MS SB2847

Authorizes Mississippi towns with short-line railroads partially within their limits to acquire, restore, construct, own, operate, and dispose of such railroads through their governing authorities.

Defines "short-line railroad" as a rail line less than 50 total route miles that qualifies as a Class III rail carrier under federal standards.

Grants towns broad powers to manage railroad projects including entering contracts with operators and contractors, financing construction and maintenance, employing personnel, and accepting grants and loans from public or private sources.

Requires acquisition of a short-line railroad to be evidenced by a resolution adopted by the town's governing authorities, with sole determination by those authorities on acquisition terms and conditions.

Provides that if a successor governing authority terminates the project or transfers ownership, the short-line railroad reverts to its prior owner.