IA

106TH CONGRESS

1ST SESSION H. J. RES. 50

Granting the consent of Congress to the Chickasaw Trail Economic

Development Compact.

IN THE HOUSE OF REPRESENTATIVES

MAY 4, 1999

Mr. BRYANT (for himself and Mr. WICKER) introduced the following joint

resolution; which was referred to the Committee on the Judiciary

JOINT RESOLUTION

Granting the consent of Congress to the Chickasaw Trail

Economic Development Compact.

1 Resolved by the Senate and House of Representatives

2 of the United States of America in Congress assembled,

3 SECTION 1. CONSENT TO THE CHICKASAW TRAIL ECO4 NOMIC DEVELOPMENT COMPACT.

5 The Congress consents to the Chickasaw Trail Eco6 nomic Development Compact entered into by the State of

7 Tennessee and the State of Mississippi. The compact is

8 substantially as follows:
2

•HJ 50 IH

1 ‘‘CHICKASAW TRAIL ECONOMIC DEVELOPMENT

2 COMPACT

3 ‘‘ARTICLE I. The purpose of this compact is to pro4 mote the development of an undeveloped rural area of

5 Marshall County, Mississippi, and Fayette County, Ten6 nessee (hereinafter referred to as ‘Chickasaw Trail Eco7 nomic Development Area’), and to create a development

8 authority which incorporates public and private partner9 ships to facilitate the economic growth of such areas by

10 providing developed sites for the location and construction

11 of manufacturing plants, distribution facilities, research

12 facilities, regional and national offices with supportive

13 services and facilities, and to establish a joint interstate

14 authority to assist in these efforts.

15 ‘‘ARTICLE II. This compact shall become effective im16 mediately whenever the states of Tennessee and Mis17 sissippi have ratified it and Congress has given consent

18 thereto.

19 ‘‘ARTICLE III. The states which are parties to this

20 compact (hereinafter referred to as ‘party states’) do here21 by establish and create a joint agency which shall be

22 known as the Chickasaw Trail Economic Development Au23 thority (hereinafter referred to as the ‘authority’). It shall

24 be the duty of the authority in general to promote, encour25 age and coordinate the efforts of the party states to secure
3

•HJ 50 IH

1 the development of the Chickasaw Trail Economic Devel2 opment Area. Toward this end, the authority shall have

3 power to hold hearings; to conduct studies and surveys of

4 all problems, benefits and any other matter associated

5 with the development of the Chickasaw Trail Economic

6 Development Area, and to make reports thereon; to ac7 quire, by gift or otherwise, and hold and dispose of such

8 money and property as may be provided for the proper

9 performance of their function; to cooperate with other

10 public or private groups, whether local, state, regional or

11 national, having an interest in economic development; to

12 formulate and execute plans and policies for emphasizing

13 the purpose of this compact before the Congress of the

14 United States and other appropriate officers and agencies

15 of the United States and of the states of Mississippi and

16 Tennessee; and to exercise such other powers as may be

17 appropriate to enable it to accomplish its functions and

18 duties in connection with the development of the Chicka19 saw Trail Economic Development Area and to carry out

20 the purposes of this compact.

21 ‘‘ARTICLE IV. DEFINITIONS. Whenever used in this

22 chapter, the following words and terms shall have the fol23 lowing respective meanings unless a different meaning

24 clearly appears from the context:
4

•HJ 50 IH

1 ‘‘(a) ‘Board’ means the board of directors of the au2 thority.

3 ‘‘(b) ‘Bonds’ means either revenue bonds, bond an4 ticipating notes, or other types of debt instruments issued

5 by the compact unless the reference to bonds clearly indi6 cates which type of bonds are being referred to, such as

7 ‘revenue bonds,’ ‘general obligation bonds,’ ‘bond anticipa8 tion notes’ or other specific forms of debt instruments.

9 ‘‘(c) ‘Compact authority’ means the Chickasaw Trail

10 Economic Development Authority, an entity created joint11 ly by the State Legislatures of Mississippi and Tennessee

12 under the constitutions of the respective states and ap13 proved by the United States Congress, which may be re14 ferred to as the ‘authority.’

15 ‘‘(d) ‘Compact area’ means all that land area actually

16 owned or controlled by the authority by deed, lease, option,

17 right of first refusal, or other legal or accepted instrument

18 of land exchange.

19 ‘‘(e) ‘Compact study area’ means that area described

20 as follows:

21 The general area for the Chickasaw Trail Economic

22 Development Compact consists of approximately

23 eight thousand (8,000) acres, located on both sides

24 of the Tennessee/Mississippi state line at the point

25 where Shelby County and Fayette County adjoin
5

•HJ 50 IH

1 Marshall County, Mississippi. The project bound2 aries are Highway 72 on the north, Quinn Road on

3 the west, the proposed extension of Goodman Road

4 on the south, and Redbanks Road on the east. Ap5 proximately one thousand one hundred (1,100) acres

6 of the study area are in southeast Fayette County;

7 and the balance of six thousand three hundred

8 (6,300) acres is in north Marshall County.

9 ‘‘(f) ‘Cost of project’ means all costs of site prepara10 tion and other start-up costs; all costs of construction; all

11 costs of real and personal property acquired for the pur12 poses of the project and facilities related thereto, including

13 land and any rights or undivided interest therein, ease14 ments, franchises, fees, permits, approvals, licenses, and

15 certificates and the securing of such permits, approvals,

16 licenses and certificates; all machinery and equipment, in17 cluding any cost associated with financing charges and in18 terest before and during construction and during such ad19 ditional period as the compact authority reasonably may

20 determine to be necessary for the placing of the project

21 in operation; costs of engineering, geotechnical, architec22 tural and legal services; costs of plans, testing, develop23 ment and specifications and all expenses necessary or inci24 dent to determining the feasibility or practicability of the

25 project; administrative expenses; and all expenses as may
6

•HJ 50 IH

1 be necessary or incidental to the financing. The costs of

2 any project also may include funds for the creation of a

3 debt service reserve, a renewal and replacement reserve,

4 and such other reserves as may be reasonably required by

5 a specific bond issue for the operation of its projects and

6 as may be authorized by bond resolution or trust agree7 ment or indenture under the provisions of which the

8 issuance of any such bonds may be authorized. Any obliga9 tion or expense incurred for any of the foregoing purposes

10 shall be regarded as a part of the project and may be paid

11 or reimbursed out of the proceeds of user fees, of revenue

12 bonds or notes issued for such project, or from other reve13 nues obtained by the compact authority.

14 ‘‘(g) ‘County’ means Marshall County, Mississippi, or

15 Fayette County, Tennessee.

16 ‘‘(h) ‘Enterprise’ means any for profit or nonprofit

17 venture, business, service provided, industrial facility or

18 utility located within the compact area under any agree19 ment or contract with the authority.

20 ‘‘(i) ‘Facilities’ mean any plant, structure, building,

21 improvement, land or any other real or personal property

22 of the compact or authority or used or useful in a project

23 under this chapter.
7

•HJ 50 IH

1 ‘‘(j) ‘Governing body’ means the elected or duly ap2 pointed officials constituting the governing body of a mu3 nicipality or county.

4 ‘‘(k) ‘Municipality’ means any incorporated city or

5 town within a county.

