MCA Chapter 67

in effect

Miss. Code Ann. § 57-67-1 Short title.

This chapter shall be known and may be cited as the “Mississippi Superconducting Super Collider Act.”

Miss. Code Ann. § 57-67-3 Legislative findings and declarations.

The Legislature hereby finds and declares that: There exists in the State of Mississippi a continuing need for gainful employment for the citizens of this state. To help provide employment opportunities, a division within the Office of the Governor should be created with power to secure the location within this state of the particle beam accelerator known as the Superconducting Super Collider that the United States Department of Energy is planning to build. In accomplishing this purpose, such division will be acting in all respects for the benefit of the people of the state in the performance of essential public functions and is serving a valid public purpose in improving and otherwise promoting their health, welfare and prosperity, and the enactment of the provisions hereinafter set forth is for a valid public purpose. Public agencies of the state, as herein defined, must be authorized and empowered to contract with and cooperate with the authority for the purposes herein set out. The borrowing of money and the issuance of bonds and state bonds for the purposes hereinafter set out serves valid public purposes in that the project will significantly contribute to the employment base and scientific and educational growth of the state.

Miss. Code Ann. § 57-67-5 Definitions.

Words and phrases used in this chapter shall have meanings as follows, unless the context clearly indicates a different meaning: “Act” means the Mississippi Superconducting Super Collider Act as originally enacted or as hereafter amended. “Authority” means the Mississippi Superconducting Super Collider Authority created pursuant to the chapter. “Bonds” means bonds, interim notes and other certificates of indebtedness of the authority issued pursuant to the provisions of Sections 57-67-19 through 57-67-31. “Facility related to the project” means and includes any of the following, as the same may pertain to the project: facilities to provide potable and industrial water supply systems (including cooling lakes) and sewage and waste disposal systems to the site of the project; airports, airfields and air terminals; rail lines; port facilities on the Tennessee-Tombigbee Waterway; highways, streets and other roadways; public school buildings, classrooms and instructional facilities, including any functionally related facilities; parks, outdoor recreation facilities and athletic facilities; and auditoriums, pavilions, campgrounds, art centers, cultural centers, folklore centers and other public facilities. “Person” means any natural person, corporation, association, partnership, receiver, trustee, guardian, executor, administrator, fiduciary, governmental unit, public agency, political subdivision, or any other group acting as a unit, and the plural as well as the singular. “Project” means the superconducting super colliding particle beam accelerator, known as the Superconducting Super Collider, proposed to be constructed by the United States Department of Energy, as described in the Invitation for Proposals issued by said department, as now or hereafter supplemented or amended, together with all real property required for construction, maintenance and operation of the Superconducting Super Collider, and all buildings, tunneling and other supporting land and facilities required or useful for construction, maintenance and operation of the Superconducting Super Collider. “Project area” means the project site, together with any area or territory within the state lying within fifty (50) air miles from any portion of the project site to be conveyed to the Department of Energy, whether or not such area or territory be contiguous. “Project site” means the real property to be conveyed to the United States Department of Energy as set forth in the application to be filed with the Department of Energy by the authority. “Public agency” means and includes: the state and any department, board, commission, institution or other agency or instrumentality of the state, including but not limited to, the Board of Trustees of State Institutions of Higher Learning and the State Board of Education; any city, town, county, political subdivision, school district or other district created or existing under the laws of the state or any public agency of any such city, town, county, political subdivision or district; any department, commission, agency or instrumentality of the United States of America; and any other state of the United States of America which may be cooperating with respect to location of the project within the state, or any agency thereof. “State” means State of Mississippi. “State bonds” means general obligation bonds, notes or other evidences of the State of Mississippi issued under Section 57-67-15.

Miss. Code Ann. § 57-67-7 Mississippi Superconducting Super Collider Authority created; executive director.

There is created within the Office of the Governor a division to be known as the “Mississippi Superconducting Super Collider Authority” for the performance of essential public functions. The Governor shall appoint, with the advice and consent of the Senate, an executive director, who shall serve at the will and pleasure of the Governor. The Governor shall prescribe the duties of and fix the compensation of such executive director. The executive director shall have the authority to employ and dismiss employees of the authority. The executive director shall administer, manage and direct the affairs and business of the authority, subject to the policies, direction, control and approval of the Governor.

Miss. Code Ann. § 57-67-9 Submission of site proposal; development of project; special advisory committees.

The authority is hereby designated and empowered to act on behalf of the state in submitting a siting proposal for the project. If the authority is not operational as of the date of the proposal, the Governor is authorized to submit the proposal. The authority is empowered to take all steps appropriate or necessary to effect the siting, development, and operation of the Superconducting Super Collider research facility within the state. If the state is selected as the preferred site for the project, the authority is hereby designated and empowered to act on behalf of the state and to represent the state in the planning, financing, development, construction and operation of the project or any facility related to the project. The authority shall take affirmative steps to coordinate fully all aspects of the submission of a siting proposal for the project and, if the state is selected as the preferred site, to coordinate fully the development of the project or any facility related to the project with the United States Department of Energy and other public agencies. Other state agencies and local governmental entities in this state shall cooperate to the fullest extent possible to effectuate the duties of the authority. To consult with the Governor and with the authority concerning the siting, development and operation of the Superconducting Super Collider research facility in the state, the Governor may establish special advisory committees, as he deems necessary, which may be composed of lay persons, scientists, physicists, engineers, other professionals and anyone having special knowledge of or interest in the project.

Miss. Code Ann. § 57-67-11 General powers and duties of authority.

