31-17-29 - State bonds; funds in state bond retirement revolving fund may be invested in federal securities. - Mississippi Statutes

§ 31-17-29. State bonds; funds in state bond retirement revolving fund may be invested in federal securities.
 

Until such funds are needed for the payment of outstanding full faith and credit bonds of the state as herein provided, the state bond retirement commission is hereby authorized to invest any funds held in the state bond retirement revolving fund in bonds, notes, certificates, and other interest bearing obligations which are a direct obligation of the United States of America, hereinafter referred to as federal securities. 
 

Any federal securities so purchased shall be the property of the State of Mississippi, and the principal and any and all interest accruing on such federal securities shall be collected by the commission as an agency of the state and covered into the state bond retirement revolving fund as the same shall mature and accrue. The commission is hereby authorized to sell any federal securities belonging to the state bond retirement revolving fund whenever, in the judgment of the commission, such sale will be to the best interest of the state. Sales shall be made at the best price obtainable, and all funds realized therefrom shall be covered into the state bond retirement revolving fund. 
 

Sources: Laws,  1944, ch. 140, § 3, eff from and after passage (approved Feb. 4, 1944).