All that part of the Lowry Island Resurvey, which is bounded on the South by the L&N (now CSX) Railroad Track; on the East by the East Pascagoula River; on the West by the West Pascagoula River; and on the North by the North corporate limits of the City of Pascagoula and the South corporate limits of the City of Moss Point, LESS AND EXCEPT, however, that part of said property now owned by any private corporations.
Application for a lease shall be made with the Secretary of State.
Utilization of any and all submerged land and/or tideland shall be in such a manner so as not to obstruct normal navigation of any normal and natural channel. Title to the property shall remain vested in the State of Mississippi.
All oil, gas and other minerals in, on or under said lands leased are hereby specifically reserved unto the State of Mississippi.
The city governing authority is hereby authorized to sublease such lands for commercial purposes, port purposes and for industrial development related thereto.
All subleases executed by the city governing authority shall be on such terms and conditions, and with such safeguards, as will best promote and protect the public interest. Such subleases shall be submitted to the Secretary of State for approval. Each sublease shall provide that if such property is not utilized within five (5) years, or if commercial, port or industrial usage ceases and such termination continues for a period of two (2) years, the sublease shall terminate and all rights thereunder shall revert to the city. If such nonutilization for a period of five (5) years or cessation of use for a period of two (2) years shall be caused, suspended, delayed or interrupted by act of God, fire, war, rebellion, scarcity of water, insurrection, riot, strike, scarcity of labor, differences with employees, failure of a carrier to transport or furnish facilities for transportation; or as a result of some order, rule or regulation of any federal, state, municipality or other governmental agency; or as the result of failure of the sublessee to obtain any required permit or certificate; or as the result of any cause whatsoever beyond the control of sublessee, the time of such delay or interruption shall not be counted against the sublessee in determining such period of five (5) years or two (2) years. All subleases shall be for a fair and adequate consideration and the compensation and revenues therefrom shall be retained by the state.
Miss. Code § 59-1-17