55-23-1 - Legislative findings and declaration of intent. - Mississippi Statutes

§ 55-23-1. Legislative findings and declaration of intent.
 

The Legislature hereby finds and determines: 
 

(a) That the Fifty Cents (50›) per ticket charge and the one-fourth (1/4) of the amusement tax provided in Section 7 of Chapter 360, Laws of 1979, as amended by Chapter 456, Laws of 1985, have been insufficient in recent years to fully provide for the payment of the principal of and interest on bonds issued under said Chapter 360; that the proceeds of the charge and tax are, upon their deposit to the Mississippi Memorial Stadium Fund, commingled with other amounts intended for the payment of stadium operating costs; that in recent years amounts intended to pay operating costs have been diverted to pay said bonds; and that the imposition of such charge and tax at current levels is causing events not to be conducted at the Mississippi Veterans Memorial Stadium, thereby jeopardizing the continued viability of said stadium; and 

(b) That it is the intent of the Legislature, by the enactment of this chapter, to provide a reasonable procedure for the payment of the bonds from the General Fund of the state, without adversely affecting the security interests of the holders of the bonds, in order to provide for the continued viability of the stadium. 
 

Sources: Laws,  1989, ch. 548, § 1, eff from and after passage (approved April 19, 1989).