MISSISSIPPI LEGISLATURE
2020 Regular Session
To: Local and Private Legislation
By: Representatives Dortch, Bell (65th), Crudup, Yates
AN ACT TO AUTHORIZE THE GOVERNING AUTHORITIES OF THE CITY OF JACKSON, MISSISSIPPI, TO FACILITATE THE CONVERSION OF VACANT, ABANDONED OR LAND STRUCK OFF TO THE STATE PROPERTY WITHIN THE CITY INTO PRODUCTIVE USE BY UTILIZING THE LAND BANK PROCESS; TO AUTHORIZE THE CREATION OF THE CITY OF JACKSON LAND BANK AUTHORITY; TO PROVIDE THE POWERS AND DUTIES OF THE BOARD OF DIRECTORS OF THE LAND BANK AUTHORITY; TO AUTHORIZE THE AUTHORITY TO ACQUIRE AND DISPOSE OF PROPERTY; TO PROVIDE AN EXPEDITED PROCEDURE TO CONFIRM AND QUIET TITLE TO PROPERTY ACQUIRED BY THE AUTHORITY; TO AUTHORIZE THE AUTHORITY CREATED UNDER THIS ACT TO ENTER INTO INTERGOVERNMENTAL AGREEMENTS FOR CERTAIN PURPOSES; AND FOR RELATED PURPOSES.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:
SECTION 1. This act shall be known and may be cited as the "City of Jackson Land Bank Act."
SECTION 2. The governing authorities of the City of Jackson, Mississippi, finds that there exists in the City of Jackson a continuing need to strengthen and revitalize its economy, and that it is in the best interests of the city to assemble or dispose of public property in a coordinated manner to foster the development of that property and to promote economic growth within the City of Jackson as well as the state. It is declared to be a valid public purpose for a land bank authority created under this act to acquire, assemble, dispose of, and quiet title to property under this act. It is further declared to be a valid public purpose for a land bank authority created under this act to provide for the financing of the acquisition, assembly, disposition, and quieting of title to property, and for a land bank authority to exercise other powers granted to a land bank authority under this act. The governing authorities of the City of Jackson, Mississippi, finds that a land bank authority created under this act and powers conferred by this act constitute a necessary program and serve a necessary public purpose.
SECTION 3. As used in this act:
(a) "Authority" means a land bank authority created under this act.
(b) "City" means the City of Jackson, Mississippi.
(c) "County" means Hinds County, Mississippi.
(d) "Governing authorities" means the Mayor and City Council of the City of Jackson, Mississippi.
(e) "Intergovernmental agreement" means a contractual agreement between one or more governmental agencies, including, but not limited to, an interlocal agreement, to jointly exercise any power, privilege, or authority that the agencies share in common.
(f) "Local unit of government" means a municipality, county, or any intergovernmental, metropolitan, or local department, agency, or authority, or other local political subdivision.
SECTION 4. (1) Except as otherwise provided in this act, the authority may do all things necessary or convenient to implement the purposes, objectives and provisions of this act, and the purposes, objectives and powers delegated to the board of directors of the authority by other laws or executive orders, including, but not limited to, all of the following:
(a) Adopt, amend, and repeal bylaws for the regulation of its affairs and the conduct of its business.
(b) Sue and be sued in its own name, including, but not limited to, defending the authority in an action to clear title to property conveyed by the authority.
(c) Borrow money and issue bonds and notes according to the provisions of this act.
(d) Enter into contracts and other instruments necessary, incidental, or convenient to the performance of its duties and the exercise of its powers, including, but not limited to, intergovernmental or interlocal agreements.
(e) Solicit and accept gifts, grants, labor, loans, and other aid from any person, or the federal government, this state, or a political subdivision of this state or any agency of the federal government, this state, a political subdivision of this state, or an intergovernmental entity created under the laws of this state or participate in any other way in a program of the federal government, this state, a political subdivision of this state, or an intergovernmental entity created under the laws of this state.
(f) Procure insurance against loss in connection with the property, assets, or activities of the authority.
(g) Invest money of the authority, at the discretion of the board of directors of the authority, in instruments, obligations, securities, or property determined proper by the board of directors of the authority, and name and use depositories for its money.
