2016 Mississippi Code
Title 65 - Highways, Bridges and Ferries
Chapter 33 - Sea Walls
§ 65-33-65. Sinking fund for refunding bonds

The fact of the issuance and delivery of refunding bonds hereunder shall be

certified by the clerk of the board of supervisors to the state Treasurer, who

shall immediately register such bonds in a suitable bond register. Thereafter,

the revenues and taxes which would otherwise be paid into the county treasury

of such county for the payment of road protection and seawall bonds and

interest thereon under the provisions of Section 65-33-45, shall be paid by

the official collecting such taxes into the state treasury on a proper receive

warrant of the state auditor to the credit of such county in a special fund to

be designated "interest and sinking fund for road protection and seawall bonds

of County, Mississippi," which fund shall be held and shall be applied by

the state treasurer in the payment of interest accruing on such refunding

bonds and the principal thereof at maturity, according to law. In the event

that less than all of outstanding bonds payable under the provisions of this

chapter shall be refunded as herein provided, then and in that event there

shall be paid into the state treasury, for the credit of the aforesaid

interest and sinking fund, only the proportion of the revenues and taxes as

the amount of refunding bonds issued and outstanding bears to the total amount

of outstanding bonds payable from the revenues herein referred to.