No school district shall, except as provided in Section 37-59-7, hereafter issue bonds for the purposes authorized by law in an amount which, added to all of its then outstanding bonded indebtedness, shall result in the imposition on any of the property in such district of an indebtedness for school purposes of more than fifteen per cent of the assessed value of the taxable property within such district, according to the then last completed assessment for taxation, regardless of whether any of such indebtedness shall have been incurred by such district or by another school district or districts.
Structure Mississippi Code
Chapter 59 - School Bonds and Obligations
Article 1 - Authority to Issue Bonds, Notes and Certificates of Indebtedness
§ 37-59-3. Purposes for which bonds may be issued
§ 37-59-5. General limitation of indebtedness
§ 37-59-9. Bonds and notes excluded for purposes of computing limitations of indebtedness
§ 37-59-13. Notice of election
§ 37-59-15. Conduct of election
§ 37-59-17. Determination of results of election; time period for issuance of bonds
§ 37-59-23. Levy of special tax to pay principal and interest on bonds
§ 37-59-24. Instructions to deposit tax receipts directly with trustee or paying agent
§ 37-59-25. Form of bonds; supplemental powers conferred in issuance of bonds
§ 37-59-29. Disposition of proceeds of bonds; liability for diversion of funds
§ 37-59-33. Transfer of balance of proceeds of bond issue
§ 37-59-35. Use of bond and interest funds to buy outstanding bonds
§ 37-59-37. Borrowing of money for current expenses in anticipation of school district taxes
§ 37-59-41. Borrowing of money in anticipation of taxes for benefit of agricultural high schools
§ 37-59-45. Article as sole authority for incurring of indebtedness