MCA Chapter 25

MCA Chapter 25
in effect

Miss. Code Ann. § 65-25-1 Citation.

This article shall be known, and may be cited, as the “Mississippi River Bridge Revenue Bond Law”.

Miss. Code Ann. § 65-25-3 Issuance of bridge revenue bonds.

Any county or city in this state is hereby authorized and empowered: To acquire by purchase or by condemnation and to construct, or partly acquire and partly construct, and to improve, operate, and maintain bridges wholly or partially within the state within such county or city or within twenty miles of the territory over which such county or city has jurisdiction and which are over the Mississippi River; and To issue bridge revenue bonds of such county or city, payable from bridge earnings, to pay the cost of such bridges. No revenue bonds and no liens securing such bonds shall be repaid in whole or in part from any funds arising from taxation, nor shall any such bonds or liens given under authority of this article constitute a lien on any other property of a city or county other than the bridge constructed or acquired under this article or a pledge of the credit of such agency unless specifically so voted by a majority of the qualified electors voting in favor of same in an election held according to law for the purpose of so authorizing.

Miss. Code Ann. § 65-25-5 Definitions.

As used in this article, the following words and terms shall have the following meanings: The word “municipality” shall be deemed to include any county or city in this state. The word “bridge” shall be deemed to include the substructure and the superstructure of the bridge and the approaches thereto and also all property, rights, easements, and franchises relating thereto and deemed necessary or convenient for the operation thereof, and shall embrace bridges which are now in existence or hereafter constructed and wholly or partly within the municipality or are within twenty miles of the territory over which such municipality has jurisdiction and which are over the Mississippi River, and shall also embrace combined railroad and highway bridges, as well as highway bridges. The term “governing body” shall mean the board of supervisors of a county or the council, board of aldermen, or other legislative body of a city. The word “improvements” shall mean such repairs, replacements, additions, and betterments of and to a bridge acquired by purchase or by condemnation as are deemed necessary to place it in a safe and efficient condition for the use of the public, if such repairs, replacements, additions, and betterments are ordered prior to the sale of any bonds for the acquisition of such bridge. The term “cost of bridge”, as applied to a bridge to be acquired by purchase or by condemnation, shall include the purchase price or the amount of the award, cost of improvements, financing charges, interest during any period of disuse before completion of improvements, cost of traffic estimates and of engineering and legal expenses, plans, specifications and surveys, estimates of cost and of revenues, other expenses necessary or incident to determining the feasibility or practicability of the enterprise, administrative expense, and such other expenses as may be necessary or incident to the financing herein authorized, and the acquisition of the bridge and the placing of the bridge in operation. The term “cost of bridge”, as applied to a bridge to be constructed, shall embrace the cost of construction, the cost of all land, property, rights, easements, and franchises acquired, which are deemed necessary for such construction, the cost of all machinery and equipment, financing charges, interest prior to and during construction and for six months after completion of construction, cost of traffic estimates and of engineering and of legal expenses, plans, specifications, surveys, estimates of cost and of revenues, other expenses necessary or incident to determining the feasibility or practicability of the enterprise, administrative expense, and such other expenses as may be necessary or incident to the financing herein authorized and the construction of the bridge and the placing of the bridge in operation. The word “owner” shall include all individuals, incorporated companies, copartnerships, societies, or associations having any title or interest in any property, rights, easements, or franchises authorized to be acquired by this article.

Miss. Code Ann. § 65-25-7 Purchase of bridges.

Any municipality is hereby authorized and empowered to acquire by purchase, whenever it shall deem such purchase expedient, any toll bridge located as provided in Section 65-25-3, or any such toll bridge partly constructed, or any franchises, easements, permits, or contracts for the construction of any such bridge, or any such toll bridge or facilities thereof which may be under lease in whole or in part and which may be so acquired subject to the terms of such lease, all upon such terms and at such prices as may be reasonable and can be agreed upon between such municipality and the owner thereof, title thereto to be taken in the name of such municipality. For the purpose of paying the cost of such acquisition, any municipality is hereby authorized and empowered to issue its bridge revenue bonds as hereinafter provided.

Miss. Code Ann. § 65-25-9 Condemnation of bridges and property.

Any municipality, whenever a reasonable price cannot be agreed upon, or whenever the owner is legally incapacitated or is absent or is unable to convey valid title or is unknown, is hereby authorized and empowered to acquire by condemnation any such bridge or bridges or interest or interests therein, and any land, rights, easements, franchises, and other property deemed necessary or convenient for the improvement or the efficient operation of any property acquired or constructed under this article, or for the purpose of constructing any bridge or portion thereof hereunder, or for securing right of way leading to any such bridge or its approaches, in the manner hereinafter provided. Such condemnation proceedings shall be instituted by a written application of the governing body of such municipality and shall be conducted, and the compensation to be paid shall be ascertained and paid, in the manner provided by Chapter 33, Title 11, Mississippi Code of 1972, or by the laws of the state where such proceedings may be conducted. And any municipality is further authorized and empowered to exercise in this state and in any adjoining state such powers of eminent domain as may be conferred upon such municipality by any act of the Congress of the United States now in force or which may hereafter be enacted. Title to any property condemned by a municipality shall be taken in its name. No municipality shall be under any obligation to accept and pay for any property condemned or any costs incidental to any condemnation proceedings, and shall, in no event, pay for the same except from the funds provided by this article. In any condemnation proceedings, the court having jurisdiction of the suit, action, or proceedings may make such orders as may be just to such municipality and to the owners of the property to be condemned, and may require an undertaking or other security to secure such owners against any loss or damage to be sustained by reason of the failure of such municipality to accept and pay for the property; but such undertaking or security shall impose no liability upon such municipality, except such as may be paid from the funds provided under the authority of this article.

Miss. Code Ann. § 65-25-11 Improvement of bridges acquired.

It shall be the duty of the governing body of any municipality, at or before the time any such bridge shall be acquired by such municipality by purchase or by condemnation, to determine what repairs, replacements, additions, or betterments will be necessary to place the bridge in safe and efficient condition for the use of the public, and to cause an estimate of the cost of such improvement to be made. The governing body of the municipality shall authorize such improvements before the sale of any bridge revenue bonds for the acquisition of such bridge, and the cost of such improvements shall be paid for out of the proceeds of such bonds.