(h) Employ legal and technical experts, other officers, agents, or employees, permanent or temporary, paid from the funds of the authority. The authority shall determine the qualifications, duties, and compensation of those it employs. The board of directors of the authority may delegate to one or more members, officers, agents, or employees any powers or duties it considers proper. Members of the board of directors of the authority shall serve without compensation but shall be reimbursed for actual and necessary expenses subject to available appropriations.
(i) Contract for goods and services and engage personnel as necessary and engage the services of private consultants, managers, legal counsel, engineers, accountants, and auditors for rendering professional financial assistance and advice payable out of any money of the authority.
(j) Study, develop, and prepare the reports or plans the authority considers necessary to assist it in the exercise of its powers under this act and to monitor and evaluate progress under this act.
(k) Enter into contracts for the management of, the collection of rent from, or the sale of real property held by the authority.
(1) Do all other things necessary or convenient to achieve the objectives and purposes of the authority or other laws that relate to the purposes and responsibility of the authority.
(2) The enumeration of a power in this act shall not be construed as a limitation upon the general powers of the authority. The powers granted under this act are in addition to those powers granted by any other statute.
(3) The authority, in its discretion, may contract with others, public or private, for the provision of all or a portion of the services necessary for the management and operation of the authority.
(4) The property of the authority and its income and operations are exempt from all taxation by this state or any of its political subdivisions.
(5) The authority shall not levy any tax or special assessment.
(6) The authority shall not exercise the power of eminent domain or condemn property.
(7) The authority shall adopt a code of ethics for its directors, officers, and employees.
(8) The authority shall establish policies and procedures requiring the disclosure of relationships that may give rise to a conflict of interest. The governing body of the authority shall require that any member of the governing body with a direct or indirect interest in any matter before the authority disclose the member's interest to the governing body before the board takes any action on the matter.
SECTION 5. (1) Except as provided in Section 4(6) of this act, the authority may acquire by gift, devise, transfer, exchange, foreclosure, purchase, or otherwise on terms and conditions and in a manner the authority considers proper, real or personal property, or rights or interests in real or personal property.
(2) Real property acquired by the authority by purchase may be by purchase contract, lease-purchase agreement, installment sales contract, land contract, or otherwise, except as provided in Section 4(6) of this act. The authority may acquire real property or rights or interests in real property for any purpose the authority considers necessary to carry out the purposes of this act, including, but not limited to, one or more of the following purposes:
(a) The use or development of property the authority has otherwise acquired.
(b) To facilitate the assembly of property for sale or lease to any other public or private person, including, but not limited to, a nonprofit or for-profit corporation.
(c) To protect or prevent the extinguishing of any lien held by the authority or imposed upon property held by the authority.
(3) The authority may hold and own in its name any property acquired by it or conveyed to it by this state or a local unit of government or any other public or private person, including, but not limited to, property struck off to the state for delinquent taxes and property with or without clear title.
(4) All deeds, mortgages, contracts, leases, purchases, or other agreements regarding property of the authority, including agreements to acquire or dispose of real property, may be approved by and executed in the name of the authority.
SECTION 6. (1) The authority may, without the approval of a local unit of government in which property held by the authority is located, control, hold, manage, maintain, operate, repair, lease as lessor, secure, prevent the waste or deterioration of, demolish, and take all other actions necessary to preserve the value of the property it holds or owns. The authority may take or perform the following with respect to property held or owned by the authority:
(a) Grant or acquire a license, easement, or option with respect to property as the authority determines is reasonably necessary to achieve the purposes of this act.
(b) Fix, charge, and collect rents, fees, and charges for use of property under the control of the authority or for services provided by the authority.
(c) Pay any tax or special assessment due on property acquired or owned by the authority.
(d) Take any action, provide any notice, or institute any proceeding required to clear or quiet title to property held by the authority in order to establish ownership by and vest title to property in the authority.
(e) Remediate environmental contamination on any property held by the authority.
(2) The authority shall be made a party to and shall defend any action or proceeding concerning title claims against property held by the authority.
