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 […]
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 […]
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 […]
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 […]
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 […]
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, […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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.
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 […]
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 […]
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 […]
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 […]
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 […]