Miss. Code Ann. § 65-25-13 Construction of bridges.

Any municipality is hereby authorized and empowered to construct, whenever it shall deem such construction expedient, any toll bridge located as provided in Section 65-25-3. Such municipality is hereby authorized to purchase within this state and within any adjoining state, solely from funds provided under the authority of this article, such lands, structures, rights of way, franchises, easements, and other interests in lands, including lands under water and riparian rights of any person, copartnership, association, railroad or other corporation, or municipality or political subdivision, deemed necessary for the construction of any such bridge, upon such terms and at such prices as may be considered by it to be reasonable and can be agreed upon between it and the owner thereof, and to take title thereto in the name of such municipality. The State of Mississippi hereby consents to the use of all lands lying under water, which are within the state and are necessary for the construction and operation of any such bridge and the approaches and appurtenances thereto.

Miss. Code Ann. § 65-25-15 Bridge revenue bonds.

The governing body of any municipality is hereby authorized to provide by resolution, at one time or from time to time, for the issuance of bridge revenue bonds of such municipality for the purpose of paying the cost as hereinabove defined of any one or more such bridges, which resolution shall recite an estimate of such cost. The principal and interest of such bonds shall be payable solely from the special fund herein provided for such payment. The bonds of each issue shall be dated, shall bear interest at such rate or rates not exceeding six percent (6%) per annum, payable semiannually, shall mature at such time or times, not exceeding forty years from their date or dates, as may be determined by the governing body of such municipality, and may be made redeemable before maturity, at the option of the municipality, at such price or prices and under such terms and conditions as may be fixed by the governing body of such municipality prior to the issuance of the bonds. The principal and interest of such bonds may be made payable in any lawful medium. The governing body of such municipality shall determine the form of the bonds, including any interest coupons to be attached thereto, and shall fix the denomination or denominations of the bonds and the place or places of payment of principal and interest thereof, which may be at any bank or trust company within or without the state. The bonds and any interest coupons attached thereto shall be executed in such manner as shall be determined by the governing body of the municipality. In case any officer whose signature shall appear on the bonds or coupons shall cease to be such officer before the delivery of such bonds, such signature shall nevertheless be valid and sufficient for all purposes the same as if he had remained in office until such delivery. All bridge revenue bonds issued under the provisions of this article shall have and are hereby declared to have, as between successive holders, all the qualities and incidents of negotiable instruments under the Uniform Commercial Code of the state. Provision may be made for the registration of any of the bonds in the name of the owner as to principal alone and also as to both principal and interest and for the issuance of new coupon bonds in exchange for bonds registered as to both principal and interest. The governing body of such municipality may sell such bonds in such manner and for such price as it may determine to be for the best interests of such municipality, but no such sale shall be made at a price so low as to require the payment of interest on the money received therefor at more than six per centum per annum, computed with relation to the absolute maturity of the bonds in accordance with standard tables of bond values. The proceeds of such bonds shall be used solely for the payment of the cost of the bridge or bridges, and shall be disbursed under such restrictions, if any, as the governing body thereof may provide. If the proceeds of such bonds, by error of calculation or otherwise, shall be less than the cost of the bridge or bridges, additional bonds may in like manner be issued to provide the amount of such deficit, and unless otherwise provided in the trust indenture hereinafter mentioned, shall be deemed to be of the same issue and shall be entitled to payment from the same fund without preference or priority of the bonds first issued for the same bridge or bridges. If the proceeds of bonds issued for any bridge or bridges shall exceed the cost thereof, the surplus shall be paid into the fund hereinafter provided for the payment of principal and interest of such bonds. Prior to the preparation of definitive bonds, the municipality may, under like restrictions, issue temporary bonds, with or without coupons, exchangeable for definitive bonds upon the issuance of the latter. The governing body of any such municipality may also provide for the replacement of any bond which shall become mutilated or be destroyed or lost. Such bridge revenue bonds may be issued without any other proceedings or the happening of any other conditions or things than those proceedings, conditions, and things which are specified and required by this article. The powers conferred by this article shall be in addition to the power conferred by any other law, general, special or local, and this article, without reference to any other statute or to any charter, shall be deemed full authority for the purpose hereof. In the discretion of the governing body of any municipality, bridge revenue bonds of a single issue may be issued for the purpose of paying the cost of any one or more bridges.

Miss. Code Ann. § 65-25-17 Lien upon bond proceeds.

All moneys received from any bridge revenue bonds issued pursuant to this article shall be applied solely to the payment of the cost of the bridge or bridges, or to the appurtenant sinking fund, and there is hereby created and granted a lien upon such moneys until so applied, in favor of the holders of such bonds or the trustee hereinafter provided in respect of such bonds.

Miss. Code Ann. § 65-25-19 Trust indenture.

In the discretion of the governing body of any municipality issuing its bonds under the provisions of this article, each or any issue of such bonds may be secured by a trust indenture by and between such municipality and a corporate trustee, which may be any trust company or bank having the powers of a trust company within or outside of the state, which trust indenture may, in the discretion of the governing body, convey or mortgage the revenues, the bridge, or any part thereof. Either the resolution providing for the issuance of bridge revenue bonds or such trust indenture may contain such provisions for protecting and enforcing the rights and remedies of the bondholders as may be reasonable and proper and not in violation of law, including covenants setting forth the duties of such municipality and the governing body thereof in relation to the acquisition, construction, improvement, maintenance, operation, repair, and insurance of the bridges, and the custody, safeguarding, and application of all moneys; and may also provide that the bridge or bridges shall be acquired, constructed, or partly acquired and partly constructed, and paid for under the supervision and approval of consulting engineers employed or designated by the governing body of such municipality and satisfactory to the original purchasers of the bonds issued therefor; and may also require that the security given by contractors and by any depository of the proceeds of the bonds or revenues of the bridges or other moneys pertaining thereto be satisfactory to such purchasers. It shall be lawful for any bank or trust company incorporated under the laws of this state to act as such depository and to furnish such indemnifying bonds or to pledge such securities as may be required by the governing body of such municipality. Such indenture may set forth the rights and remedies of the bondholders and of the trustee, and may restrict the individual right of action of bondholders as is customary in trust indentures securing bonds and debentures of corporations. Except as in this article otherwise provided, the governing body of such municipality may provide, by resolution or by such trust indenture, for the payment of the proceeds of the sale of the bonds and the revenues of the bridges to such officer, board, or depository as it may determine for the custody thereof and for the method of disbursement thereof, with such safeguards and restrictions as it may determine. All expenses incurred in carrying out such trust indenture may be treated as a part of the cost of maintenance, operation, and repair of the bridge or bridges affected by such indenture.

