MCA Chapter 7

MCA Chapter 7
in effect

Miss. Code Ann. § 59-7-1 Payment of portion of state ad valorem taxes collected by certain counties into county depository.

In all counties in the State of Mississippi in which there is located a harbor or port of entry where commodities are exported to foreign nations, and where there is maintained a channel and/or harbor or port to a depth of not less than twenty feet, the tax collector of said county shall pay into the county depository, the amount of two mills of all ad valorem taxes due by said county to the State of Mississippi which is collected by the tax collector of said county or which may be collected by any other lawful taxing agency of such county and state for such county.

Miss. Code Ann. § 59-7-3 Port fund.

The board of supervisors of the county or counties designated in section 59-7-1 shall place all money so retained and collected in the county depository in the county to the credit of a fund which shall be known as a port fund, and such fund so deposited shall be used only for the maintenance, construction, promotion, advertising and general advancement of the port of entry so located in said county, and the fund shall be expended by the board of supervisors of the county for the maintenance, construction, promotion, advertisement, and general advancement of any port or ports of entry in said county or counties and the payment of any outstanding bonds and interest thereon heretofore or hereafter issued for port purposes by any municipality in which said port or ports are located as hereinafter provided.

Miss. Code Ann. § 59-7-5 Authorization of municipal harbor improvements.

The authorities of any municipality in which there is situated and located, in whole or in part, a port of entry through which commodities are imported and exported to foreign nations, which maintains a channel and/or harbor to a depth of not less than twenty feet, are hereby given the authority to engage in, through the agency hereinafter provided and designated and such other agencies as hereinafter may be provided by law, work of internal improvement, or promoting, developing, constructing, maintaining, and operating harbors or seaports within the state and its jurisdiction, acting through the commission hereinafter provided for, shall have the power to acquire, purchase, install, lease, construct, own, hold, maintain, equip, use, control and operate at seaports, wharves, piers, docks, quays, grain elevators, cotton compresses, warehouses and other water and rail terminals and other structures, and facilities needful for the convenient use of the same in the aid of commerce including the dredging of approaches thereto, provided that such work on improvements and facilities shall always be and remain under the management and control of said municipality through the governing agency hereinafter provided and designated, or other such governing agency or agencies as hereinafter may be provided by law. The entire cost of the said municipality of engaging in such work or development shall not exceed the sum of one million dollars ($1,000,000.00).

Miss. Code Ann. § 59-7-7 Operation of improvements; disposition of revenues; annual report.

All improvements, constructed by and under the provisions of this article, shall be operated under the control of a port commission as provided in Chapter 1 of this title. All revenue created or collected from the use of said docks, harbors and facilities of whatsoever nature shall be paid into the city treasury of said port of entry to be used exclusively for the advancement, development and advertising of said port in whatsoever method or manner said port commissioners shall see fit, and all revenue provided for in this article, either by levy or collection from said docks and harbor facilities may be paid to the retirement of any bonds heretofore issued or hereafter issued by any such municipality for wharf construction or other port purposes, regardless of the time of issuance of such bonds. Said port commissioners of said port of entry shall make an annual report to the governor of the State of Mississippi, to the state legislature, to the board of supervisors, and to the municipal governing authorities.

Miss. Code Ann. § 59-7-9 Expenditure of funds arising under article; bonds generally.

All monies accruing by virtue of this article, either through revenues, tariffs, or bonds, or through other sources, shall be expended at the direction of the port commission appointed for any port of entry, as designated herein, and any bond issue hereunder by any municipality, coming under the provisions of this article, shall be exclusive of any and all other bonds issued by said municipality, and the same shall not be limited as now provided by law.

Miss. Code Ann. § 59-7-11 Authorization for issuance of bonds generally.

The authorities of any municipality in which there is situated and located in whole or in part a port of entry through which commodities are imported or exported are hereby given authority to issue bonds or other obligations to construct all needful improvement or improvements in harbors within their corporate limits, and including the deepening of any part of said harbor or extending, enlarging and adding to the same by dredging of any part of said harbor or extending inland, to acquire, construct, repair and improve public wharves and docks of said municipality in connection with said harbor; to own, construct, lease and maintain sheds, warehouses, elevators, compresses and other works of public improvement, including roadways or rail trackage necessary or useful for such port, harbor and/or docks and wharf purposes.

Miss. Code Ann. § 59-7-13 Details of bonds; supplemental powers and authorizations for issuance of bonds.

All of the bonds issued pursuant to the authority set forth in Section 59-7-11 shall be lithographed or engraved, and printed in two (2) or more colors, to prevent counterfeiting, and shall be in sums not less than one hundred dollars ($100.00) nor more than one thousand dollars ($1,000.00) each, and shall be registered as issued, be numbered in a regular series from one (1) upward, be signed by the mayor and countersigned by the clerk who shall impress the municipal seal upon each bond as it is issued; and every bond shall specify on its face the purpose for which it was issued; and the total amount authorized to be issued and each shall be payable to bearer. All such monies above referred to, as retained by the boards of supervisors, shall first be appropriated by the boards of supervisors for the payment of interest and sinking fund for any and all bonds issued by the municipality for port purposes and the balance, if any, shall be expended by the boards of supervisors by and under the direction and advice of the port commission of said municipality. However, in case there is not sufficient money to pay the interest and sinking funds on said bonds the corporate authorities of municipalities issuing said bonds shall levy annually a special levy to be used exclusively in paying the interest on each bond and bonds maturing within the year providing a sinking fund for the redemption of the bonds issued. However, such tax levy shall not be made by municipalities to pay bonds, nor the interest thereon, issued under article 7 of this chapter. Notwithstanding the foregoing provisions of this section, bonds referred to hereinabove may be issued pursuant to the supplemental powers and authorizations conferred by the provisions of the Registered Bond Act, being Sections 31-21-1 through 31-21-7.

Miss. Code Ann. § 59-7-15 Conduct of bond issue election generally.

Before issuing the bonds authorized by Section 59-7-11, the corporate authorities shall by resolution spread upon the minutes, declare their intention of issuing said bonds, fixing in said resolution the maximum amount thereof, and the purpose for which they are issued and where an election is required shall fix in such resolution a date upon which an election shall be held in said municipality, of which not less than three weeks notice shall be given by the clerk by a notice published in a newspaper published in said municipality once a week for three weeks preceding said election at three public places in said municipality. Such election shall be held as far as practicable, as other elections are held in municipalities.

Miss. Code Ann. § 59-7-17 Qualifications of electors; form and marking of ballots; issuance of bonds without election.

At an election required by Section 59-7-15, all qualified electors of said municipality may vote, and the ballots used shall have printed thereon a brief statement of the amount and purpose of the proposed bond issue and the words, “For the bond issue”, and the words, “Against the bond issue”, and the voter shall vote by placing a cross (X) opposite his choice of the proposition. In cities of less than twelve thousand inhabitants, when the amount to be issued is not more than thirty thousand dollars the corporate authorities shall publish the resolution in some newspaper published in the county for three full consecutive weeks as herein provided, declaring their intention to issue said bonds, giving the day and date upon which said bonds are to be issued and if twenty per cent of the qualified electors of the municipality file a written protest against the issuance of said bonds, on or before said date, then an election shall be had as herein provided, and if no protest shall be filed, said bonds shall be issued without an election.

Miss. Code Ann. § 59-7-19 Issuance of bonds; maturities, interest, and execution; payment of principal and interest on bonds.

Should the election provided for in Sections 59-7-15 and 59-7-17 result in favor of the issuance of the bonds, the corporate authorities may issue said bonds, either in whole or in part within one (1) year after the date of such election or within (1) year after final favorable determination of any litigation affecting such bonds, as may be deemed best, and should the bonds be issued by the municipalities without an election therefor as provided. All bonds shall mature annually, with all maturities not longer than twenty (20) years, with not less than one-fiftieth (1/50) of the total issue to mature each year during the first five (5) years of the life of said bonds, and not less than one-twenty-fifth (1/25) of the said total issue to mature annually during the succeeding ten-year period of the life of said bonds, and the remainder to be divided into approximately equal payments, one (1) payment to mature during each year of the remaining life of the bonds. Said bonds shall not bear a greater rate of interest than that allowed in Section 75-17-101, Mississippi Code of 1972, payable semiannually, the denomination and form and place of payment to be fixed in the ordinance of the corporate authorities issuing said bonds, and they shall be prepared and signed by the mayor and clerk of said municipality with the seal of the municipality affixed thereto, but the coupons may only bear a facsimile signature of such mayor and clerk. Such bonds when issued, shall constitute a lien on all the taxable property in such municipality and county and the corporate authorities shall annually levy a special tax on all such property sufficient to pay the principal and interest of such bonds as the same falls due, if there not be sufficient funds provided herein.

Miss. Code Ann. § 59-7-21 Disposition of proceeds from bonds; penalty for diversion; guarantee of payment.

The proceeds of any bonds issued under the authority of this article shall be placed in the municipal treasury or depository, if there be one, as a special fund and shall be used for no other purpose than the purpose set forth in the original resolution of the corporate authorities of such municipality, and any officer diverting or assisting to divert any such funds to any other purpose than the purpose originally set forth in said resolution of the corporate authorities of said municipality shall be guilty of a misdemeanor and punishable accordingly, and shall be liable both personally and on his official bond for such diversion. Nothing in this article shall be construed as a guarantee on the part of the State of Mississippi to pay the interest or principal on any bonds issued under this article.

Miss. Code Ann. § 59-7-101 Nature and application of article.

This article is supplementary and in addition to Article 1 of this chapter, and shall not apply to any county or counties of the state already receiving two mills of the state ad valorem taxes for port or harbor purposes.

Miss. Code Ann. § 59-7-103 Port fund; procedure for bringing county within provisions of article.

