The commissioners are hereby authorized to loan out any surplus funds of the district, and where such loans are secured by real estate, they shall be made in the manner and under the terms and provisions of the laws now relating to the loan of funds of the sixteenth sections; or they may purchase the bonds or evidences of debts of this state or of any county, municipality, drainage or road district situated in the State of Mississippi, or notes or bonds of the United States, or accept same as security for loans therein.Codes, Hemingway's 1921 Supp. § 7178h; 1930, § 6442; 1942, § 8392; Laws, 1918, ch. 170.
Mississippi Legal Code