Miss. Code Ann. § 65-25-21 Bridge tolls.

The governing body of any municipality issuing its bonds under the provisions of this article is hereby authorized to fix and to revise from time to time tolls for transit over such bridges, to charge and collect the same, and to contract with any person, partnership, association, or corporation desiring the use of any bridge, its approaches, appurtenances, or any part thereof for placing thereon water, gas, oil pipe lines, telephone, telegraph, electric light or power lines, railroad or street railway tracks, or for any other purpose, and to fix the terms, conditions, rates, and charges for such use. Such tolls shall be so fixed and adjusted, in respect of the aggregate of tolls from the bridge or bridges for which a single issue of bonds is issued, as to provide a fund sufficient, with other revenues of the bridge or bridges, if any, to pay (a) the cost of maintaining, repairing, and operating such bridge or bridges unless such cost shall be otherwise provided for, and (b) the bonds and the interest thereon as the same become due, subject, however, to any applicable law or regulation of the United States of America now in force or hereafter to be enacted or made. Such tolls shall not be subject to supervision or regulation by any state commission, board, bureau, or agency. The tolls from the bridge or bridges for which a single issue of bonds is issued, except such part thereof as may be required to pay the cost of maintaining, repairing, and operating the bridge or bridges and to provide such reserves therefor as may be provided in the resolution authorizing the issuance of the bonds or in the trust indenture, shall be set aside at such regular intervals as may be provided in such resolution or such trust indenture, in a sinking fund which is hereby pledged to, and charged with the payment of, (1) the interest upon such bonds as such interest shall fall due, (2) the principal of the bonds as the same shall fall due, (3) the necessary fiscal agency charges for paying principal and interest, and (4) any premium upon bonds retired by call or purchase as herein provided. The use and disposition of such sinking fund shall be subject to such regulations as may be provided in the resolution authorizing the issuance of bonds or in the trust indenture, but, except as may otherwise be provided in such resolution or trust indenture, such sinking fund shall be a fund for the benefit of all bonds without distinction or priority of one over another. Subject to the provisions of the resolution authorizing the issuance of bonds or of the trust indenture, any moneys in such sinking fund in excess of an amount equal to one year’s interest on all bonds then outstanding may be applied to the purchase or redemption of bonds. All bonds so purchased or redeemed shall forthwith be cancelled and shall not again be issued. Upon the letting of a contract for the construction of a bridge under the provisions of this article, it shall be the duty of state highway commission to proceed with the construction of any highways which may be necessary to connect such bridge with the highway system of the state and to complete the construction of such connecting highway or highways on or before the date such bridge shall be opened for traffic.

Miss. Code Ann. § 65-25-23 Contributions apart from bridge earnings.

Notwithstanding any of the foregoing provisions of Section 65-25-21, any municipality other than the state may, by resolution or ordinance passed prior or subsequent to the issuance of its bonds under the provisions of this article, or by such trust indenture, covenant to contribute funds apart from bridge earnings to pay all or any part of the cost of maintaining, repairing, and operating any bridge or bridges acquired, constructed, or improved by it under the provisions of this article, and may likewise covenant to make such contribution to the payment of bonds and the interest thereon issued pursuant to this article, by another municipality. Such covenant, authorized by such resolution, ordinance, or trust indenture, shall have the force of a contract between such municipality and the holders of the bonds issued on account of such bridge or bridges, and shall obligate the municipality to raise such funds. Any municipality in the state may aid any other municipality in the state and contribute funds to pay any part of the cost of acquiring, constructing, maintaining, repairing, and operating any bridge or bridges; and the twenty miles limitation contained in Section 65-25-3 shall have no application and shall not be construed to restrict such municipality from contributing such funds to aid the municipality which issues its revenue bonds as herein provided. But no such contribution shall be made unless authorized by a majority of the qualified electors voting in favor of same in an election held according to law for the purpose of so authorizing. No municipality shall enter into any contract or covenant provided for in the first paragraph of this section without there being first held an election in which a majority of those voting shall authorize said covenant or contract to be entered into by said municipality. The State of Mississippi, acting by and through the state highway commission as an agency thereof, may receive from the federal government or any agency thereof funds specifically allotted or appropriated by the federal government for constructing, acquiring, maintaining, and repairing bridges across the Mississippi River, which the state highway commission may by resolution allocate to pay the costs or any part thereof of constructing, acquiring, maintaining, repairing, and operating any bridge or bridges acquired, constructed, or improved under this article and to the payment of principal and interest of such bonds.

Miss. Code Ann. § 65-25-25 Cessation of tolls.

When the particular bonds issued for any bridge or bridges and the interest thereon shall have been paid, or a sufficient amount shall have been provided for their payment and shall continue to be held for that purpose, the municipality issuing such bonds shall cease to charge tolls for the use of such bridge or bridges; and thereafter such bridge or bridges shall be free unless tolls are required for maintaining, repairing, and operating such bridge or bridges due to the lack of funds from other sources than tolls. Such provisions shall not apply to common carriers, transportation companies, bus lines, and any one transporting passengers or freight for hire, but shall apply only to the use of highway portion of bridge by traveling public and, as respects any other use, the municipality may continue to fix and collect such tolls and charges as it may deem in the public interest.

Miss. Code Ann. § 65-25-27 Remedies of bondholders and trustee.

Any holder of any bonds issued under the provisions of this article or of any of the coupons attached thereto, and the trustee under the trust indenture, if any, except to the extent the rights herein given may be restricted by resolution passed before the issuance of the bonds or by the trust indenture, may either at law or in equity, by suit, action, mandamus, or other proceeding, protect and enforce any and all rights granted hereunder or under such resolution or trust indenture, and may enforce and compel performance of all duties required by this article, or by such resolution or trust indenture, to be performed by the municipality, its governing body, or by the state highway commission, or any officer thereof, including the fixing, charging, and collecting of tolls for transit over such bridges.

Miss. Code Ann. § 65-25-29 Contributions.