The authority, in addition to any and all powers now or hereafter granted to it, is hereby empowered: To maintain an office at a place or places in the state. To employ or contract with architects, engineers, attorneys, accountants, construction and financial experts and such other advisors, consultants and agents as may be necessary in its judgment and to fix and pay their compensation. To make such applications and enter into such contracts for financial assistance as may be appropriate under applicable federal or state law. To apply for, accept and utilize grants, gifts and other funds or aid from any source for any purpose contemplated by the chapter, and to comply, subject to the provisions of this chapter, with the terms and conditions thereof. To acquire by purchase, lease, gift, or in other manner other than by eminent domain, or obtain options to acquire, and to own, maintain, use, operate and convey any and all property of any kind, real, personal, or mixed, or any interest or estate therein, (including easements, rights-of-way, air rights or subsurface rights, or a stratified fee estate in a specified volume of land located below, at, or above the surface) within or without the project area, necessary or convenient for the project or any facility related to the project or necessary or convenient for any enhancement offered to secure the siting of the project in the state or for the exercise of the powers granted by this chapter. To acquire by purchase or lease any public lands and public property, including sixteenth section lands and lieu lands, within the project area, which are necessary or convenient for the project. Sixteenth section lands or lieu lands acquired under this chapter shall be deemed to be acquired for the purposes of industrial development thereon and such acquisition will serve a higher public interest in accordance with the purposes of this chapter. To make or cause to be made such examinations and surveys as may be necessary to the planning, design, construction and operation of the project; and for such purpose the authority, its agents, servants, or any public agency involved in the project selection, design, construction or operation, shall have immediate and full right of entry upon the lands and waters of any person for the purposes of survey and exploration. From and after the date of notification to the authority by the Department of Energy that the state has been finally selected as the site of the project, to acquire by condemnation and to own, maintain, use, operate and convey or otherwise dispose of any and all property of any kind, real, personal or mixed, or any interest or estate therein, (including easements, rights-of-way, air rights or subsurface rights, or a stratified fee estate in a specified volume of land located below, at, or above the surface), within the project area, necessary or convenient for the project or any facility related to the project and the exercise of the powers granted by this chapter, according to the procedures provided by Chapter 27, Title 11, Mississippi Code of 1972, except as modified by this chapter. For the purposes of this chapter, the right of eminent domain shall be superior and dominant to the right of eminent domain of other public agencies and of railroad, telephone, telegraph, gas, power and other companies or corporations and shall extend to public and private lands including sixteenth section lands. The amount and character of interest in land, other property, and easements thus to be acquired shall be determined by the authority, and its determination shall be conclusive and shall not be subject to attack in the absence of manifest abuse of discretion or fraud on the part of the authority in making such determination. However, In acquiring lands by condemnation, the authority shall not acquire minerals or royalties in minerals unless a competent registered professional engineer shall have certified that the acquisition of such minerals and royalties in minerals is necessary for purposes of the project; provided that limestone, clay, chalk, sand and gravel shall not be considered as minerals within the meaning of this section; and Unless minerals or royalties in minerals have been acquired by condemnation or otherwise, no person or persons owning the drilling rights or the right to share in production of minerals shall be prevented from exploring, developing, or producing oil or gas with necessary rights-of-way for ingress and egress, pipelines and other means of transporting interests on any land or interest therein of the authority held or used for the purposes of this chapter; but any such activities shall be under such reasonable regulation by the authority as will adequately protect the project contemplated by this chapter as provided in subparagraph (s) of this section. For the purpose of acquiring by condemnation land and easements for the project or any facility related to the project located within the project area, the authority shall have the right of immediate possession pursuant to Sections 11-27-81 through 11-27-89. In any proceeding in any court which has been or may be instituted by and in the name of the authority for the acquisition of any land or easement or right-of-way in land for the public use as provided in subparagraph (h) of this section, the authority may file in the cause, with the petition or at any time before judgment, a declaration of taking signed by the authority, declaring that said lands are thereby taken for the use of the authority in connection with the location of the project. Said declaration of taking shall contain or have annexed thereto: A statement of the statutory authority under which and the public use for which said lands are taken. A description of the lands taken sufficient for the identification thereof. A statement of the estate or interest in said lands taken for said public use. A statement of the necessity of the immediate vesting of title in the authority in order to convey such property to the United States for the use in connection with the project. A statement of the sum of money estimated by the authority to be due compensation for the land taken. Upon filing the declaration of taking and of the deposit in the court, to the use of the persons entitled thereto, of the amount of the estimated compensation stated in the declaration, title to such lands in fee simple absolute, or such less estate or interest therein as is specified in the declaration, shall vest in the authority, and such lands shall be deemed to be condemned and taken for the use of the authority, and the right to due compensation for the same shall vest in the persons entitled thereto; and compensation shall be ascertained and awarded in the proceeding and established by judgment therein, and the judgment shall include, as part of the due compensation awarded, interest in accordance with law on the amount finally awarded as the value of the property as of the date of taking, from such date to the date of payment; but interest shall not be allowed on so much thereof as shall have been paid into the court. No sum so paid into the court shall be charged with commissions or poundage. Upon the application of the parties in interest, the court may order that the money deposited in the court, or any part thereof, be paid forthwith for or on account of the due compensation to be awarded in the proceeding. If the compensation finally awarded in respect of such lands, or any parcel thereof, shall exceed the amount of the money so received by any person entitled, the court shall enter judgment against the authority for the amount of the deficiency. Upon the filing of a declaration of taking, the court shall have power to fix the time within which and the terms upon which the parties in possession shall be required to surrender possession to the petitioner. The court shall have power to make such orders in respect of encumbrances, liens, rents, taxes, assessments, insurance, and other charges, if any, as shall be just and equitable. No appeal in any cause under this subparagraph (i) of this section nor any bond or undertaking given therein shall operate to prevent or delay the vesting of title to such lands in the authority. To require the necessary relocation or rerouting of roads and highways, railroad, telephone and telegraph lines and properties, electric power lines, pipelines and related facilities, or to require the anchoring or other protection of any of these, provided due compensation is paid to the owners thereof or agreement is had with such owners regarding the payment of the cost of such relocation, and to acquire by condemnation or otherwise easements or rights-of-way for such relocation or rerouting and to convey the same to the owners of the facilities being relocated or rerouted in connection with the purposes of this chapter. To require the necessary relocation of cemeteries and to pay all reasonable costs thereof. To perform or have performed any and all acts and make all payments necessary to comply with all applicable federal laws, rules or regulations including but not limited to the Uniform Relocation Assistance and Real Property Acquisition Policies Act of 1970 (42 U.S.C. 4601, 4602, 4621 to 4638, and 4651 to 4655) and relocation rules and regulations promulgated by the Department of Energy. To construct, extend, improve, maintain, and reconstruct, to cause to be constructed, extended, improved, maintained, and reconstructed, and to use and operate any and all components of the project or any facility related to the project, within the project area, necessary or convenient to the project and to the exercise of such powers, rights, and privileges granted the authority. To incur or defray any designated portion of the cost of any component of the project or any facility related to the project acquired or constructed by any public agency. To lease, sell, give, donate, convey or otherwise transfer any or all property acquired by the authority under the provisions of this chapter to the United States Department of Energy, its successors or assigns, and in connection therewith to pay the costs of title search, perfection of title, title insurance and recording fees as may be required. The authority may provide in the instrument conveying such property a provision that such property shall revert to the authority if, as and when the property is declared by the United States Department of Energy to be no longer needed for the Superconducting Super Collider research facility. To enter into contracts with any person, public agency or political subdivision including, but not limited to, contracts authorized by Section 57-67-17, in furtherance of any of the purposes authorized by this chapter upon such consideration as the authority and such person, public agency or political subdivision may agree. Any such contract may extend over any period of time, notwithstanding any rule of law to the contrary, may be upon such terms as the parties thereto shall agree, and may provide that it shall continue in effect until bonds specified therein, refunding bonds issued in lieu of such bonds, and all other obligations specified therein are paid or terminated. Any such contract shall be binding upon the parties thereto according to its terms. Such contracts may include an agreement to reimburse the United States Department of Energy, its successors and assigns for any assistance provided by the United States Department of Energy in the acquisition of real property for the project or any facility related to the project. To establish and maintain reasonable rates and charges for the use of any facility within the project area owned or operated by the authority, and from time to time to adjust such rates and to impose penalties for failure to pay such rates and charges when due. To make and enforce, and from time to time amend and repeal, rules and regulations for the construction, use, maintenance and operation of any facility related to the project under its management and control and any other of its properties. To adopt and enforce all necessary and reasonable rules and regulations to carry out and effectuate the implementation of the project and any land use plan or zoning classification adopted for the project area, including but not limited to rules, regulations, and restrictions concerning mining, construction, excavation or any other activity the occurrence of which may endanger the structure or operation of the project. Such rules may be enforced within the project area and without the project area as necessary to protect the structure and operation of the project. The authority is authorized to plan or replan, zone or rezone, and make exceptions to any regulations, whether local or state, which are inconsistent with the design, planning, construction or operation of the project and facilities related to the project. To plan, design, coordinate and implement measures and programs to mitigate impacts on the natural environment caused by the project or any facility related to the project. To assist any public agency involved with the project design, construction or operation in securing any state or local permits and approval required for the project or any facility related to the project. To do any and all things necessary or convenient to carry out the authority’s purposes and to exercise the powers given and granted in this chapter.

