On the receipt of an application from any city or county or other authorized port or harbor agency for state ownership of any port or harbor, or any part thereof, the board shall cause an independent determination and appraisal to be made of such analysis and survey, and the plan for the improvement, operation, development, and expansion of such port or harbor, or any part thereof, and if the board shall find and determine that the plan for the improvement, operation, development, or expansion of such port or harbor, or any part thereof, is practical and feasible and is in the public interest, and that such port or harbor, or any part thereof, can be operated economically under state ownership and that the revenues therefrom would be sufficient, over a period of time, to make such ownership and/or operation by the state self-liquidating, then the board in its discretion, may negotiate with such city and county or other authorized port or harbor agency on the terms of an agreement for the acquisition by the state of such port or harbor, or any part thereof. The board may modify the proposed plan for the improvement, operation, development, or expansion of such port or harbor or any part thereof, and may impose such terms and conditions as, in its discretion, it may require to protect the interest of the state, provided that if an entire port or harbor shall be conveyed to the state that all bonds theretofore issued and outstanding for the improvement of such port or harbor by any county or city, or both acting jointly, or other authorized port or harbor agency, shall be redeemed by the issuance of bonds as herein provided or assumed in conjunction with the plan for the development of such port or harbor.
Structure Mississippi Code
Title 59 - Ports, Harbors, Landings and Watercraft
Chapter 5 - State Ports and Harbors
§ 59-5-1. Short title; definition of "board"
§ 59-5-3. Declaration of public policy
§ 59-5-7. Activities of board and state port authority pursuant to chapter as governmental functions
§ 59-5-11. General powers of board; lands subject to jurisdiction and control of board
§ 59-5-13. Acceptance of grants and contributions
§ 59-5-21. Operation by state port authority of ports or harbors acquired by or conveyed to state
§ 59-5-23. Authorization of contracts, etc., for improvement, operation, etc., of port or harbor
§ 59-5-27. Bond of members of port or harbor agency
§ 59-5-29. Increase in membership of county port authority upon issuance of bonds
§ 59-5-33. State ports fund; joint activities or employment of personnel
§ 59-5-39. Acquisition of rights of way, land, etc.
§ 59-5-41. State bonds; issuance, terms, and conditions; interim financing of construction projects
§ 59-5-43. Negotiability of bonds; exemption from taxation
§ 59-5-45. Manner and price of sale of bonds; interest; maturity and redemption
§ 59-5-47. Disposition of proceeds of bonds
§ 59-5-49. Validation of bonds
§ 59-5-51. Payment of interest and principal on bonds; limitation on amount of bonds issued
§ 59-5-53. Withdrawals of bond proceeds from special fund
§ 59-5-55. Use of net revenues, rents, and earnings from state owned ports
§ 59-5-59. Allocation of revenues, rents and earnings to payment of bonds; sinking fund
§ 59-5-63. Bonds as legal investments and securities for deposits of public funds