§ 77-6-1. Short title
This chapter shall be known and may be cited as the “Municipal Gas Authority of Mississippi Law.”
§ 77-6-11. Board of commissioners
The authority shall consist of a board of commissioners appointed by the respective utility commissions of the municipalities which are members of the authority. Each municipality shall appoint one (1) commissioner who may, at the discretion of the municipality, be an officer or employee of the municipality, the appointment to be made by resolution. Each […]
§ 77-6-13. Executive committee of board of commissioners
The board of commissioners of the authority may create an executive committee of the board of commissioners. The board may provide for the composition of the executive committee so as to afford, in its judgment, fair representation of the member municipalities. The executive committee shall have and exercise such of the powers and authority of […]
§ 77-6-15. Rights and powers of authority
The authority shall have all of the rights and powers necessary or convenient to carry out and effectuate the purposes and provisions of this chapter, including, but without limiting the generality of the foregoing, the rights and powers: To adopt bylaws for the regulation of the affairs and the conduct of its business, and to […]
§ 77-6-17. Projects requiring financing by bonds; approval required; determination by authority; notice of determination; hearing; appeal from determination
The authority shall not undertake any project required to be financed, in whole or in part, with the proceeds of bonds without the approval of sixty percent (60%) of its members. Before undertaking such project, required to be financed in whole or in part with the proceeds of bonds, the authority shall, based upon engineering […]
§ 77-6-19. Municipalities that may contract with authority
The municipalities with which the authority shall be authorized to contract to provide a gas supply pursuant to this chapter shall be those municipalities of this state or any other state who may distribute or be end-users thereof.
§ 77-6-21. Contracts to buy gas from authority
Any municipality which is a member of the authority may contract to buy from the authority gas required for its present or future requirements, including the capacity and output of one or more specified projects. As the creation of the authority is an alternative method, among other things, whereby a municipality may obtain the benefits […]
§ 77-6-23. Excess capacity or output may be sold or exchanged
The authority may sell or exchange the excess capacity or output of a project not then required by any of its members or with any party with whom the authority may contract for such consideration and for such period and upon such other terms and conditions as may be determined by the parties to any […]
§ 77-6-25. Provisions to be construed as authorizing joint and several ownership of projects
The definitions and all other terms and provisions of this chapter shall be construed so as to include and authorize the joint or several ownership, operation, and/or maintenance by one or more municipalities or the authority of a project, or any undivided ownership interest therein, with any person, firm, association or corporation, public or private, […]
§ 77-6-27. Acquisition of property; contract requirements
A municipality’s or the authority’s purchase of, contract for the acquisition of, or contract for any property, including any project or interest therein, or the construction of, or the operation and maintenance of, any project, owned or to be owned jointly by such municipality or the authority with any person, firm or corporation engaged in […]
§ 77-6-29. Power to issue revenue bonds
The authority may issue revenue bonds pledging to the payment thereof as to both principal and interest the revenues or any portion thereof, derived or to be derived from all or any of its projects, and any additions and betterments thereto or extensions thereof, or contributions or advances from its members. Bonds of the authority […]
§ 77-6-3. Legislative intent
The Legislature hereby finds and declares that certain municipalities of this state now own and operate gas distribution systems to serve their citizens, inhabitants and customers by providing them with gas for all purposes; and if such municipalities are to furnish, and if the members of the public in the areas they serve are to […]
§ 77-6-31. Revenue bonds; powers and duties
Each municipality and the authority are hereby authorized to issue at one (1) time or from time to time revenue bonds for the purpose of paying all or any part of the cost of any of the purposes authorized by this chapter. The principal of, premium, if any, and the interest on such bonds shall […]
§ 77-6-33. Security for bonds
In the discretion of the governing board of the issuer, any bonds issued under the provisions of this chapter may be secured by a resolution, a trust indenture or other security instrument, and in this regard the issuer may enter into an agreement with any trust company or bank having the powers of a trust […]
§ 77-6-35. Rents, rates, fees and charges by municipality
A municipality is hereby authorized to fix, charge and collect rents, rates, fees and charges for gas and other services, facilities and commodities sold, furnished or supplied through the facilities of its gas system or its interest in any joint project. For so long as any bonds of a municipality are outstanding and unpaid, the […]
§ 77-6-37. Rents, rates, fees and charges by authority
The authority is hereby authorized to fix, charge and collect rents, rates, fees and charges for gas and other services, facilities and commodities sold, furnished or supplied through the facilities of its projects. For so long as any bonds of the authority are outstanding and unpaid, the rents, rates, fees and charges shall be so […]
§ 77-6-39. Pledge of municipality or authority valid and binding when made
Any pledge made by a municipality or the authority pursuant to this chapter shall be valid and binding from the date the pledge is made. The revenues, securities and other moneys so pledged and then held or thereafter received by the municipality or the authority or any fiduciary shall immediately be subject to the lien […]
§ 77-6-41. Investment of all monies received
All moneys received pursuant to the authority of this chapter, whether as proceeds from the sale of bonds or as revenues may be temporarily invested and reinvested pending the disbursements thereof in such securities and other investments as may be permitted by law for investment of excess funds of municipalities.
§ 77-6-43. Rights of holders of bonds
Any holder of bonds issued under the provisions of this chapter or any of the coupons appertaining thereto, except to the extent the rights herein given may be restricted by the resolution authorizing the issuance of such bonds, may, either at law or in equity, by suit, action, mandamus or other proceeding, protect and enforce […]
§ 77-6-45. Bonds to be securities
Bonds issued by a municipality or the authority under the provisions of Sections 77-6-29 through 77-6-57 are hereby made securities in which all public officers and agencies of the state and all political subdivisions, all insurance companies, banking associations, investment companies, executors, administrators, trustees and other fiduciaries may properly and legally invest funds, including capital […]