Drainage districts existing or hereafter created under the laws of the State of Mississippi and having secured the powers conferred by Sections 51-33-1 through 51-33-9, may borrow funds for any purpose authorized by law from state agencies, political subdivisions of the state, other organizations created under state laws, the government of the United States, and agencies thereof, at an interest rate not to exceed five per cent (5%) per annum. The terms of all such loans are to be approved by the chancery court or the chancellor in vacation. Such loans shall be evidenced by the promissory note of said district and shall be executed in the name of the district by its commissioners. As security therefor said commissioners may pledge and assign the entire revenues of said district, not to exceed the amount of benefits or assessments approved and confirmed against the property of said district.
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