In order to provide for the improvement, promotion, development, construction, maintenance and operation of harbors or ports in counties having or hereafter providing harbors or ports where wharf or terminal or other facilities exist for the handling of inbound or outbound waterborne cargo moving in interstate or foreign commerce and where there is maintained a channel, harbor or port with a depth of not less than nine (9) feet, there shall be and there is hereby created in each such county electing to exercise the provisions of this article a special fund to be known as the “port fund,” into which payments shall be made as follows: The tax collector of each such county electing to come under this article shall deduct from all state ad valorem taxes collected by him a sum equal to the avails of a levy of two (2) mills on the dollar of the assessed valuation of taxable property within such county upon which state ad valorem taxes are levied and collected. The amount so deducted shall be set aside by the tax collector and shall by him be paid into the said port fund of such county. Such payments shall be continued as long as there remains unpaid and outstanding any bonded indebtedness created by the board of supervisors of such county as hereinafter provided. The board of supervisors of each such county electing to exercise the provisions of this article shall pay or cause to be paid into the aforesaid port fund a sum equal to one-fourth (1/4) of the sum paid into said fund under subsection (a) above and such payments shall be continued as long as there remains unpaid and outstanding any bonded indebtedness created by such board of supervisors as hereinafter provided. Any such board of supervisors shall provide the sum herein required either by appropriation from any available funds of the county or by the levy, in addition to all other county taxes, of a tax of not more than two (2) mills on the dollar of the assessed valuation of taxable property within such county upon which taxes for the general county fund are levied and collected. In case of a special tax levy as herein authorized, the tax collector of each such county shall set aside the avails of such levy and shall pay the same directly into the port fund of such county. The port commission hereinafter provided for shall pay into the port fund all of the revenues of whatsoever nature which may be derived from or through the use of the harbor, port, wharf or terminal facilities under its jurisdiction as hereinafter provided. In order to come within the provisions of this article, the board of supervisors of any such county shall, by appropriate resolution spread upon its minutes, declare its intention so to do and shall annually provide for the necessary matching county funds. A certified copy of such resolution shall be filed with the tax collector of such county and shall constitute his authority to set aside the taxes hereinabove referred to and to pay the same into the aforesaid port fund. Provided further, that any county in the State of Mississippi through which a river or other stream flows, and which stream is classed as navigable and maintained as such by any agency of the federal government, and wherein harbors, wharves, ports, terminals or other facilities exist or are proposed or established hereafter for the handling of inbound or outbound waterborne cargo moving in interstate or foreign commerce, and where there is maintained a channel, harbor or port of such depth necessary for said purposes, then in such event such county may come under the provisions of this article if and when its application to come under the provisions of this article is approved by the Mississippi Board of Economic Development, which board shall adjudicate and determine the feasibility of said project so applied for and whether or not it is economically feasible. Certified copies of the order of said board shall be filed with the auditor of public accounts and the tax collector of such county affected.

Miss. Code Ann. § 59-7-105 Issuance of bonds by board of supervisors.

To provide additional or supplemental funds for the aforesaid purposes, and in connection therewith to acquire and develop water, air and rail terminals, rail lines, and such other structures, facilities, lands, property or rights therein needful for the convenient use of the same in the aid of commerce, and land for industrial operations, including the establishment and development of industrial parks, as provided in Section 59-9-17 and related sections, the board of supervisors of any such county may issue bonds of such county in an amount not exceeding the principal sum of eleven million dollars ($11,000,000.00). No county shall issue bonds under the provisions of this article which will result in outstanding bonded indebtedness incurred under the provisions of this article in excess of eight million dollars ($8,000,000.00) unless and until the question of the issuance of such bonds shall have been submitted to and approved by a majority of the qualified electors of the county voting in an election called and held for the purpose of considering whether or not such bonds should be issued. The first six million dollars ($6,000,000.00) in aggregate original principal amount of bonds issued under authority of this article shall not be included in computing any present or future debt limit of such county under any present or future law.

Miss. Code Ann. § 59-7-107 Details of bonds; supplemental powers and authorizations as to bond issues.

All bonds authorized by Section 59-7-105 shall be negotiable instruments within the meaning of the Mississippi Uniform Commercial Code, shall be lithographed or engraved, and printed in two (2) or more colors, to prevent counterfeiting, shall be registered as issued, shall be numbered in a regular series from one (1) upward, and each bond shall specify on its face the purpose for which it was issued and the total amount authorized to be issued, shall be payable to bearer, and the interest to accrue thereon shall be evidenced by proper coupons to be attached thereto. Such bonds shall be executed by the manual of facsimile signature of the president of the board of supervisors, or the vice president in the absence or disability of the president, and countersigned by the manual of facsimile signature of the clerk thereof, with the official seal of the county affixed thereto. At least one (1) signature on each bond shall be a manual signature, as specified in the issuing resolution. The coupons may bear only the facsimile signatures of such president, or vice president and clerk. All such bonds shall be sold at public sale as provided by law, and no such bonds shall be issued and sold for less than par and accrued interest, and not more than one (1) series of interest coupons shall be attached to any such bonds. All interest accruing on such bonds shall be payable semiannually, except that the first interest coupon attached to any such bond may represent interest for any period not exceeding one (1) year. Notwithstanding the foregoing provisions of this section, bonds referred to hereinabove may be issued pursuant to the supplemental powers and authorizations conferred by the provisions of the Registered Bond Act, being Sections 31-21-1 through 31-21-7.

Miss. Code Ann. § 59-7-109 Maturities of bonds; interest.

All bonds authorized by Section 59-7-105 shall mature annually, with all maturities not longer than twenty (20) years, with not less than one-fiftieth (1/50) of the total issue to mature each year during the first five (5) years of the life of such bonds, not less than one-twenty-fifth (1/25) of the total issue to mature each year during the succeeding ten-year period of the life of such bonds, and the remainder to be divided into approximately equal annual payments, one (1) payment to mature each year for the remaining life of such bonds. Such bonds shall not bear a greater overall maximum interest rate to maturity than that allowed in Section 75-17-101, Mississippi Code of 1972. The denomination, form and place or places of payment of such bonds shall be fixed in the resolution or order of the board of supervisors issuing such bonds. No interest payment shall be evidenced by more than one (1) coupon, and neither cancelled nor supplemental coupons shall be permitted. 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. The interest rate of any one (1) interest coupon shall not exceed the maximum interest rate allowed on such bonds. Each interest rate specified in any bid must be in multiples of one-eighth of one percent (1/8 of 1%) or in multiples of one-tenth of one percent (1/10 of 1%), and a zero rate of interest cannot be named.

Miss. Code Ann. § 59-7-111 Levy of special tax for payment of principal and interest on bonds; port bonds interest and sinking fund.

The board of supervisors of any county which shall have issued bonds under the provisions of this article shall, unless there be sufficient funds otherwise available therefor in the port bonds interest and sinking fund, annually levy a special tax upon all of the taxable property within such county at a rate which shall be sufficient to provide for the payment of the principal of and the interest on such bonds according to the terms thereof. All taxes thus collected shall be credited to a special fund in the county treasury of such county to be known and designated as the “port bonds interest and sinking fund,” and all sums credited to said fund shall be used to pay such bonds as they mature and the interest thereon as it accrues, and for no other purpose. It shall be the mandatory duty of such board of supervisors to transfer funds from said port fund to the port bonds interest and sinking fund in amounts sufficient to pay maturing principal and accruing interest on bonds issued hereunder, if balances standing to the credit of said port fund are sufficient for that purpose. To the extent that funds are thus made available for the payment of such bonds and the interest thereon, the special tax levy hereinabove provided for may be correspondingly reduced. The said bonds nevertheless shall be general obligations of the county issuing the same, and the full faith, credit and resources of such county shall be pledged to the payment thereof and the interest thereon.

Miss. Code Ann. § 59-7-113 Resolution of intention to issue bonds; bond issue election generally.

Before issuing any bonds for any of the purposes herein enumerated, the board of supervisors shall adopt a resolution declaring its intention so to do, stating the amount of bonds proposed to be issued and the purpose for which the bonds are to be issued, and the date upon which the board proposes to direct the issuance of such bonds. Such resolution shall be published once a week for at least three consecutive weeks in at least one newspaper published in such county. The first publication of such resolution shall be made not less than twenty-one days prior to the date fixed in such resolution for the issuance of the bonds, and the last publication shall be made not more than seven days prior to such date. If no newspaper be published in such county, then such notice shall be given by publishing the resolution for the required time in some newspaper having a general circulation in such county and, in addition, by posting a copy of such resolution for at least twenty-one days next preceding the date fixed therein at three public places in such county. If twenty per cent (20%) of the qualified electors of the county shall file a written protest against the issuance of such bonds on or before the date specified in such resolution, then an election on the question of the issuance of such bonds shall be called and held as is herein provided. If no such protest be filed, then such bonds may be issued without an election on the question of the issuance thereof, at any time within a period of two years after the date specified in the above-mentioned resolution. However, the board of supervisors, in its discretion, may nevertheless call an election on such question, in which event it shall not be necessary to publish the resolution declaring its intention to issue such bonds as herein provided.

Miss. Code Ann. § 59-7-115 Notice of election on bond issue.

Where an election is to be called, as provided in Section 59-7-113, notice of such election shall be signed by the clerk of the board of supervisors and shall be published once a week for at least three consecutive weeks, in at least one newspaper published in such county. The first publication of such notice shall be made not less than twenty-one days prior to the date fixed for such election and the last publication shall be made not more than seven days prior to such date. If no newspaper is published in such county, then such notice shall be given by publishing the same for the required time in some newspaper having a general circulation in such county, and, in addition, by posting a copy of such notice for at least twenty-one days next preceding such election at three public places in such county.

Miss. Code Ann. § 59-7-117 Conduct of election on issue of bonds; qualifications of electors; form and marking of ballots.

The election provided for in Sections 59-7-113 and 59-7-115 shall be held, as far as is practicable, in the same manner as other elections are held in counties. At such election, all qualified electors of such county may vote, and the ballots used at such election shall have printed thereon a brief statement of the amount and purpose of the proposed bond issue and the words “FOR THE BOND ISSUE” and “AGAINST THE BOND ISSUE,” and the voter shall vote by placing a cross (x) or check mark (Π) opposite his choice on the proposition.

Miss. Code Ann. § 59-7-119 Duties of board of supervisors as to elections.

When the results of the election on the question of the issuance of bonds under the provisions of this article shall have been canvassed by the election commissioners of such county and certified by them to the board of supervisors of such county, it shall be the duty of such board of supervisors to determine and adjudicate whether or not three-fifths (3/5ths) of the qualified electors who voted in such election voted in favor of the issuance of such bonds and, unless three-fifths (3/5ths) of the qualified electors who voted in such election shall have voted in favor of the issuance of such bonds, then such bonds shall not be issued. Should three-fifths (3/5ths) of the qualified electors who vote in such election vote in favor of the issuance of such bonds, then the board of supervisors of the county may issue such bonds, either in whole or in part, within two years from the date of such election, or within two years after the final favorable termination of any litigation affecting the issuance of such bonds, as such board shall deem best.

