All conveyances of property under the authority of Section 37-7-455 shall be for a cash consideration. The proceeds of such sale shall be placed in the maintenance fund of the school district. However, if any sale embraces realty, and the school district selling same owes outstanding bonds or notes, then in that event the proceeds of such sale shall be placed to the credit of the bond and interest sinking fund of such school district, or used to construct, renovate or purchase, under provisions elsewhere provided by law, similar type property or property of comparable value at attendance centers to be used for the same or other reasonably necessary purposes.
Miss. Code Ann. § 37-7-457
All sales to be for cash; disposition of proceeds of sale
Codes, 1942, § 6328-44; Laws, 1953, Ex Sess, ch. 28, § 4; Laws, 1964, ch. 392; Laws, 1973, ch. 311, § 1, eff from and after passage (approved March 2, 1973
Current official text: Mississippi Code (LexisNexis). Digitized from the UniCourt Code Improvement Commission public-domain capture. Reproduced from public-domain Mississippi statutes; confirm against the official source for the current text. Not legal advice.