Section 57-4-3 - State contributions made as loans deemed full faith and credit obligations of political subdivisions

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.Laws, 1977, ch. 492, § 1(2), eff. 4/15/1977.