Mississippi § 77-5-435 - Disposition of revenues.
Full text of Mississippi Mississippi Code of 1972 Annotated § 77-5-435 — Disposition of revenues., with citation guidance and answers to common questions.
§ 77-5-435. Disposition of revenues.
The supervisory body of a municipality proceeding under the terms of this article shall devote all moneys derived from any source other than the issuance of bonds to or for the payment of all operating expenses; bond interest and retirement and/or sinking fund payments; the acquisition and improvement of the electric plant; contingencies; the payment of other obligations incurred in the operation and maintenance of the electric plant and the furnishing of electric service; the redemption and purchase of electric plant bonds in which case such bonds shall be canceled; the creation and maintenance of a cash working fund; the payment of an amount to the general funds of the municipality not to exceed a cumulative return of six percent (6%) per annum of the equity or investment, if any, of the municipality; and, if the governing body of the municipality shall by resolution so request, payments to the municipality in lieu of ad valorem taxes on the property of the electric plant within the corporate or county limits of the municipality not to exceed the amount of taxes payable on privately owned property of similar nature. Any surplus thereafter remaining after establishment of proper reserves, if any, shall be devoted solely to the reduction of rates. In computing the equity or investment of the municipality, the value of the electric plant shall be taken as its historical cost, less the accrued depreciation as of the date of the first exercise by the municipality of the powers conferred by this article. The payment of bonds or the acquisition or improvement of property from the receipts derived from electric service or any other operation of the supervisory body as such shall not be considered to increase the equity or investment of the municipality.
Source: official Mississippi text · Last verified 2026-08-27
Frequently Asked Questions About Mississippi § 77-5-435
What does Mississippi Code of 1972 Annotated § 77-5-435 cover?
Section 77-5-435 ("Disposition of revenues.") 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 § 77-5-435?
A common citation format is "Mississippi Code of 1972 Annotated § 77-5-435" (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 § 77-5-435 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.