House Bill 1767

AN ACT TO AUTHORIZE THE LOWNDES COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY TO PERFORM CERTAIN ACTS FOR COMMERCIAL DEVELOPMENT PURPOSES; AND FOR RELATED PURPOSES.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:

SECTION 1. (1) The Lowndes County Industrial Development Authority, in its discretion, may acquire by gift, purchase or otherwise, and own, hold, maintain, control and develop real estate situated within Lowndes County, Mississippi, either within or without the corporate limits of a municipality, for purposes of industrial and/or commercial development, use and operation. The authority also may engage in works of internal improvement, including, but not limited to, construction or contracting for the construction of streets, roads, railroads, site improvements, water, sewerage, drainage, pollution and other related facilities necessary or required for industrial and/or commercial use and development within Lowndes County, and may acquire, purchase, install, lease, construct, own, hold, equip, control, maintain, use, operate and repair other structures and facilities necessary and convenient for the planning, development, use, operation and maintenance within the county for industrial and/or commercial purposes, including, but not limited to, utility installations, elevators, compressors, warehouses, air, rail, and other transportation terminals and pollution control facilities.

(2) The Lowndes County Industrial Development Authority, in its discretion, may sell, lease, trade, exchange or otherwise dispose of industrial and/or commercial sites situated within Lowndes County to individuals, firms or corporations, public or private, for industrial and/or commercial use upon such terms and conditions, for consideration and with safeguards, as will best promote and protect the public interest, convenience and necessity. Further, the authority may execute deeds, leases, contracts, easements and other legal instruments necessary or convenient for carrying out the purposes of this act.

(3) The Lowndes County Industrial Development Authority, in its discretion, may fix and prescribe fees, charges and rates for the use of any water, sewerage, pollution or other facilities constructed and operated within Lowndes County and may collect the same from persons, firms and corporations using the same for industrial and/or commercial purposes.

(4) The Lowndes County Industrial Development Authority may employ engineers, attorneys, accountants, consultants and such personnel as shall be reasonably necessary to carry out the duties and authority granted by this act.

(5) For the purposes of carrying out the authority granted under this act, the Lowndes County Industrial Development Authority, in its discretion, may borrow money and issue negotiable promissory notes evidencing the same under the general authority to issue bonds and notes granted to industrial development authorities under Sections 57-31-9 through 57-31-27, Mississippi Code of 1972. In addition, the authority may secure such notes by the execution of a deed of trust upon any real estate belonging to the authority not otherwise encumbered.

(6) (a) Any sale, lease, trade, exchange or other disposition of industrial and/or commercial sites by the Lowndes County Industrial Development Authority may be made, completed or executed upon such terms and conditions, and for such monetary or other consideration as may be found adequate and approved by the authority, in orders or resolutions authorizing the same, subject to paragraphs (b) and (c) of this subsection.

(b) In cases involving the lease of industrial and/or commercial sites, any covenants and obligations of the lessee to make expenditures in determined amounts, and within such time or times, for improvements to be erected on the land by such lessee and to conduct thereon industrial and/or commercial operations in such aggregate payroll amounts and for such period of time or times as may be determined by the authority and defined in the transaction documents, and to give preference in employment where practicable to qualified residents of the county, shall constitute and be deemed, if included in the transaction documents, sufficient consideration for the execution of any such transaction document in the absence of monetary or other consideration. A lease may contain reasonable provisions giving the lessee the right to remove its or his improvements upon termination of the lease.

(c) In cases other than a lease of an industrial and/or commercial site, any covenants and obligations of the grantee to make expenditures in determined amounts, and within such time or times, for improvements to be erected on the land by such grantee and to conduct thereon industrial and/or commercial operations in such aggregate payroll amounts and for such period of time or times as may be determined by the authority and defined in the transaction documents, and to give preference in employment where practicable to qualified residents of the county, shall constitute and be deemed, if included in the transaction documents, sufficient consideration for the execution of any such transaction document in the absence of monetary or other consideration; however, the title to the property shall be transferred by a lease-purchase agreement with the stipulation that the conditions included in the transaction documents must be met to the satisfaction of the authority in order for the sale, trade, exchange or other disposition of the industrial and/or commercial site to be finally consummated.

(7) In carrying out the authority granted under this act to perform certain acts for commercial development purposes, the Lowndes County Industrial Development Authority, in its discretion, may exercise those rights and powers, subject to any prescribed conditions or limitations, granted to county industrial development authorities for industrial development purposes under Chapter 31, Title 57, Mississippi Code of 1972.

SECTION 2. This act shall take effect and be in force from and after its passage.