Miss. Code Ann. § 59-7-121 Disposition of proceeds of bond issues; penalties for diversion.

The proceeds of any bonds issued by any county pursuant to the provisions of this article shall be placed in the county treasury or depository, if there be one, in a special fund and shall be expended by the board of supervisors of such county for the purpose or purposes for which the bonds were authorized to be issued, and for no other. If the board of supervisors of any such county or any member thereof or any other officer shall willfully divert or aid or assist in diverting any such fund, or any part thereof, to any purpose other than that for which such bonds were authorized to be issued, such person shall be guilty of a felony and, upon conviction, shall be punished by imprisonment in the state penitentiary for a term not exceeding five years and, in addition, shall be liable personally on his official bond for the amount so diverted. Any member of such board of supervisors may escape the penalty herein provided for by having his vote recorded in the negative on any illegal diversion of the proceeds of such bonds.

Miss. Code Ann. § 59-7-123 Transfer of proceeds of bond issue to port bonds interest and sinking fund.

Whenever a balance shall remain in the proceeds of any bond issue after the purpose for which such bonds were issued shall have been accomplished, such balance shall forthwith be transferred to the port bonds interest and sinking fund hereinabove provided for.

Miss. Code Ann. § 59-7-125 Port commission; composition, dissolution, oath, bond, terms and quorum.

All improvements constructed by the board of supervisors under the provisions of this article shall be operated and maintained by a port commission composed of five (5) residents of such county who shall be qualified electors therein. Such commission shall have jurisdiction over the port, terminals, harbors and passes leading thereto, and all vessels, boats and wharves, common carriers, and public utilities therein, using the same, within their respective counties. Such port commission shall be appointed as follows: one (1) member shall be appointed by the Governor, two (2) shall be appointed by the board of supervisors of the county, and two (2) shall be appointed by the governing body of the municipality which is the county seat of such county in such cases where the county seat of such county is situate on or adjacent to such port facilities, otherwise, four (4) members shall be appointed by the board of supervisors. A county and a municipality may by joint resolution dissolve a port commission created under this section which is governed by a commission with two (2) commissioners appointed by each. The joint resolution must provide that the municipality relinquishes its duties and obligations related to the port, and that the county assumes all duties and obligations related to the port. Any commission so dissolved shall be reconstituted to consist of five (5) members, one (1) member appointed from each supervisor district. The board of supervisors shall provide for staggered terms in its order providing for the appointment of the reconstituted port commission. Before entering upon the duties of the office, each of such commissioners shall take and subscribe to the oath of office required by Section 268 of the Constitution of the State of Mississippi, and shall give bond, to be approved by the board of supervisors, in the sum of Five Thousand Dollars ($5,000.00), conditioned upon the faithful performance of their duties. Such bond shall be made payable to the county and in case of breach thereof, suit may be brought on the relation of the county for the benefit of such port commission. Such commissioners shall hold office for a term of four (4) years from the date of their appointment and qualification and until their successor or successors shall be appointed and qualified as set out herein. Three (3) members of the port commission shall be necessary to constitute a quorum for the conducting of business. The members of the board of supervisors shall be ex officio members of the port commission, but no bond shall be required of them in such capacity; provided, however, the members of the board of supervisors shall be nonvoting members of the port commission and shall not be included or counted for the determination of a quorum for conducting of business by the port commission unless and until the board of supervisors of a particular county, by order entered on its minutes, expressly provides that the members of the board of supervisors shall be voting members of the port commission and the number of members required for a quorum to conduct business of the port commission, but in no event shall the number required for a quorum to conduct business of the port commission be less than three (3). All actions heretofore taken by the various port commissions at which at least three (3) members were present and which would otherwise have been legal actions except for the absence of a legal quorum being present and voting are hereby ratified, confirmed and approved.

Miss. Code Ann. § 59-7-127 Meetings; officers.

When such port commissioners provided for in Section 59-7-125 shall have been appointed and shall have been qualified as set out herein, they shall meet at the regular meeting place of the board of supervisors of such county, after giving at least five days’ notice of the time and place of such meeting by publication in a newspaper published at the county seat of such county. At such meeting they shall elect a president and a secretary who shall be members of the commission, and adopt such rules as may govern the time and place for holding meetings, regular and special, not inconsistent with the provisions of this article.

Miss. Code Ann. § 59-7-129 Powers and duties of commission generally.

The duties and powers of such port commission provided for in Section 59-7-125 shall be the same as those which are set forth and prescribed in Sections 59-1-9 and 59-1-27, except that the salary of the port director shall be subject to the approval of the board of supervisors.

Miss. Code Ann. § 59-7-131 Recommendations by commission as to expenditure of funds.

It shall be the duty of such port commission, from time to time, to make recommendations to the board of supervisors of such county concerning expenditures to be made for the improvement, promotion, development, construction, maintenance and operation of the harbor and port facilities of such county, and shall annually submit to such board of supervisors a proposed budget for the operation and maintenance of such harbor and port facilities, which recommendations and budget shall be subject to approval of the board of supervisors. Except as provided in Section 59-7-111, the port fund shall be subject to expenditure by the port commission. The port commission may recommend to the Legislative Budget Office, the State Fiscal Management Board, and the county board of supervisors that certain excess funds in the port fund be transferred to any industrial development authority within the county. Upon approval by the State Fiscal Management Board and the county board of supervisors, the port commission may transfer such excess funds, or any portion thereof which may be designated by the State Fiscal Management Board and county board of supervisors, as provided herein. The port commission in any county bordering the Mississippi River and having a population of more than fifty-one thousand (51,000) but less than fifty-two thousand (52,000) according to the 1980 federal census may recommend to the board of supervisors the expenditure of excess funds in the port fund for the acquisition of lands in the county to be used for industrial development purposes. Upon the acquisition of such lands, excess funds in the port fund may also be expended to provide necessary utilities and other improvements the board of supervisors deems necessary and requisite for industrial development. Any lands acquired hereunder shall be titled in the name of the county. For the purposes of this section, the term “excess funds” means monies determined to be in excess of those necessary to fund the budget for the fiscal year.

Miss. Code Ann. § 59-7-201 Application and construction of article.

This article shall be applicable to all counties electing to come under the terms and provisions of Article 3 of this chapter and in which a flood control project has been authorized or may be authorized by the federal government which either directly or indirectly involves, or has the result of creating, a potential industrial area or the protection of such an area. This article is supplementary to said Article 3 of this chapter, and all other laws of this state concerning ports and harbors and shall not be construed by way of limitation on any of the powers or authority heretofore granted, but the authority conferred herein is in addition and cumulative thereto.

Miss. Code Ann. § 59-7-203 Acquisition of lands after giving of assurances required by federal authorities.

Where any county in connection with any such flood control project has given or may give assurances of local cooperation required by the federal authorities, as authorized by law, the board of supervisors of such county shall have the added power and authority, if necessary or desirable for the fulfillment of such assurances, to acquire all lands and easements and rights-of-way, and the fee title to such lands where advisable, either by purchase or by condemnation and, if by condemnation, according to the existing statutes applicable to the acquisition by counties of property for public use. Where any county of the state which operates any such project has been required to give its assurances by the federal authorities or other agency of the government of the United States of local cooperation and participation in any such project by agreeing to pay any part of the construction costs of such project or projects, then the board of supervisors of such county shall have the added power and authority, if necessary and desirable for the fulfillment of such assurances, to sign agreements with such federal authorities or other agency of the government of the United States whereby such participating county agrees to pay its part of the cost of such construction or any fractional part thereof, including interest of not more than three per cent (3%) per annum, and provided further that said assurances shall be due and payable within the primary term of forty years from the time such assurances are given.

Miss. Code Ann. § 59-7-205 General duties and powers of port commission.

In any county where a port commission has been established or may be established and where the board of supervisors of said county directs that said commission undertake, on behalf of such county, jurisdiction over and duties in connection with the fulfillment of the assurances of local cooperation and handling of the harbor project upon which construction may be done by the federal government, as contemplated by Section 59-7-201, and where either all or over half of the lands and properties involved in said project are beyond the confines of any municipality lying within said county, then the board of supervisors of said county shall appoint four (4) members of said port commission in accordance with the terms and provisions of Section 59-7-125, and, where such port commission has been established or may be established in such instance, then said port commission shall undertake and perform the duties assigned to it by said board, as hereby authorized, and said commissions shall, in addition, manage and control all port facilities which may be authorized and constructed by virtue of the terms and provisions of Article 3 of this chapter, and all appurtenant and physical properties connected therewith, both real and personal, and shall provide for the regular inspection, repair, maintenance and improvement of said port facilitates. Said port commission, in the performance of its duties, may make any contract and authorize any purchases from any funds on hand in the port fund of any such county, which said contracts and purchases shall be made in accordance with Section 31-7-1 et seq. Said contracts and purchases shall include all contracts and purchases incidental to or necessary for the proper establishment, insurance, maintenance, repair, improvement and operation of said port facilities, including, if indicated for their protection, workmen’s compensation insurance for the benefit of any employees of said port commission. Any such port commission is further authorized and empowered, in its discretion, to own and operate any or all dock, terminal, warehouse or railroad facilities which may by it be deemed necessary or desirable to promote the development of any port or industrial facilities under its control or supervision and to such end such port commission is authorized and empowered to acquire by purchase, construction or lease any buildings, structure or equipment, to employ any personnel or technical assistance, to enter into any contracts with any persons, firms or corporations, and to establish, charge and collect any tariffs, rates or other charges in connection therewith, as may be deemed necessary or advisable to accomplish such purposes. Said port commission is likewise authorized and empowered to operate such dock, terminal, warehouse or railroad facilities through agents or lessees by such contractual or lease agreements as may be entered into by said port commission upon such terms and conditions as said commission may deem proper. The authority granted hereby shall extend only to the lands under the control and supervision of said port commission. The powers and authority granted by this section are supplemental to all other powers and authority granted to said port commission and the same shall in nowise be construed to limit any such powers and authority heretofore granted.

Miss. Code Ann. § 59-7-207 Operation of port facilities; employment of personnel.

The commission referred to in Section 59-7-205 may establish and operate said port facilities on such plan as it may determine upon, including the right to employ, or delegate to the port director the employment of such engineering and legal assistants and such subordinate personnel as the commission may deem necessary, to provide for the wages and compensation of the port director and all other employees; and, in their discretion, to require that the port director and such other subordinate personnel as may be deemed necessary and desirable post a bond written by a surety company or companies authorized to do business in the State of Mississippi in such amount as the commission may designate, conditioned on the faithful discharge of all of their duties as such employees, the premiums on such bonds to be paid from said port fund in the discretion of the commission.

