Public agency authority concerning project; contracts with DECD; indebtedness.

Miss. Code Ann. § 57-1-363
in effect
Sign in to generate a plain English summaryAsk Belisarius Agent
For the purpose of aiding in the planning, design, undertaking and carrying out of the project or any facility related to the project, any public agency is authorized and empowered upon such terms, with or without consideration, as it may determine: To enter into agreements, which may extend over any period, with DECD respecting action to be taken by such public agency with respect to the acquisition, planning, construction, improvement, operation, maintenance or funding of the project or any such facility, and which agreements may include (i) the appropriation or payment of funds to DECD or to a trustee in amounts which shall be sufficient to enable DECD to defray any designated portion or percentage of the expenses of administering, planning, designing, constructing, acquiring, improving, operating, and maintaining the project or any facility related to the project, (ii) the appropriation or payment of funds to DECD or to a trustee to pay interest and principal (whether at maturity or upon sinking fund redemption) on bonds issued pursuant to Sections 57-1-351 through 57-1-369 and to fund reserves for debt service, for operation and maintenance and for renewals and replacements, and to fulfill requirements of any covenant with respect to debt service contained in any resolution, trust indenture or other security agreement relating to the bonds issued pursuant to Sections 57-1-351 through 57-1-369, and (iii) the furnishing of other assistance in connection with the project or facility related to the project; To dedicate, sell, donate, convey or lease any property or interest in property to DECD or grant easements, licenses or other rights or privileges therein to DECD; To incur the expense of any public improvements made or to be made by such public agency in exercising the powers granted in this section; To lend, grant or contribute funds to DECD; To cause public buildings and public facilities, including parks, playgrounds, recreational areas, community meeting facilities, water, sewer or drainage facilities, or any other works which it is otherwise empowered to undertake, to be furnished to or with respect to the project or any such facility; To furnish, dedicate, close, vacate, pave, install, upgrade or improve highways, streets, roads, sidewalks, airports, railroads, or ports; To plan or replan, zone or rezone any parcel of land within the public agency or make exceptions from land use, building and zoning regulations; and To cause administrative and other services to be furnished to DECD, including services pertaining to the acquisition of real property and the furnishing of relocation assistance. Any contract between a public agency entered into with DECD pursuant to any of the powers granted by Sections 57-1-351 through 57-1-369 shall be binding upon the public agency according to its terms, and such public agency shall have the power to enter into such contracts as in the discretion of the governing authorities thereof would be to the best interest of the people of such public agency. Such contracts may include within the discretion of such governing authorities of public agencies defined under Section 57-1-351(g)(ii) a pledge of the full faith and credit of such public agency for the performance thereof. If at any time title to or possession of the project or any such facility is held by any public body or governmental agency other than DECD, including any agency or instrumentality of the United States of America, the agreements referred to in this section shall inure to the benefit of and may be enforced by such public body or governmental agency. Notwithstanding any provisions of Sections 57-1-351 through 57-1-369 to the contrary, any contract entered into between DECD and any public agency for the appropriation or payment of funds to DECD under paragraph (a)(ii) of this section shall contain a provision therein requiring monthly payments by the public agency to pay its indebtedness and, if the public agency is not a county or municipality, such contract shall include as an additional party to the contract the county or municipality (referred to in this paragraph as “levying authority”) that levies and collects taxes for the contracting public agency. If the public agency fails to pay its indebtedness for any month, DECD shall certify to the State Tax Commission, or other appropriate agency, the amount of the delinquency, and the State Tax Commission shall deduct such amount from the public agency’s or levying authority’s, as the case may be, next allocation of sales taxes, petroleum taxes, highway privilege taxes, severance taxes, Tennessee Valley Authority payments in lieu of taxes and homestead exemption reimbursements in that order of priority. The State Tax Commission, or other appropriate agency, shall pay the sums so deducted to DECD to be applied to the discharge of the contractual obligation.

Starting a business in Mississippi? Mississippi LLC guide: costs and requirements