State Ports and Harbors

Miss. Code Ann. tit. 59, ch. 5
in effect

Miss. Code Ann. § 59-5-1 Short title; definition of “board”.

This chapter may be cited as the “State Ports and Harbors Law.” As used in this chapter the word “board” shall mean the Mississippi Development Authority.

Miss. Code Ann. § 59-5-3 Declaration of public policy.

It is hereby declared to be the public policy of the state to aid and encourage the promotion, development, improvement, and expansion of the state’s ports, harbors and inland waterways.

Miss. Code Ann. § 59-5-5 Construction of chapter.

This chapter shall be construed liberally and broadly to effectuate the policy and purposes herein set out. This chapter shall be deemed to be full and complete authority for the exercise of the powers herein granted, but this chapter shall not be deemed to repeal or to be in derogation of any existing law of this state. The provisions of this chapter shall not be construed to repeal, amend, limit, or restrict statutes heretofore or hereinafter enacted, providing for the establishment, support, financing, and maintenance of port commissions, authorities, or other local agencies having jurisdiction over harbors, ports, rivers, channels, and waterways, nor to be applicable to any bond issue, heretofore or hereafter issued for port or harbor purposes by any county or municipality in which said port is located and the provisions hereof shall be supplemental and cumulative and shall not repeal, limit or restrict the authority granted any public body or agency under any existing statute, except as herein otherwise expressly provided.

Miss. Code Ann. § 59-5-7 Activities of board and state port authority pursuant to chapter as governmental functions.

The carrying out of the corporate purposes of the board and the state port authority hereinafter created is in all respects for the benefit of the people of the State of Mississippi and is a public purpose, and the board and such state port authority will be performing an essential governmental function in the exercise of the powers conferred upon them by this chapter.

Miss. Code Ann. § 59-5-9 Implementation of public policy by board; discretion of board; construction of rights, powers and duties of board.

There is hereby vested in the board the duty to implement such declared public policy as herein provided. Wide latitude and discretion shall be vested in the board in the exercise of its powers and duties, and the enumeration of specific rights, powers, and duties of said board, when followed by general powers, shall not be construed in the restrictive sense.

Miss. Code Ann. § 59-5-11 General powers of board; lands subject to jurisdiction and control of board.

The board shall have power to acquire, purchase, install, lease, construct, own, hold, maintain, equip, use, control, and operate ports, harbors, waterways, channels, wharves, piers, docks, quays, elevators, tipples, compresses, bulk loading and unloading facilities, warehouses, floating dry docks, graving docks, marine railways, tugboats, ships, vessels, shipyards, shipbuilding facilities, machinery and equipment, dredges and any other facilities required and incidental to the construction, outfitting, drydocking or repair of ships or vessels, and water, air and rail terminals, and roadways and approaches thereto, and other structures and facilities needful for the convenient use of the same in the aid of commerce, including the dredging, deepening, extending, widening, or enlarging of any ports, harbors, rivers, channels, and waterways, the damming of inland waterways, the establishment of water basins, the acquisition and development of industrial sites and the reclaiming of submerged lands. For such purposes the board is vested with full jurisdiction and control of any and all lands lying within, adjacent to, or near any state-owned or operated ports, harbors, rivers, channels, and waterways, or natural lakes, which lands are below the mean high tide mark, and which lands are not within the jurisdiction of any other public body.

Miss. Code Ann. § 59-5-13 Acceptance of grants and contributions.

The board, in addition to the moneys which may be received by it from the sale of bonds and from the collection of revenues, rents, and earnings derived under the provisions of this chapter, shall have the authority to accept from any public or private agency, or from any individual, grants for or in aid of the construction of any planned development, or for the payment of bonds, and to receive and accept contributions from any source, of money or property or other things of value to be held, used and applied only for the purposes for which such grants or contributions may be made.

Miss. Code Ann. § 59-5-15 Analysis and survey by city, county or other agency of port or harbor proposed to be conveyed to state.

Any city or county or other authorized port or harbor agency for which a port or harbor commission or authority has been heretofore or may be hereafter created, and which desires state ownership of such port or harbor, or any part thereof, is hereby authorized to employ competent engineers to prepare an analysis and survey of the assets, liabilities, and operation of such port or harbor, or any part thereof, proposed to be conveyed to the state, which survey shall include the reasonable market value of the land and/or facilities, the outstanding aggregate indebtedness, if any, the gross and net revenues accruing from such operation and such other information as may be required by the board, together with a plan for the improvement, operation, development, and expansion of such port or harbor, or such part thereof, which plan shall include the estimated cost of construction, the estimated cost of lands, properties, facilities, machinery, rights, easements, and franchises to be acquired, the estimated cost of engineering, architectural and legal expenses, and of financing charges and interest, and such other estimated expenses as may be necessary or incidental to such planned development, together with a projection of the gross and net revenues anticipated from the operation of the improved facilities, and any options, contracts, or commitments for the use of such improved facilities, and such other information as may be required by the board.