Miss. Code Ann. § 59-7-209 Delegation of additional duties, powers and rights to commission; approval of acts and expenditures of commission; liability of commissioners and counties.

The board of supervisors of any such county described in Section 59-7-201 may prescribe such further duties, powers and rights of such commission as may be within the authority of such board to delegate and provide for the reasonable compensation, if any, of the chairman and members of the commission, and shall provide that the acts of such commissioners shall regularly, and not less than quarterly or more than monthly, be reported to said board and be subject to its approval and concurrence by order spread upon the minutes of said board generally approving such reports and minutes. The obligations incurred and the expenditures authorized to be made by said commission shall in the manner herein set forth be subject to the approval of the board of supervisors of said county; and when and should the board decline to grant its approval of any act of said commission, it shall signify its reason for withholding that approval on the minutes of said board. All expenditures so authorized and provided for shall be made upon special port commission warrants to be countersigned by the clerk of said board. There shall be no personal obligation or liability on the part of any member of said commission except for a wilful wrong, nor shall there be any general obligation or liability on said county other than from the revenues derived from the operation of said port and revenues allocated by law to the aforesaid port fund of said county, except for the obligation of a condemnation award or for any such obligation which may be provided for in any trust indenture or resolution under which bonds are issued under the terms and provisions of Article 3 of this chapter.

Miss. Code Ann. § 59-7-211 Sale, lease or conveyance of lands or easements.

In all such counties, described in Section 59-7-201, upon and with the approval of the board of supervisors, the port commission shall have the power and authority to sell or lease any lands or easements acquired by any such county in conjunction with the establishment and construction of any port or harbor under the jurisdiction of said commission for the purposes of industrial development, but the terms and provisions of any such sales or lease shall include limitations as to the use of such lands and easements for industrial activities integrated to water transportation in accordance with the terms and provisions of such assurances of local cooperation as may have been given by virtue of Section 51-35-15 or Section 51-35-17, Mississippi Code of 1972, and the provisions of this article. Furthermore, said port commission, upon and with the approval of the board of supervisors, shall have the power and is hereby authorized, in its discretion, to sell and convey to the United States of America, without any limitations whatsoever, by general or special warranty deed or other acceptable form or conveyance, the full title to any lands acquired or held by any such county in connection with the establishment and development of any harbor or port project under the jurisdiction of said commission in exchange for the title to lands of the United States of America deemed useful for or needed by any county in connection with the establishment, enlargement, development, construction or maintenance of any port or harbor project under the jurisdiction of said commission, or for such other consideration as said commission and said board find to be adequate and sufficient. Said port commission, upon and with the approval of the board of supervisors of the county, is further hereby authorized to donate and/or sell and convey, without any limitations, upon such terms and conditions as may be deemed proper by the said commission and said board of supervisors, to the United States of America any of the lands needed by the United States of America for navigation and/or flood control purposes, or in fulfillment of any authorized assurances which have been given or which may be given by said county to the United States of America, or for the purpose of the display of the Gunboat Cairo.

Miss. Code Ann. § 59-7-213 Maintenance of records by commission; public inspection of records.

The port commission shall keep regular minutes of all its official actions and shall provide for an adequate bookkeeping system and regular audits and keep or cause to be kept full and correct records of the finances of said port commission and shall, from said port funds, provide for, and pay to the clerk of said board fees and sums as are found to be proper and reasonable for the extra duties and work hereby imposed upon him. All such minutes, books and records shall be kept in the office of the chancery clerk of the county in which the port is located or in such other place as the board of supervisors may designate by order spread upon their minutes to the end that such minutes, books and records shall, under reasonable conditions, be available at all times to the public for inspection.

Miss. Code Ann. § 59-7-301 Construction and effect of article.

This article, as to the subject matters hereof, shall supersede all other laws, general, special or local, including charters of municipalities. Any municipality issuing bonds or other obligations pursuant to this article shall have no power thereafter to issue bonds or other obligations pursuant to the provisions of Article 1 of this chapter, unless and until all bonds or other obligations issued pursuant to this article, and interest thereon, have been fully paid and discharged.

Miss. Code Ann. § 59-7-303 Levy of ad valorem tax in certain counties; disposition of proceeds of tax.

An ad valorem tax of two mills on each one dollar of the total assessed valuation of all the taxable property in each county or counties in the State of Mississippi, in which there is located a harbor or port of entry where commodities are exported to foreign nations, and where there is maintained a channel and/or harbor or port to a depth of not less than twenty feet, be, and the same is hereby, levied on all said taxable property, in or for each year in which the principal of or interest on any bonds or other obligations issued by any municipality pursuant to this article becomes due. The receipts from said two-mill tax shall be withheld by the tax collector of said county, and/or by any other tax collecting agency authorized by law for the collection of said taxes, from receipts from state ad valorem taxes now in effect or which may be hereafter levied, so long as the state ad valorem taxes shall be not less than the two-mill tax herein levied. However, if no state ad valorem taxes equal to or greater than the said two-mill tax herein levied is now or shall be hereafter levied, then and in that event, the said two-mill tax herein levied shall continue to be levied and collected as herein provided in each such county or counties in or for each year in which the principal of or interest on any bonds or other obligations issued by any municipality pursuant to this article becomes due. The tax collector, and/or any other tax collecting agency authorized by law for the collection of said taxes, shall pay over all moneys collected or to be collected as receipts from said two-mill tax to any trustee or successor thereto established as hereinafter in this article provided, and in the event that there is no such trustee, then said tax collector, and/or any other tax collecting agency authorized by law for collection of said taxes, shall pay over all such moneys into the county depository of each such county to the credit of a fund which shall be known as a port fund. Any such moneys so paid into the county depository of each such county to the credit of said port fund may be expended at the direction of the port commission, appointed for any port of entry as designated in chapter 1 of this title. But in no county within the terms of this article shall there be withheld from the state treasury under the provisions of this article and Article 1 of this chapter, for any one year an amount in excess of the receipts from said two-mill tax. The provisions of this article shall be deemed to be a contract with the holders of any bonds or other obligations issued pursuant to this article.

Miss. Code Ann. § 59-7-305 Powers of municipal authorities as to promotion, development, etc., of harbors or seaports.

The authorities of any municipality in which there is situated and located, in whole or in part, a port of entry through which commodities are imported and exported to foreign nations, which maintains a channel and/or harbor to a depth of not less than twenty feet, are hereby given the authority to engage in, either directly or through the commission hereinafter provided and designated and such other agencies as hereafter may be provided by law, work of internal improvement, or promoting, developing, constructing, maintaining, and operating harbors or seaports within the state and its jurisdiction, and either directly or through the commission hereinafter provided for, shall have the power to acquire, purchase, install, rent, lease, mortgage, and/or otherwise encumber, to construct, own, hold, maintain, equip, use, control and operate at seaports, wharves, piers, docks, quays, grain elevators, cotton compresses, warehouses, floating dry docks, graving docks, marine railways, tugboats, cold storage facilities and other water and rail terminals and other structures, and facilities needful for the convenient use of the same in the aid of commerce including the dredging of approaches thereto.

Miss. Code Ann. § 59-7-307 Maintenance and operation of improvements and facilities by port commission; collection, etc., of rents, fees, etc.; disposition of revenues; annual reports.

All improvements and facilities constructed pursuant to Article 1 of this chapter, and/or constructed pursuant to this article, shall be maintained and operated under the control of the port commission as provided in chapter 1 of this title. The said port commission shall, subject to and in accordance with any agreement or agreements as may be made by any such municipality with the purchaser or purchasers of bonds or other obligations issued pursuant to this article, prescribe, levy and collect all rents, fees, tolls, revenues, and/or other charges in connection with the use and occupancy of the aforesaid improvements and facilities, and shall pay over all net revenues derived from the operation of said improvements and facilities to any trustee, or successor thereto, established as hereinafter in this article provided. Net revenues shall be deemed to be such as may be defined in any agreement or agreements entered into between any such municipality and the purchaser or purchasers of any bonds or other obligations issued pursuant to this article. The said port commission shall make an annual report to the governor of the State of Mississippi, to the municipality having such port of entry, and to the state legislature.

Miss. Code Ann. § 59-7-309 Authorization of issuance of bonds by municipalities; audit and inspection of accounts.

Any municipality, in which there is situated and located in whole or in part a port of entry through which commodities are imported or exported as aforesaid, is hereby given authority, upon the adoption of a resolution to such effect, to issue bonds or other obligations for any or all of the purposes as provided in this article. The books of account and other sources of information pertaining to duties under the provisions of this article, of any port commission, municipality and/or county affected by this article, shall be and remain at all times open to inspection and subject to audit by the holder or holders of any bonds or other obligations issued pursuant to this article.

Miss. Code Ann. § 59-7-311 Exercise of authority for issuance of bonds; form, terms and conditions of bonds; execution of bonds; negotiability and sale of bonds; disposition of proceeds of sale; payment of principal and interests on bonds.

The power to issue bonds or other obligations authorized by this article and Section 59-5-31, shall be vested in and may be exercised from time to time by the governing bodies of any municipality or county so authorized in such laws. Such revenue bonds may be issued without an election upon the adoption of a resolution of the board of supervisors of such county, declaring its intention to issue such bonds, 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. 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 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 board of supervisors of such county. Such bonds shall mature in annual installments beginning not more than five years from date thereof and extending not more than thirty-five years from date thereof. Such bonds shall be signed by the president of the board of supervisors of such county, and the official seal of the county shall be affixed thereto, attested by the clerk of the board of supervisors of such county. 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. All bonds and interest coupons issued under the provisions of this article shall have and are hereby declared to have all the qualities and incidents of negotiable instruments under the Mississippi Uniform Commercial Code. Such bonds and income therefrom shall be exempt from all taxation within the State of Mississippi. The board of supervisors of such county shall sell such bonds in such manner and for such price as it may determine to be for the best interest of said county, 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. Notice of the sale of any such bonds shall be published at least one time not less than ten days prior to the date of sale and shall be published in a newspaper published in and having general circulation within the county. The proceeds of such bonds shall be paid into a special fund or funds in banks qualified to act as depositories for such county. The proceeds of such bonds shall be solely for the purposes for which they were issued, and the redeeming of any outstanding bonds, and shall be disbursed upon the order of the board of supervisors of such county, 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 purpose for which they were issued, and the redeeming of any outstanding bonds, unless otherwise provided in the resolution authorizing the issuance of such 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. Such bonds 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 article. The bonds authorized under the authority of this article may, in the discretion of the board of supervisors of such county, be validated in the chancery court of such county in the manner and with the force and effect provided 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 revenue bonds issued under the provisions of this section shall be payable solely out of the revenues to accrue from the operation of such project, development, improvement or utility systems, and the full faith and credit of the county shall not be pledged therefor, nor shall any ad valorem tax be levied therefor.

