The board of trustees shall annually prepare a budget which shall contain a detailed estimate of the revenues and expenses anticipated for the ensuing year for general operation and maintenance and which shall set forth the reasonable requirements for anticipated needs for capital outlays for land, buildings, initial equipment for new buildings and major repairs, a reasonable accumulation for such purposes being hereby expressly authorized.Codes, 1942, § 6475-53; Laws, 1964, ch. 398, § 3, eff. 7/1/1964.
Mississippi Legal Code