(1) The Highway Commission is hereby authorized, at one (1) time or from time to time, to declare by resolution the necessity for issuance of negotiable general obligation bonds of the State of Mississippi to provide funds for the purpose of paying all or any part of the cost of the planning or construction of the bridges or tunnels, authorized by this chapter to receive state funds, over the Tennessee-Tombigbee Waterway, but in no event shall the amount of bonds issued exceed a total of Forty Million Dollars ($40,000,000.00) for such planning or construction of such bridges or tunnels. The counties of Alcorn, Chickasaw, Clay, Itawamba, Lee, Lowndes, Monroe, Noxubee, Kemper, Pontotoc, Prentiss and Tishomingo are hereby obligated to reimburse the State of Mississippi for seventy-five percent (75%) of the total cost of the bonds, not to exceed Thirty Million Dollars ($30,000,000.00), and to pay the debt service thereon.

(2) In the manner and for the purposes described in subsection (1) of this section, the Highway Commission is hereby authorized at one (1) time or from time to time, to declare by resolution the necessity for issuance of additional negotiable general obligation bonds of the State of Mississippi in an amount not to exceed Thirty Million Dollars ($30,000,000.00). The counties of Alcorn, Chickasaw, Clay, Itawamba, Lee, Lowndes, Monroe, Noxubee, Kemper, Pontotoc, Prentiss and Tishomingo are hereby obligated to reimburse the State of Mississippi for one hundred percent (100%) of the total cost of the bonds issued under the authority of this subsection and to pay the debt service thereon.

(3) Notwithstanding the foregoing provisions of this section, no general obligation bonds authorized herein shall be issued after April 23, 1986.

(4) The Highway Commission is authorized to accept and to use funds from whatever source available, other than state funds which are not explicitly pledged under this chapter, in completing the construction authorized by this chapter and shall furnish to the State Bond Commission the amounts of federal funds to be expended on each bridge or tunnel, which is to be partially funded under the provisions of this chapter. The Highway Commission shall not request bonds to be issued in an amount which when added to other funds available will exceed the actual cost of construction nor where construction of any such bridge or tunnel may be accomplished by the Corps of Engineers or any other federal agency.