75-5-1107. Uses of revolving fund. Money in the revolving fund may be used to:
     (1) make loans to municipalities and private concerns to finance all or a portion of the cost of a project;
     (2) buy or refinance debt obligations of municipalities that were issued to finance projects within the state at or below market rates, provided that the obligations were incurred after March 7, 1985;
     (3) guarantee or purchase insurance for obligations of municipalities that were issued to finance projects in order to enhance credit or reduce interest rates;
     (4) provide a source of revenue or security for general obligation bonds the proceeds of which are deposited in the revolving fund;
     (5) provide loan guarantees for similar revolving funds established by municipalities;
     (6) earn interest on fund accounts; and
     (7) pay reasonable administrative costs of the revolving loan program not to exceed 4%, or the maximum amount allowed under the federal act, of all federal grant awards to the fund.

     History: En. Sec. 6, Ch. 678, L. 1989.