MCA Chapter 39

MCA Chapter 39
in effect

Miss. Code Ann. § 65-39-1 Selection of road and bridge construction projects; feasibility studies; priorities.

The Mississippi Transportation Commission is authorized, subject to the availability of funds in the Gaming Counties State-Assisted Infrastructure Fund created in Section 65-39-17, to conduct feasibility studies and, pursuant to information gathered in such studies, select routes and locations, perform preliminary engineering, acquire necessary right-of-way and property, construct and/or reconstruct and improve existing or new highways, roads, streets and bridges, including two-lane, four-lane and multilane roads (or segments thereof), perform intersection improvements, provide signal retiring, turnbay extensions, additional interchanges and other traffic modifications, within and approaching those counties in this state where legal gaming is being conducted or is authorized. Any highway, road, street or bridge that is authorized to be constructed, reconstructed or improved shall meet design standards established by the Mississippi Department of Transportation, shall be constructed to bear a load limit of at least eighty thousand (80,000) pounds and, upon completion, shall become a part of the state highway system, and thereafter shall be under the jurisdiction of the Mississippi Transportation Commission and the Mississippi Department of Transportation for construction and maintenance. The projects authorized in subsection (1) of this section shall include, but shall not be limited to, highways, roads, streets and bridges on and along the following locations: U.S. Highway 90 from its intersection with Mississippi 607 in Hancock County to Ocean Springs, and including Lakeshore Road in Hancock County from its intersection with U.S. Highway 90 to Beach Boulevard; Mississippi 4 from U.S. Highway 61 to Mississippi 3; Mississippi 4 from Mississippi 3 to Senatobia; Cowan/Lorraine Road from U.S. Highway 90 to I-10; U.S. Highway 49 from U.S. Highway 90 to I-10 in Gulfport; Mississippi 304 beginning at the Tennessee state line at or near U.S. Highway 72 and thence running in a southwesterly direction to intersect with U.S. Highway 78 at or near Byhalia and thence running in a westerly direction to intersect I-55 at or near Hernando and thence running in a westerly direction to intersect with U.S. Highway 61 in DeSoto County, with a spur extending southwesterly to or near Robinsonville in Tunica County; I-10 from Exit 28 to Exit 57; A new location from the northernmost point on I-110 to U.S. Highway 49; U.S. Highway 61 from the Tunica county line to the Tennessee state line; Four-lanes for traffic along Mississippi 16 beginning at its intersection with Mississippi 25 and extending easterly to join the existing four-lane on the west side of Carthage within the corporate boundaries; Passing lanes and turn lanes, as needed, along Mississippi 16 beginning at a point on the east side of Carthage within the corporate boundaries where the existing four-lane ends and extending easterly to the Leake/Neshoba county line; and Four-lanes for traffic along Mississippi 16 beginning at the Leake/Neshoba county line and extending easterly to not more than ten (10) miles east of Mississippi 15; Cowan/Lorraine Road Extension from I-10 north to relocated/reconstructed Mississippi 67; At various locations on and along U.S. Highway 82 and Mississippi 1 in the City of Greenville; At various locations on and along I-20, U.S. Highway 61 and U.S. Highway 80 in the City of Vicksburg, including a truck route from Harbor Industrial Park to U.S. Highway 61 north and an extension of South Frontage Road with railroad bridge to I-20; At various locations on and along U.S. Highway 61, U.S. Highway 65, Washington, Homochitto, Martin Luther King, Jr., St. Catherine and East Franklin Streets in the City of Natchez; At various locations on and along U.S. Highway 90 in the City of Pass Christian; Mississippi 43/603 beginning where the existing four-lane ends north of I-10 and extending northerly to a point approximately one (1) mile north of Kiln where Mississippi 43/603 divides into Mississippi 43 and Mississippi 603; Mississippi 43 beginning where Mississippi 43 and Mississippi 603 divide and extending northwesterly to or near Picayune; U.S. Highway 49 from U.S. Highway 61 west to the Mississippi River bridge; Subject to the conditions prescribed in subsection (3) of this section, a central Harrison County connector from I-10 to U.S. Highway 90 in the vicinity of Canal Road to the Mississippi State Port at Gulfport; An east Harrison County connector from U.S. Highway 90 to I-10 to be located between the Cowan/Lorraine Road interchange and the I-110 interchange; At various locations on, along and approaching U.S. Highway 90 in Harrison, Hancock and Jackson Counties, which the Mississippi Transportation Commission determines will alleviate traffic congestion in Harrison, Hancock and Jackson Counties; and At various locations in the City of Natchez on, along and approaching U.S. Highway 61 (St. Catherine Street and Franklin Street), and including Mississippi Highway 555 beginning at Franklin Street and extending northerly and easterly to the Natchez Trace. Authorization for the project described in paragraph (2)(s) of this section is conditioned upon receipt by the Mississippi Transportation Commission of a written commitment by the Mississippi Development Authority to make available for such project not less than Six Million Dollars ($6,000,000.00). If a project authorized in this section is also included in the four-lane highway program under Section 65-3-97(3), then all contracts necessary to be let for the completion of the project under this section shall be let not later than the priorities established for the letting of contracts for the project under Section 65-3-97(3). Prioritization of construction for all other projects authorized in this section shall be conducted as provided for in Section 65-3-97(4). Funds for the projects authorized under this section may be provided through the issuance of bonds under Sections 65-39-5 through 65-39-33, through the issuance of notes for such purposes under Section 31-17-127 or from such monies as may be available in the Gaming Counties State-Assisted Infrastructure Fund created under Section 65-39-17. In addition to the funds provided for under paragraph (a) of this subsection, funds for the project described in subsection (2)(s) of this section also may be provided from any available federal, state, county or municipal funds authorized for such project, including the Economic Development Highway Act.

