Mississippi § 65-13-7 - Definitions.

§ 65-13-7. Definitions.

Whenever used in this chapter, unless a different meaning clearly appears in the context, the following terms, whether used in the singular or plural, shall be given the following respective definitions: “Highway and street revenue bond authority” or “authority” means an instrumentality through which certain municipalities intend to accomplish the purposes of this chapter. “Trustee” shall refer to the board of trustees of the highway and street revenue bond authority created by this chapter. “Governing body” shall refer to the board of supervisors of a county, mayor and board of aldermen of towns and cities, directors of districts, commissioners and other governing bodies of any municipal government or agency located in the State of Mississippi. “Highways and streets” shall be deemed to include roadways, pavements, culverts, bridges, driveways, and also all property, rights, easements, and franchises relating thereto and deemed necessary or convenient for the operation thereof. The term “cost” shall include the cost of all construction, maintenance, and operation of facilities constructed; and shall embrace the cost of all land, property, rights, easements, and franchises acquired, which are deemed necessary for such construction; financing charges; interest prior to and during construction and for eighteen months after acceptance of the completed work by the highway and street revenue bond authority; cost of traffic estimates, engineering and legal expenses, plans, specifications, surveys, estimates of cost and of revenues, other expenses necessary or incident to determining the feasibility or practicability of the enterprise; administrative expense; and such other expenses as may be necessary or incident to the financing herein authorized and the construction and the placing of the completed facility in operation. “Develop” shall refer to the initiation, creation, studying, planning, purchasing, financing, constructing, building, surveying, platting, and otherwise bringing into being facilities planned and designed to serve the purposes of this chapter. “Project” shall mean any section, part, phase, or other subdivision of the total work involved in the construction of highways and streets as outlined in this chapter. “Sealed bid procedure” shall refer to the procedure designated under Section 31-19-25 Mississippi Code of 1972, wherein the governing authority advertises for the sale of bonds, and as supplemented herein. “Revenues” shall mean all charges, rentals, tolls, rates, gifts, grants, moneys, volunteer assessments, and all other funds coming into the possession of the authority by virtue of the provisions of this chapter, except the proceeds from the sale of bonds issued hereunder. “Net revenues” shall mean the revenues after payment of costs and expenses of operation and maintenance of the project and related facilities.