Mississippi Educational Facilities Authority Act
Mississippi · Education · §§ 37-104-1 to 37-104-9 · 25 sections
Overview
This act authorizes a state-level authority to help private, nonprofit institutions of higher education finance educational facilities without pledging the state's own credit. The authority reviews an institution's declared need, then issues tax-exempt revenue bonds and lends the proceeds to the institution under a loan agreement, with the institution's repayments flowing into a sinking fund that services the debt. Supporting provisions govern bond sales, refunding, the rights of bondholders, the handling of bond proceeds and other monies as trust funds, and the acceptance of grants and other contributions.
Editorial summary generated from the text of this act. It is not part of the statute — read the sections below for the operative language.
Sections covered
- Miss. Code Ann. § 37-104-1Short title
- Miss. Code Ann. § 37-104-11Payment of expenses; liability
- Miss. Code Ann. § 37-104-13Declaration of need by private institution
- Miss. Code Ann. § 37-104-15Investigation by Authority
- Miss. Code Ann. § 37-104-17Issuance of revenue bonds
- Miss. Code Ann. § 37-104-19Bond loan agreement
- Miss. Code Ann. § 37-104-21Negotiability of bonds and coupons; tax exemption
- Miss. Code Ann. § 37-104-23Sale of bonds
- Miss. Code Ann. § 37-104-25Disposition of sale proceeds; issuance of additional revenue bonds
- Miss. Code Ann. § 37-104-27Proceedings and conditions for issuance of bonds; validation
- Miss. Code Ann. § 37-104-29Liability of state on bonds
- Miss. Code Ann. § 37-104-3Legislative determination; declaration of purpose
- Miss. Code Ann. § 37-104-31Allocation of payments by private institutions; sinking fund
- Miss. Code Ann. § 37-104-33Rights of bond and coupon holders
- Miss. Code Ann. § 37-104-35Issuance of refunding bonds
- Miss. Code Ann. § 37-104-37Bonds as legal investments and securities
- Miss. Code Ann. § 37-104-39Acceptance of grants, loans, aid, or contributions
- Miss. Code Ann. § 37-104-41Monies received deemed trust funds
- Miss. Code Ann. § 37-104-43Withdrawals from Educational Facilities Authority Fund
- Miss. Code Ann. § 37-104-45Construction of chapter
- Miss. Code Ann. § 37-104-47Repealed
- Miss. Code Ann. § 37-104-49Final date for issuance of bonds
- Miss. Code Ann. § 37-104-5Definitions
- Miss. Code Ann. § 37-104-7Creation of Authority; nature and administration
- Miss. Code Ann. § 37-104-9General powers of Authority
Enacted in other states
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