Any state contribution made as a loan on behalf of a political subdivision under the provisions of this chapter is hereby made a full faith and credit obligation of such political subdivision to the State of Mississippi, and binding on the governing body obtaining such state contribution and their successors in office until repaid in full as to principal and interest thereon, without regard to existing statutory limitations.
Structure Mississippi Code
Title 57 - Planning, Research and Development
Chapter 4 - Industrial Development Fund
§ 57-4-7. Contributions made as loans to be evidenced by negotiable promissory notes
§ 57-4-9. Interest rate on indebtedness for loan
§ 57-4-15. Proceeds of state contributions to be used only for matching federal funds
§ 57-4-19. Deposit of repayments
§ 57-4-21. Payment of expenditures for state contributions to be upon warrants drawn on fund