SECTION 7. (1) Except as the authority otherwise agrees by interlocal agreement or otherwise, on terms and conditions, and in a manner and for an amount of consideration the authority considers proper, fair, and valuable, including for no monetary consideration, the authority may convey, sell, transfer, exchange, lease as lessor, or otherwise dispose of property or rights or interests in property in which the authority holds a legal interest to any public or private person for value determined by the authority. If the Department of Environmental Quality determines that conditions on a property transferred to the authority represent an acute threat to public health, safety, and welfare, or to the environment, the authority shall not convey, sell, transfer, exchange, lease, or otherwise dispose of the property until after a determination by the Department of Environmental Quality that the acute threat has been eliminated and that conveyance, sale, transfer, exchange, lease, or other disposal of the property by the authority will not interfere with any response activities by the department. The transfer and use of property under this section and the exercise by the authority of powers and duties under this act shall be considered a necessary public purpose and for the benefit of the public.
(2) All property held by the authority shall be inventoried and classified by the authority according to title status and suitability for use.
(3) A document, including, but not limited to, a deed, evidencing the transfer under this act of one or more parcels of property to the authority by this state or a political subdivision of this state may be recorded with the chancery clerk of the county in which the property is located without the payment of a fee.
SECTION 8. Except as otherwise provided in this act, as required by other law, as required under the provisions of a deed, or as the authority otherwise agrees, any proceeds received by the authority may be retained by the authority for the purposes of this act.
SECTION 9. (1) The authority may initiate an expedited confirm and quiet title action under this section to confirm and quiet title to real property held by the authority or interests in property held by the authority by recording with the chancery clerk of the county in which the property subject to an expedited confirm and quiet title action is located a notice of pending expedited confirm and quiet title action in a form prescribed by the Secretary of State. The notice shall include a legal description of the property, the street address of the property if available, the name, address, and telephone number of the authority, a statement that the property is subject to expedited confirm and quiet title proceedings under this act, and a statement that any legal interests in the property may be extinguished by a chancery court order vesting title to the property in the authority. If a notice is recorded in error, the authority may correct the error by recording a certificate of correction with the chancery clerk. A notice or certificate under this subsection need not be notarized and may be authenticated by a digital signature or other electronic means. If the authority has reason to believe that a property subject to an expedited confirm and quiet title action under this section may be the site of environmental contamination, the authority shall provide the Department of Environmental Quality with any information in the possession of the authority that suggests the property may be the site of environmental contamination.
(2) After recording the notice under subsection (1) of this section, the authority shall initiate a search of records identified in this subsection to identify the owners of a property interest in the property who are entitled to notice of the confirm and quiet title hearing under this section. The authority may enter into a contract with or may request from one or more authorized representatives a title search or other title product to identify the owners of a property interest in the property as required under this subsection or to perform the other functions set forth in this section required for the quieting of title to property under this act. The owner of a property interest is entitled to notice under this section if that owner's interest was identifiable before the date that the authority records the notice under subsection (1) of this section.
(3) The authority may file a single petition with the chancery clerk of the county in which property subject to the action under this section is located listing all property subject to an expedited confirm and quiet title action by the authority. If available to the authority, the list of properties shall include a legal description of a tax parcel identification number for, and the street address of each parcel of property. The petition shall seek a judgment in favor of the authority against each property listed and shall include a date, within (90) days, on which the authority requests a hearing on the petition. The petition shall request that a judgment be entered vesting absolute title in the authority as provided in this section. Prior to the entry of judgment under this section, the authority may request the court to remove property erroneously included in the petition.
(4) The clerk of the chancery court in which a petition is filed under subsection (3) of this section shall immediately set the date, time, and place for a hearing on the petition. The date shall be set by the clerk and shall not be more than ten (10) days after the date requested by the authority in the petition. In no event may the clerk schedule the hearing later than ninety (90) days after the filing of a petition by the authority under subsection (3) of this section.
(5) After completing the records search under subsection (2) of this section, the authority shall determine the address or addresses reasonably calculated to inform those owners of a property interest in property subject to an expedited confirm and quiet title action under this section of the pendency of the hearing under subsection (11) of this section. If, after conducting the title search, the authority is unable to determine an address reasonably calculated to inform persons with a property interest in property subject to the action, or if the authority discovers a deficiency in notice under subsection (10) of this section, the following shall be considered reasonable steps by the authority to ascertain the addresses of persons with a property interest in the property subject to the action or to ascertain an address necessary to correct a deficiency in notice under subsection (10) of this section:
(a) For an individual, a search of records of the chancery court for the county in which the property is located.
(b) For an individual, a search of the Statewide Elections Management System.
