[Congressional Bills 106th Congress]
[From the U.S. Government Publishing Office]
[H.J. Res. 50 Introduced in House (IH)]






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.

    Resolved by the Senate and House of Representatives of the United 
States of America in Congress assembled,

SECTION 1. CONSENT TO THE CHICKASAW TRAIL ECONOMIC DEVELOPMENT COMPACT.

    The Congress consents to the Chickasaw Trail Economic Development 
Compact entered into by the State of Tennessee and the State of 
Mississippi. The compact is substantially as follows:

             ``CHICKASAW TRAIL ECONOMIC DEVELOPMENT COMPACT

    ``Article I. The purpose of this compact is to promote the 
development of an undeveloped rural area of Marshall County, 
Mississippi, and Fayette County, Tennessee (hereinafter referred to as 
`Chickasaw Trail Economic Development Area'), and to create a 
development authority which incorporates public and private 
partnerships to facilitate the economic growth of such areas by 
providing developed sites for the location and construction of 
manufacturing plants, distribution facilities, research facilities, 
regional and national offices with supportive services and facilities, 
and to establish a joint interstate authority to assist in these 
efforts.
    ``Article II. This compact shall become effective immediately 
whenever the states of Tennessee and Mississippi have ratified it and 
Congress has given consent thereto.
    ``Article III. The states which are parties to this compact 
(hereinafter referred to as `party states') do hereby establish and 
create a joint agency which shall be known as the Chickasaw Trail 
Economic Development Authority (hereinafter referred to as the 
`authority'). It shall be the duty of the authority in general to 
promote, encourage and coordinate the efforts of the party states to 
secure the development of the Chickasaw Trail Economic Development 
Area. Toward this end, the authority shall have power to hold hearings; 
to conduct studies and surveys of all problems, benefits and any other 
matter associated with the development of the Chickasaw Trail Economic 
Development Area, and to make reports thereon; to acquire, by gift or 
otherwise, and hold and dispose of such money and property as may be 
provided for the proper performance of their function; to cooperate 
with other public or private groups, whether local, state, regional or 
national, having an interest in economic development; to formulate and 
execute plans and policies for emphasizing the purpose of this compact 
before the Congress of the United States and other appropriate officers 
and agencies of the United States and of the states of Mississippi and 
Tennessee; and to exercise such other powers as may be appropriate to 
enable it to accomplish its functions and duties in connection with the 
development of the Chickasaw Trail Economic Development Area and to 
carry out the purposes of this compact.
    ``Article IV. Definitions. Whenever used in this chapter, the 
following words and terms shall have the following respective meanings 
unless a different meaning clearly appears from the context:
    ``(a) `Board' means the board of directors of the authority.
    ``(b) `Bonds' means either revenue bonds, bond anticipating notes, 
or other types of debt instruments issued by the compact unless the 
reference to bonds clearly indicates which type of bonds are being 
referred to, such as `revenue bonds,' `general obligation bonds,' `bond 
anticipation notes' or other specific forms of debt instruments.
    ``(c) `Compact authority' means the Chickasaw Trail Economic 
Development Authority, an entity created jointly by the State 
Legislatures of Mississippi and Tennessee under the constitutions of 
the respective states and approved by the United States Congress, which 
may be referred to as the `authority.'
    ``(d) `Compact area' means all that land area actually owned or 
controlled by the authority by deed, lease, option, right of first 
refusal, or other legal or accepted instrument of land exchange.
    ``(e) `Compact study area' means that area described as follows:
        The general area for the Chickasaw Trail Economic Development 
        Compact consists of approximately eight thousand (8,000) acres, 
        located on both sides of the Tennessee/Mississippi state line 
        at the point where Shelby County and Fayette County 
adjoin Marshall County, Mississippi. The project boundaries are Highway 
72 on the north, Quinn Road on the west, the proposed extension of 
Goodman Road on the south, and Redbanks Road on the east. Approximately 
one thousand one hundred (1,100) acres of the study area are in 
southeast Fayette County; and the balance of six thousand three hundred 
(6,300) acres is in north Marshall County.
