Mississippi Code Title 59. Ports, Harbors, Landings and Watercraft § 59-3-11

Should the election provided for in Sections 59-3-7 and 59-3-9 result in favor of the proposed bond issue, by a majority of those voting in said election voting in favor of the issuance of said bonds, the corporate authorities may issue such bonds, either in whole or in part, within one (1) year after the date of such election or within one (1) year after final favorable determination of any litigation affecting such bonds as they may deem best, and should said bonds be issued by the municipality without an election therefor as provided in the preceding section, then said bonds may be issued as herein 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 for 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, 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 the corporate authorities shall annually levy a special tax on all such property sufficient to pay the principal and interest on such bonds as the same falls due.