Miss. Code Ann. § 57-67-13 Board of Trustees of State Institutions of Higher Learning; powers and duties.

The Board of Trustees of State Institutions of Higher Learning is hereby directed to develop plans for the creation of an Institute of High Energy Physics. Upon notification to the authority by the Department of Energy that the state has been selected as the site of the project, the Board of Trustees of State Institutions of Higher Learning not later than one (1) year thereafter shall establish and create the institute. Such institute shall include at least twenty (20) funded faculty positions and shall include facilities to accommodate faculty and graduate students. The Board of Trustees of State Institutions of Higher Learning is hereby directed to develop plans for the creation of an Institute for Mathematics and Computing Sciences. Upon notification to the authority by the Department of Energy that the state has been selected as the site of the project, the Board of Trustees of State Institutions of Higher Learning not later than one (1) year thereafter shall establish and create the institute. The authority is hereby directed to develop plans for technology transfer activities to ensure private sector conduits for exchange of information, technology and expertise related to the project to generate opportunities for commercial development within the state.

Miss. Code Ann. § 57-67-15 State general obligation bonds and notes generally; Superconducting Super Collider Special Fund.

Upon notification to the authority by the Department of Energy that the state has been finally selected as the site for the project, the State Bond Commission shall have the power and is hereby authorized and directed, upon receipt of a declaration from the Governor as hereinafter provided, to borrow money and issue general obligation bonds of the state in one or more series for the purposes herein set out. Upon such notification, the Governor may thereafter from time to time declare the necessity for the issuance of general obligation state bonds as authorized by this section and forward such declaration to the State Bond Commission, provided that prior to said notification, the Governor may enter into agreements with the United States Government and others that will commit the Governor to direct the State Bond Commission to issue bonds for eligible undertakings set out in subsection (4) of this section, conditioned on the siting of the project in the state. Upon receipt of any such declaration from the Governor, the State Bond Commission, upon verifying that the state has been selected as the site of the project, shall act as the issuing agent for the series of state bonds directed to be issued in such declaration pursuant to authority granted in this section. Bonds issued under the authority of this section shall not exceed an aggregate principal amount in the sum of Five Hundred Million Dollars ($500,000,000.00). The proceeds from the sale of the state bonds issued pursuant to this section may be applied for the purposes of: (a) defraying all or any designated portion of the costs incurred with respect to acquisition, planning, design, construction, installation, rehabilitation, improvement and relocation of the project and any facility related to the project located within the project area, including costs of design and engineering, all costs incurred to provide land, easements and rights-of-way, relocation costs with respect to the project and with respect to any facility related to the project located within the project area, and costs associated with mitigation of environmental impacts; (b) providing for the payment of interest on the bonds; (c) providing debt service reserves; and (d) paying underwriters discount, original issue discount, accountants’ fees, engineers’ fees, attorney’s fees, rating agency fees and other fees and expenses in connection with the issuance of the bonds. Such bonds shall be issued from time to time and in such principal amounts as shall be designated by the Governor not to exceed in aggregate principal amount the amount authorized in subsection (3) of this section. Proceeds from the sale of the state bonds issued pursuant to this section may be invested, subject to federal limitations, pending their use, in such securities as may be specified in the resolution authorizing the issuance of the bonds or the trust indenture securing them, and the earning on such investment applied as provided in such resolution or trust indenture. The principal of and the interest on the state bonds shall be payable in the manner hereinafter set forth. The state bonds shall bear date or dates, be in such denomination or denominations, bear interest at such rate or rates, be payable at such place or places within or without the state, shall mature absolutely at such time or times, be redeemable prior to maturity at such time or times and upon such terms, with or without premium, shall bear such registration privileges, and shall be substantially in such form, all as shall be determined by resolution of the State Bond Commission. Provided, however, that such state bonds shall mature or otherwise be retired in annual installments beginning not more than five (5) years from date thereof and extending not more than twenty-five (25) years from date thereof. The state bonds shall be signed by the Chairman of the State Bond Commission, or by his facsimile signature, and the official seal of the State Bond Commission shall be imprinted on or affixed thereto, attested by the manual or facsimile signature of the Secretary of the State Bond Commission. Whenever any such state bonds shall have been signed by the officials herein designated to sign the bonds, who were in the office at the time of such signing but who may have ceased to be such officers prior to the sale and delivery of such bonds, or who may not have been in office on the date such bonds may bear, the signatures of such officers upon such bonds shall nevertheless be valid and sufficient for all purposes and have the same effect as if the person so officially signing such bonds had remained in office until the delivery of the same to the purchaser, or had been in office on the date such bonds may bear. All state bonds issued under the provisions of this section shall be and are hereby declared to have all the qualities and incidents of negotiable instruments under the provisions of the Uniform Commercial Code and in exercising the powers granted by this chapter, the State Bond Commission shall not be required to and need not comply with the provisions of the Uniform Commercial Code. The State Bond Commission shall sell the state bonds on sealed bids at public sale, and for such price as it may