Small Craft Harbors

Miss. Code Ann. tit. 59, ch. 15
in effect

Miss. Code Ann. § 59-15-1 Acquisition of land, harbor sites or water frontage by certain cities.

The authorities of any city in this state which has a population of ten thousand or more, according to the last official government census, and the authorities of any municipality bordering on the Mississippi Sound or Gulf of Mexico are hereby given the authority to acquire by purchase, deed, donation, gift, grant, reclamation, lease, dedication, or otherwise, land, harbor sites or water frontage for the purpose of establishing, developing, promoting, maintaining, and operating harbors for small water crafts and recreational parks connected therewith within its territorial limits, or both, and shall have the power to acquire, purchase, install, rent, lease, mortgage, incumber, construct, own, hold, maintain, equip, use, control and operate recreational parks and harbors for small water craft.

Miss. Code Ann. § 59-15-3 Operation of improvements and facilities.

All improvements and facilities constructed pursuant to this chapter shall be maintained and operated under the control of the city authorities. The city authorities of such city, or cities, shall, subject to and in accordance with any agreement, or agreements, as may be made by any such city with the purchaser, or purchasers, of bonds or other obligations issued pursuant to this chapter, prescribe, levy and collect all rent, fees, tolls, revenues, privileges, commissions, and other charges in connection with the operation, 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 designated as hereinafter in this chapter provided. The net revenues shall be deemed to be such as may be defined in any agreement, or agreements, entered into between any such city, and the purchaser, or purchasers, of any bonds or other obligations issued pursuant to this chapter. The authorities of any such city, or cities, shall make a financial report to the said trustee annually of the operation of the aforesaid improvements and facilities.

Miss. Code Ann. § 59-15-5 General powers of municipality as to bonds.

In connection with the issuance of bonds or other obligations by any municipality pursuant to this chapter 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, or such agencies, instrumentalities or corporations as may be designated or created to make grants or loans (hereinafter termed “federal agency”) pursuant to any act of the Congress of the United States providing for the construction of useful public works for or in aid of work, development authorized by this chapter. 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 any act of Congress of the United States, 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 chapter 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 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 from any work, development or improvement to which its right then exists or the right to which may thereafter come into existence so long as any of the bonds or other obligations issued under the provisions of this chapter remain unpaid. To covenant against the incumbering of all or any part of any work, development or improvement or against permitting or suffering any lien thereon so long as any of the bonds or other obligations issued under the provisions of this chapter remain unpaid. 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 chapter. To provide for the replacement of lost, destroyed or mutilated bonds or other obligations issued pursuant to this chapter. To covenant as to the fees, rents, revenues, concessions 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 chapter 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 chapter 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 chapter. 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 chapter 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 chapter 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. § 59-15-7 Authority to issue bonds; audit and inspection of accounts.

Any city as is described in Section 59-15-1, 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 in this chapter herein provided; but such bonds or other obligations shall not be issued unless and until the governing authorities of the municipality are first authorized and requested so to do by a petition signed by not less than seventy-five per cent of the qualified electors of the municipality, or until authorized so to do by two-thirds of the qualified electors of the municipality who vote in an election called for that purpose. Said petition, or the ballot used in such election, as the case may be, shall disclose the purposes for which said funds are sought, and all funds derived thereunder shall be kept in a separate account by the municipality and shall be used solely for the purposes set forth in said petition, or upon the aforesaid ballot, as the case may be. The books of accounts and other sources of information pertaining to duties under the provisions of this chapter of any such city 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 chapter.

Miss. Code Ann. § 59-15-9 Payment of principal and interest on bonds generally.

The bonds or other obligations issued by any municipality of the State of Mississippi pursuant to the provisions of this chapter shall be secured as to payment as hereinafter in this chapter provided, and in addition thereto shall be secured as to payment by the full faith and credit of the municipality issuing the same, and the governing authorities of such municipality shall annually levy a tax on all the taxable property of such municipality sufficient to produce an amount, which, when added to the net revenues hereinafter in this chapter authorized to be pledged for the payment thereof, will be sufficient to pay all interest and principal of such bonds which may mature during such annual period. Such bonds or other obligations so issued, being additionally secured as to payment as hereinafter in this chapter provided, shall not be construed as a debt within the meaning of any statutory limitation as to the amount of which may be incurred by any such municipality.

Miss. Code Ann. § 59-15-11 Details of bonds; interim certificates.

The power to issue bonds or other obligations authorized by Sections 59-15-1 through 59-15-9, shall be vested in, and may be exercised from time to time by, the governing body of any municipality described in said sections. 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-five years from their respective dates, bear interest at such rate or rates, not exceeding four per centum per annum, be in such denomination, be in such form, either coupon or registered, carry such registration privileges, be executed in such 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 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, provided that the interest cost to maturity of the money received from any issue of said bonds or other obligations shall not exceed four per centum per annum. Such bonds or other obligations may be issued by any municipality described in Sections 59-15-1 through 59-15-9 in a principal amount not exceeding in the aggregate one hundred thousand dollars ($100,000.00), for any purpose or purposes authorized by said sections. Such municipality shall have power out of any funds available to purchase any bonds or other obligations issued by it pursuant to this chapter, and all bonds or other obligations so purchased shall be canceled and no bonds or other obligations shall be issued in lieu thereof. In anticipation of the issuance of the definitive bonds authorized by this chapter, 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 chapter shall be fully negotiable within the meaning and for all the purposes of the Mississippi Uniform Commercial Code.

Miss. Code Ann. § 59-15-13 Disposition of proceeds of bonds; penalties for diversion; guarantee of payment of bonds.

The proceeds from the sale of any bonds or other obligations issued pursuant to this chapter shall be placed to the credit of the municipality issuing such bonds in a bank or banks which are members of the Federal Reserve System 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 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 such municipality shall be guilty of a felony and punishable accordingly, and shall be liable both personally and on official bond for such diversion. Nothing in this chapter shall be construed as a guarantee on the part of such city to pay the principal of or interest on any bonds or other obligations issued pursuant to this chapter.

Miss. Code Ann. § 59-15-15 Mortgage or deed of trust.

Any municipality issuing bonds or other obligations pursuant to this chapter by resolution or resolutions duly adopted, is hereby given authority to execute and deliver a mortgage or deed of trust on any or all lands, properties, improvements and facilities, the acquisition, construction, maintenance or operation of which are provided for by this chapter. Such resolution or resolutions of such 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. § 59-15-17 Exemption from taxation of bonds.

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

Miss. Code Ann. § 59-15-19 Trustees.

Any municipality issuing bonds or other obligations pursuant to this chapter 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 chapter, or any successor thereto, with the following powers and duties: Such trustee so appointed, or any successor thereto, shall receive and receipt for all money paid or to be paid to it in accordance with Section 59-15-3, constituting the net revenues derived from the operation of the improvements and facilities authorized by this chapter; Such trustee so appointed, or any successor thereto, shall deposit all money received or to be received, in a special account or accounts in a bank or banks which are members of the Federal Reserve System, 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 money so received to the payment of principal of and interest on any bonds or other obligations issued by any municipality pursuant to this chapter, 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 chapter, 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 chapter 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 chapter 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 die, 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 the holder or holders of twenty per centum or more in aggregate principal amount of bonds or other obligations issued pursuant to this chapter then outstanding and unpaid, 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 money 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 money and shall be punishable accordingly; In the event any such trustee so appointed, or any successor thereto, shall die or be removed as hereinabove provided, it shall be the duty of any such municipality 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 chapter then outstanding and unpaid.

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