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MISSISSIPPI STATUTES AND CODES
37-104-31 - Allocation of payments by private institutions; sinking fund.
§ 37-104-31. Allocation of payments by private institutions; sinking fund.
The payments to be made by the participating private institution of higher learning, in payment and retirement of the revenue bonds according to the terms of the bond loan agreement, may be pledged and allocated by the Authority to the payment of the principal of and interest on the revenue bonds as the bond loan agreement and the resolution authorizing the issuance of the revenue bonds may provide. Such pledge may include funds received from one or more or all sources and shall be set aside at regular intervals into a sinking fund, which sinking fund shall be pledged to and charged with the payment of:
(a) The interest upon such revenue bonds as such interest shall accrue;
(b) The principal of the revenue bonds as the same shall become due;
(c) The necessary charges of the paying agent or paying agents for paying principal and interest of and on such bonds; and
(d) Any premium on bonds retired by call or purchase as may be provided herein.
The use and disposition of such sinking fund shall be subject to such terms as may be provided in the bond loan agreement and the resolution authorizing any issue of revenue bonds, but except as may otherwise be provided in said bond loan agreement and authorizing resolution, such sinking fund shall be a fund for the benefit of all revenue bonds issued under such resolution, without distinction or priority of one over the other. Subject to the provisions of the bond loan agreement and the resolution authorizing the issuance of the revenue bonds, surplus monies in the sinking fund may be applied to the purchase or redemption of any of such revenue bonds, and any such revenue bonds so purchased or redeemed shall forthwith be cancelled and shall not again be issued.
Sources: Laws, 1985, ch. 480, § 16; reenacted, 1991, ch. 592, § 16; reenacted, 1993, ch. 520, § 16, eff from and after July 1, 1993.