determine to be for the best interest of the State of Mississippi, but no such sale shall be made at a price less than par plus accrued interest to date of delivery of the bonds to the purchaser. The state bonds shall bear interest at such rate or rates not exceeding the limits set forth in Section 75-17-101 as shall be fixed by the State Bond Commission. All interest accruing on such bonds so issued shall be payable semiannually or annually; provided that the first interest payment may be for any period of not more than one (1) year. The lowest interest rate specified for any bonds issued shall not be less than sixty percent (60%) of the highest interest rate specified for the same bond issue. Each interest rate specified in any bid must be in a multiple of one-eighth of one percent (1/8 of 1%) or one-tenth of one percent (1/10 of 1%) and a zero rate of interest cannot be named. Notice of the sale of any state bond shall be published at least one (1) time, the first of which shall be made not less than ten (10) days prior to the date of sale, and shall be so published in one or more newspapers having a general circulation in the City of Jackson and in one or more other newspapers or financial journals with a large national circulation, to be selected by the State Bond Commission. The State Bond Commission, when issuing any state bonds under the authority of this section, may provide that the bonds, at the option of the state, may be called in for payment and redemption in reverse order of maturity at the call price named therein and accrued interest on such date or dates named therein. State bonds issued under the provisions of this section shall be the general obligations of the state and backed by the full faith and credit of the state, and if the funds appropriated by the Legislature shall be insufficient to pay the principal of and the interest on such bonds as they become due, then the deficiency shall be paid by the State Treasurer from any funds in the State Treasury not otherwise appropriated. All state bonds shall contain recitals on their faces substantially covering the foregoing provisions of this section. The State Treasurer is hereby authorized, without further process of law, to certify to the State Fiscal Management Board the necessity for warrants, and the State Fiscal Management Board is hereby authorized and directed to issue such warrants payable out of any funds authorized by this section for such purpose, in such amounts as may be necessary to pay when due the principal of and interest on all state bonds issued under the provisions of this section; and the State Treasurer shall forward the necessary amount to the designated place or places of payment of such bonds in ample time to discharge such bonds, or the interest thereon, on the due dates thereof. The state bonds may be issued without any other proceedings or the happening of any other conditions or things other than those proceedings, conditions and things which are specified or required by this chapter. Any resolution providing for the issuance of general obligation state bonds under the provisions of this section shall become effective immediately upon its adoption by the State Bond Commission, and any such resolution may be adopted at any regular or special meeting of the State Bond Commission by a majority of its members. In anticipation of the issuance of state bonds hereunder, the State Bond Commission is hereby authorized to negotiate and enter into any purchase, loan, credit or other agreement with any bank, trust company or other lending institution or to issue and sell short-term notes for the purpose of making any payments authorized under this section. All borrowings made under this provision shall be evidenced by notes of the state which shall be issued from time to time, for such amounts not exceeding the amount of state bonds authorized herein, in such form and in such denomination and subject to such terms and conditions of sale and issuance, prepayment or redemption and maturity, rate or rates of interest not to exceed the maximum rate authorized herein for bonds, and time of payment of interest as the State Bond Commission shall agree to in such agreement. Such notes shall constitute general obligations of the state and shall be backed by the full faith and credit of the state. Such notes may also be issued for the purpose of refunding previously issued notes; provided that no notes shall mature more than three (3) years following the date of issuance of the first note hereunder and provided further, that all outstanding notes shall be retired from the proceeds of the first issuance of bonds hereunder. The State Bond Commission is authorized to provide for the compensation of any purchaser of the notes by payment of a fixed fee or commission and for all other costs and expenses of issuance and service, including paying agent costs. Such costs and expenses may be paid from the proceeds of the notes. The bonds and notes authorized under the authority of this section may be validated in the First Judicial District of the Chancery Court of Hinds County, Mississippi, in the manner and with the force and effect provided now or hereafter by Chapter 13, Title 31, Mississippi Code of 1972, for the validation of county, municipal, school district and other bonds. The necessary papers for such validation proceedings shall be transmitted to the state bond attorney, and the required notice shall be published in a newspaper published in the City of Jackson, Mississippi. There is hereby created in the State Treasury a special fund, separate and apart from any other fund, to be designated as the “Superconducting Super Collider Special Fund.” On July 15 immediately succeeding the date that the state has been finally selected as the site for the project and on or before the fifteenth day of each succeeding month thereafter until a period of time not to exceed twenty-five (25) years from the initial deposit or until the date that all state bonds issued under this chapter are retired, whichever occurs last in time, the State Treasurer shall deposit into the Superconducting Super Collider Special Fund the sum of Three Million Seven Hundred Fifty Thousand Dollars ($3,750,000.00) from taxes collected under the provisions of Chapter 7, Title 27, Mississippi Code of 1972. Funds deposited in the special fund shall be used to pay the principal of and interest on the state bonds issued under this section and any balance in the special fund in excess of the amount needed to pay the principal of and interest on the state bonds shall be appropriated by the Legislature to defray expenses of the project, facilities related to the project or enhancements within the project area.