(c) For a business entity, a search of the records of the Secretary of State.
(6) Not less than thirty (30) days before the hearing under this section, the authority shall send notice by certified mail, return receipt requested, of the hearing to the persons identified under subsection (5) of this section with a property interest in property subject to the action. The authority shall also send a notice via regular mail addressed to the "Occupant" for each property subject to action if an address for the property is ascertainable.
(7) Not less than thirty (30) days before the hearing under this section, the authority or its authorized representative or authorized agent shall visit each parcel of property subject to the action and post conspicuously on the property notice of the hearing. In addition to the requirements of subsection (8) of this section, the notice shall also include the following statement: "THIS PROPERTY HAS BEEN TRANSFERRED TO THE CITY OF JACKSON LAND BANK AUTHORITY AND IS SUBJECT TO AN EXPEDITED CONFIRM AND QUIET TITLE ACTION. PERSONS WITH INFORMATION REGARDING THE PRIOR OWNER OF THE PROPERTY ARE REQUESTED TO CONTACT THE LAND BANK AUTHORITY AT ___________________________."
(8) The notice required under subsections (6) and (7) of this section shall include:
(a) The date on which the authority recorded under subsection (1) of this section notice of the pending expedited confirm and quiet title action.
(b) A statement that a person with a property interest in the property may lose his or her interest, if any, as a result of the hearing under subsection (11) of this section.
(c) A legal description, parcel number of the property, and the street address of the property, if available.
(d) The person to whom the notice is addressed.
(e) The date and time of the hearing under subsection (11) of this section and a statement that the judgment of the court may result in title to the property vesting in the authority.
(f) An explanation of any rights of redemption and notice that the judgment of the court may extinguish any ownership interest in or right to redeem the property.
(g) The name, address, and telephone number of the authority.
(h) A statement that persons with information regarding the owner or prior owner of any of the properties are requested to contact the authority.
(9) If the authority is unable to ascertain the address reasonably calculated to inform the owners of a property interest entitled to notice under this section, or is unable to provide notice under subsection (6) or (7) of this section, the authority shall provide notice by publication. Prior to the hearing, a notice shall be published once a week for three (3) consecutive weeks in a newspaper of general circulation in the county in which the property is located. This publication shall substitute for notice under subsection (6) or (7) of this section. The published notice shall include all of the following:
(a) A legal description, parcel number of the property, and the street address of the property, if available.
(b) The name of any person not notified under subsection (6) or (7) of this section that the authority reasonably believes may be entitled to notice under this section of the hearing under this section.
(c) A statement that a person with a property interest in the property may lose his or her interest, if any, as a result of the proceeding under this section.
(d) The date and time of the hearing on the petition under this section.
(e) A statement that the judgment of the court may result in title to the property vesting in the authority.
(f) An explanation of any rights of redemption and notice that judgment of the court may extinguish any ownership interest in or right to redeem the property.
(g) The name, address, and telephone number of the authority.
(h) A statement that persons with information regarding the owner or prior owner of any of the properties are requested to contact the authority.
(10) If prior to the hearing under this section the authority discovers any deficiency in the provision of notice under this section, the authority shall take reasonable steps in good faith to correct the deficiency before the hearing. The provisions of this section relating to notice of the confirm and quiet title hearing are exclusive and exhaustive. Other requirements relating to notice and proof of service under other law, rule, or other legal requirement are not applicable to notice or proof of service under this section.
(11) If a petition for an expedited confirm and quiet title action is filed under subsection (3) of this section, before the hearing, the authority shall file with the clerk of the chancery court proof of notice by certified mail under subsection (6) of this section, proof of notice by posting on the property under subsection (7) of this section, and proof of notice by publication, if applicable. A person claiming an interest in a parcel of property set forth in the petition to confirm and quiet title who desires to contest that petition shall file written objections with the clerk of the chancery court and serve those objections on the authority before the date of the hearing. The chancery court may appoint and utilize, as the court considers necessary, a special master for assistance with the resolution of any objections to the petition or questions regarding the title to property subject to the petition. If the court withholds property from the action, the authority's ability to include the property in a subsequent petition for an expedited confirm and quiet title action is not prejudiced. No injunction shall issue to stay an expedited confirm and quiet title action under this section. The chancery court shall enter judgment on a petition to filed under subsection (3) of this section not more than ten (10) days after the conclusion of the hearing or contested case, and the judgment shall be effective ten (10) days after the conclusion of the hearing or contested case. The chancery court's judgment shall specify all of the following:
(a) The legal description and, if known, the street address of the property foreclosed.