6 ‘‘(l) ‘Person’ means any natural person, corporation,

7 association, partnership, receiver, trustee, guardian, ex8 ecutor, administration, fiduciary, governmental unit, pub9 lic agency, political subdivision or any other group acting

10 as a unit, and the plural as well as the singular.

11 ‘‘(m) ‘Project’ means any industrial, commercial, re12 search and development, warehousing, distribution, trans13 portation, processing, United States or state government

14 or tourism enterprise, facility or service, together with all

15 real property required for construction, maintenance and

16 operation of the enterprise together with all buildings, and

17 other supporting land and facilities, structures or improve18 ments of whatever kind required or useful for construc19 tion, maintenance and operation of the enterprise, or any

20 addition to or expansion of an existing enterprise.

21 ‘‘(n) ‘Property owner group’ means those property

22 owners who have sold, leased or allowed the use of their

23 land or otherwise entered into an agreement for the devel24 opment of the project or facilities thereof as a part of the

25 compact area.
8

•HJ 50 IH

1 ‘‘(o) ‘Public agency’ means:

2 ‘‘(i) Any department, board, commission, insti3 tution or other agency or instrumentality of the

4 state;

5 ‘‘(ii) Any city, town, county, political subdivi6 sion, school district or other district created or exist7 ing under the laws of the state or any public agency

8 of any such city, town, county, political subdivision

9 or district; and

10 ‘‘(iii) Any department, commission, agency or

11 instrumentality of the United States of America.

12 ‘‘(p) ‘Related facility’ means any facility related to

13 a project and includes any of the following, as the same

14 may pertain to the project of the authority within the com15 pact area:

16 ‘‘(i) Facilities to provide utilities, as defined

17 herein;

18 ‘‘(ii) Airports, airfields and air terminals;

19 ‘‘(iii) Rail lines;

20 ‘‘(iv) Highways, streets and other roadways;

21 ‘‘(v) Conference centers, classrooms and in22 structional facilities, including any functionally re23 lated facilities;

24 ‘‘(vi) Parks and outdoor recreation facilities;
9

•HJ 50 IH

1 ‘‘(vii) Auditoriums, pavilions, art centers, cul2 tural centers, office complex and other public facili3 ties; and

4 ‘‘(viii) Public or private health care facilities.

5 ‘‘(q) ‘Revenues’ means all rentals, receipts, income

6 and other charges derived or received or to be derived or

7 received by the authority from any of the following: the

8 operation by the authority of a facility or facilities, or a

9 part thereof; the sale, including installment sales or condi10 tional sales, lease, sublease or use or other disposition of

11 any property or facility or portion thereof; the sale, lease

12 or other disposition of recovered resources; contracts,

13 agreements or franchises with respect to a facility or por14 tion thereof, with respect to recovered resources, or with

15 respect to a facility or portion thereof and recovered re16 sources, including but not limited to charges with respect

17 to the management of any project received with respect

18 to a facility, income received as a result of the sale or

19 other disposition of recovered resources, services or utili20 ties; any gift or grant received with respect thereto; pro21 ceeds of bonds to the extent of use thereof for payment

22 of principal of premium, if any, or interest on the bonds

23 as authorized by the authority; proceeds from any insur24 ance, condemnation or guaranty pertaining to a facility

25 or property mortgaged to secure bonds or pertaining to
10

•HJ 50 IH

1 the financing of a facility; income and profit from the in2 vestment of the proceeds of bonds or of any revenues and

3 the proceeds of any special tax to which it may be entitled.

4 ‘‘(r) ‘State’ means the State of Mississippi or the

5 State of Tennessee.

6 ‘‘(s) ‘Unit of local government’ means a county or

7 municipality within a county of the State of Mississippi

8 or the State of Tennessee.

9 ‘‘(t) Except as used in Article XXXI herein, ‘utility’

10 or ‘utilities’ means potable and industrial water supply

11 systems and sewage and water disposal systems.

12 ‘‘ARTICLE V. COMPOSITION OF THE AUTHORITY. (1)

13 All powers of the compact shall be vested in a board of

14 directors which will exercise all powers delegated to the

15 authority under the laws of Mississippi and Tennessee.

16 ‘‘The membership of the board of the authority shall

17 consist of an appointee of the Governor of each party

18 state, each state’s chief economic development official or

19 his representative, an appointee of each of the member

20 counties’ governing body selected from nominees proposed

21 by the respective county’s industrial development board,

22 and an appointee who shall serve for a three-year term

23 and who shall be appointed by the Governor of each party

24 state on a rotating basis with the initial appointment being

25 made by the Governor of Tennessee. With the exception
11

•HJ 50 IH

1 of the gubernatorial appointment made on a rotating

2 basis, each appointment shall be for a four-year term and

3 for such period thereafter until a successor shall be duly

4 appointed and qualified.

5 ‘‘Each member of the board shall be eligible for re6 appointment. All vacancies shall be filled by appointment

7 in the same manner, except that any person appointed to

8 fill a vacancy shall serve only for the unexpired term. Any

9 director may be removed at any time before the expiration

10 of the member’s term of office for misfeasance, malfea11 sance or willful neglect of duty, as determined by the ap12 pointing political subdivision or a majority of the board.

13 Before assuming office, each director shall take and sub14 scribe to the constitutional oath of office before a chancery

15 clerk in Mississippi or the corresponding appropriate offi16 cial in Tennessee, and a record of such oath shall be filed

17 with the Secretary of State in Mississippi and in Ten18 nessee. The board annually shall select a chairman and

19 vice chairman.

20 ‘‘(2) The board may employ such personnel and ap21 point and prescribe the duties of such officers as the board

22 deems necessary or advisable, including a general manager

23 and a secretary of the compact. The general manager also

24 may serve as secretary and shall be a person of good moral

25 character and of proven ability as an administrator with
12

•HJ 50 IH

1 a minimum of five (5) years experience in management

2 and economic development or comparable experience. The

3 general manager shall administer, manage and direct the

4 affairs and business of the authority, subject to the poli5 cies, control and direction of the board. The general man6 ager and any director not bonded in another capacity shall

7 give bond executed by a surety company or companies au8 thorized to do business in the respective states in the penal

9 sum of fifty thousand dollars ($50,000.00) payable to the

10 authority, conditioned upon the faithful performance of

11 his duties and the proper accounting for all funds. The

12 Board may require any of its employees to be bonded. The

13 cost of any bond required by this section or by the board

14 shall be paid from funds of the authority. The Secretary

15 shall keep a record of the proceedings of the authority and

16 shall be custodian of all books, documents and papers filed

17 with the authority, the minute book or journal, and the

18 official seal. The secretary may make copies of all minutes

19 and other records and documents of the compact and cer20 tify under the seal of the authority that such copies are

21 true and accurate copies, and all persons dealing with the

22 compact authority may rely upon such certification.

23 ‘‘(3) Regular meetings of the board shall be held as

24 set forth in its bylaws, rules or regulations. Additional

25 meetings of this board shall be held at the call of the chair-
13

•HJ 50 IH

1 man or general manager whenever any three (3) members

2 of the board so request in writing. Members of the prop3 erty owner group shall be notified of the meetings of the

4 board in the same manner as board members are notified.

5 ‘‘(4) Members of the board shall not receive any com6 pensation, but may receive reimbursement for actual and

7 necessary expenses incurred or per diem in lieu thereof.

