There is hereby created in the State Treasury a special fund to be designated as the Mississippi Department of Transportation Equipment Purchase Fund into which shall be deposited such funds as may be appropriated by the Legislature, any funds obtained from the 'buy back' option offered by equipment manufacturers or suppliers of certain types of equipment, funds obtained from the sale of equipment by the Mississippi Department of Transportation and funds obtained from insurance settlements with regard to equipment utilized by the Mississippi Department of Transportation. Money deposited into the fund shall not lapse at the end of any fiscal year and investment earnings on the proceeds in such special fund shall be deposited into such fund. Money from such fund shall be disbursed therefrom upon warrants issued by the State Fiscal Officer upon requisitions signed by the Executive Director of the Mississippi Department of Transportation to purchase or lease equipment for the Mississippi Department of Transportation. Laws, 2002, ch. 544, § 1, eff. 7/1/2002.
Mississippi Legal Code