As Amended
SEC. 69-27-347. State's full faith and credit pledged; repayment of bonds.
For the payment of such bonds and the interest thereon, the full faith, credit, and taxing power of the State of Mississippi are hereby irrevocably pledged. If the Legislature finds that there are sufficient funds available in the General Fund of the State Treasury to pay maturing principal and accruing interest of the bonds, and if the Legislature appropriates such available funds for the purpose of paying such maturing principal and accruing interest, then the maturing principal and accruing interest of the bonds shall be paid from appropriations made by the Legislature from the General Fund of the State Treasury.
However, in addition to the full faith, credit and taxing power pledged by the state, the State Soil and Water Conservation Commission shall be responsible for the payment of Two Million Dollars ($ 2,000,000.00) of such bonds and interest thereon. Such payments shall be derived from the revolving fund established pursuant to Section 69-27-343. The State Soil and Water Conservation Commission shall only be responsible for such payments after the initial amount of One Million Dollars ($1,000,000.00) of such bonds have been issued and are paid for solely from the General Fund.
All monies in such revolving fund which are not necessary to pay accruing bonds and interest shall be invested by the State Treasurer in such securities as are provided by law for the investment of funds of the state, and the earnings on such investments shall be transferred by the Treasurer into the revolving fund created in Section 69-27-343.
SOURCES: Laws, 1990, ch. 499, Sec. 9, eff from and after July 1, 1990.