Article II. INDUSTRIAL DEVELOPMENT COMMITTEE

AN ACT TO AMEND CHAPTER 725, LOCAL AND PRIVATE LAWS OF 1971, TO ADD A MEMBER TO THE INDIANOLA-BEAT THREE SUNFLOWER COUNTY INDUSTRIAL DEVELOPMENT COMMITTEE; TO AUTHORIZE THE GOVERNING AUTHORITY OF THE CITY OF INDIANOLA. MISSISSIPPI TO TRANSFER CERTAIN FUNDS TO SAID INDUSTRIAL DEVELOPMENT COMMITTEE AND TO AUTHORIZE SAID COMMITTEE TO MAINTAIN THE INDUSTRIAL PARK FUND AND FOR RELATED PURPOSES.

Be it enacted by the Legislature of the State of Mississippi:

Sec. 1. Chapter 725, Local and Private Laws of 1971, is amended as follows:

Section 1.

(1)

The Board of Supervisors of Sunflower County, Mississippi, and the municipal authorities of the City of Indianola. Mississippi, are hereby authorized, in their discretion, to organize and form an industrial development committee to be known as the "Indianola-Beat Three Sunflower County Industrial Development Committee" to consist of the Mayor of the City of Indianola, an alderman of the city who shall be selected by the mayor and board of aldermen, the Supervisor of District Three of such county and the Chairman of the Industrial Committee of the Indianola Chamber of Commerce.

(2)

The said committee is hereby authorized and empowered, in its discretion, to negotiate and contract for the sale of certain lands, or parcels thereof, consisting of approximately one hundred (100) acres situated near the City of Indianola which were acquired by private funds contributed by private citizens of said city and said beat but held by said city or said county for the purpose of creating an industrial park. The committee is further authorized to agree to any such sale price as it deems reasonable and in the best interest of the general public.

(3)

The governing authority of the City of Indianola is hereby authorized and empowered, in its discretion, to transfer and deliver to said committee all, or a portion, of such funds as it shall have received from the sale of all, or a portion, of the lands hereinabove described, the said funds to be used for the use and benefit of the City of Indianola and its immediate trade area.

(4)

The said committee is hereby authorized to maintain, subject to annual report and annual accounting, the present "Industrial Park Fund" operated by the City of Indianola: to reinvest all funds from the sale of industrial park lands for the general economic development of the City of Indianola, including, but not limited to, the following:

(a)

Purchase and sell lands for cash or by installment contracts, and to execute notes and obligations against the Industrial Park Fund, and borrow money using as collateral security therefor the anticipated revenue from accounts and notes receivable;

(b)

Lay and maintain sewer, water and other utilities to industrial sites; and

(c)

Construct roads, bridges and buildings and to purchase equipment therefor.

(5)

The Industrial Development Committee shall on July 1 annually file a report of its activities for the preceding twelve (12) months and, in addition thereto, a financial statement verified by a licensed practicing certified public accountant for the reporting period.

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