27-107-165 - State bond commission's authority to borrow. - Mississippi Statutes

§ 27-107-165. State bond commission's authority to borrow.
 

In the event an appropriation is not made for the purposes of Sections 27-107-153 through 27-107-167 or any appropriation for such purposes shall be less than the aggregate amount of expenditures authorized under Section 27-107-163, the commission of budget and accounting shall have the authority to request the state bond commission to borrow the difference in the amount appropriated, if any, and the authorized aggregate amount of expenditures. Such borrowing shall be in the same manner and under the same terms and conditions as provided under Chapter 557, Laws of 1966, as amended by Chapter 466, Laws of 1979, except any notes issued hereunder shall mature not later than May 1, 1980, and there shall be irrevocably pledged the full faith, credit and resources of the State of Mississippi for the payment of both the principal and interest on such notes. 
 

Sources: Laws,  1979, 1st Ex Sess. ch. 3, § 7, eff from and after passage (approved May 3, 1979).