8 ‘‘(5) The Board shall prepare a budget for the au9 thority for each fiscal year at least sixty (60) days before

10 the beginning of each fiscal year, which shall be from July

11 1 to June 30 of each year.

12 ‘‘ARTICLE VI. GENERAL POWERS AND DUTIES OF

13 COMPACT AUTHORITY. From and after the creation of the

14 compact, the authority shall be a public corporation, body

15 politic with all the rights and powers now or hereafter con16 ferred as may be deemed necessary to carry out the pur17 poses of this chapter including the following:

18 ‘‘(a) To maintain an office at a place or places within

19 either state.

20 ‘‘(b) To sue and be sued in its own name.

21 ‘‘(c) To adopt and use a corporate seal.

22 ‘‘(d) To employ or contract with architects, engineers,

23 attorneys, accountants, construction and financial experts

24 and such other advisors, consultants and agents as may
14

•HJ 50 IH

1 be necessary in its judgement and to fix and pay their

2 compensation.

3 ‘‘(e) To make, adopt, enforce, amend and repeal by4 laws and rules and regulations for the management of its

5 business and affairs for the use, maintenance and oper6 ation of the compact, any of the project facilities and any

7 other of its properties.

8 ‘‘(f) To borrow money and to issue bonds, notes and

9 other evidence of indebtedness, without the authority to

10 levy ad valorem taxes, for any of its purposes and to pro11 vide for and secure the payment thereof and to provide

12 for the rights of the holders thereof.

13 ‘‘(g) To invest any monies of the authority, including

14 proceeds from the sale of any bonds subject to any agree15 ments with bondholders, on such terms and in such man16 ner as the compact deems proper.

17 ‘‘(h) To exercise any one or more of the powers,

18 rights and privileges under this chapter, either alone or

19 jointly or in common with one or more other public or

20 private parties. In any such exercise of such powers, rights

21 and privileges jointly or in common with others for the

22 development, construction, operation and maintenance of

23 facilities within the compact area, the authority may own

24 an undivided interest in such facilities with any other

25 party, public or private, with which it may jointly or in
15

•HJ 50 IH

1 common exercise the rights and privileges conferred by

2 this chapter and may enter into an agreement or agree3 ments with respect to any such facility with the other

4 party or parties, public or private, participating therein

5 including development agreements, joint ventures and real

6 estate investment trusts. An agreement may contain such

7 terms, conditions and provisions, consistent with this

8 paragraph, as the parties thereto shall deem to be in their

9 best interest, including, but not limited to, provisions for

10 the construction, operation and maintenance of such facil11 ity by any one or more parties to such agreement. The

12 party or parties may be designated in or under such agree13 ment as agent or agents on behalf of itself and one or

14 more of the other parties thereto, or by such other means

15 as may be determined by the parties thereto, and including

16 provisions for a method or methods of determining and

17 allocating, among or between the parties, costs of con18 struction, operation, maintenance, renewals, replacements

19 and improvements related to such facility. In carrying out

20 its functions and activities as the agent with respect to

21 construction, operation and maintenance of such a facility,

22 the agent shall be governed by the laws and regulations

23 applicable to the agent as a separate legal entity and not

24 by any laws or regulations which may be applicable to any

25 of the other participating parties. The agent shall act for
16

•HJ 50 IH

1 the benefit of the public. Under any such agreement, the

2 authority may delegate its powers and duties related to

3 the construction, operation and maintenance of such facil4 ity to the party acting as agent and all actions taken by

5 such agent in accordance with the agreement may be bind6 ing upon the authority without further action or approval

7 of the board.

8 ‘‘(i) To make such applications and enter into such

9 contracts for financial assistance as may be appropriate

10 under applicable federal or state law.

11 ‘‘(j) To apply for, accept and utilize grants, gifts, do12 nations and other funds or aid from any source for any

13 purpose contemplated by this chapter, and to comply, sub14 ject to the provisions of this chapter, with the terms and

15 conditions thereof.

16 ‘‘(k) To acquire by purchase, lease, gift, investment,

17 trade, exchange or in other manner, including eminent do18 main as may be authorized under this chapter, or obtain

19 options to acquire, and to own, maintain, use, operate and

20 convey any and all property of any kind, real, personal

21 or mixed or easement therein or any interest or estate

22 therein, within the compact area, necessary for the project

23 or any facility related to the project.
17

•HJ 50 IH

1 ‘‘(l) To make or cause to be made such examinations

2 and surveys as may be necessary to the planning, design,

3 construction and operation of the project.

4 ‘‘(m) To enter into a development agreement with

5 any public agency, private firm or person for the develop6 ment of the compact area, compact property, or any por7 tion thereof upon such terms as the parties might agree

8 to carry out the purposes of this chapter.

9 ‘‘(n) To negotiate, with the proper governmental

10 agency or regulated utility or transportation provider, any

11 necessary relocation or rerouting of roads and highways,

12 railroad, telephone and telegraph lines and properties,

13 electric power lines, pipelines and related facilities, or to

14 require the anchoring or other protection of any of these,

15 provided due compensation is paid to the owners thereof

16 or an agreement is made with such owners regarding the

17 payment of the cost of such relocation.

18 ‘‘(o) To enter into joint agreements, development

19 agreements or other agreements with any person or partic20 ipant in a joint venture with any private firm, person or

21 public agency to form and participate in real estate invest22 ment trusts and limited liability partnerships, joint ven23 tures, joint ownerships and agreements for the construc24 tion and operation of any project of the authority with

25 the compact area.
18

•HJ 50 IH

1 ‘‘(p) To construct, extend, improve, maintain and re2 construct, to cause to be constructed, extended, improved,

3 maintained and reconstructed, and to use and operate any

4 and all components of the project or any facility related

5 to a project, subject to the concurrence and approval of

6 the affected public agency, with the compact area, nec7 essary to the project and to the exercise of such powers,

8 rights and privileges granted the authority.

9 ‘‘(q) To incur or defray any designated portion of the

10 cost of any component of the project or any facility related

11 to the project acquired or constructed by any public agen12 cy.

13 ‘‘(r) To lease, sell, mortgage, pledge, trade, exchange

14 or otherwise convey any or all property acquired by the

15 authority under the provisions of this chapter to the enter16 prise, its successors or assigns, and in connection there17 with to pay the costs of title search, perfection of title,

18 title insurance and recording fees as may be required. The

19 authority may provide in the instrument conveying such

20 property a provision that the property shall revert to the

21 authority if, as and when the property is declared by the

22 enterprise to be no longer needed.

23 ‘‘(s) To enter into an agreement with the counties

24 adjoining the compact area to promote, develop, contract
19

•HJ 50 IH

1 or operate projects which will contribute to the economic

2 development of the area.

3 ‘‘(t) To enter into contracts with any private firm,

4 person or public agency including, but not limited to, in

5 furtherance of any of the purposes authorized by this

6 chapter upon such consideration as the authority and such

7 person or public agency may agree. Any such contract may

8 extend over any period of time, notwithstanding any rule

9 of law to the contrary, may be upon such terms as the

10 parties thereto shall agree, and may provide that it shall

11 continue in effect until bonds specified therein, refunding

12 bonds issued in lieu of such bonds, and all other obliga13 tions specified therein are paid or terminated. Any such

14 contract shall be binding upon the parties thereto accord15 ing to its terms. Such contracts may include an agreement

16 to reimburse the enterprise, its successors and assigns for

17 any assistance provided by the enterprise in the acquisi18 tion of real property for the project or any facility related

19 to the project.