    ``(f) `Cost of project' means all costs of site preparation and 
other start-up costs; all costs of construction; all costs of real and 
personal property acquired for the purposes of the project and 
facilities related thereto, including land and any rights or undivided 
interest therein, easements, franchises, fees, permits, approvals, 
licenses, and certificates and the securing of such permits, approvals, 
licenses and certificates; all machinery and equipment, including any 
cost associated with financing charges and interest before and during 
construction and during such additional period as the compact authority 
reasonably may determine to be necessary for the placing of the project 
in operation; costs of engineering, geotechnical, architectural and 
legal services; costs of plans, testing, development and specifications 
and all expenses necessary or incident to determining the feasibility 
or practicability of the project; administrative expenses; and all 
expenses as may be necessary or incidental to the financing. The costs 
of any project also may include funds for the creation of a debt 
service reserve, a renewal and replacement reserve, and such other 
reserves as may be reasonably required by a specific bond issue for the 
operation of its projects and as may be authorized by bond resolution 
or trust agreement or indenture under the provisions of which the 
issuance of any such bonds may be authorized. Any obligation or expense 
incurred for any of the foregoing purposes shall be regarded as a part 
of the project and may be paid or reimbursed out of the proceeds of 
user fees, of revenue bonds or notes issued for such project, or from 
other revenues obtained by the compact authority.
    ``(g) `County' means Marshall County, Mississippi, or Fayette 
County, Tennessee.
    ``(h) `Enterprise' means any for profit or nonprofit venture, 
business, service provided, industrial facility or utility located 
within the compact area under any agreement or contract with the 
authority.
    ``(i) `Facilities' mean any plant, structure, building, 
improvement, land or any other real or personal property of the compact 
or authority or used or useful in a project under this chapter.
    ``(j) `Governing body' means the elected or duly appointed 
officials constituting the governing body of a municipality or county.
    ``(k) `Municipality' means any incorporated city or town within a 
county.
    ``(l) `Person' means any natural person, corporation, association, 
partnership, receiver, trustee, guardian, executor, administration, 
fiduciary, governmental unit, public agency, political subdivision or 
any other group acting as a unit, and the plural as well as the 
singular.
    ``(m) `Project' means any industrial, commercial, research and 
development, warehousing, distribution, transportation, processing, 
United States or state government or tourism enterprise, facility or 
service, together with all real property required for construction, 
maintenance and operation of the enterprise together with all 
buildings, and other supporting land and facilities, structures or 
improvements of whatever kind required or useful for construction, 
maintenance and operation of the enterprise, or any addition to or 
expansion of an existing enterprise.
    ``(n) `Property owner group' means those property owners who have 
sold, leased or allowed the use of their land or otherwise entered into 
an agreement for the development of the project or facilities thereof 
as a part of the compact area.
    ``(o) `Public agency' means:
            ``(i) Any department, board, commission, institution or 
        other agency or instrumentality of the state;
            ``(ii) Any city, town, county, political subdivision, 
        school district or other district created or existing under the 
        laws of the state or any public agency of any such city, town, 
        county, political subdivision or district; and
            ``(iii) Any department, commission, agency or 
        instrumentality of the United States of America.
    ``(p) `Related facility' means any facility related to a project 
and includes any of the following, as the same may pertain to the 
project of the authority within the compact area:
            ``(i) Facilities to provide utilities, as defined herein;
            ``(ii) Airports, airfields and air terminals;
            ``(iii) Rail lines;
            ``(iv) Highways, streets and other roadways;
            ``(v) Conference centers, classrooms and instructional 
        facilities, including any functionally related facilities;
            ``(vi) Parks and outdoor recreation facilities;
            ``(vii) Auditoriums, pavilions, art centers, cultural 
        centers, office complex and other public facilities; and
            ``(viii) Public or private health care facilities.
    ``(q) `Revenues' means all rentals, receipts, income and other 
charges derived or received or to be derived or received by the 
authority from any of the following: the operation by the authority of 
a facility or facilities, or a part thereof; the sale, including 
installment sales or conditional sales, lease, sublease or use or other 
disposition of any property or facility or portion thereof; the sale, 
lease or other disposition of recovered resources; contracts, 
agreements or franchises with respect to a facility or portion thereof, 
with respect to recovered resources, or with respect to a facility or 
portion thereof and recovered resources, including but not limited to 
charges with respect to the management of any project received with 
respect to a facility, income received as a result of the sale or other 
disposition of recovered resources, services or utilities; any gift or 
grant received with respect thereto; proceeds of bonds to the extent of 
use thereof for payment of principal of premium, if any, or interest on 
the bonds as authorized by the authority; proceeds from any insurance, 
condemnation or guaranty pertaining to a facility or property mortgaged 
to secure bonds or pertaining to the financing of a facility; income 
and profit from the investment of the proceeds of bonds or of any 
revenues and the proceeds of any special tax to which it may be 
entitled.
