Section 65-39-15 - Bonds are general obligations of state

The bonds issued under the provisions of Sections 65-39-5 through 65-39-33 are general obligations of the State of Mississippi, and for the payment thereof the full faith and credit of the State of Mississippi is irrevocably pledged. Monies in the Gaming Counties Sinking Bond Fund, created in Section 65-39-3, shall be expended to pay the interest on, and principal of, the bonds issued under Section 65-39-5. If the amount in the sinking fund is insufficient to pay the interest on, and principal of, such bonds as they become due, then the deficiency shall be paid by the State Treasurer from any funds in the State Treasury not otherwise appropriated. All such bonds shall contain recitals on their faces substantially covering the provisions of this section.Laws, 1994, ch. 557, § 28, eff. 4/5/1994.