Revolving Loan Fund Program Source and Authority

Revolving Loan Fund Program Source and Authority. The Mississippi Soil and Water Conservation Commission is authorized to declare, by resolution, the necessity for issuance of negotiable general obligation bonds of the State of Mississippi to provide funds for the revolving fund. Upon the adoption of a resolution by the commission, declaring the necessity for the issuance of the general obligation bonds, the commission delivers a certified copy of its resolution to the State Bond Commission. Upon receipt of the resolution, the State Bond Commission, in its discretion, will act as the issuing agent, prescribe the form of the bonds, advertise for and accept bids, issue and sell the bonds so authorized to be sold, and do any thing else necessary and advisable in connection with the issuance and sale of such bonds. The amount of bonds issued shall not exceed Five Hundred Thousand Dollars ($500,000.00) in the aggregate.