Miss. Code Ann. § 65-39-2 Mississippi Department of Transportation to study and report on roads and highways within and approaching counties where gaming has been legalized.

The Mississippi Department of Transportation shall study all roads and highways (or segments thereof) within and approaching those counties in this state where legal gaming is being conducted or is authorized, in addition to those roads, highways and projects described in Section 65-39-1(2), and, based on the volume capacity of such roads or highways (or segments thereof), shall make a report to the 1997 Regular Session of the Legislature setting forth recommended priorities for the construction and/or reconstruction and improvement of existing or new highways, roads, streets and bridges under the gaming counties state-assisted infrastructure improvement provisions of this chapter. The following routes shall be among those included by the department in its report to the Legislature. Two (2) new north/south I-10 to U.S. 90 connection roadways in Harrison County consisting of: An east Harrison County connector in west Biloxi from I-10 to U.S. 90; and A west Harrison County connector linking I-10 to U.S. 90. The report shall be filed on or before November 30, 1996, with the Secretary of the Senate, the Clerk of the House of Representatives, the Chairman of the Senate Highways and Transportation Committee and the Chairman of the House Transportation Committee.

Miss. Code Ann. § 65-39-3 Gaming Counties Bond Sinking Fund created; expenditures.

There is created in the State Treasury a special fund to be designated as the “Gaming Counties Bond Sinking Fund.” Such monies as the Legislature directs or provides to be deposited into the fund may be expended, upon legislative appropriation, to pay the interest on and principal of bonds issued pursuant to Sections 65-39-5 through 65-39-33 or to pay the interest on and principal of notes issued under Section 31-17-127 for the purpose of providing funds for infrastructure projects under Section 65-39-1; provided, however, that if at any time the fund has a balance in excess of the amount needed to pay the interest on or the principal of any bonds or notes maturing in the next two (2) consecutive fiscal years, such excess may be transferred to the “Gaming Counties State Assisted Infrastructure Fund” to be disbursed solely upon the order of the Transportation Commission. Unexpended amounts remaining in the sinking fund at the end of the fiscal year shall not lapse into the State General Fund, and any interest earned on amounts in the sinking fund shall be deposited to the credit of the sinking fund.

