65-39-17 - Disposition of proceeds of sale of bonds or notes. - Mississippi Statutes

§ 65-39-17. Disposition of proceeds of sale of bonds or notes.
 

(1)  The proceeds of the bonds issued under Section 65-39-5 and the proceeds of notes issued under Section 31-17-127 for the purpose of providing funds for infrastructure projects under Section 65-39-1 shall be deposited in a special fund that is created in the State Treasury to be known as the "Gaming Counties State Assisted Infrastructure Fund." 

(2)  Unexpended amounts remaining in the special fund created in subsection (1) of this section at the end of a fiscal year shall not lapse into the State General Fund, and any interest earned on amounts in such special fund shall be deposited to the credit of the special fund. 

(3)  Upon the issuance and sale of bonds under the provisions of Sections 65-39-5 through 65-39-33 or notes under Section 31-17-127 for the purpose of providing funds for infrastructure projects under Section 65-39-1, the State Bond Commission shall transfer the proceeds of any such sale or sales to the special fund created in subsection (1) of this section. The proceeds of such bonds or notes shall be disbursed solely upon the order of the Transportation Commission, and shall be issued under such restrictions, if any, as may be contained in the resolution providing for the issuance of the bonds or notes. 
 

Sources: Laws,  1994, ch. 557, § 29; Laws, 1995, ch. 523, § 3, eff from and after July 1, 1995.