Any municipality, in addition to the revenues which may be received from the sale of bridge revenue bonds and from the collection of tolls and other bridge revenues derived under the provisions of this article, shall have authority to receive and accept from any federal agency, state, state agency, municipality, municipal agency, or other political subdivision grants for or in the aid of the construction or acquisition of any bridge, and to receive and accept contributions from any source of either money or property or other things of value, to be held, used, and applied only for the purpose for which such grants and contributions may be made.

Miss. Code Ann. § 65-25-31 Competing bridges and ferries.

No bridge for the use of the traveling public located as provided in Section 65-25-3 shall hereafter be constructed and operated by any county, municipal corporation, or political subdivision of the state, or by any person, copartnership, association, or corporation, and no franchise shall hereafter be granted for the operation of a ferry within fifteen miles of any toll bridge for the acquisition or construction of which bridge revenue bonds shall have been authorized under this article, except under a written permit granted by the state highway commission. No such permit shall be granted by the state highway commission until it shall ascertain by an investigation, including a hearing upon such notice and under such rules as the commission may prescribe, that there is an urgent public need for the operation of such bridge or such ferry, and that its operation will not affect the revenues of any bridge purchased or constructed under the provisions of this article so as to impair the security of any bridge revenue bonds issued for the acquisition or construction of such bridge.

Miss. Code Ann. § 65-25-33 General powers of municipalities.

The governing body of any municipality issuing its bonds under the provisions of this article shall have power to make and enter into all contracts or agreements necessary or incidental to the execution of its powers under this article, may employ engineering, architectural and construction experts, inspectors, attorneys, and such other employees as may be deemed necessary, and may fix their compensation. All such compensation and all expenses incurred in carrying out the provisions of this article shall be paid solely from funds provided under the authority of this article, and no liability or obligation shall be incurred hereunder beyond the extent to which money shall have been provided under the authority of this article. Any municipality may exercise any powers which may be conferred upon it by acts of the Congress of the United States or any adjoining state in which a portion of such bridge may be located or which are necessary or convenient for the execution of its powers under this article. All public or private property damaged or destroyed in carrying out the powers granted under this article shall be restored or repaired and placed in its original condition, as nearly as practicable, or adequate compensation made therefor out of funds provided by this article. The powers and duties of municipalities and the governing bodies thereof hereinabove enumerated in this article shall not be construed as a limitation on the general powers or duties of such municipalities or the governing bodies thereof. It shall be the duty of the governing body of any municipality issuing its bonds pursuant to the provisions of this article, in addition to the powers and duties enumerated in this article, to do and perform any and all things and acts necessary in the construction or acquisition, maintenance, and operation of any bridge to be constructed or acquired under the provisions of this article, to the end that such bridge or bridges may become and be operated free of tolls as early as possible and practicable, subject only to the express limitations of this article and the limitations of the other laws and constitutional provisions applicable thereto.

Miss. Code Ann. § 65-25-35 Bridge revenue refunding bonds.

Any municipality is hereby authorized to provide by resolution for the issuance of bridge revenue refunding bonds of such municipality for the purpose of refunding any bridge revenue bonds issued under the provisions of this article and then outstanding. The issuance of such bridge revenue refunding bonds, the maturities and other details thereof, the rights of the holders thereof, and the duties of such municipality and of any other municipality or the state highway commission in respect to the same, shall be governed by the foregoing provisions of this article insofar as the same may be applicable, and by the following provisions: No bridge revenue refunding bonds shall be delivered unless delivered in exchange for bridge revenue bonds to be refunded thereby, except in the amount necessary to provide for the payment of matured or redeemable bridge revenue bonds or bridge revenue bonds maturing or redeemable within three months, including any redemption premium thereon. No bridge revenue refunding bonds shall be issued unless issued to refund bridge revenue bonds which have matured or will mature within six months, or unless the interest rate of the bridge revenue refunding bonds shall be at least one fourth of one percent (1/4 of 1%) less than the interest rate borne by the bridge revenue bonds to be refunded.

Miss. Code Ann. § 65-25-37 Bridges and bonds exempt from taxation.

The exercise of the powers conferred by this article constitute the performance of essential governmental functions, and as bridges which are owned and operated by municipalities constitute public property used for public purposes, such bridges shall at all times be free from taxation within the state. No municipality shall be required to pay taxes or assessments upon any such bridge or any part thereof owned by it, whether located within or without the corporate limits of such municipality, and bonds issued under the provisions of this article, their transfer, and the income therefrom (including any profits made on the sale thereof) shall at all times be free from taxation within the state.

Miss. Code Ann. § 65-25-39 Article liberally construed.

This article, being necessary for the welfare of the state and its inhabitants, shall be liberally construed to effect the purposes hereof. But this article shall not be construed to repeal the laws under which any bridge has heretofore been constructed or operated by any county of the state and, as to such counties, the present laws shall remain in force and effect.

Miss. Code Ann. § 65-25-41 Debt limitations not to apply.

Such bonds may be issued for the purpose herein and, regardless of the amount thereof, same shall not be subject to the limitations as to amount of bonded debt based upon amount of the assessed value of taxable property, in a municipality or county.

Miss. Code Ann. § 65-25-43 Bridge commission may be created.

The governing authorities of any county or city of this state which has acquired or may hereafter acquire any combined railroad and highway bridge over the Mississippi River, as authorized by Sections 65-23-1 through 65-23-21 or Sections 65-25-1 through 65-25-41, and has issued its bridge revenue bonds for the purpose of financing the cost of such acquisition may, by appropriate resolution, create a commission of not less than five nor more than seven members to manage the affairs of said bridge, said appointees to be qualified electors of such governing body of high character, integrity, and business acumen. The board of supervisors of such county or the governing authority of such city may, by such resolution, prescribe the tenure of office of such commissioners (but no appointment shall be for a term exceeding five years), may prescribe the duties, powers and rights of such commission and provide for the reasonable compensation, if any, of such commissioners. Said resolution shall not impair or enlarge nor the acts of said commissioners thereunder increase or diminish the obligations of said governing body under the trust indenture or resolution under which the revenue bonds of such body were issued; and the acts of such commissioners shall regularly, and not less than four times each year, be reported to such governing body and be subject to its approval and concurrence.

Miss. Code Ann. § 65-25-45 General powers of commissioners.

