§ 65-4-1. Short title
This chapter shall be known and may be cited as the “Economic Development Highway Act.”
§ 65-4-11. Report and recommendations of Department of Transportation with respect to proposed highway construction or improvement project
Before approving any application under this chapter the board shall have the Mississippi Department of Transportation, or the political subdivision if the political subdivision will have the construction or improvement performed, prepare and submit to it a detailed engineering study and report of all estimated costs associated with the construction and improvement of the highways […]
§ 65-4-13. Notice of approval of application; approval prohibited where cost of project exceeds available funds
If, after reviewing the application of the political subdivision and the report of the State Highway Department or political subdivision, the board determines that the application meets the requirements for approval and should be approved, the board shall notify the political subdivision and the State Highway Commission of its approval and contracts may be let. […]
§ 65-4-15. Economic Development Highway Fund
There is hereby established a special fund in the State Treasury to be known as the “Economic Development Highway Fund” which shall consist of such monies as the Legislature shall appropriate thereto or such other monies as the Legislature may designate to be deposited therein. Any monies to the credit of such fund may be […]
§ 65-4-17. Standards for construction or improvement of highways and highway segments; entity responsible for maintaining highways constructed or improved
Any highways or highway segments authorized to be constructed or improved by the Mississippi Department of Transportation or political subdivision under the provisions of this chapter shall be constructed or improved to bear a load limit of at least eighty thousand (80,000) pounds. For any project approved from and after April 12, 1993, if at […]
§ 65-4-19. Transfer of funds; definitions
The State Highway Commission, acting through the Director of the State Highway Department, is hereby authorized and directed as follows: on each transfer date, the State Highway Commission shall transfer from the State Highway Fund into the appropriate fund specified below the sum equal to the investment account surplus for such transfer date. During fiscal […]
§ 65-4-21. Payment into fund; warrant
On each transfer date the Director of the State Highway Department shall make requisition upon the State Fiscal Management Board and thereupon the State Fiscal Management Board shall issue its warrant to the State Treasurer, who shall immediately pay the same into the appropriate fund specified in Section 65-4-19 as provided by law.
§ 65-4-23. Conflict of interests
No member of the Legislature, elected official or appointed official, or any partner or associate of any member of the Legislature, elected official or appointed official, or member of their family, shall derive any income or thing of value from the restructuring of any investments held in the investment account established pursuant to Section 4(c) […]
§ 65-4-25. Resolution to issue general obligation bonds for Economic Development Highway Fund
The Mississippi Development Authority, acting through its executive director, is authorized, at one 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 Economic Development Highway Fund established in Section 65-4-15, Mississippi Code of 1972. Upon […]
§ 65-4-27. Payment of principal and interest on bonds
For the payment of the principal of and interest on the bonds issued under Sections 65-4-25 through 65-4-45, the full faith, credit, and taxing power of the State of Mississippi are hereby irrevocably pledged. If the funds appropriated by the Legislature be insufficient to pay the principal of and interest on the bonds as they […]
§ 65-4-29. Terms of bonds; option to redeem; issuance and sale
Such bonds as are authorized to be issued under Sections 65-4-25 through 65-4-45 may be executed and delivered by the state at any time and from time to time, may be in such form and denominations and of such terms and maturities, may be in fully registered form or in bearer form registrable either as […]
§ 65-4-3. Purpose
It is the purpose of this chapter to promote, attract and secure industrial and other significant development in the state through the construction and improvement of highways in areas of the state which demonstrate actual and immediate potential for the creation or expansion of major industry or other significant development which is heavily dependent upon […]
§ 65-4-31. Interest rates
No bond issued under Sections 65-4-25 through 65-4-45 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 on the bonds; and all bonds of the same maturity shall bear the same rate of interest from date to […]
§ 65-4-33. Notice of sale
If the bonds issued under Sections 65-4-25 through 65-4-45 are to be sold on sealed bids at public sale, notice of the sale 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 […]
§ 65-4-35. Execution of bonds and interest coupons
All bonds issued under Sections 65-4-25 through 65-4-45 shall be executed on behalf of the state by the manual or facsimile signature of the Chairman of the State Bond Commission and shall be countersigned by the manual or facsimile signature of the Secretary of the State Bond Commission. All coupons shall be executed on behalf […]
§ 65-4-37. Disbursement of proceeds; payment of costs
Upon the issuance and sale of bonds under Sections 65-4-25 through 65-4-45, the State Bond Commission shall transfer the proceeds of any such sale or sales to the Economic Development Highway Fund. The proceeds of such bonds shall be disbursed solely upon the order of the Executive Director of the Mississippi Department of Economic Development […]
§ 65-4-39. Authority to request and issue warrants to pay principal and interest when due
The State Treasurer is hereby authorized, without further process of law, to certify to the Fiscal Management Board the necessity for warrants, and the board is hereby authorized and directed to issue such warrants payable out of any funds authorized by Sections 65-4-25 through 65-4-45 for such purpose, in such amounts as may be necessary […]
§ 65-4-41. Bonds to be legal investments
Bonds issued under Sections 65-4-25 through 65-4-45 shall be legal investments for commercial banks, trust companies, savings and loan associations and insurance companies organized under the laws of this state.
§ 65-4-43. Taxation
All bonds issued under Sections 65-4-25 through 65-4-45 and the income therefrom shall be exempt from all taxation within the State of Mississippi, except gift, transfer and inheritance taxes.
§ 65-4-45. Relationship with other laws
Sections 65-4-25 through 65-4-45, without reference to any other statute, shall be deemed to be full and complete authority for the issuance of such bonds, and shall be construed as an additional and alternative method therefor, and none of the present restrictions, requirements, conditions or limitations of law applicable to the issuance or sale of […]