As Amended
SEC. 65-4-25. Resolution to issue general obligation bonds for Economic Development Highway Fund.
The Mississippi Development Authority, acting through its executive director, is authorized, at one time or from time to time, to declare by resolution the necessity for issuance of negotiable general obligation bonds of the State of Mississippi to provide funds for the Economic Development Highway Fund established in Section 65-4-15, Mississippi Code of 1972. Upon the adoption of a resolution by the Executive Director of the Mississippi Development Authority, declaring the necessity for the issuance of any part or all of the general obligation bonds authorized by Sections 65-4-25 through 65-4-45, Mississippi Code of 1972, the executive director shall deliver a certified copy of his resolution or resolutions to the State Bond Commission. Upon receipt of same, the State Bond Commission, in its discretion, shall act as the issuing agent, prescribe the form of the bonds, advertise for and accept bids, issue and sell the bonds so authorized to be sold, and do any and all other things necessary and advisable in connection with the issuance and sale of such bonds. The principal amount of bonds issued under Sections 65-4-25 through 65-4-45, Mississippi Code of 1972, shall not exceed One Hundred Sixty Million Dollars ($160,000,000.00) in the aggregate. However, an additional amount of bonds may be issued under Sections 65-4-25 through 65-4-45, Mississippi Code of 1972, in an amount not to exceed Seven Million Dollars ($7,000,000.00), and the proceeds of any such additional bonds issued shall be used to provide funding for a high economic benefit project as defined in Section 65-4-5(1)(c)(vi), Mississippi Code of 1972.
SOURCES: Laws, 1989, ch. 463, Sec. 1; 1990, ch. 580, Sec. 9,
eff from and after passage (approved April 9, 1990). Laws, 1992, ch. 441,
Sec. 1; 1994, ch. 560, Sec. 3; 1995, ch. 548, Sec. 9, eff from and after
passage (approved April 6, 1995); 1997 Laws, Chapter 537, Sec. 2,
HB1831, Effective July 1, 1997. Amended by Laws 1999, Ch. 449, Sec. 1,
eff. July 1, 1999; Laws 1999, Ch. 579, Sec. 20, SB3214, eff. July 1, 1999.
Laws 2000, Ch. 584, Sec. 3, SB3316; Laws, 2003,
ch. 518, § 1, SB 2876, eff from and after July 1, 2003.
PREVIOUS VERSIONS: Pre-2003