SEC. 75-76-85. Issuance of license; records; bond or security requirements.
(1) If satisfied that an applicant is eligible to receive a state gaming, manufacturing, selling or distributing license, and upon tender to the State Tax Commission of:
(a) All license fees and taxes as required by law and regulation of the Mississippi Gaming Commission; and
(b) A bond executed by the applicant as principal, and by a corporation qualified under the laws of this state as surety, payable to the State of Mississippi, and conditioned upon the payment of license fees, taxes, penalties, interest, fines and the faithful performance of all requirements imposed by law or regulation or the conditions of the license, the commission shall issue and deliver to the applicant a license entitling him to engage in the gaming, manufacturing, selling or distributing operation for which he is licensed. The executive director shall prepare and maintain a written record of the specific terms and conditions of any license issued and delivered and of any modification to the license. A duplicate of the record must be delivered to the applicant or licensee.
(2) The Chairman of the State Tax Commission shall fix the amount of the bond to be required under subsection (1). The bond so furnished may be applied to the payment of any unpaid liability of the licensee due to the State of Mississippi.
(3) In lieu of a bond an applicant may deposit with the commission a like amount of lawful money of the United States or any other form of security authorized by the commission. If security is provided in the form of a savings certificate, certificate of deposit or investment certificate, the certificate must state that the amount is unavailable for withdrawal except upon order of the commission.
(4) If the requirement for a bond is satisfied in:
(a) Cash, the commission shall deposit the money in the State Treasury for credit to the fund for bonds of state gaming licensees which is hereby created as a special fund.
(b) Any other authorized manner, the security must be placed without restriction at the disposal of the commission, but any income must inure to the benefit of the licensee.
SOURCES: Laws, 1990 Ex Sess, ch. 45, Sec. 43, eff from and after passage (approved June 29, 1990).