In Re Validation of up to $27,600,000 Trust Certificates Evidencing Proportional Interests in a Lease by the Simpson…

Summary

The Mississippi Supreme Court affirmed validation of the school district's proposed trust certificates financing a centrally located high school through a lease/leaseback transaction. It held that the school board lawfully amended its minutes, provided statutorily sufficient notice, possessed authority to create a nonprofit financing corporation, and could continue using the Emergency School Leasing Authority Act. The Court also held that the statutory notice and validation procedures afforded due process.