The amount of bonds issued for the acquisition and planned development of any one state port, harbor or waterway shall not exceed the sum of Eighty Million Dollars ($80,000,000.00) outstanding at any one time, nor shall any additional bonds be issued to complete the planned development of any other port, harbor or waterway to exceed in the aggregate the sum of Eighty Million Dollars ($80,000,000.00), outstanding at any one (1) time. However, such limitation on the amount of bonds that may be issued shall not apply to any additional bonds issued in connection with the planned development of any other port, harbor or waterway not to exceed in the aggregate the sum of One Hundred Thirty Million Dollars ($130,000,000.00) notwithstanding the provisions of Section 59-5-47, nor any other provisions to the contrary. The entire proceeds of the One Hundred Thirty Million Dollars ($130,000,000.00) shall be used solely for the construction or acquisition of ships, vessels, shipyards, shipbuilding facilities, machinery and equipment, dredges, floating dry docks, graving docks, marine railways, tugboats or any other facilities required or incidental to the construction, outfitting, dry docking or repair of ships or vessels. However, no such additional bonds shall be issued except where such facility or facilities are to be leased or sold, in whole or in part, for industrial purposes and the annual payments made under the lease contract and/or proceeds of sale shall be sufficient to pay the interest on the bonds when due and to pay the principal of the bonds at or prior to maturity as provided in the resolution authorizing the issuance of the bonds to finance such project, and all costs in connection therewith. Such lease shall have been first fully guaranteed by such person, firm or corporation, if any, having control, ownership or management of the lessee. Such lease and/or sale contract and the terms and conditions thereof, shall require the joint and several approval of the board of supervisors of the county in which the port is located, the port authority and the Department of Economic and Community Development. No borrowing under this section shall be finalized prior to ten (10) days after written notice of intent to borrow is furnished to the Legislative Budget Office.
No bonds shall be issued under this chapter after April 25, 2013.
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