The commissioners appointed by such governing body or municipality shall, subject to the approval of such governing body, have the following authority, powers and rights: Said commissioners may adopt reasonable bylaws for the conduct of said commission. Said commissioners shall be governed by and fulfill the terms and provisions of the trust indenture or resolution under which the revenue bonds of such governing body were issued, and in so doing the commission shall manage and control the bridge, the approaches thereto, and all appurtenant and physical properties connected therewith, both real and personal, and shall provide for the regular inspection, repair, maintenance and improvement of said bridge and its approaches. Said commission may make any contract and authorize any purchases from the funds realized from the revenues of said bridge and available under the trust indenture or resolution under which the bridge revenue bonds of the governing body were issued for the purposes of repairs, maintenance and improvements, which said contracts and purchases may, in the sound business judgment of the commission, be made without the necessity of prior advertisement or public bids. Said commissioners may employ a superintendent or manager of the bridge properties, fix the amount of his salary, either employ or delegate to said manager the employment of all subordinate personnel, provide for the wages and compensation of such subordinate employees, and shall require the said manager and such other employees as the commissioners may require to give bond, with sufficient surety, to be payable, conditioned and approved as provided by law, in a penalty equal to Ten Thousand Dollars ($10,000.00). The commissioners may place in effect, reclassify, revise and charge a schedule of tolls for transit over said bridge properties, and alter or revise the toll schedule as often as it shall appear necessary or proper; provide for the collection of such tolls and all other revenues and the safe handling and deposit of the funds so received, prepare such budgets and estimates alone or in connection with consulting engineers annually, or for such lesser period of time as may be deemed desirable; provide for an adequate bookkeeping system and regular audits, and keep or cause to be kept full and correct records of finances of said bridge; negotiate for all contracts incidental to or necessary for the proper insurance, maintenance, repair, improvement and operation of said bridge, including employer’s liability insurance with medical benefits for those employed by the commission for the operation and maintenance of said bridge; do and perform all other acts and negotiate for all other contracts which in the sound judgment of the commissioners, meeting with the approval of the governing body issuing the revenue bonds, are desirable or necessary in the interest of the proper, efficient, and economical management and operation of the said bridge and the advancement of the business thereof, all toward the object of fulfilling the obligations in the trust indenture or resolution under which the governing body authorized and issued its revenue bonds, and toward the ultimate freeing of the said bridge from tolls, as to the vehicular portion thereof, at the earliest date possible.

Miss. Code Ann. § 65-25-47 Records of bridge operation kept separate.

The governing body of such county or city shall cause to be kept separate minutes and records of the operation of such bridge properties available for public inspection, which minutes from time to time shall show the approval or disapproval of the actions of said commission. Concerning the management and operation of said bridge by the commission and the governing body of said city or county, there shall be no obligation on said commission, nor shall there be any general obligation on said city or county, other than from the revenues derived from the operation of said bridge properties and as may be set forth or provided for in the trust indenture or resolution under which the revenue bonds of such governing body were issued for the acquisition of said bridge properties.

Miss. Code Ann. § 65-25-49 Commission to manage certain bridges.

The governing authorities of any county or city of this state which has acquired or may hereafter acquire any combined railroad and highway bridge over the Mississippi River, as authorized by Sections 65-23-1 through 65-23-21 or Sections 65-25-1 through 65-25-41, and which has discharged the bridge revenue bonds which were issued for the purpose of financing the cost of such acquisition and has freed the bridge as to the vehicular portion thereof from tolls may, by appropriate resolution, create a commission of five members to manage the affairs of said bridge, said appointees to be qualified electors of such governing body of high character, integrity, and business acumen; and, if such governing body has already created a commission under the provisions of Sections 65-25-43 through 65-25-47, then in lieu of creating another commission, the governing authorities of such county or city may, by order entered upon the minutes of such authority, continue the present commission in effect.

Miss. Code Ann. § 65-25-51 Appointment, term, and compensation of members.

The board of supervisors of such county or the governing authority of such city shall appoint the members of such commission. In making the first appointments, one (1) member shall be appointed for a term of one (1) year, one (1) member for a term of two (2) years, one (1) member for a term of three (3) years, one (1) member for a term of four (4) years, and one (1) member for a term of five (5) years. If the governing authorities shall elect to continue an existing commission in effect, then the order so providing shall reappoint the membership of such commission for varying terms of from one (1) to five (5) years, as hereinabove provided in cases of a newly established commission and, thereafter, their successors shall be appointed for a term of five (5) years. Said governing authorities shall, by resolution entered upon their minutes, prescribe the duties, powers, and rights of such commission and provide for the reasonable compensation, if any, of such commissioners. The acts of such commissioners shall regularly, and not less than four (4) times each year, be reported to such governing body and be subject to its approval and concurrence.

Miss. Code Ann. § 65-25-53 Authority of commission.