(b) That fee simple title to property foreclosed by the judgment is vested absolutely in the authority, except as otherwise provided in paragraph (e) of this subsection, without any further rights of redemption.
(c) That all liens against the property, including any lien for unpaid taxes or special assessments are extinguished.
(d) That, except as otherwise provided in paragraph (e) of this subsection, the authority has good and marketable fee simple title to the property.
(e) That all existing recorded and unrecorded interests in that property are extinguished, except a visible or recorded easement or right-of-way, private deed restrictions, plat restrictions, or restrictions or other governmental interests.
(f) A finding that all persons entitled to notice and an opportunity to be heard have been provided that notice and opportunity. A person shall be deemed to have been provided notice and an opportunity to be heard if the authority followed the procedures for provision of notice by mail, for visits to property subject to the petition, and for publication under this section, or if one or more of the following apply:
(i) The person had constructive notice of the hearing by acquiring an interest in the property after the date of the recording under subsection (1) of this section of the notice of pending expedited confirm and quiet title action.
(ii) The person appeared at the hearing under this subsection or submitted written objections to the clerk of the chancery court under this subsection prior to the hearing.
(iii) Prior to the hearing under this subsection, the person had actual notice of the hearing.
(12) Except as otherwise provided in subsection (11)(e) of this section, fee simple title to property set forth in a petition filed under subsection (3) of this section shall vest absolutely in the authority upon the effective date of the judgment by the chancery court and the authority shall have absolute title to the property. The authority's title is not subject to any recorded or unrecorded lien, except as provided in subsection (11) of this section and shall not be stayed or held invalid except as provided in subsection (13) of this section. A judgment entered under this section is a final order with respect to the property affected by the judgment and shall not be modified, stayed, or held invalid after the effective date of the judgment, except as provided in subsection (14) of this section.
(13) The authority or a person claiming to have a property interest under subsection (2) of this section in property subject to an action under this section may within twenty-one (21) days of the effective date of the judgment under subsection (12) of this section appeal the chancery court's order or the chancery court's judgment. An appeal under this subsection is limited to the record of the proceedings in the chancery court under this section. The chancery court's judgment shall be stayed until the judgment is finally adjudicated. If an appeal under this subsection stays the chancery court's judgment, the chancery court's judgment is stayed only as to the property that is the subject of that appeal and the chancery court's judgment regarding other property that is not the subject of that appeal is not stayed. To appeal the chancery court's judgment, a person appealing the judgment shall pay to the authority any taxes, interest, penalties, and fees due on the property and provide notice of the appeal to the authority within twenty-one (21) days after the chancery court's judgment is effective. If the chancery court's judgment is affirmed on appeal, the amount determined to be due shall be refunded to the person who appealed the judgment. If the chancery court's judgment is reversed or modified on appeal, the authority shall refund the amount determined to be due to the person who appealed the judgment, if any, and forward the balance to the appropriate taxing jurisdictions in accordance with the order of the appellate court.
(14) The authority shall record a notice of judgment for each parcel of property in the office of the chancery clerk of the county in which the property is located in a form prescribed by the Secretary of State. If the authority records a notice of judgment in error, the authority may subsequently record a certificate of correction. A notice or certificate under this subsection need not be notarized and may be authenticated by a digital signature or other electronic means. After the entry of a judgment under this section, if the property has not been transferred by the authority, the authority may cancel the judgment by recording with the chancery clerk of the county in which the property is located a certificate of error in a form prescribed by the Secretary of State, if the authority discovers any of the following:
(a) The description of the property used in the expedited confirm and quiet title action was so indefinite or erroneous that the judgment as to that property was void.
(b) An owner of an interest in the property entitled to notice of the expedited confirm and quiet title action and proceedings against the property under this section was not provided notice sufficient to satisfy the minimum due process requirements of the Mississippi Constitution and the Constitution of the United States.
(c) A judgment was entered under this section in violation of an order issued by a United States bankruptcy court.