Miss. Code Ann. § 59-7-313 Disposition of proceeds of bonds; penalties for diversion; guarantee of payment.

The proceeds from the sale of any bonds or other obligations issued pursuant to this article shall be placed to the credit of such municipality in a bank or banks which are members of the Federal Deposit Insurance Corporation and may be withdrawn therefrom in accordance with any agreement or agreements entered into between such municipality and the purchaser or purchasers of such bonds or other obligations and in accordance with the laws regulating the disbursement of municipal funds and shall be used for no other purpose than the purpose or purposes set forth in the original resolution of the governing body of such municipality. Any officer or other person diverting or assisting to divert any such funds to any other purpose or purposes than the purpose or purposes originally set forth in said resolution of the governing body of said municipality shall be guilty of a felony and punishable accordingly, and shall be liable both personally and on official bonds for such diversion. Nothing in this article shall be construed as a guarantee on the part of the State of Mississippi to pay the principal of or interest on any bonds or other obligations issued pursuant to this article.

Miss. Code Ann. § 59-7-315 Mortgage or deed of trust securing bonds.

Any municipality issuing bonds or other obligations pursuant to this article by resolution or resolutions duly adopted, is hereby given authority to execute and deliver a mortgage or deed of trust, in such form, with such validity and with such remedies as at present authorized under the laws of the State of Mississippi, on any or all properties, improvements and facilities, the acquisition, construction, maintenance and/or operation of which are provided for by this article. Such resolution or resolutions of said municipality shall prescribe the provisions, covenants and conditions of any such mortgage or deed of trust. Such provisions, covenants and conditions, if not self-executing, may be enforced by appropriate proceedings, either in law or in equity.

Miss. Code Ann. § 59-7-317 Applicability of municipal debt limitations to bond issues; funds from which bonds payable.

The bonds or other obligations issued by any municipality of the State of Mississippi pursuant to this article shall not constitute a debt within the meaning of any statutory limitation as to the amount of debt which may be incurred by any such municipality, nor shall such bonds or other obligations be payable out of any funds other than the revenue collected or collectible from the use of said docks, harbors and facilities of whatsoever nature, and out of the receipts from the said two-mill ad valorem tax, in accordance with the provisions of Section 59-7-303.

Miss. Code Ann. § 59-7-319 Exemption from taxation of bonds.

Bonds or other obligations issued pursuant to this article and any interest thereon or income therefrom shall be exempt from all taxation, except gift, transfer and inheritance taxes, in so far as may be within the power of the State of Mississippi so to provide.

Miss. Code Ann. § 59-7-321 Powers of municipality with respect to issuance of bonds.

In connection with the issuance of bonds or other obligations by any municipality pursuant to this article, or in order to secure the payment of said bonds or other obligations, such municipality shall have power: To accept grants from the United States of America, the president of the United States, the federal emergency administrator of public works, or such other agencies, instrumentalities or corporations as may be designated or created to make grants or loans (hereinafter termed “federal agency”) pursuant to the national industrial recovery act and any further act of the congress of the United States providing for the construction of useful public works (hereinafter termed “national industrial recovery act”), for or in aid of work, development or improvement authorized by this article. To make such contracts and execute such instruments containing such provisions, covenants and conditions as in the discretion of the authorities of any such municipalities may be necessary, proper or advisable for the purpose of obtaining or securing grants, loans, or other financial assistance from any federal agency pursuant to the national industrial recovery act; to make such further, different or additional contracts and execute all instruments necessary or convenient in or for the furtherance of any work, development or improvement, including but not limited to all property real and personal appurtenant thereto or connected therewith and the existing work, development or improvement, if any, to which the work, development or improvement authorized by this article is an extension, addition, betterment or embellishment (hereinafter termed “work, development or improvement”), to carry out and perform the terms and conditions of any such contract or instrument. To pledge all or any part of the fees, rents, tolls, revenues or other charges received or receivable by such municipality and/or port commission from any work, development or improvement to which its right then exists or the right to which may thereafter come into existence. To covenant against the pledging of all or any part of the fees, rents, tolls, revenues or other charges received or receivable by such municipality and/or port commission from any work, development or improvement to which its right then exists or the right to which may thereafter come into existence. To covenant against the encumbering of all or any part of any work, development or improvement or against permitting or suffering any lien thereon. To covenant as to what other or additional debt may be incurred by such municipality. To provide for the preparation, specifications, terms, form, registration, extension, execution and authentication of any bonds or other obligations, issued pursuant to this article. To provide for the replacement of lost, destroyed or mutilated bonds or other obligations issued pursuant to this article. To covenant as to the fees, rents, revenues or tolls to be charged, the amount to be raised each year or other period of time and as to the use and disbursement to be made thereof. To covenant to set aside or to pay over reserves and sinking funds and as to the disposal thereof. To redeem prior to maturity, with or without premium, bonds or other obligations issued pursuant to this article and to covenant for their prior redemption and to provide the terms and conditions thereof. To covenant against extending the time for the payment of the interest on or principal of the bonds or other obligations issued pursuant to this article directly or indirectly by any means or in any manner. To covenant as to books of account of such municipality and as to the inspection and audit thereof and as to the accounting methods. To covenant as to the rights, liabilities, powers and duties arising upon the breach by such municipality of any covenant, condition or obligation assumed pursuant to this article. To make such covenants and do any and all such acts and things as may be necessary, convenient or desirable in order to secure any bonds or other obligations issued pursuant to this article, or in the absolute discretion of the authorities of such municipality in order to make such bonds or other obligations more marketable, notwithstanding that such covenants, acts, or things may not be enumerated herein or expressly authorized herein; it being the intention hereby to give the authorities of any municipality issuing bonds or other obligations pursuant to this article the power to do all things in the issuance of said bonds or other obligations and for their execution that may not be inconsistent with the constitution of the State of Mississippi.

Miss. Code Ann. § 59-7-323 Trustees.

Any municipality issuing bonds or other obligations pursuant to this article shall, so long as any such bonds or other obligations remain outstanding and unpaid, by resolution or resolutions duly adopted, authorize and appoint a trustee, satisfactory to the purchaser or purchasers of any bonds or other obligations issued pursuant to this article or any successor thereto, with the following powers and duties: Such trustee so appointed, or any successor thereto, shall receive and receipt for all monies collected or to be collected as receipts from the aforesaid two-mill tax by the aforesaid tax collector, and/or any other tax collecting agency authorized by law for the collection of said taxes, as provided for in Section 59-7-303; Such trustee so appointed, or any successor thereto, shall receive and receipt for all monies paid or to be paid to it in accordance with Section 59-7-307, constituting the net revenues derived from the operation of the improvements and facilities authorized by this article; Such trustee so appointed, or any successor thereto, shall deposit all monies received or to be received, in a special account or accounts in a bank or banks which are members of the Federal Deposit Insurance Corporation, with such provisions for security therefor as may be incorporated in any agreement or agreements entered into between any such municipality and the purchaser or purchasers of any such bonds or other obligations; Such trustee so appointed, or any successor thereto, shall use and apply all such monies so received to the payment of principal of and interest on any bonds or other obligations issued by any municipality pursuant to this article, as the same become due, and shall use and apply any surplus remaining after such payment or payments for the prior redemption, with or without premium, of bonds or other obligations issued by any municipality pursuant to this article, or in accordance with the provisions of any agreement or agreements as may be made between any municipality issuing bonds or other obligations pursuant to this article and the purchaser or purchasers of such bonds or other obligations; Such trustee so appointed, or any successor thereto, shall have and be vested with all rights, powers and duties, in addition to the foregoing, as may be provided for in any agreement or agreements between any municipality issuing bonds or other obligations pursuant to this article and the purchaser or purchasers of such bonds, or other obligations; Such trustee so appointed, or any successor thereto, shall by an instrument in writing, accept such trust and shall file such written acceptance of such trust with the clerk of the municipality so appointing such trustee; If such trustee so appointed, or any successor thereto, shall fail, neglect or refuse to perform any of the duties herein imposed or that may be imposed by reason of any of the provisions of any agreement or agreements as aforesaid, such trustee, or any successor thereto, shall, on the written request of twenty per centum or more in aggregate principal amount of the holder or holders of bonds or other obligations issued pursuant to this article, be removed, by resolution duly adopted by the municipality by which such trustee, or any successor thereto, was appointed; and in such event, it shall be the duty of any such trustee so removed to effectuate a valid transfer of all monies then in the possession or under the control of such trustee so removed to a duly appointed successor, and a failure on the part of such trustee so removed to do so shall constitute an embezzlement of such monies and shall be punishable accordingly; In the event any such trustee so appointed, or any successor thereto, shall be removed as hereinabove provided, it shall be the duty of any municipality, which shall have removed any such trustee, immediately by resolution duly adopted to appoint a trustee, as successor thereto, who is satisfactory to said holder or holders of twenty per centum or more in aggregate principal amount of bonds or other obligations issued pursuant to this article.

Miss. Code Ann. § 59-7-401 Construction and effect of article.

Nothing in this article shall be construed as repealing or altering any existing laws now on the statute books affecting any ports or port laws, and this article is to be considered supplementary, and any word, sentence or paragraph in this article that may be in conflict with the provisions of any other law shall not affect any such law. The constitutionality of this article shall not affect any existing law now on the statute, nor shall the constitutionality of any law now on the statutes be questioned with this article.

Miss. Code Ann. § 59-7-403 Levy of ad valorem tax in certain counties; disposition of proceeds of tax.