The commissioners appointed by such governing body or municipality, or the commissioners whose terms are continued in force as above authorized, shall, subject to the approval of such governing body, have the following authority, powers, and rights: Said commission shall manage and control the affairs of the bridge as a separate proprietary venture, apart from other public roads and bridges within the county, and shall provide for the regular inspection, repair, maintenance, and upkeep of said bridge and its approaches, which expenses and all liabilities which may exist or later come into being or be claimed to exist shall be wholly borne from the bridge properties themselves and the revenues received from the lease of such properties to private or public utilities. In connection with operating the affairs of the said bridge and maintaining the same, said commission is vested with the following powers and authority, subject to the veto power or approval of the governing body owning the said bridge, viz: (1) Contracts and purchases shall be made on the same basis and under the same requirements of advertisement for bids as those made by the board of supervisors; (2) the commissioners may employ a superintendent or manager of the bridge properties and fix the amount of his salary, and either employ or delegate to said manager the employment of subordinate personnel and provide for the wages and compensation of such employees, and, should the commission so determine, may require the manager or other employees to post bond in such sum as the commission may designate for the faithful discharge of their duties as such employees; however, the number of persons employed in an election year shall not exceed the average number employed during the preceding three (3) years, except that additional employees may be hired on a temporary basis in cases of emergency when the specific reasons therefor shall be entered on the minutes of the commission; (3) provide for an adequate bookkeeping system pertinent to the affairs of said bridge and for regular audits, with the revenues derived following the freeing of said bridge to vehicular traffic, if any there be over and above cost of operating and maintaining the said bridge, to be kept by the clerk of the said board or treasurer of the said municipality in a separate account and to so remain, properly invested in the same manner as sinking funds of the county or municipality may be invested, said assets to be subject to bear and discharge the liabilities of the said bridge and not to be utilized for any other or different purpose until a period of at least five (5) years following the freeing of the said bridge from tolls (unless sooner there be another free bridge constructed and opened to public travel crossing said Mississippi River located not more than one (1) mile from said bridge, in which event that factor, rather than the five-year time limit, shall be determinative), and then not until a determination is made by the board or governing authority that such funds, to the extent amassed, will not be further needed for operational maintenance purposes; and that said audits thus caused to be made shall be done by a certified public accountant or accountants duly qualified under the laws of this state; (4) that, without in anywise sacrificing or waiving the entire exempt status of the said bridge properties from ad valorem taxation, to pay a sum or sums in lieu of ad valorem taxes which, by agreement with the taxing authorities of this or any neighboring state, will in no event exceed in any year a sum equaling more than one-half (1/2) of the average amount paid per year by way of such taxes or in lieu thereof over the five-year period preceding June 15, 1966; (5) employ nationally recognized engineers and such other professional assistance as may be deemed necessary, and to pay reasonable compensation for such services; (6) to have and exercise any other authority and right conferred by existing laws, state or federal, applicable to the operation of such bridge; and (7) fulfill the requirements of any outstanding lease contracts to the extent that the bridge properties will permit and the revenues to be derived from such leases will allow, but without incurring any pecuniary liability on the part of the governing authorities or taxpayers generally.

Miss. Code Ann. § 65-25-55 Obligation in connection with operation of bridge.

The governing body of such county or city shall cause to be kept separate minutes and records of the operation of such bridge properties available for public inspection, which minutes from time to time shall show the approval or disapproval of the actions of said commission. Concerning the management and operation of said bridge by the commission and the governing body of said city or county, there shall be no obligation on said commission, nor shall there be any general obligation on said city or county, other than from the revenues to be derived from the operation of said bridge properties.

Miss. Code Ann. § 65-25-57 Limitation on costs of managing bridge properties.

The said commission shall serve at the pleasure of the governing body of the political subdivision. Should said governing body not create the said commission, or should it determine following its creation to revoke the authority of and terminate the said commission, then the powers and authority hereby reposed shall vest in and be exercised by such governing body, the board of supervisors of said county or the governing authority of said city. Such governing body shall by appropriate order fix or approve the rules and regulations of the commission which shall assure that all the costs of administering the bridge properties shall be exclusively borne from bridge revenues and not from any funds derived from taxation; and said governing authority shall by appropriate order fix or approve the compensation, if any, of the commissioners and the extra fees and reasonable allowances to be paid to the clerk of said governing authority to reasonably compensate such clerk for the extra services and work hereby required. The combined total of all of such costs of administering and handling said funds, as above in this section particularized, shall not exceed seven and one-half percent (71/2%) of the aggregate sum of the funds received from such bridge revenues and regulated by the provisions hereof; if the commission not be created or be discontinued, such percentage shall be not more than five percent (5%), and no member of the board of supervisors or governing body of such municipality shall be authorized by Sections 65-25-49 through 65-25-61 to receive any additional compensation.

Miss. Code Ann. § 65-25-59 Audit.

The bridge commission shall be subject to the same type of audit as the boards of supervisors of the counties of the state.

Miss. Code Ann. § 65-25-61 Law supplemental to other statutes.

Sections 65-25-49 through 65-25-61 shall be in addition to and supplemental to all other laws pertinent to the operation of said bridge but, to the extent the subjects herein contained are covered in such prior enactments, the cited sections and the enactments hereof shall be deemed to supersede such former laws and enactments.

Miss. Code Ann. § 65-25-63 Payment to municipality in lieu of taxes.

The governing authorities of any county which has heretofore issued bridge revenue bonds or bridge revenue refunding bonds for the purpose of acquiring a combined highway and railway bridge over the Mississippi River as authorized under the provisions of Sections 65-25-1 through 65-25-41 may, in their discretion and in lieu of taxes, annually pay to any municipality of this state in which the portion of said bridge properties lying within the State of Mississippi are located a sum not exceeding that required to be paid and paid by way of ad valorem taxes for the year 1961 within or to a sister state or the political subdivisions thereof. Such payment or payments in lieu of taxes as are hereby authorized and as may be determined upon by the board of supervisors of any county owning such bridge, concurred in by any commission appointed under authority of Sections 65-25-43 through 65-25-47, to have control over the affairs of said bridge, shall be made from any fund created by such bond resolution or indenture enabling the caring for of contingencies not otherwise provided for. However, in no event shall such payment or payments impair any debt service fund or debt service reserve fund or lessen the minimum amount by said bond resolution or indenture required to be carried in any debt service fund or debt service reserve fund created by said resolution or indenture. The municipality, upon receipt of such payment or payments, must treat and account for the same just as though and as if such funds had been received from ad valorem taxation for general municipal purposes.

Miss. Code Ann. § 65-25-101 Compact with State of Arkansas.