(15) If a judgment is entered under subsection (12) of this section, and all existing recorded and unrecorded interests in a parcel of property are extinguished as provided in subsection (12) of this section, the owner of any extinguished recorded or unrecorded interest in that property who claims that he or she did not receive notice of the expedited confirm and quiet title action shall not bring an action for possession of the property against any subsequent owner, but may only bring an action to recover monetary damages as provided in this subsection. The chancery court has original and exclusive jurisdiction in any action to recover monetary damages under this subsection. An action to recover monetary damages under this subsection shall not be brought more than two (2) years after a judgment is entered under subsection (12) of this section. Any monetary damages recoverable under this subsection shall be determined as of the date a judgment is entered under subsection (12) of this section and shall not exceed the fair market value of the interest in the property held by the person bringing the action under this section on that date, less any taxes, interest, penalties, and fees owed on the property as of that date. The right to sue for monetary damages under this subsection shall not be transferable except by testate or intestate succession.
(16) The owner of a property interest with notice of the hearing under subsection (11) of this section may not assert any of the following:
(a) That notice to the owner was insufficient or inadequate in any way because some other owner of a property interest in the property was not notified.
(b) That any right to redeem property for delinquent taxes was extended in any way because some other person was not notified.
(17) The failure of the authority to comply with any provision of this section shall not invalidate any proceeding under this section if a person with an interest in the property was accorded the minimum due process required under the Mississippi Constitution and the Constitution of the United States.
(18) It is the intent of this act that the provisions of this section relating to the expedited confirming and quieting title of property by the authority satisfy the minimum requirements of due process required under the Mississippi Constitution and the Constitution of the United States but that the provisions do not create new rights beyond those required under the Mississippi Constitution or the Constitution of the United States. The failure of the authority, this state, a political subdivision of this state, or a local unit of government to follow a requirement of this section relating to the expedited confirming and quieting title of property held by the authority shall not be construed to create a claim or cause of action against the authority, this state, a political subdivision of this state, or a local unit of government unless the minimum requirements of due process accorded under the Mississippi Constitution or the Constitution of the United States are violated.
(19) As used in this section, "authorized representative" includes one or more of the following:
(a) A title insurance company or agent licensed to conduct business in this state.
(b) An attorney licensed to practice law in this state.
(c) A person accredited in land title search procedures by a nationally recognized organization in the field of land title searching.
(d) A person with demonstrated experience in the field of searching land title records, as determined by the authority.
SECTION 10. If the authority has reason to believe that property held by the authority may be the site of environmental contamination, the authority shall provide the Department of Environmental Quality with any information in the possession of the authority that suggests that the property may be the site of environmental contamination.
SECTION 11. The authority may institute a civil action to prevent, restrain, or enjoin the waste of or unlawful removal of any property from real property held by the authority.
SECTION 12. The authority shall be made a party to any action or proceeding instituted for the purpose of setting aside title to property held by the authority, the sale of property by the authority, or an expedited confirm and quiet title action under Section 9 of this act. A hearing in any such proceeding shall not be held until the authority is served with process and proper proof of service is filed.
SECTION 13. Property of the authority is public property devoted to an essential public and governmental function and purpose. Income of the authority is considered to be for a public and governmental purpose. The property of the authority and its income and operation are exempt from all taxes and special assessments of this state or a local unit of government of this state. Bonds or notes issued by the authority, and the interest on and income from those bonds and notes, are exempt from all taxation of this state or a local unit of government.
SECTION 14. (1) This act shall be construed liberally to effectuate the legislative intent and the purposes as complete and independent authorization for the performance of each and every act and thing authorized by this act, and all powers granted shall be broadly interpreted to effectuate the intent and purposes and not as a limitation of powers. In the exercise of its powers and duties under this act and its powers relating to property held by the authority, the authority shall have complete control as fully and completely as if it represented a private property owner and shall not be subject to restrictions imposed on the authority by the charter, ordinances, or resolutions of a local unit of government.
(2) Unless permitted by this act or approved by the authority, any restrictions, standards, conditions, or prerequisites of a municipality or county otherwise applicable to the authority and enacted after the effective date of this act shall not apply to the authority. This subsection is intended to prohibit special local legislation or ordinances applicable exclusively or primarily to the authority and not to exempt the authority from laws generally applicable to other persons or entities.
