One percent (1%) of the first Five Hundred Thousand Dollars ($500,000.00) of any one (1) bond issue; one-half percent (1/2%) of the amount of the issue in excess of Five Hundred Thousand Dollars ($500,000.00) but not more than One Million Dollars ($1,000,000.00); and one-fourth percent (1/4%) of the amount of the issue in excess of One Million Dollars ($1,000,000.00). The limitations imposed in this paragraph shall not apply to any bond issue for which a declaration to issue the bonds has heretofore been adopted by proper resolution.
Miss. Code § 19-3-47