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