As Amended
SEC. 27-71-203. Construction of alcoholic beverage control warehouse authorized; borrowing to fund construction.
The state tax commission is hereby authorized and empowered to expend not more than eight million dollars ($8,000,000.00) in the aggregate to construct and equip, with the approval of the building commission, a new warehouse for the alcoholic beverage control division. Such warehouse shall be constructed on state-owned land, or on land obtained by exchange, lease or purchase from either the federal government or another government subdivision. Funds for these expenditures shall be those amounts which become available to the "ABC Warehouse Construction Fund." When such funds are insufficient to cover expenditures, the state tax commission is likewise authorized and empowered to borrow as needed additional funds from banks located in the state of Mississippi at a rate of interest not to exceed eight percent (8%) per annum. The proceeds of such loans shall be deposited in the "ABC Warehouse Construction Fund" in the state treasury and disbursed therefrom according to law. Repayment of these loans shall be made from the surcharge levied under this article, and shall be secured additionally by the full faith and credit of the state of Mississippi.
SOURCES: Laws, 1981, ch. 503, Sec. 2, eff from and after May 1, 1981.