    ``(r) `State' means the State of Mississippi or the State of 
Tennessee.
    ``(s) `Unit of local government' means a county or municipality 
within a county of the State of Mississippi or the State of Tennessee.
    ``(t) Except as used in Article XXXI herein, `utility' or 
`utilities' means potable and industrial water supply systems and 
sewage and water disposal systems.
    ``Article V. Composition of the authority. (1) All powers of the 
compact shall be vested in a board of directors which will exercise all 
powers delegated to the authority under the laws of Mississippi and 
Tennessee.
    ``The membership of the board of the authority shall consist of an 
appointee of the Governor of each party state, each state's chief 
economic development official or his representative, an appointee of 
each of the member counties' governing body selected from nominees 
proposed by the respective county's industrial development board, and 
an appointee who shall serve for a three-year term and who shall be 
appointed by the Governor of each party state on a rotating basis with 
the initial appointment being made by the Governor of Tennessee. With 
the exception of the gubernatorial appointment made on a rotating 
basis, each appointment shall be for a four-year term and for such 
period thereafter until a successor shall be duly appointed and 
qualified.
    ``Each member of the board shall be eligible for reappointment. All 
vacancies shall be filled by appointment in the same manner, except 
that any person appointed to fill a vacancy shall serve only for the 
unexpired term. Any director may be removed at any time before the 
expiration of the member's term of office for misfeasance, malfeasance 
or willful neglect of duty, as determined by the appointing political 
subdivision or a majority of the board. Before assuming office, each 
director shall take and subscribe to the constitutional oath of office 
before a chancery clerk in Mississippi or the corresponding appropriate 
official in Tennessee, and a record of such oath shall be filed with 
the Secretary of State in Mississippi and in Tennessee. The board 
annually shall select a chairman and vice chairman.
    ``(2) The board may employ such personnel and appoint and prescribe 
the duties of such officers as the board deems necessary or advisable, 
including a general manager and a secretary of the compact. The general 
manager also may serve as secretary and shall be a person of good moral 
character and of proven ability as an administrator with a minimum of 
five (5) years experience in management and economic development or 
comparable experience. The general manager shall administer, manage and 
direct the affairs and business of the authority, subject to the 
policies, control and direction of the board. The general manager and 
any director not bonded in another capacity shall give bond executed by 
a surety company or companies authorized to do business in the 
respective states in the penal sum of fifty thousand dollars 
($50,000.00) payable to the authority, conditioned upon the faithful 
performance of his duties and the proper accounting for all funds. The 
Board may require any of its employees to be bonded. The cost of any 
bond required by this section or by the board shall be paid from funds 
of the authority. The Secretary shall keep a record of the proceedings 
of the authority and shall be custodian of all books, documents and 
papers filed with the authority, the minute book or journal, and the 
official seal. The secretary may make copies of all minutes and other 
records and documents of the compact and certify under the seal of the 
authority that such copies are true and accurate copies, and all 
persons dealing with the compact authority may rely upon such 
certification.
    ``(3) Regular meetings of the board shall be held as set forth in 
its bylaws, rules or regulations. Additional meetings of this board 
shall be held at the call of the chairman or general manager whenever 
any three (3) members of the board so request in writing. Members of 
the property owner group shall be notified of the meetings of the board 
in the same manner as board members are notified.
    ``(4) Members of the board shall not receive any compensation, but 
may receive reimbursement for actual and necessary expenses incurred or 
per diem in lieu thereof.
    ``(5) The Board shall prepare a budget for the authority for each 
fiscal year at least sixty (60) days before the beginning of each 
fiscal year, which shall be from July 1 to June 30 of each year.
    ``Article VI. General powers and duties of compact authority. From 
and after the creation of the compact, the authority shall be a public 
corporation, body politic with all the rights and powers now or 
hereafter conferred as may be deemed necessary to carry out the 
purposes of this chapter including the following:
    ``(a) To maintain an office at a place or places within either 
state.
    ``(b) To sue and be sued in its own name.
    ``(c) To adopt and use a corporate seal.
    ``(d) To employ or contract with architects, engineers, attorneys, 
accountants, construction and financial experts and such other 
advisors, consultants and agents as may be necessary in its judgement 
and to fix and pay their compensation.
    ``(e) To make, adopt, enforce, amend and repeal bylaws and rules 
and regulations for the management of its business and affairs for the 
use, maintenance and operation of the compact, any of the project 
facilities and any other of its properties.