20 ‘‘(u) To establish and maintain reasonable rates and

21 charges for the use of any facility within the compact area

22 owned or operated by or under the authority, or services

23 provided by the authority and from time to time to adjust

24 such rates and to impose penalties for failure to pay such

25 rates and charges when due.
20

•HJ 50 IH

1 ‘‘(v) To adopt and enforce exclusively all necessary

2 and reasonable rules and regulations to carry out and ef3 fectuate the implementation of this chapter, the purpose

4 of the authority and any project and any land use plan

5 classification adopted for the compact area, including but

6 not limited to rules, regulations, zoning and restrictions

7 concerning mining, construction, excavation or any other

8 activity the occurrence of which may endanger the struc9 ture or operation of the authority or any project.

10 ‘‘(w) To plan, design, coordinate and implement

11 measures and programs to mitigate impacts on the natural

12 environment caused by a project or any facility related to

13 a project.

14 ‘‘(x) To develop plans for technology transfer activi15 ties to ensure private sector conduits for exchange of infor16 mation, technology and expertise related to a project to

17 generate opportunities for commercial development within

18 the compact area.

19 ‘‘(y) To consult with the State Department of Edu20 cation and other public agencies for the purpose of improv21 ing public schools and curricula and training programs

22 within the compact area.

23 ‘‘(z) To consult with the State Board of Health and

24 other public agencies for the purpose of improving medical

25 centers, hospitals and public health centers in order to
21

•HJ 50 IH

1 provide appropriate health care facilities within the com2 pact area.

3 ‘‘(aa) To do any and all things necessary or proper

4 for the accomplishment of the objectives of this chapter

5 and to exercise any power usually possessed by private cor6 porations performing similar functions which is not in con7 flict with the constitutions and laws of the respective

8 states, including the power to employ professional and ad9 ministrative staff and personnel and to retain legal, engi10 neering, fiscal, accounting and other professional services;

11 the power to purchase all kinds of insurance, including

12 without limitations, insurance against tort liability and

13 against risks of damage to property; and the power to act

14 as self-insurer with respect to any loss or liability.

15 ‘‘ARTICLE VII. PROMULGATION OF RULES AND REG16 ULATIONS. (1) The authority may adopt and promulgate

17 all reasonable rules and regulations regarding the oper18 ation of the authority, its projects, the compact area, and

19 the specifications and standards relating to the construc20 tion, operation and maintenance of any facility.

21 ‘‘(2) The board shall have exclusive jurisdiction for

22 the development of any land use planning or the promul23 gation of land use restrictions, regulations or zoning ordi24 nance which shall govern all land use within the compact

25 area.
22

•HJ 50 IH

1 ‘‘ARTICLE VIII. BONDS OF AUTHORITY. (1) The au2 thority is empowered and authorized, from time to time,

3 to issue bonds in such principal amounts as shall be nec4 essary to provide sufficient funds for achieving any of its

5 corporate purposes, including without limiting the gen6 erality of the foregoing, the financing of the acquisition,

7 construction, improvement of facilities or any combination

8 thereof, the payment of interest on bonds of the authority,

9 establishment of reserves to secure such bonds, expenses

10 incident to the issuance of such bonds, including bond in11 surance and to the implementation of programs or

12 projects, and any other capital expenditures but not oper13 ating costs of the authority incident to or necessary or

14 convenient to carry out its corporate purposes and powers.

15 ‘‘(2) The authority may issue such types of bonds or

16 notes, in its discretion, subject only to any agreement with

17 the holders of particular bonds, including bonds as to

18 which the principal and interest are payable exclusively

19 from all or a portion of the revenues derived from one

20 or more facilities under the contracts entered into by pub21 lic agencies, and other persons, or any combination of any

22 of the foregoing, or which may be secured by a pledge or

23 any grant, subsidy or contribution from any public agency

24 or other person, or a pledge of an income or revenues,

25 funds or monies of the authority from any source whatso-
23

•HJ 50 IH

1 ever, except that the authority may not issue bonds or

2 notes that are secured by ad valorem taxes.

3 ‘‘(3) Bonds shall be authorized by a resolution or res4 olutions of the board. Such bonds shall bear such date or

5 dates, mature at such time or times (either serially, term

6 or a combination thereof), bear interest at such rate or

7 rates, be in such denomination or denominations, be in

8 such registered form, carry such conversion or registration

9 privileges, have such rank or priority, be executed in such

10 manner and by such officers, be payable from sources

11 other than ad valorem taxes, in such medium of payment

12 at such place or places within or without the state, pro13 vided that one (1) such place shall be within the state,

14 be subject to such terms of redemption before maturity,

15 all as may be provided by resolution or resolutions of the

16 compact.

17 ‘‘(4) Any bonds of the authority may be sold at such

18 price or prices, at public or private sale, in such manner

19 and at such times as may be determined by the authority

20 to be in the public interest, and the authority may pay

21 all expenses, premiums, fees and commissions which it

22 may deem necessary and advantageous in connection with

23 the issuance and sale thereof.

24 ‘‘(5) Any pledge of earnings, revenues or other mon25 ies made by the authority shall be valid and binding from
24

•HJ 50 IH

1 the time the pledge is made and the earnings, revenues

2 or other monies so pledged and thereafter received by the

3 authority immediately shall be subject to the lien of such

4 pledge without any physical delivery thereof or further act.

5 The lien of any such pledge shall be valid and binding as

6 against all parties having claims of any kind of tort, con7 tract or otherwise against the authority regardless of

8 whether such parties have notice thereof. Neither the reso9 lution nor any other instrument by which a pledge is cre10 ated need be recorded.

11 ‘‘(6) Neither the board members nor any person exe12 cuting the bonds shall be personally liable on the bonds

13 or be subject to any personal liability or accountability by

14 reason of the issuance thereof.

15 ‘‘(7) Whenever any bonds shall have been signed by

16 the officers of the board designated by resolution of the

17 authority to sign the bonds who were in office at the time

18 of such signing but who may have ceased to be such offi19 cers prior to the sale and delivery of such bonds, or who

20 may not have been in office on the date such bonds may

21 bear, the manual or facsimile signatures of such officers

22 upon such bonds and the coupons appertaining thereto,

23 shall nevertheless be valid and sufficient for all purposes

24 and have the same effect as if the person so officially exe25 cuting such bonds had remained in office until the delivery
25

•HJ 50 IH

1 of the same to the purchaser or had been in office on the

2 date such bonds may bear.

3 ‘‘(8) The bonds issued by the authority under author4 ity of the compact shall be limited obligations of such com5 pact. The principal, interest and redemption premium, if

6 any, shall be payable solely out of the monies to be derived

7 by the compact. Revenue bonds and interest coupons,

8 issued under authority of this chapter shall never con9 stitute an indebtedness of the state or any county or mu10 nicipality within the meaning of any state constitutional

11 provision or statutory limitation and shall never constitute

12 nor give rise to a pecuniary liability of a county or munici13 pality or the state, or a charge against its general credit

14 or taxing powers, and such fact shall be plainly stated on

15 the face of each bond.

