All bonds except term bonds of a single issue shall be paid in consecutive annual or semiannual payments.The first annual or semiannual principal payment upon each authorized issue shall be paid not more than thirty-six (36) months after the date of the bonds.The last payment of each authorized issue of bonds shall mature not later than forty (40) years after its date of issue.Codes, 1942, § 7545-40; Laws, 1958, ch. 230, § 10; Laws, 1969, Ex. Sess. ch. 35, § 1; Laws, 1991, ch. 520, § 2, eff. 4/10/1991.
Mississippi Legal Code