(3) The provisions of this act apply notwithstanding any resolution, ordinance, or charter provision to the contrary. This section is not intended to exempt the authority from local zoning or land use controls.
SECTION 15. (1) The city may enter into an intergovernmental agreement with the Mississippi Development Authority for the joint exercise of powers and duties under this act, of the powers and duties of the authority and the Mississippi Development Authority, and for the provision of economic development services related to the activities of the authority.
(2) The city may enter into an intergovernmental agreement with the Secretary of State providing for the transfer to the authority of property in the city struck off to the state, for the disposition of the proceeds from the sale of the property, and for other activities authorized under this act, including the return or transfer of property under the control of the authority to the city.
(3) The city may authorize the transfer with or without consideration of any real property or interest in real property to the local authority held or acquired after the creation of the authority, with the consent of the authority.
(4) The county or city and any agency or department of the county or city, or any other official public body, may do one or more of the following:
(a) Anything necessary or convenient to aid the authority in fulfilling its purposes under this act.
(b) Lend, grant, transfer, appropriate or contribute funds to the authority in furtherance of its purposes.
(c) Lend, grant, transfer or convey funds to the authority that are received from the federal government or this state or from any nongovernmental entity in aid of the purposes of this act.
(5) The authority may reimburse advances made by the county or city under subsection (4) of this section or by any other person for costs eligible to be incurred by the authority with any source of revenue available for use of the authority under this act and enter into agreements related to these reimbursements.
(6) The authority may enter into agreements with the Hinds County Tax Collectors for the collection of property taxes or the enforcement and consolidation of tax liens within the county for any property or interest in property transferred to the authority.
(7) Unless specifically reserved or conditioned upon the approval of the governing authorities of the city, all powers granted under this act to the authority may be exercised by the authority without the approval of the governing body of the county or municipality.
SECTION 16. (1) By resolution of its board, the authority may borrow money and issue bonds and notes, subject to limitations set forth in this section, for the purpose of achieving the purposes of and objectives incident to and necessary or convenient to carry out the purposes and objectives of the authority, including, but not limited to, necessary administrative and operational costs. The bonds or notes shall mature in not more than thirty (30) years and shall bear interest and be sold and be payable in the manner and upon the terms and conditions determined, or within the parameters specified, by the authority in the resolution authorizing issuance of the bonds or notes. The bonds or notes may include capitalized interest, an amount sufficient to fund costs of the issuance of the bonds or notes, and a sum to provide a reasonable reserve for payment of principal and interest on the bonds or notes. The resolution authorizing the obligations shall create a lien on revenues pledged by the resolution that shall be a statutory lien and shall be a first lien subject only to liens previously created. The resolution may provide the terms upon which additional bonds or notes may be issued of equal standing and parity of lien as to revenues pledged under the resolution.
(2) The governing authorities of the city which authorized the formation of the authority under this act may, by a majority vote of its governing body, make a limited tax pledge to support the authority's bonds or notes, or if authorized by the voters of the municipality or county, may pledge its unlimited tax full faith and credit for the payment of principal of and interest on the authority's bonds or notes.
(3) The bonds or notes issued under this section shall be secured by one or more sources of revenue available to the authority, as provided by resolution of the authority.
(4) The bonds and notes of the authority may be invested in by the State Treasurer and all other public officers, state agencies, and political subdivisions, insurance companies, banks, savings and loan associations, investment companies, and fiduciaries and trustees, and may be deposited with and received by the State Treasurer and all other public officers and the agencies and political subdivisions of this state for one or more of the purposes for which the deposit of bonds or notes is authorized. The authorization granted by this section is supplemental and in addition to all other authority granted by law.
(5) The net present value of the principal and interest to be paid on an obligation issued by or incurred by the authority to refund an obligation incurred under this section, including the cost of issuance, shall be less than the net present value of the principal and interest to be paid on the obligation being refunded as calculated using a method approved by the State Treasurer.
(6) An obligation issued by the authority under this section shall not appreciate in principal amount or be sold at a discount of more than ten percent (10%) unless the obligation of the authority is issued to this state, an agency of this state, the county, or the municipality.
(7) Bonds and notes issued by the authority under this section and the interest on and income from the bonds and notes are exempt from taxation by this state or a political subdivision of this state.
SECTION 17. This act shall take effect and be in force from and after its passage.