Miss. Code Ann. § 57-67-17 Powers and duties of public agencies and political subdivisions.

For the purpose of aiding in the planning, design, undertaking and carrying out of the project or any facility related to the project, or any educational, cultural, housing or recreational facility or enhancement offered to secure the siting of the project in the state, any public agency or political subdivision of any kind is authorized and empowered upon such terms, with or without consideration, as it may determine: (a) to enter into agreements, which may extend over any period, with the authority respecting action to be taken by such public agency or political subdivision with respect to the acquisition, planning, construction, improvement, operation, maintenance or funding of the project or any such facility or enhancement, including without limitation (i) the appropriation or payment of funds to the authority or to a trustee in amounts which shall be sufficient to enable the authority to defray any designated portion or percentage of the expenses of administering, planning, designing, constructing, acquiring, improving, operating, and maintaining the project or any such facility or enhancement, (ii) the appropriation or payment of funds to the authority or to a trustee to pay interest and principal (whether at maturity or upon sinking fund redemption) on bonds of the authority issued pursuant to this chapter and to fund reserves for debt service, for operation and maintenance and for renewals and replacements, and to fulfill requirements of any covenant with respect to debt service contained in any resolution, trust indenture or other security agreement relating to the bonds of the authority issued pursuant to this chapter and (iii) the furnishing of other assistance in connection with the project or any such facility or enhancement; (b) to dedicate, sell, donate, convey or lease any property or interest in property to the authority or grant easements, licenses or other rights or privileges therein to the authority; (c) to incur the entire expense of any public improvements made or to be made by such public agency or political subdivision in exercising the powers granted in this section; (d) to do any and all things necessary to aid or cooperate in the planning or carrying out of the project or any such facility or enhancement; (e) to lend, grant or contribute funds to the authority; (f) to cause public buildings and public facilities, including parks, playgrounds, recreational areas, community meeting facilities, water, sewer or drainage facilities, or any other works which it is otherwise empowered to undertake, to be furnished to or with respect to the project or any such facility or enhancement; (g) to furnish, dedicate, close, vacate, pave, install, upgrade or improve highways, streets, roads, sidewalks, airports, railroads, ports or other public facilities; (h) to plan or replan, zone or rezone any parcel of land within the public agency or political subdivision or make exceptions from land use, building and zoning regulations; and (i) to cause administrative and other services to be furnished to the authority, including services pertaining to the acquisition of real property and the furnishing of relocation assistance. Any contract between a public agency or political subdivision entered into with the authority pursuant to any of the powers granted by this chapter shall be binding upon said public agency or political subdivision according to its terms, and such public agency or political subdivision shall have the power to enter into such contracts as in the discretion of the governing authorities thereof would be to the best interest of the people of such public agency or political subdivision. Such contracts may include within the discretion of such governing authorities a pledge of the full faith and credit of such political subdivision for the performance thereof. If such contracts include a pledge of the full faith and credit of such political subdivision, then for the purposes of Sections 27-39-321 and 37-57-107, the indebtedness created by such contracts shall be deemed to be general obligation bonds. The obligations of any public agency or political subdivision arising under the terms of such contracts shall not be included within the indebtedness of such public agency or political subdivision for the purposes of any constitutional or statutory limitation or provision. If at any time title to or possession of the project or any such facility or enhancement is held by any public body or governmental agency other than the authority, including any agency or instrumentality of the United States of America, the agreements referred to in this section shall inure to the benefit of and may be enforced by such public body or governmental agency. Notwithstanding any provisions of this chapter to the contrary, any contract entered into between the authority and any political subdivision for the appropriation or payment of funds to the authority under item (a)(ii) of this section shall contain a provision therein requiring monthly payments by the political subdivision to pay its indebtedness and, if the political subdivision is not a county or municipality, such contract shall include as an additional party to the contract the county or municipality (referred to in this paragraph as “levying authority”) that levies and collects taxes for the contracting political subdivision. If the political subdivision fails to pay its indebtedness for any month, the authority shall certify to the State Tax Commission, or other appropriate agency, the amount of the delinquency, and the State Tax Commission shall deduct such amount from the political subdivision’s or levying authority’s, as the case may be, next allocation of sales taxes, petroleum taxes, highway privilege taxes, severance taxes, Tennessee Valley Authority payments in lieu of taxes and homestead exemption reimbursements in that order of priority. The State Tax Commission, or other appropriate agency, shall pay the sums so deducted to the authority to be applied to the discharge of the contractual obligation.

Miss. Code Ann. § 57-67-19 Power of authority to borrow money and issue bonds generally.

