Every agreement under either subsection (d) or (e) of Section 43-17-103 shall contain a covenant obligating the industry to effect the completion of the pollution control facilities if the proceeds of the bonds, including parity completion bonds, if any, prove insufficient, and each such lease/sale shall obligate the industry to make payments which shall be sufficient (a) to pay the principal of and interest on the bonds issued for such pollution control facilities, (b) to build up and maintain any reserves deemed by the governing board to be advisable in connection therewith, and (c) to pay the costs of maintaining the pollution control facilities in good repair and the cost of keeping it properly insured. Such agreement may provide for the issuance of additional parity bonds as required in order to complete the pollution control facility.
Structure Mississippi Code
Title 49 - Conservation and Ecology
Chapter 17 - Pollution of Waters, Streams, and Air
County and Municipal Bonds for Pollution Control
§ 49-17-103. General powers of local governments
§ 49-17-105. General provisions as to bonds
§ 49-17-107. Securing payment of bonds
§ 49-17-109. Contracts for facilities
§ 49-17-111. Certain findings necessary preliminary to financing of facilities
§ 49-17-113. Duties required of industries under agreements and lease/sales
§ 49-17-115. Optional terms of lease/sale agreements
§ 49-17-117. Application of bond proceeds; what costs of acquisition include
§ 49-17-119. Exemption from state taxation
§ 49-17-121. Governing board to petition for permission to issue bonds