MCA Chapter 26

in effect

Miss. Code Ann. § 65-26-1 Legislative declaration of purpose.

It is hereby declared, as a matter of legislative determination, that the Tennessee-Tombigbee Waterway is one of Mississippi’s basic resources, and that the utilization, development, conservation and regulation of such waterway is necessary to promote and enhance the balanced economic development of the state. It is further determined and declared that the use, development, conservation and regulation of waters of the Tennessee-Tombigbee Waterway for domestic, municipal, commercial, industrial, agricultural and manufacturing purposes, for recreational uses, transportation, economic development, irrigation, navigation and pollution abatement are, as a matter of public policy, for the general welfare of the entire people of the state. The provisions of this chapter are determined to be necessary and essential to the accomplishment of the aforesaid purposes, and that this chapter operates on a subject in which the state-at-large is interested.

Miss. Code Ann. § 65-26-3 Definitions.

For purposes of this chapter, the following words and terms shall have the meanings ascribed herein unless the context shall otherwise require: “General obligation bonds” shall mean bonds of the State of Mississippi, to the repayment of which, both as to principal and interest, the full faith, credit and taxing power of the State of Mississippi are irrevocably pledged until the principal and interest are paid in full. “Highway Commission” shall mean the State Highway Commission. “Bond commission” shall mean the state bond commission. “Corps of Engineers” shall mean the United States Army Corps of Engineers. “Bridge construction fund” shall mean the Tennessee-Tombigbee Waterway bridge construction fund as created by Section 65-26-25. “Bond retirement fund” shall mean the Tennessee-Tombigbee Waterway bridge bond retirement fund created by Section 65-26-9.

Miss. Code Ann. § 65-26-5 Construction of bridges or tunnels by State Highway Commission; cooperation with federal government.

The Highway Commission, subject to the Corps of Engineers’ approval of the plans, is hereby granted full and complete authority to perform any act necessary and proper to plan, construct and maintain any or all of the bridges or tunnels, authorized by subsection (2) of this section as funds are available, which shall span the Tennessee-Tombigbee Waterway from the funds derived from this chapter and any other funds available for such construction except that no state funds other than those explicitly provided by this chapter shall be used. The Highway Commission may construct bridges or tunnels, whichever is more feasible as determined by the commission, only on United States Highways 45, 72, 78, 82 and 278 and Mississippi Highways 4, 6, 25, 30 and 50, as funds are available as authorized by this chapter. Any bridge or tunnel constructed on United States Highways 45, 72, 78 and 82 shall have four (4) lanes. Any bridge or tunnel constructed on United States Highway 278 and Mississippi Highways 4, 6, 25, 30 and 50 shall have two (2) lanes. The bridges or tunnels shall be constructed by order of priority as determined by the Highway Commission based on the criteria of keeping the construction of the Tennessee-Tombigbee Waterway on schedule. The Highway Commission is hereby authorized and directed, in the discharge of its duties under this chapter, to cooperate with the Corps of Engineers, and Department of Transportation and any other federal agency to receive any available federal funds or to secure the assumption by the federal government of all or any part of the costs of planning or constructing the bridges or tunnels and shall enter into an agreement that any bridges or tunnels on highways constructed or reconstructed, in whole or in part, with federal funds allocated for the purposes of this chapter shall be owned and operated by the State of Mississippi, and that the state will operate and maintain such bridges or tunnels or highways.

Miss. Code Ann. § 65-26-7 Limitation on state expenditures; excess state expenditures.