16 ‘‘ARTICLE IX. TEMPORARY BORROWING BY AUTHOR17 ITY. (1) Pending the issuance of revenue bonds by the au18 thority, the board is authorized to make temporary bor19 rowings not to exceed two (2) years in anticipation of the

20 issue of bonds in order to provide funds in such amounts

21 as may, from time to time, be deemed advisable prior to

22 the issue of bonds. To provide for such temporary bor23 rowings, the authority may enter into any purchase, loan

24 or credit agreement, or agreements or other agreement or

25 agreements with any banks or trust companies or other
26

•HJ 50 IH

1 lending institutions, investment banking firms or persons

2 in the United States having power to enter into the same.

3 ‘‘(2) All temporary borrowings made under this sec4 tion shall be evidenced by notes of the authority which

5 shall be issued, from time to time, for such amounts, in

6 such form and in such denominations and subject to terms

7 and conditions of sale and issue, prepayment or redemp8 tion and maturity, rate or rates of interest and time of

9 payment of interest as the board shall authorize and di10 rect. Such authorization and direction may provide for the

11 subsequent issuance of replacement notes to refund, upon

12 issuance thereof, such notes, and may specify such other

13 terms and conditions with respect to the notes and re14 placement notes thereby authorized for issuance as the

15 board may determine and direct.

16 ‘‘ARTICLE X. REFUNDING BONDS. The authority may

17 issue refunding bonds for the purpose of paying any of

18 its bonds at or prior to maturity or upon acceleration or

19 redemption. Refunding bonds may be issued at such time

20 prior to the maturity or redemption of the refunded bonds

21 as the authority deems to be in the public interest. The

22 refunding bonds may be issued in sufficient amounts to

23 pay or provide the principal of the bonds being refunded,

24 together with any redemption premium thereof, any inter25 est accrued or to accrue to the date of payment of such
27

•HJ 50 IH

1 bonds, the expenses of issue of the refunding bonds, the

2 expenses of redeeming the bonds being refunded, and such

3 reserves for debt service or other capital or current ex4 penses from the proceeds of such refunding bonds as may

5 be required by the resolution, trust indenture or other se6 curity instructions.

7 ‘‘ARTICLE XI. GENERAL TERMS AND CONDITIONS OF

8 BONDS OF COMPACT. The authority shall have power in

9 the issuance of its bonds to:

10 ‘‘(a) Covenant as to the use of any or all of its prop11 erty, real or personal.

12 ‘‘(b) Redeem the bonds, to covenant for their redemp13 tion and to provide the terms and conditions thereof.

14 ‘‘(c) Covenant to charge rates, fees and charges suffi15 cient to meet operating and maintenance expenses, renew16 als and replacements, principal and debt service on bonds,

17 creation and maintenance of any reserves required by a

18 bond resolution, trust indenture or other security instru19 ment and to provide for any margins or coverages over

20 and above debt service on the bonds deemed desirable for

21 the marketability of the bonds.

22 ‘‘(d) Covenant and prescribe as to events of default

23 and terms and conditions upon which any or all of its

24 bonds shall become or may be declared due before matu25 rity, as to the terms and conditions upon which such dec-
28

•HJ 50 IH

1 laration and its consequences may be waived and as to

2 the consequences of default and the remedies of bond3 holders.

4 ‘‘(e) Covenant as to the mortgage or pledge of or the

5 grant of a security interest in any real or personal prop6 erty and all or any part of the revenues from any facilities

7 or any revenue-producing contract or contracts made by

8 the compact with any person to secure the payment of

9 bonds, subject to such agreements with the holders of

10 bonds as may then exist.

11 ‘‘(f) Covenant as to the custody, collection, securing,

12 investment and payment of any revenue assets, monies,

13 funds or property with respect to which the compact may

14 have any rights or interest.

15 ‘‘(g) Covenant as to the purpose to which the pro16 ceeds from the sale of any bonds then or thereafter to be

17 issued may be applied, and the pledge of such proceeds

18 to secure the payment of the bonds.

19 ‘‘(h) Covenant as to the limitations on the issuance

20 of any additional bonds, the terms upon which additional

21 bonds may be issued and secured, and the refunding of

22 outstanding bonds.

23 ‘‘(i) Covenant as to the rank or priority of any bonds

24 with respect to any lien or security.
29

•HJ 50 IH

1 ‘‘(j) Covenant as to the procedure by which the terms

2 of any contract with or for the benefit of the holders of

3 bonds may be amended or abrogated, the amount of bonds

4 the holders of which must consent thereto, and the manner

5 in which such consent may be given.

6 ‘‘(k) Covenant as to the custody of any of its prop7 erties or investments, the safekeeping thereof, the insur8 ance to be carried thereon, and the use and disposition

9 of insurance proceeds.

10 ‘‘(l) Covenant as to the vesting in a trustee or trust11 ees, within or outside the state, of such properties, rights,

12 powers and duties in trust as the authority may determine.

13 ‘‘(m) Covenant as to the appointing and providing for

14 the duties and obligations of a paying agent or paying

15 agents or other fiduciaries within or outside the state.

16 ‘‘(n) Make all other covenants and to do any and all

17 such acts and things as may be necessary or convenient

18 or desirable in order to secure its bonds without a pledge

19 of ad valorem taxes, or in the absolute discretion of the

20 authority tend to make the bonds more marketable, not21 withstanding that such covenants, acts or things may not

22 be enumerated herein; it being the intention hereof to give

23 the authority power to do all things in the issuance of

24 bonds and in the provisions for security thereof which are

25 not inconsistent with the constitution of the state.
30

•HJ 50 IH

1 ‘‘(o) Execute all instruments necessary or convenient

2 in the exercise of the powers herein granted or in the per3 formance of covenants or duties, which may contain such

4 covenants and provisions, as any purchaser of the bonds

5 of the authority may reasonably require.

6 ‘‘ARTICLE XII. APPOINTMENT OF TRUSTEE OR RE7 CEIVER FOR ENFORCEMENT OR PROTECTION OF RIGHTS

8 OF BONDHOLDERS. The authority may, in any authorizing

9 resolution of the board of directors, trust indenture or

10 other security instrument relating to its bonds, provide for

11 the appointment of a trustee who shall have such powers

12 as are provided therein to represent the bondholders of

13 any issue of bonds in the enforcement or protection of

14 their rights under any such resolution, trust indenture or

15 security instrument. The authority may also provide in

16 such resolution, trust indenture or other security instru17 ment that the trustee, or if the trustee so appointed fails

18 or declines to protect and enforce such bondholders’ rights

19 then the percentage of bondholders as shall be set forth

20 in, and subject to the provisions of, such resolution, trust

21 indenture or other security instrument, may petition the

22 court of proper jurisdiction for the appointment of a re23 ceiver of the facilities, the revenues of which are pledged

24 to the payment of the principal of and interest on the

25 bonds held by such bondholders. Such receiver may exer-
31

•HJ 50 IH

1 cise any power as may be granted in any such resolution,

2 trust indenture or security instrument to enter upon and

3 take possession of, acquire, construct or reconstruct, or

4 operate and maintain such facilities, fix, charge, collect,

5 enforce and receive all revenues derived from such facili6 ties, and perform the public duties and carry out the con7 tracts and obligations of the authority in the same manner

8 as the authority itself might do, all under the direction

9 of such a proper court.

10 ‘‘ARTICLE XIII. EXEMPTION FROM TAXATION. (1)

11 The exercise of the powers granted by this chapter will

12 be in all respects for the benefit of the people of the states

13 for their well-being and prosperity and for the improve14 ment of their social and economic conditions, and neither

15 the compact or authority shall be required to pay any tax

16 or assessment on any property owned by the compact or

17 the authority upon the income therefrom.