An ad valorem tax of one mill on each one dollar of the total assessed valuation of all the taxable property in each county or counties in the State of Mississippi, in which there is located a port or harbor where there is maintained a channel to a depth of not less than eight feet, is hereby levied on all taxable property, in or for each year in which the principal of or interest on any bonds or other obligations issued by any municipality pursuant to this article becomes due. The receipts from said one mill tax shall be withheld by the tax collector of said county, and/or by any other tax collecting agency authorized by law for the collection of said taxes, from receipts from state ad valorem taxes now in effect or which may be hereafter levied, so long as said state ad valorem taxes shall be not less than the said one mill tax herein levied. However, if no state ad valorem taxes equal to or greater than the said one mill tax herein levied is now or shall be hereafter levied, then and in that event, the said one mill tax herein levied shall continue to be levied and collected as herein provided in each such county or counties in or for each year in which the principal of or interest on any bonds or other obligations issued by any municipality pursuant to this article becomes due. The said tax collector, and/or any other tax collecting agency authorized by law for the collection of said taxes, shall pay over all moneys collected or to be collected as receipts from the one mill tax to any trustee or successor thereto established as hereinafter provided in Section 59-7-429, and in the event that there is no such trustee, then said tax collector, and/or any other tax collecting agency authorized by law for collection of said taxes, shall pay over all such moneys into the county depository of each such county to the credit of a fund which shall be known as a port fund. Any such moneys so paid into the county depository of each such county to the credit of said port fund may be expended at the direction of the port commission, appointed for any port or harbor through which commerce flows and having not less than eight industries engaged in the seafood industry. The provisions of this article shall be deemed to be a contract with the holders of any bonds or other obligations issued pursuant to this article.

Miss. Code Ann. § 59-7-405 Powers of municipal authorities as to promotion, development, etc., of harbors and seaports.

The governing authorities of any municipality in which there is situated and located, in whole or in part, a port or harbor through which commerce flows, and having not less than eight (8) industries engaged in the seafood industry, which maintains a channel and/or harbor to a depth of not less than eight (8) feet, may engage in, either directly or through the commission hereinafter provided and designated, and such other agencies as hereafter may be provided by law, works of internal improvement, or promoting, developing, constructing, maintaining and operating harbors or seaports within the state and its jurisdiction, and either directly or through the commission hereinafter provided for, with the power and authority to acquire, purchase, install, rent, lease, mortgage and/or otherwise encumber, to construct, own, hold, maintain, equip, use, control and operate at seaports or harbors, wharves, piers, docks, warehouses, cold storage facilities, water and rail terminals, airplane landing fields and strips, and other structures and facilities, needful for the convenient use of the same in the aid of commerce and navigation, and including the dredging of channels and approaches to the facilities, and being authorized to fill in and reclaim bottomlands where incidental and necessary to the foregoing development. A municipality, which is operating a port through a port commission under this section, may dissolve the port commission as provided in Section 59-7-408 and directly operate and maintain the port as provided under this article. The municipal authorities or commission, in connection with the exercise of the foregoing works of improvement and development, may as an adjunct to any such work of improvement or development to erect or construct such bridges, causeways or structures as may be required for access to and from the harbors or facilities provided as aforesaid by the municipal authorities or the commission, and including any necessary bridge or causeway or combination of the same, connecting with any island or islands lying within three (3) leagues of the main shoreline of the Mississippi Sound or the Gulf of Mexico, and whether the same be within or without the limits of the municipality concerned. The municipal authorities or commission may procure, by gift, grant, purchase, or by the exercise of eminent domain, and for the public purposes and uses herein provided for, such land or interest therein as may be required for the purposes of this article, and regardless of whether the land be within or without the limits of the municipality involved. The municipal authorities or commission, in the exercise of the powers granted hereunder, may provide any of the aforesaid facilities alone or in collaboration and in conjunction with any other public bodies, entities or commissions, as may now or hereafter be established by law. The municipal authorities or commission may provide, among other harbor facilities, small craft and pleasure craft harbors and facilities needed therefor, including park and recreational facilities as an adjunct thereto, and in order to develop and promote tourist and recreational trade in the port. The municipal authorities or commission have the power and authority to carry out the provisions of this article, to employ engineers, attorneys, and such employees as may be necessary in carrying out the provisions of this article, from time to time, and for the purpose of operating the facilities herein provided for, and may prescribe reasonable compensation in connection with such employment.

Miss. Code Ann. § 59-7-407 Port commission; composition; appointment, compensation and terms of office of members; organization; dissolution.

A port commission created under this article shall consist of six (6) members who shall be qualified electors of the municipality operating under this article, and shall be appointed as follows: two (2) shall be appointed by the Governor, two (2) shall be appointed by the governing authorities of the municipality, and two (2) shall be appointed by the board of supervisors of the county. The commission shall have jurisdiction over the port, terminals, harbors and passes leading thereto, and all vessels, boats and wharves, common carriers and public utilities using the port. Commissioners shall be paid the uniform per diem compensation authorized in Section 25-3-69 for the discharge of official duties at meetings called in accordance with Section 59-7-409. In the first instance, the two (2) commissioners appointed by the Governor shall be appointed for terms of five (5) and four (4) years, respectively, from the date of appointment; one (1) member appointed by the board of supervisors shall be appointed for a term of three (3) years from the date of appointment, and the members appointed by the governing authorities of the municipality shall be appointed for terms of two (2) and one (1) years, respectively, from the date of appointment. The additional member appointed by the board of supervisors shall be appointed to a term of five (5) years. After the first appointments, thereafter each member appointed shall be appointed for a term of five (5) years. The commission shall, upon appointment, organize as provided in Section 59-7-409. A port commission created under this article may be dissolved by the governing authorities of the municipality as provided under Section 59-7-408.

Miss. Code Ann. § 59-7-408 Procedure and requirements for dissolution of municipal port commission.

The governing authorities of a municipality may dissolve a port commission created under this article by adopting a resolution in which they determine that the dissolution of the port commission is in the best interest of the citizens of the municipality and authorizing the municipality to assume the powers and duties of the port commission. After the adoption of the dissolution resolution, the port commission shall enter into an agreement with the municipality which shall provide for: the transfer of all powers, duties, and responsibilities of the port commission to the municipality; the transfer of all property and assets, real and personal, of the port commission to the municipality; the assignment of all contracts, leases, agreements and revenue generated by the port commission to the municipality; the assumption by the municipality of all just claims and obligations of the port commission associated with the operation and maintenance of the port facilities; and any other provisions necessary for the implementation of the dissolution. All tax levies and assessments used for existing bonded indebtedness shall continue until such indebtedness is paid.

Miss. Code Ann. § 59-7-409 Meetings of commission; officers.

The port commission established by Section 59-7-407 shall meet at a regular place to be designated by the port commission for organization as a port commission, after giving at least ten (10) days’ notice of the time and place of the meeting by publication in a newspaper published in the city, and they shall elect a president and secretary who shall be members of the commission. The president shall be elected annually and shall vote only in cases of a tie vote.

Miss. Code Ann. § 59-7-411 Duties of commission generally; employees.

It shall be the duty of the commission to keep a minute book in which shall be recorded all of their acts, orders, rules and regulations. It shall be the duty of said commission to adopt rules and regulations not inconsistent with law to govern their official acts. It shall be the duty of said commission to make and publish all needful rules and regulations to govern the harbor, docks, and passes within its jurisdiction, and to fix tariffs, fees, fines, penalties and forfeitures for the violations of the rules and regulations of said commission, and said commission shall have the power to fix and determine all port and terminal charges, and it may enforce the collection thereof through any court of competent jurisdiction in this state. This section shall not apply to public utilities nor to railroad terminal charges covered by or carried in approved tariffs authorized by Interstate Commerce Commission nor to lawful railroad operation and activities. It shall be the duty of said commission to employ such help, including a port director, secretary, and such other help as will be necessary to carry on the business and work of such commission, and it will be the duty of said port commissioners to see that all port employees, such as harbormaster, pilots, and any and all other necessary employees for the operation of said port, perform any and all such duties as required for the operation of said port, at salaries to be determined by said port commission.

Miss. Code Ann. § 59-7-413 Maintenance and operation of improvements and facilities by commission; collection, etc., of rents, fees, etc.; disposition of revenues; annual reports.

All improvements and facilities constructed pursuant to this article shall be maintained and operated under the control of the port commission as provided by this article. The port commission shall, subject to and in accordance with any agreement or agreements as may be made by any such municipality with the purchaser or purchasers of bonds or other obligations issued pursuant to this article, prescribe, levy and collect all rents, fees, tolls, revenues and/or other charges in connection with the use and occupancy of the aforesaid improvements and facilities, and shall pay over all net revenues derived from the operation of said improvements and facilities to any trustee, or successor thereto, established as hereinafter provided in Section 59-7-429. The net revenues shall be deemed to be such as may be defined in any agreement or agreements entered into between any such municipality and the purchaser or purchasers of any bonds or other obligations issued pursuant to this article. The port commission shall make an annual report to the governor of the State of Mississippi, to the municipality having such port or harbor, and to the state legislature.

Miss. Code Ann. § 59-7-415 Authorization of issuance of bonds by municipalities; audit and inspection of accounts.

Any municipality, in which there is situated and located in whole or in part a port or harbor through which commerce flows and having not less than eight industries engaged in the seafood industry as aforesaid, is hereby given authority, upon the adoption of a resolution to such effect, to issue bonds or other obligations for any or all of the purposes as provided in this article. The books of account and other sources of information pertaining to duties under the provisions of this article, or any port commission, municipality and/or county affected by this article, shall be and remain at all times open to inspection and subject to audit by the holder or holders of any bonds or other obligations issued pursuant to this article.

Miss. Code Ann. § 59-7-417 Exercise of authority for issuance of bonds; form, terms and conditions of bonds; execution of bonds; negotiability and sale of bonds; interim certificates.

