2015 Mississippi Code
Title 57 - PLANNING, RESEARCH AND DEVELOPMENT
Chapter 31 - COUNTY INDUSTRIAL DEVELOPMENT AUTHORITIES
§ 57-31-23 - Pledge and allocation of revenues, rents, and earnings
The revenues, rents, and earnings derived from any project, or any and all revenues, rents, and earnings received by the authority unless necessary for operation, maintenance or repair of the project or unless otherwise pledged and allocated, may be pledged and allocated by the authority to the payment of the principal of and interest on the revenue bonds of the authority as the resolution authorizing the issuance of the bonds may provide, and such pledge may include funds received from one or more or all sources and shall be set aside at regular intervals into a sinking fund, which sinking fund shall be pledged to and charged with the payment of:
(a) The interest upon such revenue bonds as such interest shall accrue.
(b) The principal of the bonds as the same shall become due.
(c) The necessary charges of the paying agent or paying agents for paying principal and interest of and on such bonds.
The use and disposition of such sinking fund shall be subject to such regulations as may be provided in the resolution authorizing any issue of revenue bonds. Subject to the provisions of the resolution authorizing the issuance of the bonds, surplus moneys in the sinking fund may be applied to the purchase or redemption of any of such bonds, and any such bonds so purchased or redeemed shall forthwith be cancelled and shall not again be issued.
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