Miss. Code Ann. § 65-39-5 Issuance of general obligation bonds.

The Mississippi Transportation Commission, at one time or from time to time, may declare by resolution the necessity for the issuance of general obligation bonds of the State of Mississippi to provide funds for all costs incurred or to be incurred by the Transportation Commission and the Mississippi Department of Transportation in constructing and reconstructing highways and performing the projects authorized under Section 65-39-1. The amount of bonds issued under Sections 65-39-5 through 65-39-33 shall not exceed Three Hundred Twenty-five Million Dollars ($325,000,000.00). Upon the adoption of a resolution by the Mississippi Transportation Commission declaring the necessity for the issuance of any part or all of the general obligation bonds authorized by this section, the Transportation Commission shall deliver a certified copy of its resolution or resolutions to the State Bond Commission. Upon receipt of any such resolution, the State Bond Commission, in its discretion, may act as the issuing agent, prescribe the form of the bonds, advertise for and accept bids, issue and sell the bonds so authorized to be sold, and do any and all other things necessary and advisable in connection with the issuance and sale of such bonds.

Miss. Code Ann. § 65-39-7 Payment of principal and interest; bond specifications.

The principal of and interest on the bonds authorized under Section 65-39-5 shall be payable in the manner provided in this section. Such bonds shall bear such date or dates, be in such denomination or denominations, bear interest at such rate or rates (not to exceed the limits set forth in Section 75-17-101), be payable at such place or places within or without the State of Mississippi, shall mature absolutely at such time or times, be redeemable before 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.

Miss. Code Ann. § 65-39-9 Signature on bonds; interest coupons.

The bonds authorized by Section 65-39-5 of this chapter 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 affixed thereto, attested by the Secretary of the State Bond Commission. The interest coupons, if any, to be attached to such bonds may be executed by the facsimile signatures of such officers. Whenever any such bonds shall have been signed by the officials designated to sign the bonds who were in office at the time of such signing but who may have ceased to be such officers before 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 and coupons 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 their delivery to the purchaser, or had been in office on the date such bonds may bear. However, notwithstanding anything herein to the contrary, such bonds may be issued as provided in the Registered Bond Act of the State of Mississippi.

Miss. Code Ann. § 65-39-11 Bonds and coupons are negotiable instruments.

All bonds and interest coupons issued under the provisions of Sections 65-39-5 through 65-39-33 have all the qualities and incidents of negotiable instruments under the provisions of the Mississippi Uniform Commercial Code, and in exercising the powers granted by Sections 65-39-5 through 65-39-33, the State Bond Commission shall not be required to and need not comply with the provisions of the Mississippi Uniform Commercial Code.

Miss. Code Ann. § 65-39-13 Sale and form of bonds.

The State Bond Commission shall act as the issuing agent for the bonds authorized under Sections 65-39-5 through 65-39-33, prescribe the form of the bonds, advertise for and accept bids, issue and sell the bonds so authorized to be sold, pay all fees and costs incurred in such issuance and sale, and do all other things necessary and advisable in connection with the issuance and sale of the bonds. The State Bond Commission may pay the costs that are incident to the sale, issuance and delivery of the bonds authorized under Sections 65-39-5 through 65-39-33 from the proceeds derived from the sale of the bonds. The State Bond Commission shall sell such 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 may be made at a price less than par plus accrued interest to the date of delivery of the bonds to the purchaser. All interest accruing on such bonds so issued shall be payable semiannually or annually; however, the first interest payment may be for any period of not more than one (1) year. Notice of the sale of any such bond shall be published at least one (1) time, not less than ten (10) days before the date of sale, and shall be so published in one or more newspapers published or having a general circulation in the City of Jackson, Mississippi, and in one or more other newspapers or financial journals with a national circulation, to be selected by the State Bond Commission. The State Bond Commission, when issuing any bonds under the authority of Sections 65-39-5 through 65-39-33, may provide that bonds, at the option of the State of Mississippi, may be called in for payment and redemption at the call price named therein and accrued interest on such date or dates named therein.