Miss. Code Ann. § 59-5-17 Negotiation of agreement with city, county or agency for state acquisition of port or harbor.

On the receipt of an application from any city or county or other authorized port or harbor agency for state ownership of any port or harbor, or any part thereof, the board shall cause an independent determination and appraisal to be made of such analysis and survey, and the plan for the improvement, operation, development, and expansion of such port or harbor, or any part thereof, and if the board shall find and determine that the plan for the improvement, operation, development, or expansion of such port or harbor, or any part thereof, is practical and feasible and is in the public interest, and that such port or harbor, or any part thereof, can be operated economically under state ownership and that the revenues therefrom would be sufficient, over a period of time, to make such ownership and/or operation by the state self-liquidating, then the board in its discretion, may negotiate with such city and county or other authorized port or harbor agency on the terms of an agreement for the acquisition by the state of such port or harbor, or any part thereof. The board may modify the proposed plan for the improvement, operation, development, or expansion of such port or harbor or any part thereof, and may impose such terms and conditions as, in its discretion, it may require to protect the interest of the state, provided that if an entire port or harbor shall be conveyed to the state that all bonds theretofore issued and outstanding for the improvement of such port or harbor by any county or city, or both acting jointly, or other authorized port or harbor agency, shall be redeemed by the issuance of bonds as herein provided or assumed in conjunction with the plan for the development of such port or harbor.

Miss. Code Ann. § 59-5-19 Approval of agreement for conveyance of port or harbor to state; terms and conditions of conveyance.

Any agreement as hereinabove provided for, reached between the board and the city or county, or other authorized port or harbor agency, shall be reduced to writing and shall set out the terms and conditions under which such port or harbor, or any part thereof, shall be conveyed to the state and shall specifically set out the minimum amount of bonds, if any, to be issued by the state for the improvement, operation, development, and expansion of such port or harbor, or any part thereof. When such agreement has been approved by the board, the city or county, or other authorized port or harbor agency, and the port commission, or port authority of the city or county, a conveyance of such port or harbor, or any part thereof, to the State of Mississippi, shall be executed by the city or county, or other authorized port or harbor agency, joined in by the port commission or port authority of the city or county, without monetary consideration. Such conveyance shall be in such form as may be prescribed by the board, but shall be conditioned on the issuance of bonds by the state in the minimum amount set out in such agreement for the improvement, operation, development or expansion of such port or harbor, or any part thereof. If such agreement shall provide that the entire port or harbor shall be conveyed to the state and shall be owned and operated by the state, then no such agreement shall become effective until approved by a majority of the qualified electors of the city or county having jurisdiction of such port or harbor voting in an election called for that purpose in the same manner as in other city or county special elections.

Miss. Code Ann. § 59-5-21 Operation by state port authority of ports or harbors acquired by or conveyed to state.

Any port or harbor, or any part thereof, and all facilities, structures, lands or other improvements, acquired by or conveyed to the state, shall be operated by the board acting through a state port authority for such port or harbor, except as may be otherwise provided in this chapter. Such state port authority shall be an agency of the state and shall be vested, in addition to the rights, powers and duties conferred hereunder, with the same jurisdiction and the same rights, powers and duties vested by law in the port commission or port authority or other authorized port or harbor agency having jurisdiction of such port or harbor under statutes in effect on the date of the conveyance of such port or harbor, or any part thereof, to the state. Such state port authority shall consist of five (5) qualified electors of the city or county in which such port or harbor is located. The initial terms of the members of such port authority shall be staggered, one (1) member thereof, to be appointed by the governing authorities of the municipality in which such port or harbor is located or adjacent to, to serve for an initial term of one (1) year, one (1) member thereof, to be appointed by the board of supervisors of the county in which such port or harbor is located, to serve for an initial term of two (2) years, and three (3) members thereof, to be appointed by the Governor, to serve for initial terms of three (3), four (4) and five (5) years respectively, but all succeeding appointments shall be for terms of five (5) years. The members of the state port authority shall organize in the same manner authorized by law for the port commission or port authority formerly having jurisdiction over such port or harbor, or any part thereof. Members of the state port authority shall be entitled to compensation pursuant to Section 25-3-69 and travel expenses pursuant to Section 25-3-41. In its operation of such port or harbor, or any part thereof, such state port authority shall not be responsible to the city or county, or other authorized port or harbor agency, in which such port or harbor, or any part thereof, may be located, but shall be responsible solely to the board, and the board shall have the same rights and duties and the same relationship toward such state port authority as is vested by law in the county, city or other authorized port or harbor agency in its relation to the port commission or port authority formerly having jurisdiction of such port or harbor, or part thereof. Before entering upon the duties of the office, each of said members shall take and subscribe to the oath of office required by Section 268 of the Constitution of the State of Mississippi, and shall file same with the secretary of state, and shall give bond in the sum of ten thousand dollars ($10,000.00), with a surety company or companies, authorized to do business in this state, conditioned according to law, and to be delivered to and approved by the treasurer of the State of Mississippi; the premiums on said bonds shall be paid from port funds.