The power to issue bonds or other obligations authorized by Section 59-7-415 shall be vested in, and may be exercised from time to time by the governing body of any such municipality described in said section. Such bonds or other obligations shall be authorized by resolution of the governing body of any such municipality and shall bear such date or dates, mature at such time or times, not exceeding twenty (20) years from their respective dates, be in such denomination, be in such form, either coupon or registered, carry such registration privileges, be executed in such a manner, be payable in such medium of payment, at such place or places, and be subject to such terms of prior redemption, with or without premium, as such resolution or resolutions may provide. Such bonds shall not bear a greater overall maximum interest rate to maturity than that allowed in Section 75-17-103. No bond shall bear more than one (1) rate of interest; each bond shall bear interest from its date to its stated maturity date at the interest rate specified in the bid; all bonds of the same maturity shall bear the same rate of interest from date to maturity; all interest accruing on such bonds so issued shall be payable semiannually or annually, except that the first interest coupon attached to any such bond may be for any period not exceeding one (1) year. No interest payment shall be evidenced by more than one (1) coupon and neither cancelled nor supplemental coupons shall be permitted. The lowest interest rate specified for any bonds issued shall not be less than seventy percent (70%) of the highest interest rate specified for the same bond issue. The interest rate of any one (1) interest coupon shall not exceed the maximum interest rate on such bonds. Each interest rate specified in any bid must be in multiples of one-eighth of one percent (1/8 of 1%) or in multiples of one-tenth of one percent (1/10 of 1%). Such bonds shall be executed by the manual or facsimile signature of the mayor and clerk of such municipality, with the seal of the municipality affixed thereto. At least one (1) signature on each bond shall be a manual signature, as specified in the resolution. The coupons may bear only the facsimile signatures of such mayor and clerk. Such bonds or other obligations may be sold at public or private sale for such price or prices as the governing body of such municipality shall determine, but in no case to exceed the rate of interest hereinbefore provided. No bonds shall be issued and sold under the provisions of this article for less than par and accrued interest. Such bonds or other obligations may be issued by any municipality described in Section 59-7-415 in a principal amount not exceeding Seven Million Five Hundred Thousand Dollars ($7,500,000.00) outstanding at any one (1) time for any purpose or purposes authorized by Section 59-7-405. Such municipality shall have power, out of any funds available, to purchase any bonds or other obligations issued by it pursuant to this article, and all bonds or other obligations so purchased shall be cancelled, and no bonds or other obligations shall be issued in lieu thereof. In anticipation of the issuance of the definitive bonds authorized by this article, any such municipality may issue interim certificates. Such interim certificates shall be in such form, contain such terms, conditions or provisions, bear such date or dates, and evidence such agreement or agreements, relating to their discharge by payment or by the delivery of the definitive bonds, as such municipality, by resolution of its governing body, may determine. Any bonds, interim certificates or other obligations issued pursuant to this article shall be fully negotiable within the meaning and for all the purposes of the Mississippi Uniform Commercial Code, and may be validated as provided by statute.

Miss. Code Ann. § 59-7-419 Disposition of proceeds of bonds; penalties for diversion; guarantee of payment.

The proceeds from the sale of any bonds or other obligations issued pursuant to this article shall be placed to the credit of such municipality in a bank or banks, which are members of the federal deposit insurance corporation and may be withdrawn therefrom in accordance with any agreement or agreements entered into between such municipality and the purchaser or purchasers of such bonds or other obligations and shall be used for no other purpose than the purpose of such municipality. Any officer or other person diverting or assisting to divert any such funds to any other purpose or purposes than the purpose or purposes originally set forth in said resolution of the governing body of said municipality shall be guilty of a felony and punishable accordingly, and shall be liable both personally and on official bonds for such diversion. Nothing in this article shall be construed as a guarantee on the part of the State of Mississippi to pay the principal or interest on any bonds or other obligations issued pursuant to this article.

Miss. Code Ann. § 59-7-421 Mortgage or deed of trust securing bonds.

Any municipality issuing bonds or other obligations pursuant to this article by resolution or resolutions duly adopted, is hereby given authority to execute and deliver a mortgage or deed of trust, in such form, with such validity and with such remedies as at present authorized under the laws of the State of Mississippi, on any or all properties, improvements and facilities, the acquisition, construction, maintenance and/or operation of which are provided for by this article. Such resolution or resolutions of said municipality shall prescribe the provisions, covenants and conditions of any such mortgage or deed of trust. Such provisions, covenants and conditions, if not self-executing, may be enforced by appropriate proceedings, either in law or in equity.

Miss. Code Ann. § 59-7-423 Applicability of municipal debt limitations to bond issues; funds from which bonds payable.

The bonds or other obligations issued by any municipality of the State of Mississippi pursuant to this article shall not constitute a debt within the meaning of any statutory limitation as to the amount of debt which may be incurred by any such municipality, nor shall such bonds or other obligations be payable out of any funds other than the revenue collected or collectible from the use of said docks, harbors and facilities of whatsoever nature, and out of the receipts the said one mill ad valorem tax, in accordance with the provisions of Section 59-7-403.

Miss. Code Ann. § 59-7-425 Exemption from taxation of bonds.

Bonds or other obligations issued pursuant to this article and any interest thereon or income therefrom shall be exempt from all taxation, except gift, transfer and inheritance taxes, in so far as may be within the power of the State of Mississippi so to provide.

Miss. Code Ann. § 59-7-427 Powers of municipality with respect to issuance of bonds.

In connection with the issuance of bonds or other obligations by any municipality pursuant to this article, or in order to secure the payment of said bonds or other obligations, such municipality shall have power: To accept grants from the United States of America, the president of the United States, the federal emergency administrator of public works, or such other agencies, instrumentalities or corporations as may be designated or created to make grants or loans (hereinafter termed “federal agency”) pursuant to the national industry recovery act and any further act of the congress of the United States providing for the construction of useful public works (hereinafter termed “national industrial recovery act”), for or in aid of work, development or improvement authorized by this article. To make such contracts and execute such instruments containing such provisions, covenants and conditions as in the discretion of the authorities of any such municipalities may be necessary, proper or advisable for the purpose of obtaining or securing grants, loans, or other financial assistance from any federal agency pursuant to the national industrial recovery act; to make such further, different or additional contracts and execute all instruments necessary or convenient in or for the furtherance of any work, development or improvement, including but not limited to all property, real and personal, appurtenant thereto or connected therewith and the existing work, development or improvement, if any, to which the work, development or improvement authorized by this article is an extension, addition, betterment or embellishment (hereinafter termed “work, development or improvement”) to carry out and perform the terms and conditions of any such contract or instrument. To pledge all or any part of the fees, rents, tolls, revenues or other charges received or receivable by such municipality and/or port commission from any work, development or improvement to which its right then exists or the right to which may thereafter come into existence. To covenant against the pledging of all or any part of the fees, rents, tolls, revenues or other charges received or receivable by such municipality and/or port commission from any work, development or improvement to which its right then exists or the right to which may thereafter come into existence. To covenant against the encumbering of all or any part of any work, development or improvement or against permitting or suffering any lien thereon. To covenant as to what other or additional debt may be incurred by such municipality. To provide for the preparation, specifications, terms, form, registration, extension, execution and authentication of any bonds or other obligations, issued pursuant to this article. To provide for the replacement of lost, destroyed or mutilated bonds or other obligations issued pursuant to this article. To covenant as to the fees, rents, revenues or tolls to be charged, the amount to be raised each year or other period of time and as to the use and disbursement to be made thereof. To covenant to set aside or to pay over reserves and sinking funds and as to the disposal thereof. To redeem prior to maturity, with or without premium, bonds or other obligations issued pursuant to this article and to covenant for their prior redemption and to provide the terms and conditions thereof. To covenant against extending the time for the payment of the interest on or principal of the bonds or other obligations issued pursuant to this article directly or indirectly by any means or in any manner. To covenant as to books of account of such municipality and as to the inspection and audit thereof and as to the accounting methods. To covenant as to the rights, liabilities, powers and duties arising upon the breach by such municipality of any covenant, condition or obligation assumed pursuant to this article. To make such covenants and do any and all such acts and things as may be necessary, convenient or desirable in order to secure any bonds or other obligations issued pursuant to this article, or in the absolute discretion of the authorities of such municipality in order to make such bonds or other obligations more marketable, notwithstanding that such covenants, acts, or things may not be enumerated herein or expressly authorized herein; it being the intention hereby to give the authorities of any municipality issuing bonds or other obligations pursuant to this article the power to do all things in the issuance of said bonds or other obligations and for their execution that may not be inconsistent with the constitution of the State of Mississippi.

Miss. Code Ann. § 59-7-429 Trustees.

Any municipality issuing bonds or other obligations pursuant to this article shall, so long as any such bonds or other obligations remain outstanding and unpaid, by resolution or resolutions duly adopted, authorize and appoint a trustee, satisfactory to the purchaser or purchasers of any bonds or other obligations issued pursuant to this article, or any successor thereto, with the following powers and duties: Such trustee so appointed, or any successor thereto, shall receive and receipt for all moneys collected or to be collected as receipts from the aforesaid two-mill tax by the aforesaid tax collector, and/or any other tax collecting agency authorized by law for the collection of said taxes, as provided for in Section 59-7-403; Such trustee so appointed, or any successor thereto, shall receive and receipt for all moneys paid or to be paid to it in accordance with Section 59-7-407, constituting the net revenues derived from the operation of the improvements and facilities authorized by this article; Such trustee so appointed, or any successor thereto, shall deposit all moneys received or to be received, in a special account or accounts in a bank or banks which are members of the federal deposit insurance corporation, with such provisions for security therefor as may be incorporated in any agreement or agreements entered into between any such municipality and the purchaser or purchasers of any such bonds or other obligations; Such trustee so appointed, or any successor thereto, shall use and apply all such moneys so received to the payment of principal of and interest on any bonds or other obligations issued by any municipality pursuant to this article, as the same becomes due, and shall use and apply any surplus remaining after such payment or payments for the prior redemption, with or without premium, of bonds or other obligations issued by any municipality pursuant to this article, or in accordance with the provisions of any agreement or agreements as may be made between any municipality issuing bonds or other obligations pursuant to this article and the purchaser or purchasers of such bonds or other obligations; Such trustee so appointed, or any successor thereto, shall have and be vested with all rights, powers and duties, in addition to the foregoing, as may be provided for in any agreement or agreements between any municipality issuing bonds or other obligations pursuant to this article and the purchaser or purchasers of such bonds or other obligations; Such trustee so appointed, or any successor thereto, shall by an instrument in writing, accept such trust and shall file such written acceptance of such trust with the clerk of the municipality so appointing such trustee; If such trustee so appointed, or any successor thereto, shall fail, neglect or refuse to perform any of the duties herein imposed or that may be imposed by reason of any of the provisions of any agreement or agreements as aforesaid, such trustee, or any successor thereto, shall, on the written request of twenty per centum or more in aggregate principal amount of the holder or holders of bonds or other obligations issued pursuant to this article, be removed, by resolution duly adopted by the municipality by which such trustee, or any successor thereto, was appointed; and in such event, it shall be the duty of any such trustee so removed to effectuate a valid transfer of all moneys then in the possession or under the control of such trustee so removed to a duly appointed successor, and a failure on the part of such trustee so removed to do so shall constitute an embezzlement of such moneys and shall be punishable accordingly; In the event any such trustee so appointed, or any successor thereto, shall be removed as hereinabove provided, it shall be the duty of any municipality which shall have removed any such trustee, immediately by resolution duly adopted to appoint a trustee as successor thereto, who is satisfactory to said holder or holders of twenty per centum or more in aggregate principal amount of bonds or other obligations issued pursuant to this article.