The intent of the legislature is for the state to invest not more than the amount necessary to pay the principal of and the interest on twenty-five percent (25%) of the bonds issued under the authority of subsection (1) of Section 65-26-15, not to exceed the principal amount of ten million dollars ($10,000,000.00), being twenty-five percent (25%) of the forty million dollars ($40,000,000.00) authorized to be issued. In the event the state is required to pay in excess of this amount, the state auditor of public accounts shall maintain a record of such excess expenditures, and the revenue pledged shall continue to be deposited in the bond retirement fund until the principal of and interest on all bonds issued under the authority of subsection (1) of Section 65-26-15 shall have been paid and the state has been reimbursed for its excess expenditures. The local participation shall be seventy-five percent (75%) of the total obligation incurred by the state, and such amount shall be paid into the bond retirement fund as set forth in this chapter. The intent of the legislature is for the counties of Alcorn, Chickasaw, Clay, Itawamba, Lee, Lowndes, Monroe, Noxubee, Kemper, Pontotoc, Prentiss and Tishomingo to pay the principal of and the interest on one hundred percent (100%) of the additional bonds in the amount of thirty million dollars ($30,000,000.00) issued under the authority of subsection (2) of Section 65-26-15. If at any time the bond retirement fund has a balance in excess of the amount needed to pay the principal of and interest on the bonds maturing in the ensuing two (2) fiscal years, such excess, to the extent necessary, shall be paid into the General Fund of the State of Mississippi until such time as the state has been reimbursed for expenditures in excess of twenty-five percent (25%) of the total costs of the principal and interest on bonds issued under the authority of subsection (1) of Section 65-26-15 and for all expenditures for costs of the principal and interest on bonds issued under the authority of subsection (2) of Section 65-26-15, and the balance of such excess shall be deposited into the bridge construction fund for cash expenditure on the construction of bridges.

Miss. Code Ann. § 65-26-9 Creation of Tennessee-Tombigbee Waterway Bridge Bond Retirement Fund; allocation of amounts on deposit.

There is hereby created in the State Treasury a special fund to be known as the Tennessee-Tombigbee Waterway Bridge Bond Retirement Fund. All revenues pledged for the payment of the principal of and interest on the bonds authorized to be issued by this chapter shall be deposited into the bond retirement fund. Expenditures from the bond retirement fund shall be made only in accordance with this section. Subject to the provisions of subsection (3) of this section, amounts on deposit in the bond retirement fund and not immediately required for the making of any payments therefrom shall be invested in interest-bearing certificates of deposit in accordance with the provisions of Section 27-105-33, except interest so earned shall be credited to the bond retirement fund. There is hereby established within the bond retirement fund two (2) separate accounts as follows: (i) the “Tennessee-Tombigbee General Account”; and (ii) the “Tennessee-Tombigbee Principal and Interest Account.” All amounts held in the bond retirement fund on April 23, 1986, and all amounts thereafter deposited in the bond retirement fund, shall be credited to the Tennessee-Tombigbee General Account. Until such time as the transfer of funds from the Tennessee-Tombigbee General Account to the Tennessee-Tombigbee Principal and Interest Account occurs as provided in paragraph (b)(iii) of this subsection, amounts in the general account shall be applied to the following purposes and in the following order of priority: first, to the extent required, to the payment, the principal of, redemption premium, if any, and interest on general obligation bonds; second, to the extent required, to the General Fund of the state to reimburse the state for expenditures in excess of twenty-five percent (25%) of the total costs of the principal and interest on bonds issued under authority of subsection (1) of Section 65-26-15 and for all expenditures for costs of the principal of and interest on bonds issued under authority of subsection (2) of Section 65-26-15; and third, to the extent required, if any, to the bridge construction fund created in Section 65-26-25 to make current payments to meet contractual obligations for bridge construction. Upon certification of the State Treasurer, filed with and approved by the State Bond Commission, that the amount on deposit in the Tennessee-Tombigbee General Account, together with earnings on investments to accrue to it, is equal to or greater than the aggregate of the entire principal, redemption premium, if any, and interest due and to become due, until the final maturity date or earlier scheduled redemption date thereof, on all general obligation bonds outstanding as of the date of such certification, then the State Treasurer shall transfer from the Tennessee-Tombigbee General Account to the Tennessee-Tombigbee Principal and Interest Account an amount equal to the entire principal, redemption premium, if any, and interest due and to become due, until the final maturity date or scheduled redemption date thereof, on all general obligation bonds outstanding as of the date of such transfer. The State of Mississippi hereby covenants with the holders from time to time of general obligation bonds that amounts deposited in the Tennessee-Tombigbee Principal and Interest Account will be applied solely to the payment of the principal of, redemption premium, if any, and interest on general obligation bonds. After the date of the transfer from the general account to the principal and interest account contemplated by paragraph (b)(iii) of this subsection, amounts from time to time on deposit in the Tennessee-Tombigbee General Account shall be applied monthly to the following purposes and in the following order of priority: first, to the extent required, to the payment of the principal of, redemption premium, if any, and interest on general obligation bonds issued under this chapter; second, to the extent required, to the General Fund of the state to reimburse the state for expenditures in excess of twenty-five percent (25%) of the total costs of the principal and interest on bonds issued under authority of subsection (1) of Section 65-26-15 and for all expenditures for costs of the principal of and interest on bonds issued under authority of subsection (2) of Section 65-26-15; and third, to the extent required, if any, to the bridge construction fund created in Section 65-26-25 to make current payments to meet contractual obligations for bridge construction. It is the intent of the Legislature that all outstanding general obligation bonds issued under this chapter shall be retired by the State Bond Commission on the earliest scheduled redemption date thereof, provided that there are sufficient funds in the bond retirement fund together with earnings on investments to accrue to it. When the principal of, redemption premium, if any, and interest on all such outstanding general obligation bonds are paid in full, then any amounts remaining in the bond retirement fund, or separate accounts therein, together with earnings on investments to accrue to it, shall be apportioned and paid as follows: Three Million Five Hundred Thousand Dollars ($3,500,000.00) of such funds shall be paid into the appropriate fund for use by the Yellow Creek State Inland Port Authority for equipment or facilities necessary to the operation of the port. Three Million Five Hundred Thousand Dollars ($3,500,000.00) shall be paid into the State General Fund. Seven Million Five Hundred Thousand Dollars ($7,500,000.00) shall be paid to Tishomingo County. Of the Seven Million Five Hundred Thousand Dollars ($7,500,000.00), (i) Two Million Five Hundred Thousand Dollars ($2,500,000.00) shall be placed by the county in a special trust fund, the principal of which shall remain inviolate and the interest on which shall be expended solely for improvement of elementary and secondary education in Tishomingo County and distributed among the school districts therein based on the average daily attendance in each, and (ii) Five Million Dollars ($5,000,000.00) shall be placed in the county general fund and may be expended for general county purposes. The balance of such funds shall be paid to the Counties of Alcorn, Chickasaw, Clay, Itawamba, Lee, Lowndes, Monroe, Noxubee, Kemper, Pontotoc, Prentiss and Tishomingo. Such funds shall be paid to such counties in the proportion that each county’s contribution to the bridge bond fund bears to the total contribution from all twelve (12) counties; however, no county shall be paid more than Five Million Dollars ($5,000,000.00) under this paragraph (d). Such funds shall be deposited by the county into a special account to be expended solely for economic development purposes. No expenditure of funds from the special account shall be made unless the amount to be expended from the special account is matched by other county funds in an amount equal to fifteen percent (15%) of the special account funds to be expended and until the Mississippi Board of Economic Development, upon application by the board of supervisors, has certified that the proposed expenditure is for economic development purposes and has approved the expenditure for such purposes; provided, however, the fifteen percent (15%) match hereinabove imposed shall not be required when the proposed expenditure for economic development purposes is on land owned or leased by the federal, state, county or municipal government.

