As Amended
SEC. 37-101-405. Institutions of Higher Learning Equipment Bond Retirement Fund; payment of principal and interest on bonds.
There is hereby created in the State Treasury a special fund to be known as the Institutions of Higher Learning Equipment Bond Retirement Fund. Projected funds available from the appropriation to the Institutions of Higher Learning, or to any of its institutions or agencies, for the payment of the principal of and interest on the bonds authorized in Sections 37-101-401 through 37-101-431 shall be deposited into the retirement fund in accordance with the directions in the repayment schedule approved by the State Bond Commission. The sums so deposited into this bond retirement fund are pledged to the payment of the principal of and interest on such bonds, but said indebtedness shall also be a general obligation of the State of Mississippi and for the payment thereof the full faith and credit of the State of Mississippi is also hereby irrevocably pledged. If the funds deposited by the board into the bond retirement fund are insufficient to pay the principal of and the interest on such bonds as they become due, then the deficiency shall be paid by the State Treasurer from any funds in the State Treasury not otherwise appropriated. All such bonds shall contain recitals on their faces substantially covering the foregoing provisions of this section.
SOURCES: Laws, 1989, ch. 498, Sec. 3, eff from and after passage (approved April 4, 1989).