MISSISSIPPI LEGISLATURE

1997 Regular Session

To: Ways and Means

By: Representative Endt

AN ACT TO AMEND SECTION 51-15-137, MISSISSIPPI CODE OF 1972, TO PROVIDE THAT THE TAX ASSESSOR OF THE PAT HARRISON WATERWAY DISTRICT SHALL PAY THE ANNUAL SUM DUE ON THE PRINCIPAL AND INTEREST OF OUTSTANDING INDEBTEDNESS; AND FOR RELATED PURPOSES. 

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:

SECTION 1. Section 51-15-137, Mississippi Code of 1972, is amended as follows:

51-15-137. From and after October 1, 1996, the tax assessor of each county that is a member of the Pat Harrison Waterway District on January 1, 1996, shall pay to the district depository a sum not more than is necessary to defray the annual principal and interest due on outstanding indebtedness of the district, not to exceed an amount equal to the avails of one-fourth (1/4) mill of the total assessed valuation of the member county; provided, however, that any county bordering on the Gulf of Mexico which by action of the board of supervisors has created and authorized a port authority and which has been paying into the port authority the avails of a two-mill levy that was established under Section 27-39-3 shall pay to the district depository from and after October 1, 1996, an amount not to exceed two-tenths (2/10) mill of the total assessed valuation of the county. The district depository shall place such payments into a special sinking fund out of which monies shall be expended solely to retire bonds and any other indebtedness incurred under this article. Such payments shall be continued as long as there remains unpaid and outstanding any bonded indebtedness created by the district board as hereinafter provided. The board of supervisors shall provide the sum herein required either by appropriation from any available funds of the county or by levy.

SECTION 2. This act shall take effect and be in force from and after July 1, 1997.