Municipal Gas Authority of Mississippi created; purpose; initial membership; principal office.

Miss. Code Ann. § 77-6-7
in effect
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There shall be created a local distribution company of the state to be known as the Municipal Gas Authority of Mississippi for the purpose of undertaking the planning, financing, development, acquisition, construction, reconstruction, improvement, enlargement, betterment, operation and maintenance of a project or projects to supply gas for present or future needs as an alternative or supplemental method of obtaining the benefits and assuming the responsibilities of ownership in a project. In determining whether or not membership in the authority for such purpose is in the best interests of the municipalities, the utility commissions shall take into consideration, but shall not be limited to the following: Whether or not a separate entity may be able to finance the cost of projects in a more efficient and economical manner; Whether or not better financial market acceptance may result if one (1) entity is responsible for issuing all of the bonds required for a project or projects in a timely and orderly manner and with a uniform credit rating instead of multiple entities issuing separate issues of bonds; Whether or not savings and other advantages may be obtained by providing a separate entity responsible for the acquisition, construction, ownership and operation of a project or projects; and Whether or not the existence of such a separate entity will foster the continuation of joint planning and undertaking of projects, and the resulting economies and efficiencies to be derived from such joint planning and undertaking. If a utility commission shall determine that it is in the best interest of the municipality to become a member of the Municipal Gas Authority of Mississippi, it shall adopt a resolution so finding, which need not prescribe in detail the basis for the determination, and which shall set forth the names of the municipalities which are proposed to be initial members of the authority. Said resolution shall be certified to the governing authorities who shall thereupon disapprove or ratify the determination of said utility commission by resolution or ordinance spread upon its official minutes. The governing authorities shall cause notice of such determination to be given to the presiding officer of the utility commission of the municipality, which utility commission shall thereupon appoint in writing one (1) commissioner of the authority, which commissioner may, in the discretion of the utility commission, be an officer or employee of the municipality. All such resolutions of intent to become initial members of the authority shall be presented, by the appointed commissioner of such utility commission, at its organizational meeting which shall be held in the old Supreme Court chamber of the New Capitol at 2:00 p.m. on May 16, 1988. The commissioners shall organize and elect a chairman and other such officers as may be desirable in the determination of the commissioners. The authority shall have its principal office in Hinds County and its legal situs or residence for the purposes of this chapter shall be Hinds County.

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