Miss. Code Ann. § 59-5-23 Authorization of contracts, etc., for improvement, operation, etc., of port or harbor.

Any city, county, or city and county acting jointly, or authorized port or harbor agency may enter into contracts, leases or agreements with the board upon such terms or conditions and for such purposes relating to the improvement, operation, development, and expansion of any port, harbor, or inland waterway, or any part thereof as they deem advisable and may agree upon, and, without limiting the generalities of the foregoing, authority is hereby granted to any city, county, or city and county acting jointly, or authorized port or harbor agency to prepare and submit to the board in the manner set out in Section 59-5-15, a plan for the improvement, operation, development or expansion of such port, harbor, waterway or any part thereof. The board shall cause an independent determination and appraisal to be made of such plan, and if the board shall find and determine that such plan is practical and feasible and is in the public interest, and that the revenues to be derived therefrom will, over a period of time, be sufficient to service and retire any bonds issued to complete such planned development, then the board, in its discretion, may negotiate with such city and county or other authorized port or harbor agency on the terms of a contract or agreement for the issuance of bonds necessary to complete such planned development. The board may modify the proposed plan for the improvement, operation, development, or expansion of such port, harbor, or waterway, or any part thereof, and may impose such terms and conditions as, in its discretion, it may require to protect the interest of the state.

Miss. Code Ann. § 59-5-25 Approval of agreement for improvement, operation, etc., of port or harbor; appropriation of excess funds or levy of tax.

Any agreement reached between the board and the city or county, or city and county acting jointly, or authorized port or harbor agency shall be reduced to writing and set out the terms and conditions under which such planned development shall be completed, and shall specifically set out the maximum amount of bonds, if any, to be issued by the state for the completion of such planned development. No such agreement shall become effective until approved by a majority of the qualified electors of the city or county having jurisdiction of such port or harbor voting in an election called for that purpose in the same manner as in other city or county special elections. Any plan, agreement and contract which has been approved by the qualified electors of a county or municipality as herein provided, may be amended or supplemented to add additional projects thereto in the same manner as provided herein for the submission, modification and approval of the original plan, agreement and contract, save that instead of submitting such supplemental contract to the qualified electors of the county having jurisdiction of such port or harbor for approval, the governing body of the county or municipality shall, by the affirmative vote of two thirds (2/3) of all members of such governing body, adopt a resolution reciting the substantial terms of such supplemental contract and giving notice that such contract shall become effective on the date specified therein which shall be not less than twenty-five days from the date of the first publication of such resolution. Such resolution shall be published once a week for at least three successive weeks in the newspapers published and of general circulation within such county or municipality. The first of such publications shall be made at least twenty-one days prior to the date set forth in said resolution as the date upon which the supplemental contract shall become effective and the last of such publications shall be made not more than seven days prior to such date. If prior to the date set forth as aforesaid there shall be filed with the clerk of the governing body of the county or municipality a petition in writing signed by twenty per cent (20%) of the qualified electors of such county or municipality requesting an election on the question of whether or not such contract shall be effective, then such contract shall not become effective unless approved by a majority of the qualified electors of the county or municipality who vote therein at an election to be ordered by the appropriate governing body for that purpose. Notice of such election shall be given and such election shall be held and conducted in like manner as approved by law with respect to the submission of bond issues in the county or municipality. If the proposition so submitted shall fail to receive approval at such election, then such contract shall not become effective. If, however, no such petition shall be so filed, or if at such election, or subsequent election, such proposition be assented to by the majority of qualified electors voting therein then such contract shall become effective on the dates set forth in the resolution. Any such contract or supplemental contract shall require that any such city, county, or city and county acting jointly, or authorized port or harbor agency shall pledge all net revenues to be derived from the planned development to the payment of principal and interest on the bonds issued for such planned development, and shall further require such agency to pay the principal and interest on such bonds, and all premiums, fees, or other charges in connection therewith as the same shall mature or become due. The proceeds of any bonds issued for such planned development shall be expended only for the purposes set out in such approved contract. To meet the obligations imposed by this section, any such city, county, or city and county acting jointly, or authorized port or harbor agency is hereby authorized to appropriate therefor any surplus funds from any source available to said city or county, or both acting jointly, or to levy a tax therefor not to exceed five mills on all taxable property in said county or city, or both. The levies made under this provision shall not be reimbursed under the Homestead Exemption Law of 1946, being Sections 27-33-1 through 27-33-65, Mississippi Code of 1972. The ownership, operation and control of such planned development shall remain vested in the city, county, or other authorized port or harbor agency in such manner as is now or may hereafter be authorized by law.

Miss. Code Ann. § 59-5-27 Bond of members of port or harbor agency.

Each member of a port or harbor agency shall give a good and sufficient bond in the amount of ten thousand dollars ($10,000.00) conditioned for the faithful performance of the duties of his office. This shall be effective only upon consummation of an agreement to issue bonds as hereinabove set forth.

