37-101-71 - Lease of facilities by board of trustees; vesting of title to facilities upon retirement of bonds. - Mississippi Statutes

§ 37-101-71. Lease of facilities by board of trustees; vesting of title to facilities upon retirement of bonds.
 

The board of trustees of state institutions of higher learning of the State of Mississippi is hereby authorized and empowered, in its discretion, to pass proper resolutions declaring the necessity of the formation of nonprofit educational building corporations, as set forth in Section 37-101-61, and to lease facilities from said corporations in the manner provided by law. 
 

When the principal of and the interest on any bonds of an educational building corporation payable from the revenues derived from the operation of facilities owned by such corporation shall have been paid in full, then such facilities shall thereupon become the property of the board of trustees of state institutions of higher learning and title to the facilities shall thereupon immediately vest in the State of Mississippi. 
 

Sources: Codes, 1942, §§ 6724.5-13, 6724.5-15; Laws,  1968, ch. 271, §§ 3, 5, eff from and after passage (approved August 7, 1968).