Mississippi § 59-7-511 - Disposition of proceeds of bonds.
Full text of Mississippi Mississippi Code of 1972 Annotated § 59-7-511 — Disposition of proceeds of bonds., with citation guidance and answers to common questions.
§ 59-7-511. Disposition of proceeds of bonds.
The proceeds of the revenue bonds shall be paid into a special fund designated as the “special project port improvement fund” in a bank or banks qualified as depositories for the county issuing bonds under the provisions of this article, and such proceeds shall be used solely for the purposes for which such bonds were issued, except as hereinafter provided, and shall be disbursed upon order of the board of supervisors of such county with such restrictions, if any, as the resolution authorizing the issuance of the bonds may provide. If the proceeds of such bonds, by error of calculation or otherwise, shall be less than the cost of the project for which such bonds were issued, and the redeeming of any outstanding bonds, unless otherwise provided in the resolution authorizing the issuance of such bonds, additional bonds may in like manner be issued to provide the amount of such deficit which, unless otherwise provided in the resolution authorizing the issuance of such bonds, shall be deemed to be of the same issue and shall be entitled to payment from the same funds without preference or priority of the bonds first issued for the same purpose. If the proceeds of the bonds of any issue shall exceed the amount required for the project for which the bonds were issued, such surplus shall be paid into the fund established for the payment of the principal of and interest on such bonds.
Source: official Mississippi text · Last verified 2026-08-27
Frequently Asked Questions About Mississippi § 59-7-511
What does Mississippi Code of 1972 Annotated § 59-7-511 cover?
Section 59-7-511 ("Disposition of proceeds of bonds.") is part of the Mississippi Code of 1972 Annotated, the codified statutory law of Mississippi. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Mississippi § 59-7-511?
A common citation format is "Mississippi Code of 1972 Annotated § 59-7-511" (Mississippi). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Mississippi law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Mississippi official source linked on this page or consult a licensed Mississippi attorney.
How does Mississippi § 59-7-511 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Mississippi can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Mississippi.