Miss. Code Ann. § 59-5-29 Increase in membership of county port authority upon issuance of bonds.

Whenever any bonds of the State of Mississippi have been issued as provided in Sections 59-5-23 and 59-5-25, and where the authorized port or harbor agency is a county port authority organized as provided by Sections 59-9-1 through 59-9-85, the membership of such county port authority shall be increased by two members, to be appointed by the governor who shall be qualified electors of the county, and whose term shall be concurrent with that of the appointing governor. One such member shall be appointed by the governor from the county at large, and the other such member shall be appointed from a municipality located on the navigable channel or waterway on which the port facilities are located, but which municipality shall not be the county seat of such county. The two additional members hereby authorized to be appointed to such county port authority shall be vested with all the rights and duties and powers as members thereof, but such appointments shall be made to such county port authority and shall continue only so long as any such state bonds shall be outstanding and unpaid. The members of such county port authority appointed by the governor under the authority of this section shall make bond and qualify as members of such port authority in the same manner provided by law for the other members of such county port authority, and as provided in this chapter.

Miss. Code Ann. § 59-5-31 Additional powers and authority for certain port commissions and authorities; revenue bonds; tax exemptions.

Any port commission existing under the provisions of Article 3 of Chapter 7 of this title, and any other port commission or port authority now or hereafter constituted by law which has not expressly been granted such powers, may, in addition to all powers now or hereafter vested in it by law, exercise all powers and authority granted to county port authorities or county development commissions under Sections 59-9-15 through 59-9-35, which sections are hereby incorporated herein by reference, and may in addition to such powers acquire, own, operate and maintain gas, electric, water, sewerage or other public utility systems or pipelines and easements necessary thereto. In the event that a joint agreement cannot be consummated jointly with the board as provided in this chapter, the boards of supervisors of any county, or the governing authority of any municipality, or both acting jointly, may issue revenue bonds of such county or municipality, or both, acting jointly, as provided by section 59-7-311. Such revenue bonds may be issued without an election on resolution of the board of supervisors, governing body of the municipality, or both acting jointly, and shall not be subject to any limitation as to amount, and shall not be included or computed in the statutory limitation of indebtedness of any such county or municipality. All leases executed by such port commissions or port authorities for port, harbor, commercial or industrial improvements, and all structures and all improvements and other permanent facilities erected, installed or located by such lessees, or their successors or assignees within the limits of any port, harbor or part thereof, may be free and exempt from all state, county and municipal ad valorem taxes if so stipulated in such lease, and for such period as may be fixed in such lease, not to exceed such periods of time as are now authorized or may be hereafter authorized by law.

Miss. Code Ann. § 59-5-33 State ports fund; joint activities or employment of personnel.

The agreement between the board and the city, county or other authorized port or harbor agency shall provide that a fair and proportionate part of the expense of the board administering this chapter, shall be considered a part of the cost of the development or operation of the planned development and such costs shall be paid into a separate state fund in the state treasury, to be known as the state ports fund. Such fund shall be used by the board for the promotion, development, construction, improvement, expansion, maintenance, advertising, and general advancement of the state harbors, ports, rivers, channels, and waterways and may be expended on requisition of the board for such purposes and such other purposes as in the opinion of the board is to the best interest of the ports, harbors, and waterways of this state. The salaries of all officers, employees, or agents of the board, performing duties required by this chapter, and all other expenses incidental to the port, harbor, or waterway operation of the board shall be fixed by the board and payable out of said fund. The board may contract with one or more state port authorities, or any city, county or other authorized port or harbor agency for any joint activity or for the joint employment of personnel with the expense of the activity or salary of such personnel to be paid by the board from operational funds provided by the contracting parties.

Miss. Code Ann. § 59-5-35 Setting aside or leasing of lands, docks, warehouses, etc.; exemption from certain ad valorem taxes.

The board, acting jointly with the state port authority, is authorized to set aside, or lease all or portions of any lands, roads, docks, sheds, warehouses, elevators, compresses, floating dry docks, graving docks, marine railways, tugboats, or any other necessary or useful improvements constructed or acquired by it to individuals, firms, or corporations, public or private, for port, harbor, commercial or industrial purposes for a period not to exceed ninety-nine years, or to execute a conveyance of sale, except as otherwise limited by law, on such terms and conditions and with such safeguards as would best promote and protect the public interest. Any industrial lease of lands may be executed upon such terms and conditions and for such monetary rental or other consideration as may be found adequate and approved by the board in orders or resolutions authorizing the same. Any covenants and agreements of the lessee to make expenditures in determined amounts, and within such time or times, for improvements to be erected upon the land, by such lessee and to conduct thereon industrial and/or other operations in such aggregate payroll amounts and for such period of time as may be determined and defined in such lease, and to give preference in employment where practical to residents of the State of Mississippi, and to qualified residents of the city and of the county in which such port or harbor is located, shall if included in such lease constitute and be deemed sufficient consideration for the execution of any such lease in the absence of monetary rental or other considerations; and such instrument may contain reasonable provisions giving the lessee the right to remove its or his improvements upon the termination of the lease. All leases theretofore made by any port commission, port authority, or other public agency authorized by law to execute leases for port, harbor, commercial or industrial improvements, which leases are now in effect or which may be hereafter executed by any such public agency or by the board, and all structures and all improvements and other permanent facilities erected, installed or located by such lessees or their successors or assignees within the limits of any port, harbor or part thereof, may be free and exempt from all state, county, and municipal ad valorem taxes if so stipulated in such lease, and for such period as may be fixed in such lease.

