MS SB2944

Authorizes the Mississippi State Port Authority at Gulfport to issue revenue bonds to fund improvements to the Gulfport Harbor ship channel, including widening and deepening, with a maximum aggregate principal amount of $100,000,000.

Bonds are payable solely from revenues, rents, and earnings from Gulfport Harbor operations and may be secured by private insurance, letters of credit, or other credit enhancement facilities.

Bonds may be issued in one or more series without prior notice or election, with maturities up to 30 years, sold at not less than 98% of par value, and proceeds used for project costs, interest payments, debt reserves, and issuance expenses.

Authority may issue refunding bonds to refinance previously issued bonds and negotiate short-term notes (maturing within 3 years) to anticipate bond proceeds.

Bonds must be validated through Chancery Court in Harrison County, are exempt from state and local taxation (except inheritance and gift taxes), and do not constitute a debt or liability of the State of Mississippi.