Upon notification to the authority by the United States Department of Energy that the state has been finally selected as the site for the project, then the authority shall have the power and is hereby authorized, from time to time, pursuant to contracts entered into under Section 57-67-17, to borrow money and to issue bonds in such principal amounts as the authority may determine to be necessary to provide funds sufficient to defray all or any designated portion of the costs incurred with respect to the project or any facility related to the project, or any educational, cultural, housing or recreational facility or enhancement offered to secure the siting of the project in the state; provided that prior to said notification, the authority may enter into agreements with the United States Government or others that will commit the authority to issue bonds for eligible undertakings set out in subsection (6) of this section pursuant to contracts entered into under Section 57-67-17, conditioned on the siting of the project in the state. Bonds of the authority issued pursuant to Sections 57-67-19 through 57-67-31 shall be payable (except to the extent that payment may be made from bond proceeds deposited or accumulated in any capitalized interest fund or bond reserve fund) solely from and secured by a pledge of all or any designated part of the revenues received by the authority pursuant to contracts entered into with one or more public agencies pursuant to Section 57-67-17. Such bonds may be further secured by a trust indenture between the authority and a corporate trustee, which may be any trust company or bank having powers of a trust company within or without the state, and by reserves established to secure the payment of principal of and interest on such bonds. Any pledge of earnings, revenues or other moneys made by the authority shall be valid and binding from the time the pledge is made. The earnings, revenues or other moneys so pledged and thereafter received by the authority shall immediately be subject to the lien of such pledge without any physical delivery thereof or further act, and the lien of any such pledge shall be valid and binding as against all parties having claims of any kind against the authority whether such parties have or do not have notice thereof. Neither the bond resolution, trust indenture nor any other instrument by which a pledge is created need be recorded. Bonds of the authority issued pursuant to Sections 57-67-19 through 57-67-31 may be authorized and issued in one or more series by a resolution or resolutions of the authority, without publication of notice of intent and without an election on the question of the issuance thereof. Such bonds shall bear such date or dates, mature at such time or times, bear interest at such rate or rates, be in such denomination or denominations, be in such form, carry such conversion privileges, have such rank or priority, be executed in such manner and by such officers, be payable from such sources in such medium of payment at such place or places within or without the state, be subject to such terms of redemption prior to maturity, all as may be provided by resolution or resolutions of the authority. Such bonds may be executed and delivered at any time as a single issue or from time to time as several issues, and may mature or become payable in such amounts and at such time or times not exceeding thirty (30) years from their date, all as may be provided by resolution or resolutions of the authority. Bonds of the authority issued pursuant to Sections 57-67-19 through 57-67-31 may be sold at a price not less than ninety-eight percent (98%) of par value plus accrued interest, at public or private sale, at such times as may be determined by the authority to be in the public interest, and the authority may pay all expenses, premiums, fees and commissions which it may deem necessary and advantageous in connection with the issuance and sale thereof. Whenever any bonds issued pursuant to Sections 57-67-19 through 57-67-31 shall have been signed by the officer(s) designated by the resolution of the authority to sign the bonds, who were in office at the time of such signing but who may have ceased to be such officer(s) prior to the sale and delivery of such bonds, or who may not have been in office on the date such bonds may bear, the manual or facsimile signatures of such officer(s) upon such bonds shall nevertheless be valid and sufficient for all purposes and have the same effect as if the person so officially executing such bonds had remained in office until the delivery of the same to the purchaser or had been in office on the date such bonds may bear. Proceeds from the sale of bonds issued pursuant to Sections 57-67-19 through 57-67-31 may be applied for the purposes of (a) defraying all or any designated portion of the costs incurred with respect to the project or any facility related to the project, or any educational, cultural, housing or recreational facility offered as an enhancement to secure the siting of the project in the state, including costs of design and engineering, all costs incurred to provide land, easements, rights-of-way and relocation costs with respect to the project and with respect to any such facility; (b) providing for the payment of interest on the bonds; (c) providing debt service reserves; and (d) paying underwriters discount, original issue discount, accountants’ fees, engineers’ fees, attorney’s fees, rating agency fees and other fees and expenses in connection with the issuance of the bonds and other necessary and proper expenses of the authority in connection with the project or any such facility. Proceeds from the sale of bonds issued pursuant to Sections 57-67-19 through 57-67-31 may be invested, subject to federal limitations, pending their use, in such securities as may be specified in the resolution authorizing the issuance of the bonds or the trust indenture securing them, and the earning on such investment applied as provided in such resolution or trust indenture. Neither the executive director of the authority nor any person executing the bonds shall be personally liable on the bonds or be subject to any personal liability or accountability by reason of the issuance thereof. In anticipation of the issuance of bonds under Sections 57-67-19 through 57-67-31, the authority is hereby authorized to negotiate and enter into any loan or credit agreement with any bank, trust company or other lending institution for the purpose of making any payments authorized under this chapter. All borrowings made under this provision shall be evidenced by notes of the authority which shall be issued from time to time, for such amounts not exceeding the amount of bonds authorized herein, in such form and in such denomination and subject to such terms and conditions of sale and issuance, prepayment or redemption and maturity, rate or rates of interest, and time of payment of interest as the authority shall agree to in such agreement. Such notes may also be issued for the purpose of refunding previously issued notes; provided that no notes shall mature more than three (3) years following the date of issuance of the first note hereunder and provided further, that all outstanding notes shall be retired from the proceeds of the first issuance of bonds hereunder. The authority is authorized to provide for the compensation of any purchaser of the notes by payment of a fixed fee or commission and for all other costs and expenses of issuance and service, including paying agent costs. Such costs and expenses may be paid from the proceeds of the notes.

Miss. Code Ann. § 57-67-21 Power of authority to issue refunding bonds.

The authority may issue refunding bonds for the purpose of paying any of its bonds at or prior to maturity or upon acceleration or redemption. Refunding bonds may be issued at such time prior to the maturity or redemption of the refunded bonds as the authority deems to be in the public interest, without notice and without an election on the question of the issuance thereof. The refunding bonds may be issued in sufficient amounts to pay or provide the principal of the bonds being refunded, together with any redemption premium thereon, any interest accrued or to accrue to the date of payment of such bonds, the expenses of issue of the refunding bonds, the expenses of redeeming the bonds being refunded, and such reserves for debt service or other capital or current expenses from the proceeds of such refunding bonds as may be required by the resolution, trust indenture or other security instruments. The issue of refunding bonds, the maturities and other details thereof, the security therefor, the rights of the holders and the rights, duties and obligations of the authority in respect of the same shall be governed by the provisions of this chapter relating to the issue of bonds other than refunding bonds insofar as the same may be applicable. Any such refunding may be effected, whether the obligations to be refunded shall have then matured or shall thereafter mature, either by the exchange of the refunding bonds for the obligations to be refunded thereby with the consent of the holders of the obligations so to be refunded, or by sale of the refunding bonds and the application of the proceeds thereof to the payment of the obligations proposed to be refunded thereby, and regardless of whether the obligations proposed to be refunded shall be payable on the same date or different dates or shall be due serially or otherwise.