Miss. Code Ann. § 59-5-37 Employment of personnel, execution of contracts, etc., for development, promotion, maintenance, etc., of ports, harbors, rivers, etc.; suits by and against state port authority; advertising and bidding requirements for contracts or purchases; use of design-build method of contracting [Subsection (3) repealed effective July 1, 2020].

The board or State Port Authority, in the performance of its duties, may employ such personnel and make all contracts and purchases incidental to or necessary for the advancement, promotion, development, establishment, insurance, maintenance, repair, improvement and operation of any ports, harbors, rivers, channels and waterways including, if required for its protection, retirement benefits, workers’ compensation insurance and other employee benefits for the benefit of any employees of the board or State Port Authority. The board or State Port Authority may establish a trade development and promotion account to pay all direct and necessary expenses for the promotion and development of the state port. The authority is granted the power to sue and be sued in its own name. The board or State Port Authority may, in its discretion, make such contracts or purchases according to the state purchasing laws. Contracts let for any port, harbor, river, channel or waterway improvements shall be advertised as required by law for the letting of public contracts, and such contracts shall be awarded to the lowest and best bidder who shall make bond as shall be required by the board or State Port Authority conditioned for the faithful prosecution and completion of work according to such contracts, such bond to be furnished by a corporate surety company qualified to do business in this state. However, the board may negotiate and enter into contracts with responsible lessees for the construction of facilities by lessees, such as those referred to in Section 59-5-11, and the acquisition thereof by the board upon such terms and conditions and for such amount as may be approved by the board. The State Port Authority shall be considered to be a “governing authority” under the state public purchasing laws as that term is defined in Section 31-7-1 and used in Sections 31-7-1 through 31-7-73, and shall not be subject to the jurisdiction of the Department of Finance and Administration, the Public Procurement Review Board or the Bureau of Building, Grounds and Real Property Management under the provisions of Sections 27-104-7, 29-5-2 and 31-11-3. The board or State Port Authority, in its discretion, may use the design-build method of contracting for the renovation, repair and/or making of other improvements to not more than one (1) freezer and related equipment and/or facilities at the State Port at Gulfport, Mississippi. For the purposes of this subsection (3), the term “design-build method of contracting” means a contract that combines the design and construction phases of a project into a single contract and the contractor is required to satisfactorily perform, at a minimum, both the design and construction of the project. This subsection (3) shall stand repealed from and after July 1, 2020.

Miss. Code Ann. § 59-5-39 Acquisition of rights of way, land, etc.

For the acquiring of rights-of-way, land and property including existing easements, restrictive covenants and reversionary estates necessary for the purposes herein authorized, the board shall have the right and power to acquire the same by purchase, negotiation or condemnation, and should it elect to exercise the right of eminent domain, it may proceed in the manner provided by the general laws of the State of Mississippi for procedure by any county, municipality or corporation organized under the laws of this state, or in any other manner provided by law. The power of eminent domain shall apply not only as to all property of private persons or corporations, but also as to property already devoted to public use including leaseholds, excepting interests in property owned by levee boards, drainage districts, or other flood control agencies. However, the board shall have no authority to acquire without the consent of the owner thereof any property operated and used for port, harbor or industrial purposes or such purposes as the board is authorized to acquire and use property for, unless an actual necessity therefor be alleged and proven. The board is authorized to accept donations of lands, rights therein, monies and materials required for the maintenance or development of any port or harbor. The board may exchange any property or properties acquired under the authority of this chapter for other property or properties usable in carrying out the powers hereby conferred, and also remove from lands needed for its purposes and reconstruct on other locations, buildings, utilities, terminals, railroads or other structures upon the payment of just compensation, if it is necessary so to do in order to carry out any of its plans for port development. The title to all land or property acquired under the authority of this chapter shall vest in the State of Mississippi. Nothing contained in this section shall be construed to authorize the taking by eminent domain of any private property except for necessary public use.

Miss. Code Ann. § 59-5-41 State bonds; issuance, terms, and conditions; interim financing of construction projects.