18 ‘‘(2) Any bonds issued by the authority under the

19 compact, their transfer and the income therefrom shall at

20 all times be free from taxation by the state or any unit

21 of local government or other instrumentality of the state,

22 except for inheritance and gift taxes.

23 ‘‘ARTICLE XIV. POWERS OF COUNTIES, MUNICIPALI24 TIES OR OTHER POLITICAL SUBDIVISIONS AND AGENCIES

25 AND INSTRUMENTALITIES THEREOF AS TO ASSISTANCE
32

•HJ 50 IH

1 AND COOPERATION WITH THE COMPACT. For the purpose

2 of attaining the objectives of this chapter, any county, mu3 nicipality or other unit of local government, public cor4 poration, agency or instrumentality of the state, a county

5 or municipality or person may, upon terms and with or

6 without consideration, as it may determine, do any or all

7 of the following:

8 ‘‘(a) Lend, contribute or donate money to the author9 ity or perform services for the benefit thereof;

10 ‘‘(b) Donate, sell, convey, transfer, lease, option or

11 grant upon such terms as the parties may agree, without

12 the necessity of authorization at any election of qualified

13 voters, any property of any kind; and

14 ‘‘(c) Do any and all things, whether or not specifically

15 authorized in this section, not otherwise prohibited by law,

16 that are necessary or convenient to aid and cooperate with

17 any authority in attaining the objectives of this chapter.

18 ‘‘ARTICLE XV. CONTRACTING FOR PROJECTS. Con19 tracts for acquisition, purchase, construction or installa20 tion of a project shall be effected in the manner prescribed

21 by law for public contracts, except when:

22 ‘‘(a) The authority finds and records such finding on

23 its minutes, that because of availability or particular na24 ture of a project, it would not be in the public interest

25 or would less effectively achieve the purposes of this chap-
33

•HJ 50 IH

1 ter to enter into such contracts upon the basis of public

2 bidding pursuant to advertising;

3 ‘‘(b) The industry concurs in such finding; and

4 ‘‘(c) Such finding is approved by the board, public

5 bidding pursuant to advertisement may be dispensed with

6 and such contracts may be entered into based upon nego7 tiation; and provided further, that the industry or enter8 prise locating within the compact area, at its option, may

9 negotiate such contracts in the name of the compact or

10 authority.

11 ‘‘ARTICLE XVI. CONTRACTS WITH PUBLIC AGENCIES.

12 For the purpose of aiding in the planning, design, under13 taking and carrying out of the project or any facility re14 lated to the project, any public agency is authorized and

15 empowered upon such terms, with or without consider16 ation, as it may determine:

17 ‘‘(a) To enter into agreements, which may extend

18 over any period, with the authority respecting action to

19 be taken by such public agency with respect to the acquisi20 tion, planning, construction, improvement, operation,

21 maintenance or funding of the project or any such facility,

22 and which agreements may include (i) the appropriation

23 or payment of funds to the compact or authority or to

24 a trustee in amounts which shall be sufficient to enable

25 the authority to defray any designated portion or percent-
34

•HJ 50 IH

1 age of the expenses of administering, planning, designing,

2 constructing, acquiring, improving, operating and main3 taining the project or any facility related to the project,

4 and (ii) the furnishing of other assistance in connection

5 with the project or facility related to the project;

6 ‘‘(b) To dedicate, sell, donate, convey or lease any

7 property or interest in property to the authority or grant

8 easements, licenses or other rights or privileges therein to

9 the authority;

10 ‘‘(c) To incur the expense of any public improvements

11 made or to be made by such public agency in exercising

12 the powers granted in this section;

13 ‘‘(d) To lend, grant or contribute funds to the author14 ity;

15 ‘‘(e) To cause public buildings and public facilities,

16 including parks, playgrounds, recreational areas, commu17 nity meeting facilities, water, sewer or drainage facilities,

18 or any other works which it is otherwise empowered to

19 undertake, to be furnished to or with respect to the project

20 or any such facility;

21 ‘‘(f) To furnish, dedicate, close, vacate, pave, install,

22 upgrade or improve highways, streets, roads, sidewalks,

23 airports, railroads or ports with the approval of the proper

24 state, federal or local regulatory authority;
35

•HJ 50 IH

1 ‘‘(g) To plan or replan, zone or rezone any parcel of

2 land within the public agency or make exceptions from

3 land use, building and zoning regulations; and

4 ‘‘(h) To cause administrative and other services to

5 be furnished to the authority, including services pertaining

6 to the acquisition of real property and the furnishing of

7 relocation assistance. Any contract between a public agen8 cy entered into with the authority pursuant to any of the

9 powers granted by this chapter shall be binding upon the

10 public agency according to its terms, and the public agen11 cy shall have the power to enter into such contracts as

12 in the discretion of the governing authorities thereof,

13 would be to the best interest of the people of the public

14 agency. If at any time title to or possession of the project

15 or any such facility is held by any public body or govern16 mental agency other than the authority, including any

17 agency or instrumentality of the United States of America,

18 the agreements referred to in this section shall inure to

19 the benefit of and may be enforced by such public body

20 or governmental agency.

21 ‘‘ARTICLE XVII. ESTABLISHMENT OF JOINT VEN22 TURE. The board is empowered to establish and create

23 such nonprofit corporations, joint ventures, limited liabil24 ity companies as from time to time the board may deem

25 necessary or desirable in the performance of any acts or
36

•HJ 50 IH

1 other things necessary to the exercise of the powers pro2 vided in this chapter, and to delegate to such departments,

3 boards or other agencies such administrative duties and

4 other powers as the board deems necessary or desirable.

5 ‘‘ARTICLE XVIII. OWNERSHIP AND DISPOSITION OF

6 PROPERTY. The authority is authorized to acquire prop7 erty, real, personal or mixed, within or without its terri8 torial limits, in fee simple or any lesser interest or estate,

9 by purchase, gift, devise or lease, on such terms and condi10 tions as the board may deem necessary or desirable; to

11 acquire mineral rights and leases; to acquire title to sub12 merged lands and riparian rights and easements or rights13 of-way with or without restrictions within or without the

14 limits of the authority; to accept the dedication of streets

15 and other rights-of-way on such terms and conditions as

16 the authority may approve; to make purchase money mort17 gages and deed trusts and other forms of encumbrance

18 on any property acquired by the authority and to purchase

19 property subject to purchase money mortgages, or other

20 encumbrances; and to mortgage, hold, manage, control,

21 convey, lease, sell, grant or otherwise dispose of the same,

22 and of any of the assets and properties of the authority,

23 with or without consideration.

24 ‘‘ARTICLE XIX. LEASE OF FACILITIES. Whenever

25 deemed necessary or desirable by the authority, the au-
37

•HJ 50 IH

1 thority may lease as lessor or lessee to or from any person,

2 firm, corporation, association or body public or private,

3 any projects of the type that the authority is authorized

4 to undertake and facilities or property of any nature for

5 the use of the authority and to carry out any of the pur6 poses of the compact.

7 ‘‘ARTICLE XX. AUTHORITY SERVICES AUTHORIZED.

