65-39-3 - Gaming Counties Bond Sinking Fund created; expenditures. - Mississippi Statutes

§ 65-39-3. Gaming Counties Bond Sinking Fund created; expenditures.
 

There is created in the State Treasury a special fund to be designated as the "Gaming Counties Bond Sinking Fund." Such monies as the Legislature directs or provides to be deposited into the fund may be expended, upon legislative appropriation, to pay the interest on and principal of bonds issued pursuant to Sections 65-39-5 through 65-39-33 or to pay the interest on and principal of notes issued under Section 31-17-127 for the purpose of providing funds for infrastructure projects under Section 65-39-1; provided, however, that if at any time the fund has a balance in excess of the amount needed to pay the interest on or the principal of any bonds or notes maturing in the next two (2) consecutive fiscal years, such excess may be transferred to the "Gaming Counties State Assisted Infrastructure Fund" to be disbursed solely upon the order of the Transportation Commission. Unexpended amounts remaining in the sinking fund at the end of the fiscal year shall not lapse into the State General Fund, and any interest earned on amounts in the sinking fund shall be deposited to the credit of the sinking fund. 
 

Sources: Laws,  1994, ch. 557, § 15; Laws, 1995, ch. 523, § 4, eff from and after July 1, 1995.