Any municipality which owns or operates any system, shall have the power and authority through its utilities commission to borrow money and issue its negotiable notes or certificates of indebtedness therefor, in an amount not to exceed ten percent (10%) of the gross revenues of the system in the last preceding fiscal year, in any calendar year, for the purpose of improving, repairing or extending any such system, or of stockpiling fuel for any such system, or systems, without the necessity of calling and holding an election upon such question or otherwise obtaining the consent of the qualified electors of the municipality, or giving any notice thereof. However, the utilities commission shall secure approval of the governing authorities of the municipality. In all cases where money is borrowed under the provisions of this section, the same shall be repaid within three (3) years and at no time shall the amount of money borrowed under this section exceed thirty percent (30%) of the gross revenues of the system for the last preceding fiscal year.
Structure Mississippi Code
Chapter 27 - Public Utilities and Transportation
§ 21-27-17. Powers and duties of commission
§ 21-27-19. Disposition of revenues by commission
§ 21-27-21. Commission to keep records of service furnished municipality
§ 21-27-25. Borrowing money for improvement, extension, repair or stockpiling fuel of system
§ 21-27-29. Rates not to be supervised by state; no franchise required
§ 21-27-31. Keeping of books and accounts by municipality
§ 21-27-33. Municipality may dispose of public utility systems
§ 21-27-35. Utilization of proceeds of sale of public utility system
§ 21-27-37. Inspection of utility authorized; penalty for violation
§ 21-27-39. Municipalities may furnish services to consumers outside corporate limits
§ 21-27-41. Ordinance to be enacted before bonds are issued
§ 21-27-43. Electorate to vote on issuance of bonds
§ 21-27-45. Details of bonds; sale; fiscal advisor
§ 21-27-47. Utilization of revenues of system to pay off bonds
§ 21-27-49. Services of system may be used by municipality
§ 21-27-51. Refunding bonds; consolidated bonds
§ 21-27-55. Bonds may be called
§ 21-27-57. Disposition of revenues
§ 21-27-59. General revenues may be used for operation and maintenance of system
§ 21-27-61. Distribution of revenues and surplus; minutes of municipal governing authorities
§ 21-27-63. Contracts and liens not impaired
§ 21-27-65. Penalty for failing to set aside trust funds
§ 21-27-67. Construction of sections
§ 21-27-69. Obligations under repealed laws remain valid
§ 21-27-71. Issuance of bonds in municipalities of more than one hundred thousand population