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: (a) exclusively from the income and revenues of the housing project financed with the proceeds of such bonds; (b) exclusively from the income and revenues of certain designated housing projects whether or not they are financed in whole or in part with the proceeds of such bonds; or (c) from its revenues generally. 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 housing project, projects or other property 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
Chapter 33 - Housing and Housing Authorities
Article 1 - Housing Authorities
§ 43-33-3. Finding and declaration of necessity
§ 43-33-5. Housing authorities created
§ 43-33-7. Appointment, qualifications and tenure of commissioners
§ 43-33-11. Powers of authority
§ 43-33-13. Operation not for profit
§ 43-33-15. Rentals and tenant selection
§ 43-33-17. Cooperation of authorities
§ 43-33-21. Planning, zoning and building laws
§ 43-33-25. Form and sale of bonds
§ 43-33-27. Provisions of bonds, trust indentures, and mortgages
§ 43-33-28. Issuance of leased housing revenue refunding bonds by certain housing authorities
§ 43-33-29. Remedies of an obligee of authority
§ 43-33-31. Additional remedies conferable by authority
§ 43-33-33. Exemption of property from execution sale
§ 43-33-35. Aid from federal government
§ 43-33-37. Tax exemption and payments in lieu of taxes
§ 43-33-39. Housing bonds to be legal investments, legal security and negotiable
§ 43-33-43. Cooperation in undertaking housing projects
§ 43-33-45. Agreements as to payments by housing authority
§ 43-33-47. Advances to housing authority
§ 43-33-49. Procedure for exercising powers