Miss. Code Ann. § 65-26-11 Levy and disposition of bridge tolls.

The Highway Commission may levy tolls on any bridge provided for in Section 65-26-5 where the highway commission determines such tolls to be feasible. Tolls shall be levied only at such time as is provided for in subsection (3)(b)(iii) of Section 65-26-19. The revenue derived from any tolls shall be deposited directly into the bond retirement fund, and shall be used only to defray the costs incident to the collection of such tolls, the construction, maintenance and equipment of toll stations and to retire bonds issued pursuant to the provisions of this chapter, or to reimburse the State of Mississippi for any advances or expenditures in excess of twenty-five percent (25%) of the principal of and interest on bonds issued under the authority of subsection (1) of Section 65-26-15 or to reimburse the State of Mississippi for any expenditures on the principal of and interest on bonds issued under the authority of subsection (2) of Section 65-26-15. Any tolls shall be collected until terminated as provided by subsection (3) of Section 65-26-19.

Miss. Code Ann. § 65-26-13 Levy and disposition of state special improvement ad valorem tax in certain counties.

A state special improvement ad valorem tax of one (1) mill on the dollar for the year 1976 and for each year thereafter until eliminated as provided in subsection (4) of this section is hereby levied by the State of Mississippi on all taxable property in the counties of Tishomingo, Prentiss, Itawamba, Monroe, Clay and Lowndes of the State of Mississippi. The tax levied by subsection (1) of this section shall be a supplemental special improvement tax levy and shall be in addition to any other state, county, municipal or other ad valorem tax being levied in any such county. The tax shall not be reimbursable under any provisions of the Homestead Exemption Law of this state. The proceeds of the tax levied by subsection (1) of this section shall be paid to the State Tax Commission which shall deposit the proceeds into the bridge bond retirement fund. The proceeds of the tax shall be used only to retire any bonds issued pursuant to the provisions of this chapter, or to reimburse the State of Mississippi for any advances or expenditures in excess of the state share. The state special improvement ad valorem tax levied pursuant to this section shall cease to be levied or collected for any fiscal year after the 1986 fiscal year.

