An authority shall have power to issue bonds from time to time, in its discretion, for any of its corporate purposes. An authority shall also have power to issue refunding bonds for the purpose of paying or retiring bonds previously issued by it. An authority may issue such types of bonds as it may determine, including (without limiting the generality of the foregoing) bonds on which the principal and interest are payable out of income or revenues from certain designated railroad properties and facilities and/or out of any general revenues of the authority, including income or revenues received from the federal government or from other sources. Any such bonds may be additionally secured by a pledge of any grant or contributions from the federal government or other source, or a pledge of any income or revenues of the authority, or a mortgage of any railroad properties and facilities of the authority.
Neither the commissioners of an authority nor any person executing the bonds shall be liable personally on the bonds by reason of the issuance thereof. The bonds and other obligations of an authority (and such bonds and obligations shall so state on their face) shall not be a debt of the city, the county, the state or any political subdivision thereof and neither the city or the county, nor the state or any political subdivision thereof shall be liable thereon, nor in any event shall such bonds or obligations be payable out of any funds or properties other than those of said authority. The bonds shall not constitute an indebtedness within the meaning of any constitutional or statutory debt limitation or restriction. Bonds of an authority are declared to be issued for an essential public and governmental purpose and to be public instrumentalities and, together with interest thereon and income therefrom, shall be exempt from taxes.
Structure Mississippi Code
Title 19 - Counties and County Officers
Chapter 29 - Local and Regional Railroad Authorities
§ 19-29-3. Legislative findings and declaration of purpose
§ 19-29-13. Proof of authorization or existence of county or regional railroad authority
§ 19-29-15. Commissioners; expenses; quorum; officers
§ 19-29-17. General powers of railroad authority
§ 19-29-19. Acquisition of property by eminent domain
§ 19-29-21. Disposal of railroad property or facilities
§ 19-29-23. Contracts or leases in connection with operation of railroad properties and facilities
§ 19-29-25. Rules and regulations
§ 19-29-27. Designation of agent for receipt and disbursement of funds
§ 19-29-29. Issuance of bonds by authority; security; limitation of liability thereon; tax exemption
§ 19-29-31. Resolution authorizing issuance of bonds; terms and covenants
§ 19-29-33. Form and details of bonds
§ 19-29-35. Trust agreement securing bonds
§ 19-29-37. Bonds to be legal investments and negotiable instruments
§ 19-29-39. Property and income of authority exempt from taxation
§ 19-29-41. Real property of authority exempt from levy and execution
§ 19-29-43. Aid and cooperation of political subdivisions
§ 19-29-45. Annual report and recommendations of railroad authorities
§ 19-29-47. Provisions inapplicable to certain counties with port commissions