The bonds shall be special obligations of the municipality or joint agency issuing them. The principal of, premium, if any, and interest on the bonds shall not be payable from the general funds of the municipality or joint agency, nor shall they constitute a legal or equitable pledge, charge, lien or encumbrance upon any of its property or upon any of its income, receipts or revenues, except the funds which are pledged under the resolution authorizing the bonds. Neither the faith and credit nor the taxing power of a municipality or of the state are, or may be, pledged for the payment of the principal of or interest on the bonds, and no holder of the bonds shall have the right to compel the exercise of the taxing power by the state or a municipality or the forfeiture of any of its property in connection with any default thereon. Every bond shall recite in substance that the principal of and interest on the bond is payable solely from the revenues pledged to its payment and that the municipality or joint agency is not obligated to pay the principal or interest except from such revenues.
Structure Mississippi Code
Title 77 - Public Utilities and Carriers
Article 15 - Joint municipal electric power
§ 77-5-703. Declaration of purpose
§ 77-5-707. Powers of municipality; determining power and energy needs; filing of determination
§ 77-5-711. Sale or exchange by municipality of excess capacity or output
§ 77-5-713. Application for licenses, permits, certificates or approvals
§ 77-5-719. Additional membership in joint agencies; withdrawal from membership
§ 77-5-721. Board of commissioners of joint agency; officers; quorum; voting; expenses
§ 77-5-723. Board of commissioners of joint agency; executive committee
§ 77-5-725. Rights and powers of joint agencies
§ 77-5-729. Member municipalities may contract to buy power from joint agencies
§ 77-5-731. Sale or exchange by joint agency of excess capacity or output
§ 77-5-735. Exemption from laws relating to competitive bidding
§ 77-5-737. Joint agency pledge bonds
§ 77-5-739. Issuance of bonds by municipalities and joint agencies
§ 77-5-743. Fixing, charging and collecting rents, fees, rates and charges; municipalities
§ 77-5-745. Fixing, charging and collecting rents, fees, rates and charges; joint agencies
§ 77-5-747. Pledges made by municipalities or joint agencies
§ 77-5-749. Temporary investment and reinvestment of money
§ 77-5-751. Proceedings to enforce rights of holders of bonds
§ 77-5-753. Bonds issued under this article as proper and legal investments
§ 77-5-755. Bonds issued as special obligations of municipality or joint agency issuing them
§ 77-5-759. Tax exempt status; bonds
§ 77-5-761. Tax exempt status; interest in project owned by municipality or joint agency
§ 77-5-763. Rights, privileges and immunities of personnel
§ 77-5-765. Dissolution of joint agencies
§ 77-5-767. Annual reports; joint agencies; municipalities
§ 77-5-769. Application of laws of other states and the United States
§ 77-5-771. Grants-in-aid and loans from federal and state governments
§ 77-5-773. Eminent domain; crossing lines and rights-of-way of utilities
§ 77-5-775. Personal liability of certain personnel