8 The authority, in furtherance of its purposes and to facili9 tate or provide the necessary services for the development

10 of the compact area is authorized by agreement, owner11 ship, contract, lease, joint venture or otherwise to do the

12 following within the compact or service area.

13 ‘‘(a) RECLAMATION AND DRAINAGE. To adopt a plan

14 of reclamation, and own, acquire, construct, reconstruct,

15 equip, operate, maintain, extend and improve canals,

16 ditches, drains, dikes, levees, pumps, plants and pumping

17 systems and other works, machinery and plants.

18 ‘‘(b) WATER AND SEWER SYSTEM. To facilitate the

19 development or own, acquire, construct, reconstruct,

20 equip, operate, maintain, extend and improve water sys21 tems and sewer systems or combined water and sewer sys22 tems; to cooperate with the proper public agency to regu23 late the use of sewers and the supply of water within the

24 compact area and cooperate with the proper public agency

25 in prohibiting or regulating the use and maintenance of
38

•HJ 50 IH

1 outhouses, privies, septic tanks or other sanitary struc2 tures or appliances within the compact area; to coordinate

3 with the proper public agencies in prescribing methods of

4 pretreatment of wastes not amenable to treatment with

5 domestic sewage before accepting such wastes for treat6 ment and to refuse to accept such wastes when not suffi7 ciently pretreated as may be prescribed by the proper pub8 lic agency; to sell or otherwise dispose of the effluent,

9 sludge or other by-products as a result of sewage treat10 ment; and to construct and operate connecting, inter11 cepting or outlet sewers and sewer mains and pipes and

12 water mains, conduits or pipelines in, along or under any

13 street, alleys, highways or other public places or ways

14 within the compact services area, when deemed necessary

15 or desirable by the authority and the proper public agency

16 in accomplishing the purposes of this chapter.

17 ‘‘(c) WASTE COLLECTION AND DISPOSAL. To own, ac18 quire, construct, reconstruct, equip, operate, maintain, ex19 tend and improve a waste collection and disposal system,

20 and to sell or otherwise dispose of any affluent, residue

21 or other by-products of such systems, provided that such

22 actions comply with existing state and federal laws and

23 regulations.

24 ‘‘(d) RECREATION FACILITIES. To provide, acquire,

25 construct, equip, operate, maintain, if necessary, extend
39

•HJ 50 IH

1 and improve parks, playgrounds, picnic grounds, golf

2 courses, auditoriums, libraries, recreational centers, con3 vention halls and facilities, and cultural, recreational and

4 other appropriate projects.

5 ‘‘(e) PARKING FACILITIES. To own, acquire, con6 struct, reconstruct, equip, operate, maintain, extend and

7 improve parking facilities, to install or cause to be in8 stalled parking meters at or near the curbs of streets,

9 roads and other public ways within the compact area, and

10 to adopt such regulations and impose such charges in con11 nection with any parking facilities as the board may deem

12 necessary or desirable.

13 ‘‘(f) FIRE PROTECTION. To provide for or own, ac14 quire, construct, reconstruct, equip, maintain, operate, ex15 tend and improve fire control facilities for the compact,

16 including fire stations, water mains and plugs, fire trucks

17 and other vehicles and equipment, and to undertake such

18 works and construct such facilities as may be determined

19 necessary by the board to carry out a program of fire pre20 vention and fire control within the compact or service area.

21 ‘‘(g) CONSERVATION AREAS AND SANCTUARIES. To

22 designate, set aside and maintain lands and areas within

23 the compact area as conservation areas; to promulgate and

24 enforce rules and regulations with respect thereto and to

25 protect and preserve the natural beauty thereof.
40

•HJ 50 IH

1 ‘‘ARTICLE XXI. PURSUIT OF EMINENT DOMAIN. The

2 authority shall not have the power to exercise eminent do3 main. The authority shall have the authority to request

4 and pursue eminent domain through the state or a unit

5 of local government for the particular purpose of the ac6 quisition of property designated by plan to sufficiently ac7 commodate the location of the specific facilities and utili8 ties, and such requirements related directly thereto pursu9 ant to the provisions of applicable state law. However, be10 fore the exercises of this power, the board shall enter on

11 its minutes the determination of the need to pursue the

12 power of eminent domain through the state or unit of local

13 government for the acquisition of a part of the acreage

14 involved, not to exceed ten percent (10%) of the acreage

15 involved, and the board shall so specify in its minutes.

16 ‘‘ARTICLE XXII. SHORT TERM BORROWINGS. The au17 thority at any time may obtain loans, in such amount, and

18 on such terms and conditions as the board may approve,

19 for the purpose of paying any of the expenses of the au20 thority or any costs incurred or that may be incurred in

21 connection with any of the projects of the authority, which

22 loans shall have a term not exceeding two (2) years from

23 the date of issuance thereof, and may be renewable for

24 a like term or terms, and may be payable from and se25 cured by a pledge of such funds, revenues and assess-
41

•HJ 50 IH

1 ments, other than a levy of ad valorem taxes, as the board

2 may determine.

3 ‘‘ARTICLE XXIII. COOPERATION AGREEMENTS WITH

4 THE STATE, COUNTIES AND MUNICIPALITIES. (1) The

5 states of Mississippi and Tennessee and the counties, mu6 nicipalities and other political subdivisions and public bod7 ies and agencies thereof, or any of them, whether now ex8 isting or hereafter created, are authorized to aid and co9 operate with the compact in carrying out any of the pur10 poses and projects of the authority to enter into coopera11 tion agreements with the authority, to provide in any such

12 cooperation agreement for the making of loans, gifts,

13 grants or contributions to the authority and the granting

14 and conveyance to the authority of real or personal prop15 erty of any kind or nature, or any interest therein, for

16 the carrying out of the purposes and projects of the au17 thority, to covenant in any such cooperation agreement to

18 pay all or any part of the costs of acquisition, construc19 tion, reconstruction, extension, improvement, operation

20 and maintenance of any of the projects of the authority,

21 and to pay all or any part of the principal and interest

22 on any bonds of the authority and all or any part of the

23 deposits required to be made into any reserve, renewal and

24 replacement or other funds created and established by the
42

•HJ 50 IH

1 indenture, resolution, deed of trust or other instrument

2 securing such bonds.

3 ‘‘(2) The authority is empowered to enter into a joint

4 venture development agreement or other agreement to pro5 vide services, facilities or to invest such available funds

6 of the authority in a project which contributes to the eco7 nomic growth and development of Fayette County, Ten8 nessee, or Marshall County, Mississippi, as may be deter9 mined by the broad.

10 ‘‘ARTICLE XXIV. CONFIDENTIALITY OF CLIENT IN11 FORMATION CONCERNING DEVELOPMENT PROJECTS. (1)

12 Any records of the authority which contain client informa13 tion concerning development projects shall be exempt from

14 the provisions of the Mississippi Public Records Act of

15 1983 or the applicable provision in Tennessee law for a

16 period of two (2) years after receipt of the information

17 by the compact.

