75-5-1122: Creation of debt.

The legislature, through the enactment of this law by a two-thirds vote of the members of each house, authorizes the creation of state debt in an amount not to exceed $70 million in principal amount of general obligation bonds outstanding from time to time for the purpose of:

(1) funding the program; and

(2) funding portions of loans on an interim basis pending receipt of:

(a) grant payments from the environmental protection agency for which federal legislation appropriating the proceeds of the grants has been enacted; or

(b) other revenue for the program.