It shall be the duty of such port commission, from time to time, to make recommendations to the board of supervisors of such county concerning expenditures to be made for the improvement, promotion, development, construction, maintenance and operation of the harbor and port facilities of such county, and shall annually submit to such board of supervisors a proposed budget for the operation and maintenance of such harbor and port facilities, which recommendations and budget shall be subject to approval of the board of supervisors. Except as provided in Section 59-7-111, the port fund shall be subject to expenditure by the port commission.

The port commission may recommend to the Legislative Budget Office, the State Fiscal Management Board, and the county board of supervisors that certain excess funds in the port fund be transferred to any industrial development authority within the county. Upon approval by the State Fiscal Management Board and the county board of supervisors, the port commission may transfer such excess funds, or any portion thereof which may be designated by the State Fiscal Management Board and county board of supervisors, as provided herein.

The port commission in any county bordering the Mississippi River and having a population of more than fifty-one thousand (51,000) but less than fifty-two thousand (52,000) according to the 1980 federal census may recommend to the board of supervisors the expenditure of excess funds in the port fund for the acquisition of lands in the county to be used for industrial development purposes. Upon the acquisition of such lands, excess funds in the port fund may also be expended to provide necessary utilities and other improvements the board of supervisors deems necessary and requisite for industrial development. Any lands acquired hereunder shall be titled in the name of the county.

For the purposes of this section, the term “excess funds” means monies determined to be in excess of those necessary to fund the budget for the fiscal year.