Whenever there shall be on hand in any bond and interest fund an amount in excess of the amount which will be required for expenditure therefrom within the then next succeeding twelve months, the governing authorities of the municipality may use such excess amount to purchase the outstanding bonds of such municipality which are payable from such fund whenever, in the judgment of the governing authorities, the best interest of the municipality would be served thereby. When such bonds are purchased, they shall be cancelled and retired and shall not thereafter be resold or reissued.
Structure Mississippi Code
Chapter 33 - Taxation and Finance
§ 21-33-301. Uniform system for issuance of municipal bonds; purposes for which bonds may be issued
§ 21-33-303. Limitation of indebtedness
§ 21-33-305. Revenues of public utilities may be pledged for payment of bonds
§ 21-33-307. Initiating procedures for issuance of bonds
§ 21-33-309. Holding of bond election
§ 21-33-311. Results of election
§ 21-33-313. Details of municipal bonds; supplemental powers conferred in issuance of bonds
§ 21-33-315. Maturities and interest
§ 21-33-317. Proceeds of bonds not to be diverted
§ 21-33-319. Transfer of residue of bond proceeds
§ 21-33-321. Bond and interest fund may be used to buy outstanding bonds
§ 21-33-325. Borrowing in anticipation of taxes