The board is hereby authorized, at one time or from time to time, to petition by resolution to the State Bond Commission for the issuance of negotiable bonds of the State of Mississippi by the State Bond Commission to provide funds for the purpose of paying all or any part of the cost of the acquisition of any state port, harbor, waterway or part thereof and the planned development thereof or to complete the planned development of any port, harbor, waterway or part thereof, but in no event shall the amount of such bonds issued exceed the actual cost of an approved plan for the development of any port, harbor, waterway or part thereof. However, no bonds shall be issued under this chapter after April 25, 2013. The principal of and the interest on such bonds shall be payable from a special fund to be provided for that purpose in the manner hereinafter set forth. Such 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 of Mississippi, 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. Such 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 forty (40) years from date thereof. Such 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 affixed thereto, attested by the Secretary of the State Bond Commission. The interest coupons to be attached to such bonds may be executed by the facsimile signatures of said officers. Whenever any such bonds shall have been signed by the officials herein designated to sign the bonds, who were in 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 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 the delivery of the same to the purchaser, or had been in office on the date such bonds may bear. Any state port authority organized and existing under the provisions of this chapter, with the concurrence of the board, shall have the power to obtain loans from banking institutions authorized to do business in the State of Mississippi, for necessary interim financing pending the receipt of the proceeds from the sale of bonds, on such terms and at such interest rates as the authority, with the concurrence of the board, may deem feasible. All such interim loans shall be payable from the proceeds of the permanent obligations when same shall be sold and issued, or from the proceeds of any federal grant.

Miss. Code Ann. § 59-5-43 Negotiability of bonds; exemption from taxation.

All bonds and interest coupons issued under the provisions of this chapter shall be and are hereby declared to 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 this chapter, the board and/or state bond commission shall not be required to and need not comply with the provisions of the Uniform Commercial Code. Such bonds and income therefrom shall be exempt from all taxation within the State of Mississippi.

Miss. Code Ann. § 59-5-45 Manner and price of sale of bonds; interest; maturity and redemption.

The State Bond Commission shall sell such bonds at public sale or private sale, and for such price as it may determine to be for the best interest of the State of Mississippi, but no sale shall be made at a price of less than ninety-eight percent (98%) of par, plus accrued interest. However, the One Hundred Thirty Million Dollars ($130,000,000.00) additional bonds herein authorized shall mature annually, with all maturities not longer than twenty-five (25) years, and may be sold for a price of not less than ninety-eight percent (98%) of par, plus accrued interest, to date of delivery of the bonds to the purchaser. All bonds shall bear interest at such rate or rates not exceeding that allowed in Section 75-17-101, Mississippi Code of 1972. All interest accruing on such bonds so issued shall be payable semiannually or annually. No interest payment due on any bond shall be evidenced by more than one (1) coupon and supplemental coupons will not be permitted. Notice of the public sale of any such bonds shall be published at least two (2) times, 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 bonds under the authority of this chapter, shall provide that bonds maturing eleven (11) or more years after the date of the issuance of such bonds may, at the option of the State of Mississippi, be called in for payment and redemption at the call price named therein and accrued interest, or on the tenth anniversary of the date of issue, or on any interest payment date thereafter prior to maturity.

Miss. Code Ann. § 59-5-47 Disposition of proceeds of bonds.

The proceeds of bonds issued under authority of this chapter shall be paid into a special fund or funds in banks qualified to act as depositories for the city or county in which the port or harbor is located, allocated in such equitable manner as the board may determine and such depositories shall qualify as such by depositing bonds or other securities authorized by law to secure deposits in state depositories. The proceeds of such bonds shall be used solely for payment of the cost of the planned development and the redeeming of any outstanding bonds and shall be disbursed upon order of the board with such restrictions, if any, as the resolution authorizing the issuance of the bonds may provide. If the proceeds of such bonds, by error of calculation or otherwise, shall be less than the cost of the planned development, and the redeeming of any outstanding bonds, unless otherwise provided in the resolution authorizing the issuance of the bonds, additional bonds may in like manner be issued to provide the amount of such deficit which, unless otherwise provided in the resolution authorizing the issuance of bonds, shall be deemed to be of the same issue and shall be entitled to payment from the same fund without preference or priority of the bonds first issued for the same purpose. If the proceeds of the bonds of any issue shall exceed the amount required for the purpose for which the bonds were issued, the surplus shall be paid into the fund established for the payment of the principal of and the interest on such bonds.

Miss. Code Ann. § 59-5-49 Validation of bonds.

Such bonds as are authorized by this chapter may be issued without any other proceedings or the happening of any other conditions or things than those proceedings, conditions, and things which are specified or required by this chapter. The bonds authorized under the authority of this chapter may, in the discretion of the state bond commission, be validated in the chancery court of Hinds County, Mississippi, in the manner and with the force and effect provided now or hereafter by Sections 31-13-1 through 31-13-11, 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 by the attorney general, and the required notice shall be published in a newspaper published in the City of Jackson, Mississippi, and in a newspaper of general circulation published in the city or county where the planned development is located.

Miss. Code Ann. § 59-5-51 Payment of interest and principal on bonds; limitation on amount of bonds issued.

