65-43-9 - Toll Road Revenue Bond Fund. - Mississippi Statutes

§ 65-43-9. Toll Road Revenue Bond Fund.
 

(1) (a)  A special fund, to be designated as the "Toll Road Revenue Bond Fund," is created within the State Treasury. The fund shall be maintained by the State Treasurer as a separate and special fund, separate and apart from the General Fund of the state. Unexpended amounts remaining in the fund at the end of a fiscal year shall not lapse into the State General Fund, and any interest earned or investment earnings on amounts in the fund shall be deposited into such fund. 

(b) Monies deposited into the fund shall be disbursed, in the discretion of the Mississippi Transportation Commission, to pay the costs incurred in defraying the expenses of projects authorized pursuant to Sections 65-43-1 and 65-43-3. 

(2)  Amounts deposited into such special fund shall be disbursed to pay the expenses described in subsection (1) of this section. If any monies in the special fund are not used within six (6) years after the date the proceeds of the bonds authorized under Sections 65-43-9 through 65-43-39 are deposited into such fund, then the Mississippi Transportation Commission shall provide an accounting of such unused monies to the State Bond Commission. Promptly after the State Bond Commission has certified, by resolution duly adopted, that the projects for which the revenue bonds have been issued shall have been completed, abandoned or cannot be completed in a timely fashion, any amounts remaining in such special fund shall be applied to pay debt service on the bonds issued under Sections 65-43-9 through 65-43-39, in accordance with the proceedings authorizing the issuance of such bonds and as directed by the State Bond Commission. 
 

Sources: Laws, 2007, ch. 582, § 5, eff July 18, 2007 (the date the United States Attorney General interposed no objection under Section 5 of the Voting Rights Act of 1965, to the addition of this section.)