Mississippi § 65-26-7 - Limitation on state expenditures; excess state expenditures.

§ 65-26-7. Limitation on state expenditures; excess state expenditures.

The intent of the legislature is for the state to invest not more than the amount necessary to pay the principal of and the interest on twenty-five percent (25%) of the bonds issued under the authority of subsection (1) of Section 65-26-15, not to exceed the principal amount of ten million dollars ($10,000,000.00), being twenty-five percent (25%) of the forty million dollars ($40,000,000.00) authorized to be issued. In the event the state is required to pay in excess of this amount, the state auditor of public accounts shall maintain a record of such excess expenditures, and the revenue pledged shall continue to be deposited in the bond retirement fund until the principal of and interest on all bonds issued under the authority of subsection (1) of Section 65-26-15 shall have been paid and the state has been reimbursed for its excess expenditures. The local participation shall be seventy-five percent (75%) of the total obligation incurred by the state, and such amount shall be paid into the bond retirement fund as set forth in this chapter. The intent of the legislature is for the counties of Alcorn, Chickasaw, Clay, Itawamba, Lee, Lowndes, Monroe, Noxubee, Kemper, Pontotoc, Prentiss and Tishomingo to pay the principal of and the interest on one hundred percent (100%) of the additional bonds in the amount of thirty million dollars ($30,000,000.00) issued under the authority of subsection (2) of Section 65-26-15. If at any time the bond retirement fund has a balance in excess of the amount needed to pay the principal of and interest on the bonds maturing in the ensuing two (2) fiscal years, such excess, to the extent necessary, shall be paid into the General Fund of the State of Mississippi until such time as the state has been reimbursed for expenditures in excess of twenty-five percent (25%) of the total costs of the principal and interest on bonds issued under the authority of subsection (1) of Section 65-26-15 and for all expenditures for costs of the principal and interest on bonds issued under the authority of subsection (2) of Section 65-26-15, and the balance of such excess shall be deposited into the bridge construction fund for cash expenditure on the construction of bridges.