65-43-13 - Bonds; resolution for issuance; disposition of bond sale proceeds and investment earnings generally.
§ 65-43-13. Bonds; resolution for issuance; disposition of bond sale proceeds and investment earnings generally.
(1) The State Bond Commission, at one time or from time to time, may declare by resolution the necessity for issuance of revenue bonds of the State of Mississippi for the purpose of providing funds to defray the expenses of projects authorized pursuant to Sections 65-43-1 and 65-43-3. Upon the adoption of a resolution by the Mississippi Transportation Commission, declaring the necessity for the issuance of the revenue bonds authorized by this section, the Mississippi Transportation Commission shall deliver a certified copy of its resolution or resolutions to the State Bond Commission. Upon receipt of such resolution, the State Bond Commission, in its discretion, may act as the issuing agent, prescribe the form of the bonds, advertise for and accept bids, issue and sell, at public or private sale, the bonds so authorized to be sold and do any and all other things necessary and advisable in connection with the issuance and sale of such bonds. Revenue bonds issued under this section shall be in such principal amounts as the Mississippi Transportation Commission may determine to be necessary to provide sufficient funds to defray the expenses of projects authorized pursuant to Sections 65-43-1 and 65-43-3.
(2) Any investment earnings on amounts deposited into the special fund created in Section 65-43-9 shall be used to pay debt service on bonds issued under Sections 65-43-9 through 65-43-39, in accordance with the proceedings authorizing issuance of such bonds.
Sources: Laws, 2007, ch. 582, § 7, eff July 18, 2007 (the date the United States Attorney General interposed no objection under Section 5 of the Voting Rights Act of 1965, to the addition of this section.)