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ments, other than a levy of ad valorem taxes, as the board
may determine.
‘‘ARTICLE XXIII. COOPERATION AGREEMENTS WITH
THE
STATE, COUNTIES
AND
MUNICIPALITIES. (1) The
states of Mississippi and Tennessee and the counties, mu-
nicipalities and other political subdivisions and public bod-
ies and agencies thereof, or any of them, whether now ex-
isting or hereafter created, are authorized to aid and co-
operate with the compact in carrying out any of the pur-
poses and projects of the authority to enter into coopera-
tion agreements with the authority, to provide in any such
cooperation agreement for the making of loans, gifts,
grants or contributions to the authority and the granting
and conveyance to the authority of real or personal prop-
erty of any kind or nature, or any interest therein, for
the carrying out of the purposes and projects of the au-
thority, to covenant in any such cooperation agreement to
pay all or any part of the costs of acquisition, construc-
tion, reconstruction, extension, improvement, operation
and maintenance of any of the projects of the authority,
and to pay all or any part of the principal and interest
on any bonds of the authority and all or any part of the
deposits required to be made into any reserve, renewal and
replacement or other funds created and established by the
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indenture, resolution, deed of trust or other instrument
securing such bonds.
‘‘(2) The authority is empowered to enter into a joint
venture development agreement or other agreement to pro-
vide services, facilities or to invest such available funds
of the authority in a project which contributes to the eco-
nomic growth and development of Fayette County, Ten-
nessee, or Marshall County, Mississippi, as may be deter-
mined by the broad.
‘‘ARTICLE XXIV. CONFIDENTIALITY OF CLIENT IN-
FORMATION CONCERNING DEVELOPMENT PROJECTS. (1)
Any records of the authority which contain client informa-
tion concerning development projects shall be exempt from
the provisions of the Mississippi Public Records Act of
1983 or the applicable provision in Tennessee law for a
period of two (2) years after receipt of the information
by the compact.
‘‘(2) Confidential client information in public records
held by the authority shall be exempt from the provisions
of the Mississippi Public Records Act of 1983 or the appli-
cable provision in Tennessee law during the period of re-
view and negotiation on a project proposal and for a period
of ninety (90) days after approval, disapproval or aban-
donment of the proposal.
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‘‘ARTICLE XXV. INTERSTATE
AND
FEDERAL
CO-
OPERATION. The authority is authorized to cooperate and
coordinate with economic development commissions, trav-
el, and other similar commissions and boards, or other
similar agencies of other states, the federal government,
and with county, municipal, and regional economic devel-
opment, travel, and other similar commissions or boards,
or other agencies thereof, for the purposes of securing eco-
nomic development within the states of Mississippi and
Tennessee, and to accomplish this purpose.
‘‘ARTICLE XXVI. PUBLICITY AND ADVERTISING. It
shall be the duty of the authority to prepare and execute
a program of publishing and advertising that will bring
into favorable notice the industrial, commercial, rec-
reational, educational and social advantages, opportuni-
ties, possibilities, resources and facilities of the compact,
and in the preparation and execution of such program the
compact may use any funds which may be appropriated
or otherwise made available.
‘‘Article XXVII. SALE, LEASE OR OTHER DISPOSAL
OF ENTERPRISES. When authorized by the board, the au-
thority is empowered, in its discretion, to sell, lease or oth-
erwise dispose of any industrial enterprise or other enter-
prises of the authority, in whole or in part, on such terms
and conditions and with such safeguards as will best pro-
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mote and protect the public interest. Further, the author-
ity is authorized, acting with the approval of the general
manager by and through the board, to transfer title or
possession to such industry or to any property utilized
therein, by warranty deed, lease, bill of sale, contract or
other customary business instrument, in the same manner
and to the same extent that any private corporation, asso-
ciation or person may contract, with reference to such
property of a similar nature. Such disposition shall not
be made except by the affirmative vote of at least two-
thirds (2⁄3) of the board, and all votes shall be of record.
All income from any lease or contract for the operation
or from the disposition of an industrial enterprise may be
used by the authority for any authorized purpose, except
that if bonds have been issued for the enterprise, the pro-
ceeds shall be paid into the bond sinking funds provided
for any bonds issued for the retirement of such bonds if
any are outstanding for the sale year and the interest
thereon. Such income or proceeds related to a bond issue
shall not be used by the authority for any other purpose
except as to disposition of surplus income authorized
above, and shall be subject to all of the provisions regard-
ing the sinking fund.
‘‘ARTICLE
XXVIII. REQUIREMENTS
RESPECTING
LEASE OF PROJECTS. Before the leasing of any project,
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enterprise or facilities for which bonds have been issued,
the board must determine and find the following: the
amount necessary in each year to pay the principal of and
the interest on the bonds proposed to be issued to finance
such project; the amount necessary to be paid each year
into any reserve funds, which amounts may include depos-
its in escrow or reserve amounts as advance sums for the
payment of insurance, which the board may deem it advis-
able to establish in connection with the retirement of the
proposed bonds and the maintenance of the project; and,
unless the terms under which the project is to be leased
provide that the lessee shall maintain the project and
carry all proper insurance with respect thereto, the esti-
mated cost of maintaining the project in good repair and
keeping it properly insured. The determinations and find-
ings of the board required to be made in the preceding
sentence shall be set forth in the proceedings under which
the proposed bonds are to be issued; and before the
issuance of such bonds, the authority shall lease the
project to a lessee under an agreement conditioned upon
completion of the project and providing for payment to
the authority of such rentals as, upon the basis of such
determinations and findings, will be sufficient (a) to pay
the principal of and interest on the bonds issued to finance
the project, (b) to build up and maintain any reserve
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deemed by the board to be advisable in connection there-
with, and (c) unless the agreement of lease obligated the
lessee to pay for the maintenance and insurance of the
project, to pay the cost of maintaining the project in good
repair and keeping it properly insured. Such lease shall
be made upon such other terms and conditions and for
the time which may be determined by the authority and
may contain provisions authorizing the purchase of the en-
tire project or any portion thereof by the industry or its
assignee after all bonds issued thereunder have been paid
in full, for such consideration and upon such terms and
conditions as the authority may determine.
‘‘ARTICLE XXIX. PLANS FOR INDUSTRIAL PLANT
TRAINING AND RECRUITMENT. The authority is authorized
and empowered to formulate plans for industrial plant
training, workplace skills or other educational activities to
aid in recruitment for new and expanded industries, or
both, and to enter into agreements for such training with
a college, university or training institution in either or
both member states.
‘‘ARTICLE
XXX. LEASE/SALE
AGREEMENTS
BE-
TWEEN COMPACT AND INDUSTRIES. Any agreement made
under this chapter may provide that the project will be
owned by the authority, and leased to the industry; may
provide the industry with an option to purchase the project