Miss. Code Ann. § 65-26-15 Issuance of negotiable general obligation bonds authorized; acceptance and use of other funds.

The Highway Commission is hereby authorized, at one (1) time or from time to time, to declare by resolution the necessity for issuance of negotiable general obligation bonds of the State of Mississippi to provide funds for the purpose of paying all or any part of the cost of the planning or construction of the bridges or tunnels, authorized by this chapter to receive state funds, over the Tennessee-Tombigbee Waterway, but in no event shall the amount of bonds issued exceed a total of Forty Million Dollars ($40,000,000.00) for such planning or construction of such bridges or tunnels. The counties of Alcorn, Chickasaw, Clay, Itawamba, Lee, Lowndes, Monroe, Noxubee, Kemper, Pontotoc, Prentiss and Tishomingo are hereby obligated to reimburse the State of Mississippi for seventy-five percent (75%) of the total cost of the bonds, not to exceed Thirty Million Dollars ($30,000,000.00), and to pay the debt service thereon. In the manner and for the purposes described in subsection (1) of this section, the Highway Commission is hereby authorized at one (1) time or from time to time, to declare by resolution the necessity for issuance of additional negotiable general obligation bonds of the State of Mississippi in an amount not to exceed Thirty Million Dollars ($30,000,000.00). The counties of Alcorn, Chickasaw, Clay, Itawamba, Lee, Lowndes, Monroe, Noxubee, Kemper, Pontotoc, Prentiss and Tishomingo are hereby obligated to reimburse the State of Mississippi for one hundred percent (100%) of the total cost of the bonds issued under the authority of this subsection and to pay the debt service thereon. Notwithstanding the foregoing provisions of this section, no general obligation bonds authorized herein shall be issued after April 23, 1986. The Highway Commission is authorized to accept and to use funds from whatever source available, other than state funds which are not explicitly pledged under this chapter, in completing the construction authorized by this chapter and shall furnish to the State Bond Commission the amounts of federal funds to be expended on each bridge or tunnel, which is to be partially funded under the provisions of this chapter. The Highway Commission shall not request bonds to be issued in an amount which when added to other funds available will exceed the actual cost of construction nor where construction of any such bridge or tunnel may be accomplished by the Corps of Engineers or any other federal agency.

Miss. Code Ann. § 65-26-17 Levy of bridge tax in certain counties for purpose of funding payment of interest and principal upon bonds.

For the purpose of providing funds for the payment of interest and principal upon bonds authorized by this chapter, there shall be levied, assessed and shall be collected, when required by this chapter, from every person in the Counties of Alcorn, Chickasaw, Clay, Itawamba, Kemper, Lee, Lowndes, Monroe, Noxubee, Pontotoc, Prentiss and Tishomingo engaging in or doing business, a tax which may be cited as a “bridge tax” which shall be in addition to all other taxes now imposed, as hereinafter provided: Such tax shall be a sum equal to one-half percent (1/2%) of the retail sales made in such counties. Persons liable for the tax imposed herein shall add the amount of the tax to the sales price or gross income, and in addition thereto shall collect, insofar as practicable, the amount of the tax due by him from the person receiving the service or goods at the time of payment therefor. Such tax shall be paid to the State Tax Commission or its successor, on a form to be prescribed by the State Tax Commission, in the same manner that state sales taxes are computed, collected and paid; and the full enforcement provisions and all other provisions of Chapter 119, Laws of 1934, as amended, shall apply as necessary to the implementation and administration of this chapter. The proceeds of such tax shall be paid into the bond retirement fund.

Miss. Code Ann. § 65-26-19 Duty of bond commission as to bonds; pledge of funds and revenues for payment of bonds.

