Any agreement as hereinabove provided for, reached between the board and the city or county, or other authorized port or harbor agency, shall be reduced to writing and shall set out the terms and conditions under which such port or harbor, or any part thereof, shall be conveyed to the state and shall specifically set out the minimum amount of bonds, if any, to be issued by the state for the improvement, operation, development, and expansion of such port or harbor, or any part thereof. When such agreement has been approved by the board, the city or county, or other authorized port or harbor agency, and the port commission, or port authority of the city or county, a conveyance of such port or harbor, or any part thereof, to the State of Mississippi, shall be executed by the city or county, or other authorized port or harbor agency, joined in by the port commission or port authority of the city or county, without monetary consideration. Such conveyance shall be in such form as may be prescribed by the board, but shall be conditioned on the issuance of bonds by the state in the minimum amount set out in such agreement for the improvement, operation, development or expansion of such port or harbor, or any part thereof. If such agreement shall provide that the entire port or harbor shall be conveyed to the state and shall be owned and operated by the state, then no such agreement shall become effective until approved by a majority of the qualified electors of the city or county having jurisdiction of such port or harbor voting in an election called for that purpose in the same manner as in other city or county special elections.