Miss. Code Ann. § 65-39-15 Bonds are general obligations of state.

The bonds issued under the provisions of Sections 65-39-5 through 65-39-33 are general obligations of the State of Mississippi, and for the payment thereof the full faith and credit of the State of Mississippi is irrevocably pledged. Monies in the Gaming Counties Sinking Bond Fund, created in Section 65-39-3, shall be expended to pay the interest on, and principal of, the bonds issued under Section 65-39-5. If the amount in the sinking fund is insufficient to pay the interest on, and principal of, 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 such bonds shall contain recitals on their faces substantially covering the provisions of this section.

Miss. Code Ann. § 65-39-17 Disposition of proceeds of sale of bonds or notes.

The proceeds of the bonds issued under Section 65-39-5 and the proceeds of notes issued under Section 31-17-127 for the purpose of providing funds for infrastructure projects under Section 65-39-1 shall be deposited in a special fund that is created in the State Treasury to be known as the “Gaming Counties State Assisted Infrastructure Fund.” Unexpended amounts remaining in the special fund created in subsection (1) of this section at the end of a fiscal year shall not lapse into the State General Fund, and any interest earned on amounts in such special fund shall be deposited to the credit of the special fund. Upon the issuance and sale of bonds under the provisions of Sections 65-39-5 through 65-39-33 or notes under Section 31-17-127 for the purpose of providing funds for infrastructure projects under Section 65-39-1, the State Bond Commission shall transfer the proceeds of any such sale or sales to the special fund created in subsection (1) of this section. The proceeds of such bonds or notes shall be disbursed solely upon the order of the Transportation Commission, and shall be issued under such restrictions, if any, as may be contained in the resolution providing for the issuance of the bonds or notes.

Miss. Code Ann. § 65-39-19 Issuance of bonds.

The bonds authorized under Sections 65-39-5 through 65-39-33 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 Sections 65-39-5 through 65-39-33. Any resolution providing for the issuance of bonds under the provisions of Sections 65-39-5 through 65-39-33 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.

Miss. Code Ann. § 65-39-21 Validation of bonds; notice.

The bonds authorized under the authority of Sections 65-39-5 through 65-39-33 may be validated in the Chancery Court of the First Judicial District of Hinds County, Mississippi, in the manner and with the force and effect provided by Chapter 13, Title 31, Mississippi Code of 1972, for the validation of county, municipal, school district and other bonds. The notice to taxpayers required by such statutes shall be published in a newspaper published or having a general circulation in the City of Jackson, Mississippi.

Miss. Code Ann. § 65-39-23 Protection and enforcement of bond holders’ rights.

Any holder of bonds issued under the provisions of Sections 65-39-5 through 65-39-33 or of any of the interest coupons pertaining thereto may, either at law or in equity, by suit, action, mandamus or other proceeding, protect and enforce all rights granted under Sections 65-39-5 through 65-39-33, or under such resolution, and may enforce and compel performance of all duties required by Sections 65-39-5 through 65-39-33 to be performed, in order to provide for the payment of bonds and interest thereon.

Miss. Code Ann. § 65-39-25 Bonds are legal investments and legal securities.

All bonds issued under the provisions of Sections 65-39-5 through 65-39-33 shall be legal investments for trustees and other fiduciaries, and for 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 this state and all municipalities and political subdivisions for the purpose of securing the deposit of public funds.

Miss. Code Ann. § 65-39-27 Bonds and income tax exempt.