Upon the adoption of a resolution by the Highway Commission, declaring the necessity for the issuance of any part or all of the general obligation bonds authorized by this chapter, the Highway Commission shall deliver a certified copy of its resolution or resolutions to the Bond Commission. Upon receipt of same, the Bond Commission shall, in its discretion, act as the issuing agent, prescribe the form of the bonds, advertise for and accept bids, issue and sell the bonds so authorized to be sold, and do any and all other things necessary and advisable in connection with the issuance and sale of such bonds. For the payment of said bonds and the interest thereon, the full faith, credit, and taxing power of the State of Mississippi are hereby irrevocably pledged. If the legislature shall find that there are funds available in the General Fund of the Treasury of the State of Mississippi in amounts sufficient to pay maturing principal and accruing interest of said general obligation bonds, and if the legislature shall appropriate such available funds to the bond retirement fund for the purpose of paying such maturing principal and accruing interest, then the maturing principal and accruing interest of said bonds shall be paid from appropriations made from the General Fund of the Treasury of the State of Mississippi by the legislature thereof. But, if there are not available sufficient funds in the bond retirement fund and General Fund of the Treasury of the State of Mississippi to pay the maturing principal and accruing interest of said bonds, or if such funds are available and the legislature should fail to appropriate a sufficient amount thereof to pay such principal and accruing interest as the same becomes due, then, and in that event, there shall annually be levied upon all taxable property within the State of Mississippi an ad valorem tax at the rate sufficient to provide the funds required to pay the said bonds at maturity and the interest thereon as the same accrues. From and after that year in which the state shall become obligated to make the final expenditure of the ten million dollars ($10,000,000.00) required by Section 65-26-7, there is hereby pledged the net revenue derived from the funds received by the State of Mississippi from the Tennessee Valley Authority in lieu of ad valorem taxes, being twelve and two-tenths percent (12.2%) of the total funds paid by the Authority in Mississippi, as provided in Section 27-37-301, Mississippi Code of 1972, said funds to be deposited directly into the bond retirement fund. Such funds paid by the Authority in lieu of ad valorem taxes are hereby pledged for the payment of principal of and interest on bonds authorized by subsection (1) of Section 65-26-15. When twenty-five percent (25%) of the total costs of the bonds and the debt service thereon has been paid by the use of funds of the State of Mississippi, the diversion of such funds from the Authority from the general fund of the State of Mississippi into the bond retirement fund shall cease. For repayment to the State of Mississippi to the extent of the local share of all bonds issued under the authority of this chapter and the interest thereon, there are hereby pledged the following revenues: From and after January 1, 1976, any sum in excess of the sum received in 1975 by the counties of Alcorn, Chickasaw, Clay, Itawamba, Kemper, Lee, Lowndes, Monroe, Noxubee, Pontotoc, Prentiss and Tishomingo from funds paid by the Tennessee Valley Authority to said counties under the provisions of Section 27-37-301, Mississippi Code of 1972, which shall be deposited directly into the bond retirement fund; The revenue derived from the one (1) mill special improvement ad valorem tax levied by Section 65-26-13; The revenue derived from the levy of tolls as required by Section 65-26-11; provided, however, that no toll shall be levied or collected until such time as the revenue from the following sources is insufficient to pay the annual cost of the principal of the bonds and the interest thereon; the funds paid the state as set forth in subparagraph (a) until terminated as provided therein, the funds paid the counties as set forth in subparagraph (b)(i), the one (1) mill tax as set forth in subparagraph (b)(ii), and a sum equal to the portion of the balance of the bond retirement fund representing the state’s participation therein; The revenue derived from the levy of the bridge tax as provided in Section 65-26-17; provided, however, that no such tax shall be levied or collected until revenue from the following sources shall be insufficient to pay the annual costs of the principal of the bonds and the interest thereon: the funds paid the state as set forth in subparagraph (a) until terminated as provided therein, the funds paid the counties as set forth in subparagraph (b)(i), the one (1) mill tax set forth in subparagraph (b)(ii), the tolls as set forth in subparagraph (b)(iii) and a sum equal to the portion of the balance of the bond retirement fund representing the state’s participation therein. If the revenue provided for in subparagraphs (b)(i), (b)(ii) and (b)(iii) is sufficient for a period of two (2) consecutive years, to meet the cost of the principal of the bonds and the interest maturing thereon, the levy of the bridge tax as set forth in subparagraph (b)(iv) of this section shall cease; If the revenue provided for in subparagraphs (b)(i) and (b)(ii) is sufficient, for a period of two (2) consecutive years, to meet the cost of the principal of the bonds and the interest maturing thereon, the tolls as set forth in subparagraph (b)(iii) of this section shall cease to be collected. If, at any time after the bridge tax shall cease to be collected to be used to pay the cost of the principal of the bonds and interest thereon, the revenue provided for in subparagraphs (b)(i), (b)(ii) and (b)(iii) shall be insufficient to pay the annual costs of the principal and interest on the bonds, the state tax commission shall again levy the bridge tax. If, at any time after the tolls shall cease to be collected for payment of the bonds and interest thereon, the revenue provided for in subparagraphs (b)(i) and (b)(ii) shall be insufficient to pay the annual costs of the principal and interest on the bonds, the State Highway Commission shall again collect the tolls. Such bonds shall bear date or dates, be in such denomination or denominations, bear interest at such rate or rates, be payable at such place or places within or without the State of Mississippi, shall mature absolutely at such time or times, be redeemable prior to maturity at such time or times and upon such terms, with or without premium, shall bear such registration privileges, and shall be substantially in such form, all as shall be determined by resolution of the bond commission. Provided, however, that such bonds shall mature in annual installments beginning not more than two (2) years from date thereof and extending not more than twenty (20) years from date thereof. Such bonds shall be signed by the chairman of the Bond Commission, or by his facsimile signature, and the official seal of the bond commission shall be affixed thereto, attested by the secretary of the bond commission. The interest coupons to be attached to such bonds may be executed by the facsimile signatures of said officers. Whenever any such bonds shall have been signed by the officials herein designated to sign the bonds, who were in office at the time of such signing but who may have ceased to be such officers prior to the sale and delivery of such bonds, or who may not have been in office on the date such bonds may bear, the signatures of such officers upon such bonds and coupons shall nevertheless be valid and sufficient for all purposes and have the same effect as if the person so officially signing such bonds had remained in office until the delivery of the same to the purchaser, or had been in office on the date such bonds may bear.