The bonds issued under the provisions of this chapter shall be payable from the special fund provided therefor as hereinafter set out and shall be the general obligations of the State of Mississippi and backed by the full faith and credit of the state, and if the funds supplied by the board to the State Treasurer from the sources prescribed by this chapter be insufficient to fully pay the interest on the bonds when due or to pay the principal of the bonds when due or when declared to be due as provided in the resolution authorizing the issuance of the bonds, then the deficiency shall be paid by the State Treasurer from any funds in the State Treasury not otherwise appropriated, and all such bonds shall contain recitals on their face substantially covering the foregoing provisions of this section. The amount of bonds issued for the acquisition and planned development of any one state port, harbor or waterway shall not exceed the sum of Eighty Million Dollars ($80,000,000.00) outstanding at any one time, nor shall any additional bonds be issued to complete the planned development of any other port, harbor or waterway to exceed in the aggregate the sum of Eighty Million Dollars ($80,000,000.00), outstanding at any one (1) time. However, such limitation on the amount of bonds that may be issued shall not apply to any additional bonds issued in connection with the planned development of any other port, harbor or waterway not to exceed in the aggregate the sum of One Hundred Thirty Million Dollars ($130,000,000.00) notwithstanding the provisions of Section 59-5-47, nor any other provisions to the contrary. The entire proceeds of the One Hundred Thirty Million Dollars ($130,000,000.00) shall be used solely for the construction or acquisition of ships, vessels, shipyards, shipbuilding facilities, machinery and equipment, dredges, floating dry docks, graving docks, marine railways, tugboats or any other facilities required or incidental to the construction, outfitting, dry docking or repair of ships or vessels. However, no such additional bonds shall be issued except where such facility or facilities are to be leased or sold, in whole or in part, for industrial purposes and the annual payments made under the lease contract and/or proceeds of sale shall be sufficient to pay the interest on the bonds when due and to pay the principal of the bonds at or prior to maturity as provided in the resolution authorizing the issuance of the bonds to finance such project, and all costs in connection therewith. Such lease shall have been first fully guaranteed by such person, firm or corporation, if any, having control, ownership or management of the lessee. Such lease and/or sale contract and the terms and conditions thereof, shall require the joint and several approval of the board of supervisors of the county in which the port is located, the port authority and the Department of Economic and Community Development. No borrowing under this section shall be finalized prior to ten (10) days after written notice of intent to borrow is furnished to the Legislative Budget Office. No bonds shall be issued under this chapter after April 25, 2013. The full five-mill ad valorem levy provided for by this chapter shall be levied and collected as needed for the retirement of any bonds issued under this chapter, and all rents, emoluments and charges made and collected by the port authority, less maintenance cost and incidental expenses, shall be covered in a fund to be used to retire all bonds issued under this chapter; and also all receipts from the two-mill state ad valorem levy, disbursed to such city, county or other port or harbor agency, shall be used to service such bonds. In the event any city, county or other port, or harbor agency, however designated, shall pay to the board an amount insufficient to meet all bond and interest payments when due on their respective obligations, then any such delinquency paid by the state shall be deducted from future reimbursements for homestead exemptions under the provisions of Sections 27-33-1 through 27-33-65 from that portion reimbursed to the general county fund. Should the amount deducted from the homestead exemption reimbursement be insufficient to meet the delinquency, then the remainder of such delinquency shall be deducted from any distributions made under the provisions of Section 27-5-101 for gasoline taxes. In the event all of the above-listed sources prove inadequate to pay the principal and interest on the bonds issued and paid for by the State of Mississippi under this chapter, then such city, county or other port or harbor agency shall levy and collect an additional ad valorem levy of not more than five (5) mills per year on all the taxable property of such city, county or other port or harbor agency, which funds so secured shall be applied toward such obligations to the State of Mississippi. The requirements of subsections (2), (3) and (4) of this section shall not be applicable to the additional bonds in the aggregate amount of One Hundred Thirty Million Dollars ($130,000,000.00) authorized in subsection (1) of this section for the construction or acquisition of ships, vessels, shipyards, shipbuilding facilities, machinery and equipment, dredges, floating dry docks, graving docks, marine railways, tugboats or any other facilities required or incidental to the construction, outfitting, dry docking or repair of ships or vessels; provided, such county shall, at the time of issuance of any of such bonds, convey to the State of Mississippi all of its right, title and interest in and to all of the land and above-mentioned shipbuilding facilities, together with the county’s right, title and interest in and to any leases, deeds, contracts or other customary business instruments which have been entered into in connection with the land and shipbuilding facilities, but such conveyance or conveyances shall be subject to the terms and provisions of such leases, deeds, contracts or other customary business instruments entered into in connection therewith. The right, title and interest of the State of Mississippi in the land and shipbuilding facilities shall be under the supervision and control of the Department of Economic and Community Development.

Miss. Code Ann. § 59-5-53 Withdrawals of bond proceeds from special fund.

