Mississippi Code Title 57. Planning, Research and Development § 57-1-731

(1)(a) There is created a special fund in the State Treasury to be known as the Mississippi Ports Improvements Fund which shall consist of monies from any source designated for deposit into the fund. Unexpended amounts remaining in the fund at the end of a fiscal year shall not lapse into the State General Fund, and any investment earnings or interest earned on amounts in the fund shall be deposited to the credit of the fund. Monies in the fund shall be disbursed by the Mississippi Development Authority (MDA) for the purposes authorized in subsection (2) of this section.

(b) Monies in the fund that are derived from the proceeds of general obligation bonds may be used to reimburse reasonable actual and necessary costs incurred by the MDA in providing grants under this section using general obligation bonds. An accounting of actual costs incurred for which reimbursement is sought shall be maintained for each grant by the MDA. Reimbursement of reasonable actual and necessary costs for assistance shall not exceed two percent (2%) of the proceeds of bonds issued for such assistance. Reimbursements made under this paragraph shall satisfy any applicable federal tax law requirements.

(3)(a) An entity desiring a grant under this section shall submit an application to the MDA which shall include, at a minimum:

(b) There is hereby created the Ports Improvements Fund Advisory Committee whose membership shall consist of:

(c) The MDA, in consultation with the Ports Improvements Fund Advisory Committee, shall provide grants under this section. The terms of a grant shall be within the discretion of the MDA.