§ 6-25. Same—Maturity, interest, content, sinking fund to pay interest.

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Said bonds (referred to in section 6-23) shall mature not later than twenty (20) years from the date of their original issue, and bear interest at a rate not exceeding the amount provided by state law, payable annually or semi-annually, as the council shall elect. Every such bond shall specify on its face the purpose for which it was issued, and the total amount authorized to be issued, and each shall be made payable to the bondholder. The city council shall levy annually a special tax to be used exclusively in paying the interest on such bonds, and in providing a sinking fund for the redemption of bonds issued.

(Ord. of 5-11-38, § 65; Ord. No. 10-010, § I, 3-2-10; Ord. No. 11-011, § I, 12-6-11)

Editor's note

Maturities, interest and other details of municipal bonds are provided in Miss. Code Ann. 1972, §§ 21-33-313, 21-33-315.

                    
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