The funds which are transferred from the sale of bonds under this chapter to the special fund in the qualified depositories set up for each separate port, harbor, or part thereof may be withdrawn only in the following manner: said funds shall be paid by such qualified depositories upon warrants issued by the state auditor of public accounts, which warrants shall be issued upon requisition of the board or state port authority. All expenditures ordered by the board or state port authority shall be entered upon their minutes, and the board and each state port authority shall submit a full report of their work and all the transactions carried on by them, and a complete statement of all their revenues and expenditures to the legislature at each regular session of the legislature.

Miss. Code Ann. § 59-5-55 Use of net revenues, rents, and earnings from state owned ports.

All net revenues, rents, and earnings from the operation or maintenance of any state owned port or harbor, or any part thereof, shall be set aside by the board exclusively for the payment of any bonds issued by the state for such port or harbor, or any part thereof, and shall not be commingled with the funds of any other state port or harbor, or any part thereof, but shall be expended by the board exclusively for the payment of such bonds as provided in Section 59-5-51, and if no such bonds shall be outstanding, then by the state port authority for the improvement, operation, advancement, development, maintenance and advertising of the port to which such funds have accrued.

Miss. Code Ann. § 59-5-57 Payment of county’s share of state ad valorem taxes for harbor purposes to state port authority.

In the event of state ownership of any port or harbor, in its entirety, in any county which may now or hereafter be authorized by law to receive a portion of the state ad valorem tax for port or harbor purposes, such portion of the state ad valorem tax shall be paid to the state port authority and shall be used for the improvement, development, operation and expansion of such port under the provision of this chapter, and the port fund of such county to which such ad valorem tax is paid shall be subject to the requisition of the state port authority.

Miss. Code Ann. § 59-5-59 Allocation of revenues, rents and earnings to payment of bonds; sinking fund.

The net revenues, rents, and earnings derived from any planned development or the net revenues, rents, and earnings received by the board produced by a state port, harbor, or part thereof, for which bonds have been issued, shall be pledged and allocated by the board to the payment of the principal of and interest on the bonds issued for such planned development as the resolution authorizing the issuance of the bonds may provide, and such pledge may include funds received from one or more or all sources available to such planned development and shall be set aside at regular intervals into a sinking fund, which sinking fund shall be pledged to and charged with the payment of: The interest upon such bonds as such interest shall accrue. The principal of the bonds when due, or when declared to be due, as prescribed by the resolution authorizing the bonds. The necessary charges of the paying agent or paying agents for paying principal and interest of and on such bonds. Any premium on bonds retired by call or purchase as may be provided therein. Net revenues shall be defined in the agreement between the board and the city or county, or other authorized port or harbor agency, as provided in Sections 59-5-17 and 59-5-19. The use and disposition of such sinking fund shall be subject to such regulations as may be provided in the resolution authorizing any issue of bonds, but except as may otherwise be provided in such resolution such sinking fund shall be a fund for the benefit of all bonds issued under such resolution, without distinction or priority of one over the other. Subject to the provisions of the resolution authorizing the issuance of the bonds, surplus moneys in the sinking fund may be applied to the purchase or redemption of any of such bonds, and any such bonds so purchased or redeemed shall forthwith be cancelled and shall not again be issued.

Miss. Code Ann. § 59-5-61 Refunding bonds.

The board is authorized to provide by resolution for the issuance of refunding bonds by the state bond commission for the purpose of refunding any bonds issued under the provisions of this chapter and then outstanding, together with interest thereon to the date of such refunding bonds, and redemption premium thereon, if any. The issuance of such refunding bonds, the maturity, and all other details thereof, the rights of the holders thereof and the duties of the board and state port authority in respect thereto shall be governed by the provisions of this chapter in so far as the same may be applicable.

Miss. Code Ann. § 59-5-63 Bonds as legal investments and securities for deposits of public funds.

All bonds issued under the provisions of this chapter shall be legal investments for trustees and other fiduciaries, and for savings banks, trust companies, the board of trustees of the public employees’ retirement system, 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. § 59-5-65 Representation of Sate Bond Commission by Attorney General; payment of costs of sale, issuance and delivery of bonds.

Except as otherwise authorized in Section 7-5-39, the Attorney General of the State of Mississippi shall represent the State Bond Commission in issuing, selling and validating bonds herein provided for. The State Bond Commission is hereby authorized and empowered to pay the costs that are incident to the sale, issuance and delivery of the bonds herein provided for, and such costs may be paid for out of the proceeds derived from the sale of such bonds.

Miss. Code Ann. § 59-5-67 Annual audit of state port authorities.

The books and accounts of all state port authorities shall be audited at the end of each fiscal year by the state auditor. A copy of the audit shall be filed with the governor, the state auditor, the state fiscal management board, legislative budget office and the Mississippi Board of Economic Development, and a copy shall be kept on file in the office of the particular state port authority so audited.

Miss. Code Ann. § 59-5-69 Annual budget of state port authorities.

Each state port shall adopt a complete, detailed and itemized budget for each fiscal year and all expenditures shall be made only pursuant to appropriation approved by the legislature and as provided by law.

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