2016 Mississippi Code
Title 65 - Highways, Bridges and Ferries
Chapter 29 - Ferries in Certain Counties
§ 65-29-21. Deposit of bond proceeds

The proceeds from the sale of any bonds or other obligations issued pursuant to this chapter shall be placed to the credit of such municipality, county, ferry commission, or trustee in a bank or banks which are members of the federal reserve system, may be withdrawn therefrom in accordance with any agreement or agreements entered into between such municipality and the purchaser or purchasers of such bonds or other obligations, and shall be used for no other purpose than the purpose or purposes set forth in the original resolution of the governing body of such municipality. Any officer or other person diverting or assisting to divert any such funds to any other purpose or purposes than the purpose or purposes originally set forth in said resolution of the governing body of said municipality or county shall be guilty of a felony and punishable accordingly, and shall be liable both personally and officially on bond for such diversion. Nothing in this chapter shall be construed as a guarantee on the part of the State of Mississippi to pay the principal of or interest on any bonds or other obligations issued pursuant to this chapter.