§ 19-29-1. Short title
This chapter shall be known and may be cited as the “Railroad Authorities Law.”
§ 19-29-11. Submission of resolutions of regional authority to Secretary of State; certificate of incorporation
Upon the appointment and qualification of the commissioners first appointed to a regional railroad authority, they shall submit to the Secretary of State a certified copy of each resolution adopted pursuant to subsection (1) of Section 19-29-9 by the counties included in the regional authority. Upon receipt thereof, the Secretary of State shall issue a […]
§ 19-29-13. Proof of authorization or existence of county or regional railroad authority
In any suit, action or proceeding involving the validity or enforcement of, or relating to, any contract of a county railroad authority, created pursuant to Section 19-29-7, the county authority shall be conclusively deemed to have become established and authorized to transact its business and exercise its powers upon proof of the adoption by the […]
§ 19-29-15. Commissioners; expenses; quorum; officers
A commissioner of an authority shall receive no compensation for his services, but shall be entitled to the necessary expenses, including traveling expenses, incurred in the discharge of his duties. Each commissioner shall hold office until his successor has been appointed and has qualified. The certificates of the appointment and reappointment of commissioners shall be […]
§ 19-29-17. General powers of railroad authority
An authority shall have all the powers necessary or convenient to carry out the purposes of this chapter (excluding the power to levy and collect taxes or special assessments, unless otherwise specified in the chapter) including, but not limited to, the power: To sue and be sued, to have a seal, and to have perpetual […]
§ 19-29-18. Ad valorem tax for acquisition and maintenance of railroad properties
The governing body of a county railroad authority or regional railroad authority, as the case may be, may file a petition with the board of supervisors of any county included in the railroad authority, specifying for each such county, the rate of the ad valorem tax, not to exceed two (2) mills, to be levied […]
§ 19-29-19. Acquisition of property by eminent domain
In the acquisition of property by eminent domain proceedings authorized by this chapter, an authority shall proceed in the manner provided by Chapter 27 of Title 11, Mississippi Code of 1972, and as elsewhere provided by law. For the purpose of making surveys and examinations relative to eminent domain proceedings, it shall be lawful for […]
§ 19-29-21. Disposal of railroad property or facilities
Except as may be limited by the terms and conditions of any grant, loan or agreement authorized by Section 19-29-17 an authority may, by sale, lease or otherwise, dispose of any of its railroad property and facilities, or other property, or portion thereof or interest therein, acquired pursuant to this chapter. Such disposal by sale, […]
§ 19-29-23. Contracts or leases in connection with operation of railroad properties and facilities
In connection with the operation of railroad properties and facilities owned or controlled by an authority, the authority may enter into contracts, leases and other arrangements with any persons: Granting the privilege of using or improving the railroad properties and facilities or any portion or facility thereof or space therein for railroad purposes; Conferring the […]
§ 19-29-25. Rules and regulations
An authority is authorized to adopt, amend and repeal such reasonable resolutions, rules, regulations and orders as it shall deem necessary for the management, government and use of any railroad properties and facilities owned by it or under its control. No rule, regulation, order or standard prescribed by the commission shall be inconsistent with, or […]
§ 19-29-27. Designation of agent for receipt and disbursement of funds
An authority is authorized to designate the Governor’s office of planning and coordination as its agent to accept, receive, receipt for and disburse federal and state moneys, and other moneys, public or private, made available by grant or loan or both, to accomplish in whole or in part, any of the purposes of this chapter. […]
§ 19-29-29. Issuance of bonds by authority; security; limitation of liability thereon; tax exemption
An authority shall have power to issue bonds from time to time, in its discretion, for any of its corporate purposes. An authority shall also have power to issue refunding bonds for the purpose of paying or retiring bonds previously issued by it. An authority may issue such types of bonds as it may determine, […]
§ 19-29-3. Legislative findings and declaration of purpose
It is hereby declared by the Legislature of the State of Mississippi that railroad transportation and commerce is essential to the economic well-being of the state and the development of its natural resources and its agriculture and industry, and the preservation, development and maintenance of the state’s rail service is in the public interest and […]
§ 19-29-31. Resolution authorizing issuance of bonds; terms and covenants
The issuance of bonds by an authority shall be authorized by a resolution of the governing body of such authority. Every such resolution shall be adopted by the affirmative vote of at least three-fifths (3/5) of all the members of such governing body. A resolution in compliance with this section shall include any covenants with […]
§ 19-29-33. Form and details of bonds
Bonds authorized by resolution of the authority may be issued in one or more series and shall bear such date or dates, mature at such time or times, bear interest at such rate or rates, provided that the bonds of any issue shall not bear a greater overall maximum interest rate to maturity than that […]
§ 19-29-35. Trust agreement securing bonds
In the discretion of the authority, the bonds may be further secured by a trust agreement by and between the authority and a corporate trustee, which may be any trust company or bank incorporated under the laws of the United States or the laws of any state in the United States. Any such trust agreement […]
§ 19-29-37. Bonds to be legal investments and negotiable instruments
The bonds issued under the provisions of this chapter shall be legal investments for the state, municipal corporations, political subdivisions, public bodies, commercial banks, savings and loan associations and insurance companies organized under the laws of this state. All bonds and appurtenant coupons issued pursuant to this chapter shall be negotiable instruments within the meaning […]
§ 19-29-39. Property and income of authority exempt from taxation
Any property in this state acquired by an authority for railroad purposes pursuant to the provisions of this chapter, and any income derived by the authority from the ownership, operation or control thereof shall be exempt from taxation to the same extent as other property belonging to political subdivisions of this state.
§ 19-29-41. Real property of authority exempt from levy and execution
All real property of an authority shall be exempt from levy and sale by virtue of an execution, and no execution or other judicial process shall issue against the same nor shall any judgment against an authority be for a charge or lien upon its real property; however, the provisions of this section shall not […]
§ 19-29-43. Aid and cooperation of political subdivisions
For the purpose of aiding and cooperating in the planning, undertaking, acquisition, construction, reconstruction or operation of the railroad facilities pursuant to the provisions of this chapter, any county for which an authority has been created and any city, town or village located therein, may, upon such terms, with or without consideration, as it may […]