Bonds issued under the provisions of Sections 65-39-5 through 65-39-33 and income therefrom shall be exempt from all taxation in the State of Mississippi.

Miss. Code Ann. § 65-39-29 Use of bond proceeds.

The proceeds of the bonds issued under the provisions of Sections 65-39-5 through 65-39-33 shall be used solely for the purposes herein provided, including the costs incident to the issuance and sale of such bonds.

Miss. Code Ann. § 65-39-31 Officials not to benefit from issuance of bonds.

No elected or appointed official shall derive or receive, directly or indirectly, any income, compensation or pecuniary benefit, as a result of such elected or appointed official’s duties under Sections 65-39-5 through 65-39-33 that provides for the issuance of bonds by the state, or any political subdivision thereof, contrary to the provisions of Section 109, Mississippi Constitution of 1890, or Article 3, Chapter 4, Title 25, Mississippi Code of 1972.

Miss. Code Ann. § 65-39-33 Chapter gives complete authority; effect on other laws.

Sections 65-39-5 through 65-39-33 shall be deemed to be full and complete authority for the exercise of the powers granted, but Sections 65-39-5 through 65-39-33 shall not be deemed to repeal or to be in derogation of any existing law of this state.

Miss. Code Ann. § 65-39-35 Effective date of reduction in certain taxes and fees.

The date upon which the taxes and fees levied and charged under the provisions of Sections 27-55-11, 27-57-37, 27-59-11, 27-19-43, 27-19-309, 27-65-75, and Sections 27-55-519 and 27-55-521 are reduced under such sections shall be the first day of the month immediately following the date upon which: The Mississippi Transportation Commission certifies to the State Tax Commission that: The highway program created under Section 65-3-97 and the Gaming Counties Infrastructure Program created under Section 65-39-3, are completed and no funds are any longer necessary to pay the costs of such programs; and The Mississippi Transportation Commission will not declare the necessity for additional borrowings under Section 65-9-27, or for additional bonds under Sections 65-39-5 through 65-39-33; and The State Treasurer certifies: That the amount on deposit in the Gaming Counties Bond Sinking Fund, together with earnings on investments to accrue to such fund, is equal to or greater than the aggregate of the entire principal, redemption premium (if any), and interest due and to become due (until the final maturity date or earlier scheduled redemption date) on all general obligation bonds issued under Sections 65-39-5 through 65-39-33; and That all principal, interest, cost and other expenses for all bonds, notes or other borrowings under Section 65-9-27 and Section 31-17-127 (including redemption notes, if any) have been paid and are completely satisfied.

Miss. Code Ann. § 65-39-37 State matching share for federal Special Category Projects.

The Mississippi Transportation Commission may require the Mississippi Department of Transportation to provide the twenty percent (20%) state matching share and federal nonparticipating costs for Special Category Projects as provided for in Public Law 102-240 (the Intermodal Surface Transportation Efficiency Act of 1991). In addition to any other authorized use, such funds may be expended for Special Category Projects within Public Law 102-240 as set forth in Section 1103 “High Cost Bridge Projects,” Section 1104 “Congestion Relief Projects,” Section 1105 “High Priority Corridors on National Highway System,” Section 1106 “Rural and Urban Access Projects,” Section 1107 “Innovative Projects,” and Section 1108 “Priority Intermodal Projects.” The department shall use funds obtained pursuant to this section for the specific purpose of facilitating the use of additional eighty percent (80%) federal funds provided to the Mississippi Department of Transportation from the Congress of the United States throughout each of the five (5) Congressional Districts of the State of Mississippi. The department also shall utilize any funds obtained pursuant to this section to provide the state matching share and nonparticipating share for preliminary engineering and right-of-way acquisition work for all projects so authorized and shall provide the state share and nonparticipating portion for all projects for which the federal share of the construction is provided through funds not within the normal annual apportionment of the Highway Trust Fund to the State of Mississippi.