(1) The Mississippi Agricultural and Industrial Board shall assist and supervise the dredging of channel and harbor and preparation of site for the construction of ships, vessels, shipyards, shipbuilding facilities, machinery and equipment, dredges, floating drydocks, graving docks, marine railways, tug boats, or any other facilities required or incidental to the construction, outfitting, drydocking or repair of ships or vessels as contemplated by Sections 59-9-65 and 59-9-67. All sums of money received or obtained by the agricultural and industrial board under the provisions of Sections 59-9-65 through 59-9-75, by appropriation or otherwise, shall be paid into the state treasury and shall constitute a fund to be known as the “agricultural and industrial dredging and site preparation fund.” All expenditures shall be paid therefrom by the state treasurer on warrant of the auditor of public accounts; and said auditor shall issue his warrant upon requisition signed by the director and the secretary of the agricultural and industrial board.

(2) To the extent that funds may be available, the agricultural and industrial board shall join with any board of supervisors acting under authority of subsection (1) of Section 59-9-65 in contracting for the work contemplated by said Sections 59-9-65 and 59-9-67, and shall pay from the “agricultural and industrial dredging and site preparation fund” eighty per cent (80%) of the cost of any such project not to exceed four million dollars ($4,000,000.00) for any one county board of supervisors. The agricultural and industrial board shall require such safeguards and controls for the proper accomplishment of such projects as shall be deemed appropriate. However, the said agricultural and industrial board shall observe all procedures, regulations and requirements of law with regard to public contracts and the letting thereof under the B.A.W.I. acts.

(3) If the program provided by Sections 59-9-65 through 59-9-75 is terminated or discontinued for any reason in the future, all moneys in the “agricultural and industrial dredging and site preparation fund,” after payment of any outstanding costs in connection with any project undertaken, shall be transferred to the general fund of the state treasury on written certification of the director of the agricultural and industrial board that this program has been discontinued or terminated by said agricultural and industrial board, citing the statutory authority therefor.