Miss. Code Ann. § 59-7-451 Creation of additional county port commissions authorized.

Any county in the State of Mississippi bordering on the Mississippi River which has not heretofore created a county port authority or county port commission is hereby authorized, in the discretion of the board of supervisors of such county, as evidenced by a resolution adopted by such board of supervisors, to create a county port commission.

Miss. Code Ann. § 59-7-453 Membership of commission; appointment and terms of office of members; general powers and duties.

Such county port commission shall consist of seven (7) members to be appointed by the board of supervisors, one (1) of whom shall represent each of the supervisors districts of the county and shall be a resident of such supervisor’s district, and two (2) members shall be appointed from the county at large and be residents of the county. The two (2) at-large members shall be designated as post 1 and post 2. The initial terms of office of the members representing the supervisors districts shall expire as follows: District 1, July 1, 1974; District 2, July 1, 1975; District 3, July 1, 1976; District 4, July 1, 1977; District 5, July 1, 1978. The at-large members’ terms shall expire as follows: post 1 shall expire July 1, 1979, and post 2 shall expire July 1, 1981. All succeeding terms shall be for terms of five (5) years. Any vacancy occurring therein shall be filled for the unexpired term by appointment of the board of supervisors. Where such port commission has been established or may be established as herein provided, the said port commission shall undertake and perform the duties assigned to it by the board of supervisors, and said commission shall manage and control all port facilities which may be authorized and constructed by virtue of the terms and provisions of Sections 59-7-101 through 59-7-131, 59-7-201 through 59-7-213, and 59-7-501 through 59-7-519, and all appurtenant and physical properties connected therewith, both real and personal, and shall provide for the regular inspection, repair, maintenance and improvement of said port facilities as provided therein. In addition to the authority granted herein, and notwithstanding the provisions of any other law to the contrary, the commission may, subject to the approval of the board of supervisors, purchase any existing railroad or railroad facilities, within or without such county, which it deems necessary for the development of its port facilities. In addition to any other authority to borrow funds for the purposes of this chapter, the board of supervisors may borrow funds from any agency of the United States government on such terms as the board determines to be in the best interest of the county. Any railroad or railroad facilities purchased under the provisions of this section may be operated by the county or others on behalf of the county, or may be leased to others by the county. The commission may establish, charge and collect any tariffs, rates or other charges in connection therewith as may be necessary or advisable to accomplish the purposes of this section.

Miss. Code Ann. § 59-7-455 Operative date of commission’s duties and authority; expenditure of county funds.

The duties and authority conferred in Sections 59-7-101 through 59-7-131, through 59-7-201 through 59-7-211, 59-7-501 through 59-7-519, and Sections 27-39-3 through 27-39-13, Mississippi Code of 1972, shall apply to any county coming within the provisions of this article commencing on the date of the adoption of the aforesaid resolution by the board of supervisors of said county; provided, however, that the members of such port commission shall be appointed by the method and for the terms as herein provided. In addition to the authority granted herein, the board of supervisors may, in its discretion, expend funds from any available source, including the county general fund and federal revenue sharing funds, to carry out the purposes of this article.

Miss. Code Ann. § 59-7-501 Authorization for issuance of revenue bonds for port or harbor improvement.

The board of supervisors of any county which has elected or hereafter may elect to establish a port commission under the provisions of Article 3 of this chapter, and which desires to improve its port and harbor facilities by the construction, maintenance and operation of any revenue-producing port and/or harbor facility or facilities may issue revenue bonds of such county to provide funds for such purpose.

Miss. Code Ann. § 59-7-503 Issuance of bonds without election; form, terms and execution of bonds.

Revenue bonds authorized by Section 59-7-501 may be issued without an election thereon upon the adoption of a resolution by the board of supervisors of such county upon the request and recommendation of the port commission of such county. Such revenue bonds shall not be subject to any limitation as to amount and shall not be included in computing the statutory limitation of indebtedness of such county under any present or future law. Such bonds shall bear date or dates, shall be of such denomination or denominations, shall be payable at such place or places within or without the State of Mississippi, shall mature at such time or times and upon such terms and may be made redeemable prior to maturity with or without premium, shall bear such registration privileges and shall be in substantially such form as shall be determined by resolution of the board of supervisors of such county. Such bonds shall mature in annual installments beginning not more than five (5) years from the date thereof and extending not more than twenty-five (25) years from the date thereof. Such bonds shall be signed by the president of the board of supervisors of such county and the official seal of the county shall be affixed thereto, attested by the clerk of the board of supervisors of such county. The interest coupons to be attached to such bonds may be executed by the facsimile signatures of such officers. Whenever such bonds shall have been signed by the officials designated to sign the same who were in office at the time of such signing but who may have ceased to be such officers prior to the date of 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.

Miss. Code Ann. § 59-7-505 Interest on bonds.

All bonds shall bear interest at such rate or rates as may be determined by resolution of the board of supervisors of the county issuing them, not to exceed an overall maximum interest rate to maturity than that allowed in Section 75-17-103, Mississippi Code of 1972. No bond shall bear more than one (1) rate of interest; each bond shall bear interest from its date to its stated maturity date at the interest rate specified in the bid; all bonds of the same maturity shall bear the same rate of interest from date to maturity; all interest accruing on such bonds so issued shall be payable semiannually or annually, except that the first interest coupon attached to any such bond may be for any period not exceeding one (1) year. No interest payment shall be evidenced by more than one (1) coupon and neither cancelled nor supplemental coupons shall be permitted; 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. The interest rate of any one (1) interest coupon shall not exceed the maximum interest rate allowed on such bonds. Each interest rate specified in any bid must be in multiples of one-eighth of one percent (1/8 of 1%) or in multiples of one-tenth of one percent (1/10 of 1%), and a zero rate of interest cannot be named.

Miss. Code Ann. § 59-7-507 Negotiability of bonds and coupons; exemption from taxation.

All bonds and interest coupons issued under the provisions of this article shall have and hereby are declared to have all the qualities and incidents of negotiable instruments under the Uniform Commercial Code of the State of Mississippi. Such bonds and the income therefrom shall be exempt from all taxation within the State of Mississippi.

Miss. Code Ann. § 59-7-509 Sale of bonds.

The board of supervisors of any county issuing bonds under the provisions of this article shall sell such bonds on sealed bids at not less than par plus accrued interest to date of delivery of the bonds to the purchaser, and in the manner provided in Section 31-19-25, Mississippi Code of 1972.

Miss. Code Ann. § 59-7-511 Disposition of proceeds of bonds.

The proceeds of the revenue bonds shall be paid into a special fund designated as the “special project port improvement fund” in a bank or banks qualified as depositories for the county issuing bonds under the provisions of this article, and such proceeds shall be used solely for the purposes for which such bonds were issued, except as hereinafter provided, and shall be disbursed upon order of the board of supervisors of such county 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 project for which such bonds were issued, and the redeeming of any outstanding bonds, unless otherwise provided in the resolution authorizing the issuance of such 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 such bonds, shall be deemed to be of the same issue and shall be entitled to payment from the same funds 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 project for which the bonds were issued, such surplus shall be paid into the fund established for the payment of the principal of and interest on such bonds.

Miss. Code Ann. § 59-7-513 Conditions for issuance of bonds; validation of bonds.

The revenue bonds authorized to be issued by the provisions of this article may be issued without any other proceedings or the happening of any other conditions or things than those specified or required by this article. In the discretion of the board of supervisors of such county the bonds authorized and issued hereunder may be submitted to validation in the chancery court of such county in the manner and with the force and effect now or hereafter provided by Sections 31-13-1 through 31-13-11, Mississippi Code of 1972, for the validation of county, municipal, school district and other bonds.

Miss. Code Ann. § 59-7-515 Sources for payment of principal and interest on bonds.

The revenue bonds issued under the provisions of this article shall be payable, both principal and interest, solely out of the revenues to accrue from the operation of the facilities provided through the special project for which such bonds are issued, and the full faith and credit of the county shall not be pledged therefor, nor shall any ad valorem tax be levied for the payment of such bonds or the interest thereon, and such facts shall be recited on the face of the bonds.

Miss. Code Ann. § 59-7-517 Operation and maintenance of facilities and establishment of user rates, fees and charges by county issuing bonds.

Any county issuing revenue bonds under the provisions of this article is hereby authorized by contract or otherwise to provide for the operation and maintenance of facilities provided through the special project for which such bonds are issued and to establish the rates, fees and charges to be paid by users of such port and/or harbor facilities and shall provide for a revision of such rates, fees and charges from time to time as may be necessary to assure the sufficiency of funds to meet the covenants and pledges made in the resolution pursuant to which such bonds were issued.

Miss. Code Ann. § 59-7-519 Disposition of revenues from facilities.

All revenues of every kind and character derived from the operation of the facilities of any special project authorized by the provisions of this article shall be paid into the port fund of such county and into a special account in said fund to be designated as the “special project revenue fund” and the resolution of the board of supervisors directing the issuance of such bonds shall require that such revenues shall be allocated to and shall be pledged for the following purposes: an operation and maintenance fund out of which there shall be paid the usual and necessary expenses for the operation and maintenance of the project facilities; a renewal and replacement fund sufficient to assure that the project facilities, including equipment, shall be kept in good repair and working order; a bond and interest fund which shall be sufficient to provide for the payment of the principal of and the interest on the bonds as they mature and accrue, including a reasonable sum for the creation of a bond reserve fund to assure the payment of such bonds and the interest therein in the event that sufficient funds therefor are not otherwise available; and a contingent fund to provide for unforeseen contingencies arising in the operation of the project facilities. Any surplus funds remaining after making the foregoing allocations shall be dealt with as may be directed by the resolution of the board of supervisors whereunder such bonds are issued, for the repayment of advances received from any source, for the payment of any maturities of principal and interest of such bonds, for the improvement of the port and/or harbor facilities for which such bonds were issued, or for the retirement of the outstanding bonds according to their terms.

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