For the purpose of funding or paying any legal indebtedness, now or hereafter outstanding, of any drainage district organized and existing under any law or laws of the state of Mississippi or that may be hereafter organized under any law of the state, to the extent that same when added to the outstanding bonded indebtedness of the district shall not exceed the balance due to the district on the assessment of land of the district, the drainage commissioners and court for such district may issue bonds of the district aggregating such amount, provided that interest on such indebtedness may not be calculated against the district in determining the amount of such indebtedness. Such funding bonds shall be of such denominations, shall mature at such time or times not exceeding fifty (50) years from their date, shall be issued in such manner, amount or amounts, and shall not bear a greater overall maximum interest rate to maturity than that allowed in Section 75-17-101, payable semiannually, as the administrative or governing authority of the district may determine. Such bonds may be sold at such price and in such manner as the administrative or governing authority may determine, subject, however, to the approval of the court. Any discount or expense resulting from the sale of such funding bonds may be paid out of any available funds of the district. Such funding bonds shall be signed and executed by the drainage commissioners in charge of the district. However, before issuing such funding bonds hereunder, the administrative or governing authority of such district shall give notice of its intention to do so and shall cause such notice to be published in some newspaper having a general circulation in the county of such district. Such publication shall be made once each week for three (3) consecutive weeks prior to the date, to be named therein, when the administrative or governing authority shall meet to hear the objections of any interested person as to why such funding bonds should not be issued and taxes levied, within the amount of the assessed benefits, for the purpose of paying the principal and interest on such bonds. At the time and place fixed for the holding of such hearing, the administrative or governing authority of such district shall hear and dispose of all such objections in a summary manner. Any objector having filed his objections prior to the hearing may appeal from the decision of such administrative or governing authority to the chancery court having jurisdiction of the affairs of said district, on making and filing, within ten (10) days from date of hearing, appeal bond in the penal sum of two hundred dollars ($200.00) approved by the clerk of said chancery court, conditioned to pay all costs which may be adjudged against objector.

Taxes for the payment of such bond obligations issued hereunder shall be levied annually on and against the land of the district, as is provided for the levying of other taxes of the district and in proportion to the assessed benefits of the district.

Notwithstanding the foregoing provisions of this section, bonds referred to hereinabove may be issued pursuant to the supplemental powers and authorizations conferred by the provisions of the registered bond act, being Sections 31-21-1 through 31-21-7.