The bonds shall be special obligations of the municipality or the authority 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 the authority, 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 full 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 the authority is not obligated to pay the principal or interest except from such revenues.
Structure Mississippi Code
Title 77 - Public Utilities and Carriers
Chapter 6 - Municipal Gas Authority of Mississippi Law
§ 77-6-9. Membership in authority after its creation; withdrawal
§ 77-6-11. Board of commissioners
§ 77-6-13. Executive committee of board of commissioners
§ 77-6-15. Rights and powers of authority
§ 77-6-19. Municipalities that may contract with authority
§ 77-6-21. Contracts to buy gas from authority
§ 77-6-23. Excess capacity or output may be sold or exchanged
§ 77-6-25. Provisions to be construed as authorizing joint and several ownership of projects
§ 77-6-27. Acquisition of property; contract requirements
§ 77-6-29. Power to issue revenue bonds
§ 77-6-31. Revenue bonds; powers and duties
§ 77-6-35. Rents, rates, fees and charges by municipality
§ 77-6-37. Rents, rates, fees and charges by authority
§ 77-6-39. Pledge of municipality or authority valid and binding when made
§ 77-6-41. Investment of all monies received
§ 77-6-43. Rights of holders of bonds
§ 77-6-45. Bonds to be securities
§ 77-6-47. Obligations of issuing municipality or authority
§ 77-6-51. Evidence of indebtedness to be considered negotiable instruments
§ 77-6-55. Exemption from taxation
§ 77-6-57. Dissolution of board of commissioners
§ 77-6-59. Annual reports; audits
§ 77-6-61. Application of laws of other states
§ 77-6-63. Grants and loans authorized
§ 77-6-67. Where utility commission and municipality have same governing authorities
§ 77-6-69. Provisions supplemental to other laws
§ 77-6-73. Provisions to be liberally construed
§ 77-6-75. Members of legislature to have no interest in bonds