The proceeds from the sale of any bonds issued under authority of this chapter shall be applied only for the purpose for which the bonds were issued; provided, however, that any premium and accrued interest received in any such sale shall be applied to the payment of the principal of or the interest on the bonds sold; and provided further, that if for the purpose for which the bonds were issued, such unneeded portion of the proceeds shall be applied to the payment of the principal of or the interest on the bonds.
Structure Mississippi Code
Chapter 45 - Tax Increment Financing
§ 21-45-7. Division of ad valorem taxes according to tax increment financing plan
§ 21-45-9. Issuance of tax increment bonds; issuance of refunding bonds; agreements with developers
§ 21-45-11. Contents of tax increment financing plan; public hearing
§ 21-45-13. Security for principal, interest, and premium on tax increment bond
§ 21-45-15. Application of proceeds from sale of bonds
§ 21-45-17. Exemption from taxation
§ 21-45-19. Items which are included in cost of redevelopment project