The Governor, by and with the advice and consent of the Senate, shall appoint three (3) commissioners to enter into a compact on behalf of the State of Mississippi with the State of Arkansas. If the Senate is not in session at the time for making such appointments, the Governor shall make temporary appointments as in the case of a vacancy. Any two (2) of the commissioners so appointed, together with the Attorney General of the State of Mississippi, may act to enter into the following compact: COMPACT BETWEEN ARKANSAS AND MISSISSIPPI CREATING AN ARKANSAS-MISSISSIPPI BRIDGE COMMISSION Article I There is hereby created an Arkansas-Mississippi Bridge Commission (hereinafter referred to as the commission) which shall be a body corporate and politic and which shall have the following powers and duties: 1. To plan, construct, maintain and operate a bridge and approaches thereto across the Mississippi River at or near Helena, Arkansas, and Friars Point, Mississippi, at a point deemed by the commission as most suitable to the interests of the citizens of the States of Arkansas and Mississippi in accordance with the provisions of an act of the Seventy-Ninth Congress, Second Session, of the United States entitled “The General Bridge Act of 1946”; 2. To purchase, maintain and, in its discretion, to operate all or any ferries across the Mississippi River within twenty-five miles of the site selected for the bridge; 3. To contract, to sue and be sued in its own name; to purchase or otherwise acquire, hold and dispose of real and personal property; 4. To acquire by proper condemnation proceedings such real property as may be necessary for the construction and operation of the bridge and the approaches thereto; 5. To issue bonds on the security of the revenues derived from the operation of the bridge and ferries for the payment of the cost of the bridge, its approaches, ferry or ferries, and the necessary lands, easements and appurtenances thereto including interest during construction and all necessary engineering, legal, architectural, traffic surveying and other necessary expenses. Such bonds shall be the negotiable bonds of the commission, the income of which shall be tax free. The principal and interest of the bonds, and any premiums to be paid for their retirement before maturity, shall be paid solely from the revenues derived from the bridge and ferries; 6. To establish and charge tolls for transit over such bridge and ferries in accordance with the provisions of this compact; 7. To perform all other necessary and incidental functions. Article II The rates oftolls to be charged for transit over such bridge and ferries shallbe so adjusted as to provide a fund sufficient to pay for the reasonablecost of maintenance, repairs and operation (including the approachesto the bridge) under economical management, and also to provide asinking fund sufficient to pay the principal and interest of the outstandingbonds. All tolls and other revenues derived from facilities of thecommission are hereby pledged to such uses. Article III The commissionshall keep an accurate record of the cost of the bridge and otherexpenses and of the daily revenues collected and shall report annuallyto the governor of each state setting forth in detail the operationsand transactions conducted by it pursuant to this agreement and anylegislation thereunder. Article IV When the bondshave been retired, the part of the bridge within the State of Arkansasshall be conveyed to the State of Arkansas, and the part within theState of Mississippi to the State of Mississippi, and the high contractingparties to this compact do hereby agree that thereafter the bridgeshall be free of tolls and shall be properly maintained, operatedand repaired by the two states as may be agreed upon. Article V The commissionshall consist of eighteen members, nine of whom shall be qualifiedelectors of the State of Mississippi and nine of whom shall be qualifiedelectors of the State of Arkansas. The Arkansas members are to bechosen by the State of Arkansas, and the Mississippi members are tobe chosen by the State of Mississippi, in the manner and for the termfixed by the Legislature of each state, except as herein provided.The first commission, acting under this compact, shall be the presentmembers of the Arkansas-Mississippi Bridge Commission heretofore appointedunder the terms and provisions of Act of Congress approved May 17,1939 (Public Act 80, 76th Congress), as amended by Act of Congressapproved June 19, 1948 (Public Act 701, 80th Congress), said commissionconsisting of the following members: J. B. Lambert, Helena, Arkansas;R. L. Brooks, Helena, Arkansas; K. B. Lasswell, Helena, Arkansas;John C. Sheffield, Helena, Arkansas; C. N. Houck, Marianna, Arkansas;William Campbell, Forrest City, Arkansas; Clarence Thomas, Clarendon,Arkansas; Ballard Deane, St. Charles, Arkansas; DeWitt Poe, McGehee,Arkansas; W. K. Anderson, Clarksdale, Mississippi; E. Cage Brewer,Jr., Clarksdale, Mississippi; M. D. Brett, Clarksdale, Mississippi;R. N. Baltzer, Clarksdale, Mississippi; Sol Hirsburg, Friars Point,Mississippi; John Dunlap, Batesville, Mississippi; Noel M. Hodge,Oxford, Mississippi; Grady Cook, Pontotoc, Mississippi; James A. Finley,Tupelo, Mississippi. Article VI 1. The Commission shall elect from its number a chairman and a vice-chairman and may appoint such officers and employees as it may require for the performance of its duties and shall fix and determine their qualifications and duties. 2. Until otherwise determined by the legislatures of the two states no action of the commission shall be binding unless taken at a meeting at which at least five members from each state are present and unless a majority of the members from each state present at such meeting shall vote in favor thereof. Each state reserves the right hereafter to provide by law for the exercise of the veto power by the governor thereof over any action of any commissioner appointed therefrom. 3. The two states shall provide penalties for violations of any order, rule or regulation of the commission, and for the manner of enforcing same. Article VII The commissionis authorized and directed to proceed with the planning and constructionof the bridge and the approaches thereto as rapidly as may be economicallypracticable and is hereby vested with all necessary and appropriatepowers, not inconsistent with the constitution or the laws of theUnited States or of either state, to effect the same, except the powerto assess or levy taxes. Article VIII In witness thereof,we have hereunto set our hands and seals under authority vested inus by law. In the presence of:

Miss. Code Ann. § 65-25-103 Effect of signing compact.

The compact, when signed by the signatories of each state as herein provided, shall become binding upon the State of Mississippi and shall be filed in the office of the Secretary of State of Mississippi.

Miss. Code Ann. § 65-25-105 Vacancies on commission.

Vacancies occurring in the office of any appointed commissioner shall be filled by appointment by the Governor, by and with the advice and consent of the Senate, for the unexpired term.

Miss. Code Ann. § 65-25-107 Congressional approval of compact.

The commission shall have power to apply to the Congress of the United States for its consent and approval of the compact; but in the absence of such consent of Congress and until the same shall have been secured, the compact shall be binding upon the State of Mississippi in all respects permitted by law for the two States of Arkansas and Mississippi without the consent of Congress to cooperate, for the purposes enumerated in the compact and in the manner provided therein.

Miss. Code Ann. § 65-25-121 Compact with State of Arkansas.

