Mississippi Code Title 37. Education § 37-7-501

When any school district now existing or hereafter created under any of the laws of this state shall be dissolved, abolished or discontinued, either as a result of the reorganization and reconstitution of school district under the provisions of Article 1 of this chapter, or otherwise, and such school district at the time of the dissolution or discontinuance thereof shall have no outstanding bonds or other indebtedness then all funds, property and other assets which shall belong to such school district at the time of the dissolution or discontinuance thereof shall become the property, funds and assets of the school district to which the territory formerly comprising such dissolved district is annexed. If the territory of the dissolved district is annexed to or becomes a part of two (2) or more school districts, then such property, funds and other assets shall be divided and apportioned among such districts in proportion to the number of children enrolled in the schools of the dissolved district at the time of the dissolution thereof who reside in the territory annexed to each district, or in such other manner as may be agreed upon by the school boards of the districts involved. Any school property or other assets of the dissolved district which are not to be used by the school district or districts to which the territory of the dissolved district is annexed may be sold by the board of supervisors of the county in which the property or other assets are located, and, in such case, the proceeds of the sale thereof shall be disposed of in the manner otherwise provided in this section for the disposition of the funds and other assets of the dissolved district.