Miss. Code Ann. § 57-67-23 Validation of bonds.

All bonds (other than state bonds, refunding bonds, interim notes and certificates of indebtedness, which may be validated) issued pursuant to Sections 57-67-19 through 57-67-31 shall be validated as provided in Sections 31-13-1 through 31-13-11, Mississippi Code of 1972; provided, however, that notice of such validation proceedings shall be addressed to the taxpayers of all public agencies and political subdivisions: Which have contracted with the authority pursuant to Section 57-67-17; and Whose contracts and the payments to be made thereunder constitute security for the bonds of the authority proposed to be issued, and such notice shall be published at least once in a newspaper or newspapers having a general circulation within the geographical boundaries of each public agency or political subdivision to whose taxpayers the notice is addressed. Such validation proceedings shall be instituted in the First Judicial District of the Chancery Court of Hinds County. The validity of the bonds so validated and of the contracts and payments to be made by the political subdivisions thereunder constituting security for the bonds shall be forever conclusive against the authority and the political subdivisions which are parties to said contracts; and the validity of said bonds and said contracts and the payments to be made thereunder shall never be called in question in any court in this state.

Miss. Code Ann. § 57-67-25 Liability for payment of bonds.

Bonds issued pursuant to Sections 57-67-19 through 57-67-31 shall not be deemed to constitute a debt, liability or obligation of the contracting public agency or political subdivisions, within the meaning of any constitutional or statutory limitation, nor shall such bonds constitute a pledge of the full faith and credit of the state or the contracting public agency or political subdivisions, but shall be payable solely from the revenues, moneys and funds of the authority pledged therefor. Each bond shall contain on the face thereof a statement to the effect that the authority shall not be obligated to pay the same nor the interest thereon except from those sources above mentioned and pledged therefor and that neither the full faith and credit nor the taxing power of the state or any political subdivision thereof is pledged to the payment of the principal of or the interest on such bond.

Miss. Code Ann. § 57-67-27 Security for payment of bonds.

The authority may, in any authorizing resolution, trust indenture or other security instrument relating to its bonds, provide for the appointment of a trustee who shall have such powers as are provided therein to represent the registered owners of any issue of bonds in the enforcement or protection of their rights under any such resolution, trust indenture or security instrument. The authority may also provide in such resolution, trust indenture or other security instrument that the trustee, or in the event that the trustee so appointed shall fail or decline to so protect and enforce such registered owners’ rights then such percentage of registered owners as shall be set forth in, and subject to the provisions of, such resolution, trust indenture or other security interest, may petition the court of proper jurisdiction for the appointment of a receiver of the revenues which are pledged to the payment of the principal of and interest on the bonds of such registered owners. Such receiver may exercise any power as may be granted in any such resolution, trust indenture or security instrument to collect, enforce and receive all revenues derived from agreements with any public agency or political subdivisions entered pursuant to Section 57-67-17, and carry out the contracts and obligations of the authority in the same manner as the authority itself might do, all under the direction of such court.

Miss. Code Ann. § 57-67-29 Specific powers of authority in connection with bonds.

The authority shall have power in connection with the issuance of bonds other that state bonds issued pursuant to this chapter to: Covenant as to the use of any or all of its property, real or personal. Redeem the bonds, to covenant for their redemption and to provide the terms and conditions thereof. Covenant and prescribe as to events of default and terms and conditions upon which any or all of its bonds shall become or may be declared due before maturity, as to the terms and conditions upon which such declaration and its consequences may be waived and as to the consequences of default and the remedies of the registered owners of the bonds. Covenant as to the mortgage or pledge of or the grant of a security interest in all or any part of the revenues derived from any revenue-producing contract or contracts made by the authority with any public agency or political subdivision to secure the payment of bonds, subject to such agreements with the registered owners of bonds as may then exist. Covenant as to the custody, collection, securing, investment and payment of any revenues to which the authority may have any rights or interest, which are pledged as security for the bonds. Covenant as to the purposes to which the proceeds from the sale of any bonds then or thereafter to be issued may be applied, and the pledge of such proceeds to secure the payment of the bonds. Covenant as to the limitations on the issuance of any additional bonds, the terms upon which additional bonds may be issued and secured, and the refunding of outstanding bonds. Covenant as to the rank or priority of any bonds with respect to any lien or security. Covenant as to the procedure by which the terms of any contract with or for the benefit of the registered owners of bonds may be amended or abrogated, the amount of bonds the registered owners of which must consent thereto, and the manner in which such consent may be given. Covenant as to the custody of any of its properties or investments, the safekeeping thereof, the insurance to be carried thereon, and the use and disposition of insurance proceeds. Covenant as to the vesting in a trustee or trustees, within or outside the state, of such properties, rights, powers and duties in trust as the authority may determine. Covenant as to the appointing and providing for the duties and obligations of a paying agent or paying agents, a bond registrar and transfer agent or other fiduciaries, all of which may be domiciled within or outside the state. Make all other covenants and to do any and all such acts and things as may be necessary or convenient or desirable in order to secure its bonds, or in the absolute discretion of the authority tend to make the bonds more marketable, notwithstanding that such covenants, acts or things may not be enumerated herein; it being the intention hereof to give the authority power to do all things in the issuance of bonds and in the provisions for security thereof which are not inconsistent with the Constitution of the state. Execute all instruments necessary or convenient in the exercise of the powers herein granted or in the performance of covenants or duties, which may contain such covenants and provisions, as any purchaser of the bonds of the authority may reasonably require.

Miss. Code Ann. § 57-67-31 Obligations of state in connection with bonds.

The state hereby covenants with the registered owners of bonds of the authority issued pursuant to this chapter, that so long as the bonds are outstanding and unpaid the state will not materially limit or materially alter the rights and powers of the authority under this chapter to conduct the activities referred to herein in any way pertinent to the interests of the bondholders including without limitation the authority’s right to collect revenues and to fulfill the terms of any covenants made with the registered owners of the bonds, or in any other way materially impair the rights and remedies of the registered owners of the bonds, unless provision for full payment of such bonds, by escrow or otherwise, has been made pursuant to the terms of the bonds or the resolution, trust indenture or security instrument securing the bonds.

