Joint development, maintenance, operation, etc., of ports by county port authority or commission and municipality; joint bond issue.

Miss. Code Ann. § 59-9-57
in effect
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The board of supervisors, acting through its county port authority or county development commission, and the governing authorities of the municipality in which the port of entry is located, acting through its port commission, jointly may negotiate a contract or contracts for the development, construction, repair, and maintenance and operation of seaports, wharves, piers, docks, ways, elevators, compresses, warehouses, roadways and water, air and rail terminals and other structures, facilities and lands needful for the convenient use of the same in the aid of commerce or any other property at the port of entry under the joint jurisdiction of such county port authority or county development commission and such port commission. Such county and municipality, acting through the board of supervisors of such county, and the governing authorities of such municipality are authorized to jointly issue bonds or other obligations to provide funds for such joint undertakings. Such bonds shall be issued as provided in Sections 59-9-37 through 59-9-51, but shall be jointly issued by the board of supervisors of such county and by the governing authorities of the municipality in which the port of entry is located, acting concurrently. Such bonds shall be denominated as port improvement bonds of the county and municipality issuing the same. Unless three-fifths (3/5) of the qualified electors of such county who voted in an election to be held for that purpose shall have voted in favor of the issuance of such bonds and three-fifths (3/5) of the qualified electors of the municipality in which the port of entry is located who voted in an election held for that purpose shall have voted in favor of the issuance of such bonds, then such bonds shall not be issued. Electors of such county who vote in such election vote in favor of the issuance of such bonds and should three-fifths (3/5) of the qualified electors of the municipality in which the port of entry is located who vote in such election vote in favor of the issuance of such bonds, then the board of supervisors of such county and the governing authorities of the municipality in which the port of entry is located may issue such bonds, either in whole or part, within three years after the date of such election or within three years after the termination of any litigation affecting the issuance of such bonds, as such board of supervisors and such governing authorities of the municipality in which the port of entry is located jointly shall deem best. For the payment of such bonds and interest thereon, the board of supervisors of such county and the governing authorities of the municipality in which the port of entry is located, may each pledge the two-mill ad valorem tax authorized by Section 59-9-59, or such part thereof as may be required for the payment of such bonds and interest thereon. Such county and municipality, acting jointly, may also pledge for the payment of such bonds and interest thereon, the revenues from all or any of the facilities operated or to be operated jointly by the county port authority or county development commission and port commission and any revenues accruing to such county and municipality under and by virtue of Sections 59-7-1 or 59-7-303, and not theretofore pledged or hypothecated, and any such county may also pledge any surplus funds accruing by virtue of Sections 65-33-45 or 65-33-47, Mississippi Code of 1972, and not theretofore pledged or hypothecated, and any other surplus funds available to such county or municipality from any other source. Such bonds shall not be computed as being within any statutory limitation on the issuance of municipal or county bonds, but the two-mill ad valorem tax, or such part thereof as may be necessary for the payment of such bonds and interest thereon, as well as any revenues accruing to such county and municipality under and by virtue of Sections 59-7-1 or 59-7-303, and any surplus accruing to such county under Sections 65-33-45 or 65-33-47, Mississippi Code of 1972, and not theretofore pledged or hypothecated, shall be irrevocably pledged to the payment of such bonds and interest. Any bonds, or other obligations issued pursuant to this section shall be fully negotiable within the meaning and for all the purposes of the Mississippi Uniform Commercial Code. Whenever any county and municipality, acting jointly, shall have issued bonds hereunder, a portion of which remain outstanding and unpaid, and the governing authorities of such county and municipality, acting jointly, desire to issue additional bonds hereunder for the purposes herein authorized and desire to consolidate all such bonded indebtedness, such governing authorities, by resolution or resolutions, may at any time authorize and direct the issuance of bonds. The proceeds of such new bonds shall be used to take up, pay and redeem all of such outstanding and unpaid bonds at their par value, and the balance of such proceeds shall be used and expended for the purposes authorized by this section. In the event that such outstanding bonds, by the terms thereof, shall be redeemable prior to maturity at the option of such county and municipality, acting jointly, then such option of redemption shall be exercised in the manner provided in such bonds, or in the event that such outstanding bonds, by the terms thereof, be not so redeemable prior to maturity, then the consent of the holder or holders thereof shall first be had and obtained to the end that, in either of said events, the redemption of such outstanding bonds may be accomplished concurrently with the issuance of such new bonds. Such new bonds shall be issued in like manner and like incidence and shall be payable from the same source or sources and the payment thereof shall be secured in like manner as herein provided in the case of the issuance of original bonds hereunder. In lieu of selling such portion of such new bonds as may be required to provide for the redemption of such outstanding bonds, such new bonds may be issued and delivered in exchange for and upon surrender and cancellation of a like amount of such outstanding bonds.

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