any drainage district organized and existing under any law or laws of the state of Mississippi or that may be hereafter organized under any law of the state, whenever such drainage district is or may hereafter become unable to pay all or any part of the principal and interest on its bonds, or whenever the best interest of the district may require, the drainage commissioners and court for such district may issue refunding bonds of such district in an amount which shall not exceed the aggregate of the amount of bonds to be refunded and accrued interest thereon. Such refunding bonds shall be of such denomination, shall mature at such time or times not exceeding fifty (50) years from their date, shall be issued in such manner, amount or amounts, and shall not bear a greater overall maximum interest rate to maturity than that allowed in Section 75-17-101, payable semiannually, as the administrative or governing authority of the district may determine. Such refunding bonds may be exchanged for the bonds to be refunded, upon consent of the holders thereof, or may be sold at such price and in such manner as the administrative or governing authority may determine, subject however to the approval of the court. Any discount or expense resulting from the sale of such refunding bonds may be paid out of any available funds of the district. If the outstanding bonds shall not have matured, they may be refunded only with the consent of the holder or holders thereof, which consent shall be sufficiently evidenced by the surrender of the bonds to be refunded. Such refunding bonds shall be signed and executed by the drainage commissioners in charge of the district. However, before issuing any refunding bonds hereunder, the administrative and governing authority of such district shall give notice of its intention to do so and shall cause such notice to be published in some newspaper having a general circulation in the county of such district. Such publication shall be made once each week for three (3) consecutive weeks prior to the date, to be named therein, when the administrative or governing authority shall meet to hear the objections of any interested person as to why such refunding bonds should not be issued and taxes levied, in addition to the assessed benefits, for the purpose of paying interest on such bonds. At the time and place fixed for the holding of such hearing, the administrative or governing authority of such district shall hear and dispose of all such objections in a summary manner, and its disposition thereof shall be final and conclusive on all parties.
Cite this article: FindLaw.com - Mississippi Code Title 51. Waters, Water Resources, Water Districts, Drainage, and Flood Control § 51-33-39. Issuance of refunding bonds - last updated January 01, 2018 | https://codes.findlaw.com/ms/title-51-waters-water-resources-water-districts-drainage-and-flood-control/ms-code-sect-51-33-39/
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