Mississippi § 59-17-41 - State bonds; payment of principal and interest; limitation on amount issued.

§ 59-17-41. State bonds; payment of principal and interest; limitation on amount issued.

The bonds issued under the provisions of this chapter shall be payable from the special fund provided therefor as hereinafter set out and shall be the general obligations of the State of Mississippi and backed by the full faith and credit of the state, and, if the funds supplied by the board to the State Treasurer from the sources prescribed by this chapter be insufficient to fully pay at maturity any installment of interest on said bonds or to pay at maturity the principal of said bonds, then the deficiency shall be paid by the State Treasurer from any funds in the State Treasury not otherwise appropriated, and all such bonds shall contain recitals on their face substantially covering the foregoing provisions of this section. The amount of bonds issued for the acquisition and planned development of any state inland ports, harbors or waterways shall not exceed the sum of One Million Five Hundred Thousand Dollars ($1,500,000.00). The purpose of this One Million Five Hundred Thousand Dollar ($1,500,000.00) bond issue is to purchase industrial sites and railroad right-of-way nearby the inland port. From and after July 1, 1980, and contingent upon the tax levy authorized in Section 59-17-19, an additional amount of bonds not to exceed Two Million Dollars ($2,000,000.00) may be issued pursuant to the provisions of this chapter. The proceeds of such bonds may be used for any activities associated with carrying out the powers described in Section 59-17-13.