65-1-111 - Highway funds; bond and interest funds.
§ 65-1-111. Highway funds; bond and interest funds.
All monies from any source provided by law shall be covered and paid into the State Treasury as other public funds are paid, and it shall be the duty of the Department of Finance and Administration to advise the Mississippi Transportation Commission of the amount of money allotted to the commission on hand from time to time. It shall be the duty of the Department of Finance and Administration to place and allocate those funds so covered into the State Treasury in the State Highway Fund. The interest earned on the investment of any highway funds shall be paid into the State Highway Fund, except as otherwise provided in Section 15 of Laws, 2004, ch. 595. If any highway bonds or notes are issued, the Transportation Commission will adopt a resolution requesting the Bond Commission to issue such bonds or notes as may be authorized and a "bond and interest sinking fund" and "note fund" shall be kept separate from the highway fund by the State Treasurer pursuant to the bond resolution adopted by the State of Mississippi Bond Commission.
Sources: Codes, 1930, § 5010; 1942, § 8042; Laws, 1930, ch. 47; Laws, 1948, ch. 332, § 19; Laws, 1980, ch. 542; Laws, 1986, ch. 330; Laws, 2000, ch. 447, § 1; Laws, 2004, ch. 595, § 16, eff from and after July 1, 2004.