65-26-25 - Transfer and use of proceeds of bond sales. - Mississippi Statutes

§ 65-26-25. Transfer and use of proceeds of bond sales.
 

(1)  Upon the issuance and sale of such bonds, the Bond Commission shall transfer the principal proceeds of any such sale or sales to the bridge construction fund hereby created in the state treasury. The proceeds of such bonds shall be used solely for the payment of the cost of the project or combined projects, which shall include costs incident to the issuance and sale of such bonds, and shall be disbursed solely upon the order of the Highway Commission under such restrictions, if any, as may be contained in the resolution providing for the issuance of the bonds. 

(2)  Any revenues transferred to the bridge construction fund from the bond retirement fund as provided in this chapter shall be expended for the construction of any bridges described in Section 65-26-5 upon the order of the Highway Commission. Such revenues shall not be commingled with any other funds in the bridge construction fund but shall be kept separate and distinct therefrom. 

(3)  Any funds in the bridge construction fund which are not needed to make current payments to meet contractual obligations shall be invested in interest-bearing certificates of deposit in accordance with the provisions of Section 27-105-33, except interest so earned shall be credited to the bridge construction fund. 

(4)  When all contracts for bridge construction are paid in full then all funds in the bridge construction fund and all funds invested as provided in subsection (3) of this section shall be transferred to the bond retirement fund and no further diversion or transfer of said funds shall be made to the bridge construction fund. 
 

Sources: Laws,  1976, ch. 492, § 13; Laws, 1980, ch. 442, § 8, eff from and after passage (approved May 2, 1980).