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The district shall be authorized to convey the assets of the district to any suitable public utility qualified to operate same, authorized for such service by the State of Mississippi, and regulated by the regulatory agencies of the State of Mississippi. The sale price shall be such as shall be agreed upon between the district and the purchasing utility. The purchase price shall be used as follows:
(a) First, the retirement of all bonds of the district.
(b) The payment of all debts or obligations of the district.
(c) The balance shall be deposited in banks or other financial institutions authorized to receive deposits of such funds by the laws of the State of Mississippi. Such deposits shall be made in accordance with, and shall be secured as required by, the laws of the State of Mississippi. Preference may be given to such institutions as may be located within the counties of Humphreys or Sunflower. Such deposit or deposits, and interest thereon, may be used as set out in Section 21-47-3.
Cite this article: FindLaw.com - Mississippi Code Title 21. Municipalities § 21-47-5. Conveying assets; use of proceeds - last updated January 01, 2018 | https://codes.findlaw.com/ms/title-21-municipalities/ms-code-sect-21-47-5/
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