Hoffman, 012280 MSAGO, 19800122
|Case Date:||January 22, 1980|
Section 29-3-111, Mississippi Code of 1972, (Chapter 303, Laws of 1958) provided that all moneys heretofore or hereafter derived from the leasing of said lands for oil, gas, and mineral purposes, including any bonus, delay rental, or royalty payable under such leases, and all moneys derived from the annual payment of rents from the leasing of said lands for agricultural, residential, commercial, industrial, grazing or other purposes, or derived as interest upon loans or investments of principal funds, and all moneys heretofore or hereafter derived from the sale of timber may be expended for any of the purposes authorized by law. . . . However, no moneys in the principal funds of the various counties on June 28, 1958, or moneys which may be repaid into such funds by virtue of loans outstanding on June 28, 1958, may be expended except for the purpose of providing local funds for any building project approved by the state educational finance commission, or to provide additional funds for forest stand improvement as set forth in Sections 29-3-43 and 29-3-49. This section was amended by Chapter 525, Laws of 1978, in part, by deleting the restriction placed on moneys in the principal funds on June 28, 1958. It also removed moneys derived from royalties payable under oil, gas, or mineral leases from the list of sources from which moneys could be transferred to the proper fund for expenditure. Does the deletion of the June 28, 1958, restriction from the statutes authorize the transfer of moneys arising from the stated sources from the principal funds without regard as to when the moneys were placed in the funds? Does the deletion of 'royalty payable under such leases' prohibit the transfer of funds from this source, placed in the principal funds prior to the effective date of Chapter 525, Laws of 1978 (July 1, 1978)? Section 29-3-111, Mississippi Code of 1972, as amended, states: All moneys heretofore or...
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