Mississippi § 57-3-3 - Legislative intent; requirement of certificate.

§ 57-3-3. Legislative intent; requirement of certificate.

It is the intent of the legislature by the passage of this chapter to authorize municipalities to acquire, own and lease projects for the purpose of promoting industry and trade by inducing manufacturing, and industrial enterprises to locate in this state, promoting the use of agricultural products and natural resources of this state, and promoting a sound and proper balance in this state between agriculture, commerce and industry. It is intended that each project be self-liquidating. This chapter shall be liberally construed in conformity with the said intent. The powers conferred upon the municipalities hereby shall be exercised only after such municipality has obtained a certificate of public convenience and necessity from the Mississippi Agricultural and Industrial Board in the manner and form as provided in Sections 57-1-19, 57-1-21, 57-1-23 and 57-1-27, with the exception that such board shall not be required to adjudicate either “that there are adequate property values and suitable financial conditions so that the total bonded indebtedness of the municipality, solely for the purposes authorized by this chapter, shall not exceed twenty per cent (20%) of the total assessed valuation of the property in the municipality,” nor that the enterprise “will not become a burden upon the taxpayers of the municipality,” the bonds authorized under this chapter being solely revenue bonds.