The Governor of the State of Mississippi, acting on behalf of this state, is hereby authorized to execute a compact, to be known as the “Arkansas-Mississippi Great River Bridge Construction Compact,” in substantially the following form, with the State of Arkansas, and the Legislature hereby signifies in advance its approval and ratification of such compact, to wit: ARKANSAS-MISSISSIPPI GREAT RIVER BRIDGE CONSTRUCTION COMPACT ARTICLE I The purpose of this compact is to promote the construction of a highway bridge or a combined highway-railroad bridge connecting the States of Mississippi and Arkansas at, near or between Rosedale, Mississippi, and McGehee and Dumas, Arkansas, and to establish a joint interstate authority to assist in these efforts. ARTICLE II This compact shall become effective immediately as to the States ratifying it whenever the States of Arkansas and Mississippi have ratified it and Congress has given consent thereto. ARTICLE III The states which are parties to this compact (hereinafter referred to as “Party States”) do hereby establish and create a joint agency which shall be known as the Arkansas-Mississippi Great River Bridge Authority (hereinafter referred to as “The Authority”). The membership of The Authority shall consist of five (5) members from the State of Mississippi, to be selected in such manner as may be provided by laws enacted by the Legislature of the State of Mississippi, and five (5) members from the State of Arkansas, to be selected in such manner as may be provided by laws enacted by the Arkansas General Assembly. The terms of the members of such Authority from each of the Party States, the method of appointing successor members, and the method of filling vacancies on The Authority, shall be determined by the laws of Mississippi and Arkansas. The members of The Authority shall not be compensated for services on The Authority, but each member shall be entitled to actual and reasonable expenses incurred in attending meetings or incurred otherwise in the performance of his/her duties as a member of The Authority. The members of The Authority shall meet upon the call of the chairman and hold such other meetings as its business may require. Special meetings of The Authority may be called by the chairman or upon written request of a majority of the members of The Authority from each of the Party States. The Authority shall choose annually a chairman and vice chairman from its members, and the chairmanship shall rotate each year among the Party States, in order of their acceptance of this compact. The Secretary of The Authority (hereinafter provided for) shall notify each member in writing of all meetings of The Authority in such a manner and under such rules and regulations as The Authority may prescribe. The Authority shall adopt rules and regulations for the transaction of its business; and the secretary shall keep a record of all its business and shall furnish a copy thereof to each member of The Authority. It shall be the duty of The Authority, in general, to promote, encourage, and coordinate the efforts of the Party States to secure the development of the Arkansas-Mississippi Great River Bridge at, near or between Rosedale, Mississippi, and McGehee-Dumas, Arkansas. Toward this end, The Authority shall have power to: Hold hearings; Conduct studies and surveys of all problems, benefits, and other matters associated with the construction of the Arkansas-Mississippi Great River Bridge, and to make reports thereon; Acquire by gift, grant or otherwise, from local, federal, or private sources, such money or property as may be provided for the proper performance of their function, and to hold and dispose of the same and to expend such monies as is necessary to defray the costs of establishing and operating The Authority; Cooperate with other public or private groups, whether local, state, regional, or national, having an interest in the bridge construction; Formulate and execute plans and policies for emphasizing the purpose of this compact before the Congress of the United States and other appropriate officers and agencies of the United States; Negotiate with one or more railroads in the State of Mississippi and the State of Arkansas, and with the appropriate federal authorities for the construction of the Arkansas-Mississippi Great River Bridge as a combined highway-railroad bridge. If necessary, The Authority may enter into a contract with one or more railroads and/or the appropriate agencies of Congress to borrow funds for the construction of the railroad portion of the bridge, to be reimbursed, including all costs of principal, interest and other costs in connection with such indebtedness, by revenues derived from rental fees, grants, or other charges, with such indebtedness to be secured solely by a pledge of such revenues; and Exercise such other powers as may be appropriate to enable it to accomplish its functions and duties in connection with the construction of the Arkansas-Mississippi Great River Bridge as a highway bridge or a combined highway-railroad bridge, and to carry out the purposes of this compact. ARTICLE IV The Authority shall appoint a secretary, who shall be a person familiar with the nature, procedures, and significance of the bridge construction and the informational, educational, and publicity methods of stimulating general interest in such developments, and who shall be the compact administrator. The term of office of the secretary shall be at the pleasure of The Authority and such officer shall receive such compensation as The Authority shall prescribe from monies provided to The Authority under Article III(f)(iii). The secretary shall maintain custody of The Authority’s books, records, and papers, which shall be kept by the secretary at the office of The Authority, and shall perform all functions and duties and exercise all powers and authorities which may be delegated to the secretary of The Authority. ARTICLE V Nothing in this compact shall be construed so as to conflict with any existing statute, or to limit the powers of any Party State, or to repeal or prevent legislation, or to authorize or permit curtailment or diminution of any other bridge project, or to affect any existing or future cooperative arrangement or relationship between any federal agency and a Party State. ARTICLE VI This compact shall continue in force and remain binding upon each Party State until the Legislature or Governor of each or either state takes action to withdraw therefrom; provided that such withdrawal shall not become effective until six (6) months after the date of the action taken by the Legislature or Governor. Notice of such action shall be given to the other Party State by the secretary of state of the Party State which takes such action.

Miss. Code Ann. § 65-25-123 Representation on The Authority.

The five (5) members to represent the State of Mississippi on The Authority for the Arkansas-Mississippi Great River Bridge Construction Compact shall be the Governor of the State of Mississippi and one (1) representative of the Mississippi State Highway Department and three (3) other citizens of the State of Mississippi to be appointed by the Governor. The appointive members shall serve for terms of four (4) years each. Vacancies shall be filled by the Governor for the unexpired terms.

Miss. Code Ann. § 65-25-125 Powers of members of The Authority and compact administrator.

There is hereby granted to the members of The Authority for the State of Mississippi, and to the compact administrator, all the powers provided for in the Arkansas-Mississippi Great River Bridge Construction Compact Authority. All officers of the State of Mississippi are hereby authorized and directed to do all things falling within their respective jurisdictions, which are necessary or incidental to carrying out the purposes of the Arkansas-Mississippi Great River Bridge Construction Compact.

Miss. Code Ann. § 65-25-127 Ratification of compact; exchange of documents.

When the Governor shall have executed said compact on behalf of this state and shall cause a verified copy thereof to be filed with the Secretary of State, and when said compact shall have been ratified by the State of Arkansas, then said compact shall become operative and effective as between the States of Arkansas and Mississippi. The Governor is hereby authorized and directed to take such action as may be necessary to complete the exchange of official documents between this state and the State of Arkansas with respect to ratifying said compact.

Miss. Code Ann. § 65-25-129 Authority to use monies in State Highway Department Fund to match federal funds.

The State Highway Commission is authorized to use any monies in the State Highway Department Fund that are not appropriated or otherwise encumbered for any other purpose, to match federal funds that are made available for preliminary engineering of the Arkansas-Mississippi Great River Bridge or for any other project in connection with preliminary engineering, including environmental impact studies.

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