Miss. Code Ann. § 57-67-33 Taxation of bonds.

Any bonds or state bonds issued under the provisions of this chapter, a transaction relating to the sale or securing of such bonds, their transfer and the income therefrom shall at all times be free from taxation by the state or any local unit or political subdivision or other instrumentality of the state, excepting inheritance and gift taxes.

Miss. Code Ann. § 57-67-35 Bonds as legal investments and securities.

All bonds or state bonds issued pursuant to this chapter shall be legal investments for trustees, other fiduciaries, savings banks, trust companies and insurance companies organized under the laws of the State of Mississippi; and such bonds shall be legal securities which may be deposited with and shall be received by all public officers and bodies of the state and all municipalities and other political subdivisions thereof for the purpose of securing the deposit of public funds.

Miss. Code Ann. § 57-67-37 Minority small business concerns.

The authority shall expend not less than fifteen percent (15%) of the total amounts expended by the authority on planning, construction, training, research, development, testing, evaluation, personal services, procurement, and for the operation and maintenance of any facilities or activities controlled by such authority, with minority small business concerns owned and controlled by socially and economically disadvantaged individuals. For the purpose of determining the total amounts expended with such minority small business concerns, credit shall be given for that portion of any prime contract entered into with the authority which inures to the benefit of such minority small business concern as a subcontractor thereunder. For the purposes of this section, the term “socially and economically disadvantaged individuals” shall have the meaning ascribed to such term under Section 8(d) of the Small Business Act (15 U.S.C.S., Section 637(d)) and relevant subcontracting regulations promulgated pursuant thereto. For the purposes of this section, the term “minority small business concern” means any small business concern: Which is at least fifty-one percent (51%) owned by one or more socially and economically disadvantaged individuals; or, in the case of any publicly owned businesses, at least fifty-one percent (51%) of the stock of which is owned by one or more socially and economically disadvantaged individuals; and Whose management and daily business operations are controlled by one or more of such individuals. For the purposes of this section, the term “small business concern” shall mean “small business” as the latter term is defined in Section 57-10-155, Mississippi Code of 1972. In order to comply in a timely manner with its minority small business participation mandate, the authority shall set an annual goal to expend not less than fifteen percent (15%) of its aggregate yearly expenditures with minority small business concerns. The authority shall: Monitor the minority small business concerns assistance programs prescribed in this section. Review and determine the business capabilities of minority small business concerns. Establish standards for a certification procedure for minority small business concerns seeking to do business with the authority. Provide technical assistance services to minority small business concerns. Such technical assistance shall include but not be limited to: Research; Assistance in obtaining bonds; Bid preparation; Certification of business concerns; Marketing assistance; and Joint venture and capital development. Develop alternative bidding and contracting procedures for minority small business concerns in conjunction with the State Fiscal Management Board and the Governor’s Office of General Services. Utilize such alternative bidding and contracting procedures in lieu of those prescribed in Title 31, Chapters 5 and 7, Mississippi Code of 1972, when contracting with minority small business concerns that have qualified to bid for contracts and have satisfied any other disclosure provisions required by the authority. Be authorized to accept in lieu of any bond otherwise required from minority small business concerns or small business concerns contracting with the authority, in an amount equal to one hundred percent (100%) of the total cost of the contracted project, any combination of the following: Cash; Certificates of deposit from any bank or banking corporation insured by the Federal Deposit Insurance Corporation or the Federal Savings and Loan Insurance Corporation; Federal treasury bills; Letters of credit issued by a bank as that term is defined in Section 81-3-1, Mississippi Code of 1972; or Surety bonds issued by an insurance company licensed and qualified to do business in the State of Mississippi. Be authorized, in its discretion, to waive any bond required on any project which does not exceed a total dollar value of One Hundred Thousand Dollars ($100,000.00). A retainage shall be held by the authority in an amount not to exceed fifteen percent (15%) from each draw according to American Institute of Architects (AIA) standards. Upon satisfactory completion of such project, ten percent (10%) of the total cost of the contract shall be held in an interest-bearing escrow account for one (1) year. Funds deposited in such escrow account shall stand as a surety for any defects in workmanship or materials detected within twelve (12) months of completion. The balance of all monies so escrowed including accrued interest shall be paid to the contractor at the end of such twelve-month period. Be empowered to provide an incentive of bimonthly payments to any prime contractors utilizing minority small business concerns as subcontractors on twenty-five percent (25%) or more of the total dollar value of any single project or contract. Submit an annual report on its progress concerning minority small business contracts to the Legislature by January 30 of each year. Take all steps necessary to implement the provisions of this section. The Governor shall create an Office of Minority Small Business Development within the authority. The Office of Minority Small Business Development shall be the primary provider of technical assistance to minority small business concerns. The authority may, in its discretion, contract with minority small business concerns and small business concerns to provide technical assistance under the provisions of this section. The authority may annually expend not more than one percent (1%) of the total dollar amount prescribed in subsection (2) of this section for the purpose of providing technical assistance. All funds expended for technical assistance shall be administrative funds or any funds available other than the amounts prescribed in subsection (1)(a) of this section. The authority shall assist in facilitating the entry of minorities into the subject areas of engineering, high-energy physics, mathematics and computer science. An historically Black public institution of higher learning may receive funding from the authority for the enhancement of curriculum in any of these areas for minority student development on the undergraduate and graduate levels.

Miss. Code Ann. § 57-67-39 Construction of chapter.

The provisions of this chapter are cumulative of other statutes now or hereafter enacted relating to the authority, and the authority may exercise all presently held powers in the furtherance of this chapter. If any section, paragraph, sentence, clause, phrase or any part of the provisions of this chapter is declared to be unconstitutional or void, or for any reason is declared to be invalid or of no effect, the remaining sections, paragraphs, sentences, clauses and phrases shall in no manner be affected thereby but shall remain in full force and effect.