Miss. Code Ann. § 65-26-21 Bonds as negotiable instruments; exemption from taxation.

All general obligation bonds of the State of Mississippi and interest coupons issued under the provisions of this chapter shall have and are hereby declared to have all the qualities and incidents of negotiable instruments under the Uniform Commercial Code of the State of Mississippi. Such bonds and the income therefrom shall be exempt from all taxation within the State of Mississippi.

Miss. Code Ann. § 65-26-23 Sale of bonds; interest.

The Bond Commission shall sell such bonds on sealed bids at public sale, and for such price as it may determine to be for the best interest of the State of Mississippi, but no such sale shall be made at a price less than par plus accrued interest to date of delivery of the bonds to the purchaser. The bonds authorized by this chapter shall not bear a greater overall maximum interest rate to maturity than eight percent (8%) per annum. No bond shall bear more than one (1) rate of interest; each bond shall bear interest from its date to its stated maturity date at the interest rate specified in the bid; all bonds of the same maturity shall bear the same rate of interest from date to maturity; all interest accruing on such bonds so issued shall be payable semiannually or annually, except that the first interest coupon attached to any such bond may be for any period not exceeding one (1) year. No interest payment shall be evidenced by more than one (1) coupon and neither cancelled nor supplemental coupons shall be permitted; the lowest interest rate specified for any bonds issued shall not be less than seventy percent (70%) of the highest interest rate specified for the same bond issue. The interest rate of any one (1) maturity shall not exceed eight percent (8%). Each interest rate specified in any bid must be in a multiple of one-eighth of one percent (1/8 of 1%) or one-tenth of one percent (1/10 of 1%) and a zero rate of interest cannot be named. Notice of the sale of any such bonds shall be published at least two (2) times, the first of which shall be made not less than ten (10) days prior to the date of sale, and shall be so published in one or more newspapers having a general circulation in the City of Jackson and in one or more other newspapers or financial journals with a large national circulation, to be selected by the Bond Commission. The Bond Commission, when issuing any bonds under the authority of this chapter, shall provide that bonds maturing eleven (11) or more years after the date of the issuance of such bonds may, at the option of the State of Mississippi, be called in for payment and redemption in reverse numerical order at the call price named therein and accrued interest, or on the tenth anniversary of the date of issue, or on any interest payment date thereafter prior to maturity.

Miss. Code Ann. § 65-26-25 Transfer and use of proceeds of bond sales.

