State Codes and Statutes
Statutes > Mississippi > Title-65 > 25 > 65-25-63§ 65-25-63. Payment to municipality in lieu of taxes.
The governing authorities of any county which has heretofore issued bridge revenue bonds or bridge revenue refunding bonds for the purpose of acquiring a combined highway and railway bridge over the Mississippi River as authorized under the provisions of Sections 65-25-1 through 65-25-41 may, in their discretion and in lieu of taxes, annually pay to any municipality of this state in which the portion of said bridge properties lying within the State of Mississippi are located a sum not exceeding that required to be paid and paid by way of ad valorem taxes for the year 1961 within or to a sister state or the political subdivisions thereof. Such payment or payments in lieu of taxes as are hereby authorized and as may be determined upon by the board of supervisors of any county owning such bridge, concurred in by any commission appointed under authority of Sections 65-25-43 through 65-25-47, to have control over the affairs of said bridge, shall be made from any fund created by such bond resolution or indenture enabling the caring for of contingencies not otherwise provided for. However, in no event shall such payment or payments impair any debt service fund or debt service reserve fund or lessen the minimum amount by said bond resolution or indenture required to be carried in any debt service fund or debt service reserve fund created by said resolution or indenture.
The municipality, upon receipt of such payment or payments, must treat and account for the same just as though and as if such funds had been received from ad valorem taxation for general municipal purposes.
Sources: Codes, 1942, § 8469.7; Laws, 1962, ch. 264, §§ 1-3, eff from and after passage (approved May 25, 1962).
