In any county wherein a seawall or road protection structure is maintained under the provisions of this chapter, which has invested surplus funds belonging to a road protection bond and interest sinking fund in the purchase of any notes, certificates of indebtedness, bonds, or other interest bearing obligations issued under the authority of Section 65-33-49, or refunding bonds issued or authorized to be issued in lieu thereof, and such notes, bonds, certificates of indebtedness, or refunding bonds are now held by such county for the use and benefit of such fund, and the board of supervisors of such county finds, by order spread upon its minutes, that the needs of such sinking fund demands it, or that it is to the best interest of the county to reduce such obligations so held to cash, such board of supervisors may authorize to be issued and issue and sell new road protection bonds in the aggregate amount of such notes, bonds, or certificates of indebtedness so held and authorized for the purpose of providing funds with which to take up, redeem, and cancel such obligations now held in such sinking fund. Upon the issuance of such road protection bonds, the said bonds, notes, certificates of indebtedness, and refunding bonds issued under authority of said section shall be cancelled.
Structure Mississippi Code
Title 65 - Highways, Bridges and Ferries
§ 65-33-1. Certain counties may erect sea walls and issue bonds
§ 65-33-5. Preliminary steps to sea wall program
§ 65-33-7. Details of revenue bond issue
§ 65-33-9. Mortgage indenture for additional bonds
§ 65-33-11. Causeway or bridge to island
§ 65-33-13. Payment of bonds and maintenance costs
§ 65-33-15. Supplemental powers
§ 65-33-17. Federal aid; bonds authorized to match
§ 65-33-19. Federal aid; notice; election
§ 65-33-21. Federal aid; terms of bonds; payment; debt limit not applicable
§ 65-33-23. Boards of supervisors may exercise right of eminent domain
§ 65-33-25. Machinery and engineer
§ 65-33-27. Road protection commission
§ 65-33-29. Organization and tenure of protection commission
§ 65-33-31. Damages for land taken
§ 65-33-33. Review by circuit court on appeal
§ 65-33-35. Preliminary expenses to be paid out of general fund
§ 65-33-37. Pro rata share of expenses
§ 65-33-39. County may borrow money to pay bonds
§ 65-33-41. Special tax may be levied
§ 65-33-43. Privilege tax on automobile driver may be levied and collected
§ 65-33-45. Motor vehicle license taxes used
§ 65-33-47. Sea wall tax authorized
§ 65-33-49. Extension, construction, and repair
§ 65-33-51. Authority for certain counties to borrow money and to receive federal aid
§ 65-33-55. Additional counties authorized to borrow money and receive federal aid
§ 65-33-57. New bonds authorized to cancel sinking fund obligations
§ 65-33-59. Terms of new bonds
§ 65-33-61. Refunding bonded indebtedness
§ 65-33-63. Refunding bonds; interest; form; maturity
§ 65-33-65. Sinking fund for refunding bonds
§ 65-33-67. Tax levy to finance refunding bonds