The proceeds of any negotiable notes or certificates of indebtedness issued under the provisions of this article shall be placed in a special fund and shall be expended only for the purpose or purposes for which they were issued as shown by the resolution authorizing the issuance thereof. If a balance shall remain of the proceeds of such notes or certificates of indebtedness after the purpose or purposes for which same were issued shall be accomplished, such balance shall forthwith be transferred to the special fund set up for the payment thereof in Section 37-59-107.
Structure Mississippi Code
Chapter 59 - School Bonds and Obligations
Article 3 - Additional Authority to Issue Notes and Certificates of Indebtedness
§ 37-59-101. Purposes for which money may be borrowed
§ 37-59-103. Adoption of resolution of necessity by board of trustees of school district
§ 37-59-105. Declaration of intention by local authorities; election; issuance of indebtedness
§ 37-59-107. Annual levy of special tax
§ 37-59-111. Execution of negotiable notes or certificates of indebtedness; interest; maturity
§ 37-59-113. Disposition of proceeds of notes or certificates; disposition of balance of proceeds