18 ‘‘(2) Confidential client information in public records

19 held by the authority shall be exempt from the provisions

20 of the Mississippi Public Records Act of 1983 or the appli21 cable provision in Tennessee law during the period of re22 view and negotiation on a project proposal and for a period

23 of ninety (90) days after approval, disapproval or aban24 donment of the proposal.
43

•HJ 50 IH

1 ‘‘ARTICLE XXV. INTERSTATE AND FEDERAL CO2 OPERATION. The authority is authorized to cooperate and

3 coordinate with economic development commissions, trav4 el, and other similar commissions and boards, or other

5 similar agencies of other states, the federal government,

6 and with county, municipal, and regional economic devel7 opment, travel, and other similar commissions or boards,

8 or other agencies thereof, for the purposes of securing eco9 nomic development within the states of Mississippi and

10 Tennessee, and to accomplish this purpose.

11 ‘‘ARTICLE XXVI. PUBLICITY AND ADVERTISING. It

12 shall be the duty of the authority to prepare and execute

13 a program of publishing and advertising that will bring

14 into favorable notice the industrial, commercial, rec15 reational, educational and social advantages, opportuni16 ties, possibilities, resources and facilities of the compact,

17 and in the preparation and execution of such program the

18 compact may use any funds which may be appropriated

19 or otherwise made available.

20 ‘‘Article XXVII. SALE, LEASE OR OTHER DISPOSAL

21 OF ENTERPRISES. When authorized by the board, the au22 thority is empowered, in its discretion, to sell, lease or oth23 erwise dispose of any industrial enterprise or other enter24 prises of the authority, in whole or in part, on such terms

25 and conditions and with such safeguards as will best pro-
44

•HJ 50 IH

1 mote and protect the public interest. Further, the author2 ity is authorized, acting with the approval of the general

3 manager by and through the board, to transfer title or

4 possession to such industry or to any property utilized

5 therein, by warranty deed, lease, bill of sale, contract or

6 other customary business instrument, in the same manner

7 and to the same extent that any private corporation, asso8 ciation or person may contract, with reference to such

9 property of a similar nature. Such disposition shall not

10 be made except by the affirmative vote of at least twothirds (2 11 ⁄3) of the board, and all votes shall be of record.

12 All income from any lease or contract for the operation

13 or from the disposition of an industrial enterprise may be

14 used by the authority for any authorized purpose, except

15 that if bonds have been issued for the enterprise, the pro16 ceeds shall be paid into the bond sinking funds provided

17 for any bonds issued for the retirement of such bonds if

18 any are outstanding for the sale year and the interest

19 thereon. Such income or proceeds related to a bond issue

20 shall not be used by the authority for any other purpose

21 except as to disposition of surplus income authorized

22 above, and shall be subject to all of the provisions regard23 ing the sinking fund.

24 ‘‘ARTICLE XXVIII. REQUIREMENTS RESPECTING

25 LEASE OF PROJECTS. Before the leasing of any project,
45

•HJ 50 IH

1 enterprise or facilities for which bonds have been issued,

2 the board must determine and find the following: the

3 amount necessary in each year to pay the principal of and

4 the interest on the bonds proposed to be issued to finance

5 such project; the amount necessary to be paid each year

6 into any reserve funds, which amounts may include depos7 its in escrow or reserve amounts as advance sums for the

8 payment of insurance, which the board may deem it advis9 able to establish in connection with the retirement of the

10 proposed bonds and the maintenance of the project; and,

11 unless the terms under which the project is to be leased

12 provide that the lessee shall maintain the project and

13 carry all proper insurance with respect thereto, the esti14 mated cost of maintaining the project in good repair and

15 keeping it properly insured. The determinations and find16 ings of the board required to be made in the preceding

17 sentence shall be set forth in the proceedings under which

18 the proposed bonds are to be issued; and before the

19 issuance of such bonds, the authority shall lease the

20 project to a lessee under an agreement conditioned upon

21 completion of the project and providing for payment to

22 the authority of such rentals as, upon the basis of such

23 determinations and findings, will be sufficient (a) to pay

24 the principal of and interest on the bonds issued to finance

25 the project, (b) to build up and maintain any reserve
46

•HJ 50 IH

1 deemed by the board to be advisable in connection there2 with, and (c) unless the agreement of lease obligated the

3 lessee to pay for the maintenance and insurance of the

4 project, to pay the cost of maintaining the project in good

5 repair and keeping it properly insured. Such lease shall

6 be made upon such other terms and conditions and for

7 the time which may be determined by the authority and

8 may contain provisions authorizing the purchase of the en9 tire project or any portion thereof by the industry or its

10 assignee after all bonds issued thereunder have been paid

11 in full, for such consideration and upon such terms and

12 conditions as the authority may determine.

13 ‘‘ARTICLE XXIX. PLANS FOR INDUSTRIAL PLANT

14 TRAINING AND RECRUITMENT. The authority is authorized

15 and empowered to formulate plans for industrial plant

16 training, workplace skills or other educational activities to

17 aid in recruitment for new and expanded industries, or

18 both, and to enter into agreements for such training with

19 a college, university or training institution in either or

20 both member states.

21 ‘‘ARTICLE XXX. LEASE/SALE AGREEMENTS BE22 TWEEN COMPACT AND INDUSTRIES. Any agreement made

23 under this chapter may provide that the project will be

24 owned by the authority, and leased to the industry; may

25 provide the industry with an option to purchase the project
47

•HJ 50 IH

1 upon such terms and conditions as the board and the in2 dustry shall agree upon, at a price which represents the

3 fair market value at the time of purchase or may provide

4 that the project shall become the property of the industry

5 upon the acquisition thereof. Any such agreement may

6 also, but is not required to, include a guaranty agreement

7 whereby a corporation, foreign or domestic, other than the

8 industry guarantees in whole or in part the obligations of

9 the industry under the lease or sale upon such terms and

10 conditions as the board may deem appropriate.

11 ‘‘ARTICLE XXXI. Nothing in this section shall be

12 construed so as to conflict with or modify any existing

13 statute, or to limit the powers of any party state, or to

14 repeal or prevent legislation, or to authorize or permit cur15 tailment or diminution of any other economic development

16 project, or to affect any existing or future cooperative ar17 rangement or relationship between any federal agency and

18 a party state. The authority conferred by this compact

19 shall not be construed as an exemption from the provisions

20 of Section 77–3–1 et seq., as to the requirements for ob21 taining a certificate of public convenience and necessity,

22 the jurisdiction of the Public Service Commission to regu23 late rates or any other provisions of that law. Further24 more, nothing in this compact shall be construed to de25 prive, prevent, or hinder a regulated public utility from
48

•HJ 50 IH

1 exclusively providing its services in those portions of the

2 compact area that are now or hereafter included within

3 a certificate of public convenience and necessity issued to

4 the public utility by the State Public Service Commission

5 or appropriate regulatory agency.

6 ‘‘ARTICLE XXXII. This compact shall continue in

7 force and remain binding upon each party state until the

8 Governor, with the consent of the Legislature, of each or

9 either state takes action to withdraw therefrom; provided

10 that such withdrawal shall not become effective until six

11 (6) months after the date of the action taken. Notice of

12 such action shall be given by the Secretary of State of

13 the party state which takes such action.’’.

14 SEC. 2. REPEAL PREVIOUS CONSENT.

15 Public Law 105–145 is repealed.

16 SEC. 3. INCONSISTENCY OF LANGUAGE.

17 The validity of the compact consented to by this Act

18 shall not be affected by any insubstantial difference in its

19 form or language as adopted by the States.

20 SEC. 4. RIGHT TO ALTER, AMEND, OR REPEAL.

21 The right to alter, amend, or repeal this joint resolu22 tion is hereby expressly reserved.

Æ