The proceeds of all notes or bonds issued under the authority of Section 37-41-89 shall be deposited in the proper county or municipal treasury to the credit of a special school transportation equipment fund and shall be used and expended by the school board for the purpose or purposes for which they were issued under such rules and regulations as may be prescribed by the State Board of Education, and for no other purposes.
All such funds shall be paid out on warrants issued by the clerk of the board of supervisors or the municipal clerk, as the case may be, on pay certificates issued by the superintendent of schools upon order of the school board.
Structure Mississippi Code
Chapter 41 - Transportation of Pupils
Purchase of School Transportation Equipment and Employment of Drivers
§ 37-41-81. General grant of authority
§ 37-41-83. Power to expend funds
§ 37-41-85. Purchases to be in manner prescribed by regulations
§ 37-41-89. Authority to borrow money
§ 37-41-91. Issuance of negotiable notes or bonds authorized
§ 37-41-93. Maturity; interest
§ 37-41-95. Manner of issuance and form thereof
§ 37-41-97. Deposit and use of proceeds
§ 37-41-99. Payment of principal and interest on notes and bonds
§ 37-41-103. Promulgation of rules and regulations by state board of education