Upon the issuance and sale of such bonds, the Bond Commission shall transfer the principal proceeds of any such sale or sales to the bridge construction fund hereby created in the state treasury. The proceeds of such bonds shall be used solely for the payment of the cost of the project or combined projects, which shall include costs incident to the issuance and sale of such bonds, and shall be disbursed solely upon the order of the Highway Commission under such restrictions, if any, as may be contained in the resolution providing for the issuance of the bonds. Any revenues transferred to the bridge construction fund from the bond retirement fund as provided in this chapter shall be expended for the construction of any bridges described in Section 65-26-5 upon the order of the Highway Commission. Such revenues shall not be commingled with any other funds in the bridge construction fund but shall be kept separate and distinct therefrom. Any funds in the bridge construction fund which are not needed to make current payments to meet contractual obligations shall be invested in interest-bearing certificates of deposit in accordance with the provisions of Section 27-105-33, except interest so earned shall be credited to the bridge construction fund. When all contracts for bridge construction are paid in full then all funds in the bridge construction fund and all funds invested as provided in subsection (3) of this section shall be transferred to the bond retirement fund and no further diversion or transfer of said funds shall be made to the bridge construction fund.

Miss. Code Ann. § 65-26-27 Rights and remedies of bondholders.

Any holder of bonds issued under the provisions of this chapter or of any of the interest coupons pertaining thereto 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, and may enforce and compel performance of all duties required by this chapter to be performed, in order to provide for the payment of bonds and interest thereon.

Miss. Code Ann. § 65-26-29 Conditions on issuance of bonds; validation of bonds.

Such general obligation 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 or required by this chapter. Any resolution providing for the issuance of general obligation bonds under the provisions of this chapter shall become effective immediately upon its adoption by the bond commission, and any such resolution may be adopted at any regular, special or adjourned meeting of the bond commission by a majority of its members. The bonds authorized under the authority of this chapter shall be validated in the chancery court of Hinds County, Mississippi, in the manner and with the force and effect provided now or hereafter by Chapter 13, Title 31, Mississippi Code of 1972, for the validation of county, municipal, school district, and other bonds. The necessary papers for such validation proceedings shall be transmitted to the state bond attorney by the secretary of the bond commission, and the required notice shall be published in a newspaper published in the City of Jackson, Mississippi.

Miss. Code Ann. § 65-26-31 Bonds as legal investments and securities.

All bonds issued under the provisions of this chapter shall be legal investments for trustees and other fiduciaries and for savings banks, trust companies, and insurance companies organized under the laws of the State of Mississippi, and such bonds shall be legal securities which may be deposited with and shall be received by all public officers and bodies of this state and all municipalities and bodies of this state and all municipalities and political subdivisions for the purpose of securing the deposit of public funds.

Miss. Code Ann. § 65-26-33 Force and effect of chapter.

This chapter shall be deemed to be full and complete authority for the exercise of the powers herein granted, but this chapter shall not be deemed to repeal or to be in derogation of any existing law of this state whereunder projects of the character herein defined may be constructed or financed.

Miss. Code Ann. § 65-26-35 Withdrawal of funds from bridge construction fund; report by highway commission.

The funds which are transferred from the sale of bonds under this chapter and such other funds as may be transferred to the bridge construction fund may be withdrawn only in the following manner: the funds shall be paid by the State Treasurer upon warrants issued by the State Auditor of Public Accounts, which warrants shall be issued upon requisition by the Highway Commission, signed by the director. All expenditures ordered by the Highway Commission shall be entered upon its minutes, and the Highway Commission shall submit a full report of its work and all the transactions carried on by it, and a complete statement of all its expenditures at the next regular session of the legislature.

Miss. Code Ann. § 65-26-37 Duties of attorney general as to bonds; expenditures for costs of issuing bonds.

Except as otherwise authorized in Section 7-5-39, the Attorney General of the State of Mississippi shall represent the Transportation Commission in issuing, selling and validating bonds herein provided for, and said Transportation Commission is hereby authorized and empowered to expend any sum not to exceed Forty Thousand Dollars ($40,000.00) on approval by the State Bond Commission from the proceeds derived from the sale of bonds authorized in subsections (1) and (2) of Section 65-26-15, or from other funds available to the Transportation Commission, to pay the cost of approving attorney’s fees, validating, printing and cost of delivery of bonds authorized under this chapter.

Miss. Code Ann. § 65-26-39 Repealed.

Repealed by Laws 1987, ch 403, eff from and after passage (approved March 20, 1987). [En Laws, 1976, ch 492, § 21]