    ``(f) To borrow money and to issue bonds, notes and other evidence 
of indebtedness, without the authority to levy ad valorem taxes, for 
any of its purposes and to provide for and secure the payment thereof 
and to provide for the rights of the holders thereof.
    ``(g) To invest any monies of the authority, including proceeds 
from the sale of any bonds subject to any agreements with bondholders, 
on such terms and in such manner as the compact deems proper.
    ``(h) To exercise any one or more of the powers, rights and 
privileges under this chapter, either alone or jointly or in common 
with one or more other public or private parties. In any such exercise 
of such powers, rights and privileges jointly or in common with others 
for the development, construction, operation and maintenance of 
facilities within the compact area, the authority may own an undivided 
interest in such facilities with any other party, public or private, 
with which it may jointly or in common exercise the rights and 
privileges conferred by this chapter and may enter into an agreement or 
agreements with respect to any such facility with the other party or 
parties, public or private, participating therein including development 
agreements, joint ventures and real estate investment trusts. An 
agreement may contain such terms, conditions and provisions, consistent 
with this paragraph, as the parties thereto shall deem to be in their 
best interest, including, but not limited to, provisions for the 
construction, operation and maintenance of such facility by any one or 
more parties to such agreement. The party or parties may be designated 
in or under such agreement as agent or agents on behalf of itself and 
one or more of the other parties thereto, or by such other means as may 
be determined by the parties thereto, and including provisions for a 
method or methods of determining and allocating, among or between the 
parties, costs of construction, operation, maintenance, renewals, 
replacements and improvements related to such facility. In carrying out 
its functions and activities as the agent with respect to construction, 
operation and maintenance of such a facility, the agent shall be 
governed by the laws and regulations applicable to the agent as a 
separate legal entity and not by any laws or regulations which may be 
applicable to any of the other participating parties. The agent shall 
act for the benefit of the public. Under any such agreement, the 
authority may delegate its powers and duties related to the 
construction, operation and maintenance of such facility to the party 
acting as agent and all actions taken by such agent in accordance with 
the agreement may be binding upon the authority without further action 
or approval of the board.
    ``(i) To make such applications and enter into such contracts for 
financial assistance as may be appropriate under applicable federal or 
state law.
    ``(j) To apply for, accept and utilize grants, gifts, donations and 
other funds or aid from any source for any purpose contemplated by this 
chapter, and to comply, subject to the provisions of this chapter, with 
the terms and conditions thereof.
    ``(k) To acquire by purchase, lease, gift, investment, trade, 
exchange or in other manner, including eminent domain as may be 
authorized under this chapter, or obtain options to acquire, and to 
own, maintain, use, operate and convey any and all property of any 
kind, real, personal or mixed or easement therein or any interest or 
estate therein, within the compact area, necessary for the project or 
any facility related to the project.
    ``(l) To make or cause to be made such examinations and surveys as 
may be necessary to the planning, design, construction and operation of 
the project.
    ``(m) To enter into a development agreement with any public agency, 
private firm or person for the development of the compact area, compact 
property, or any portion thereof upon such terms as the parties might 
agree to carry out the purposes of this chapter.
    ``(n) To negotiate, with the proper governmental agency or 
regulated utility or transportation provider, any necessary relocation 
or rerouting of roads and highways, railroad, telephone and telegraph 
lines and properties, electric power lines, pipelines and related 
facilities, or to require the anchoring or other protection of any of 
these, provided due compensation is paid to the owners thereof or an 
agreement is made with such owners regarding the payment of the cost of 
such relocation.
    ``(o) To enter into joint agreements, development agreements or 
other agreements with any person or participant in a joint venture with 
any private firm, person or public agency to form and participate in 
real estate investment trusts and limited liability partnerships, joint 
ventures, joint ownerships and agreements for the construction and 
operation of any project of the authority with the compact area.
    ``(p) To construct, extend, improve, maintain and reconstruct, to 
cause to be constructed, extended, improved, maintained and 
reconstructed, and to use and operate any and all components of the 
project or any facility related to a project, subject to the 
concurrence and approval of the affected public agency, with the 
compact area, necessary to the project and to the exercise of such 
powers, rights and privileges granted the authority.
    ``(q) To incur or defray any designated portion of the cost of any 
component of the project or any facility related to the project 
acquired or constructed by any public agency.
    ``(r) To lease, sell, mortgage, pledge, trade, exchange or 
otherwise convey any or all property acquired by the authority under 
the provisions of this chapter to the enterprise, its successors or 
assigns, and in connection therewith to pay the costs of title search, 
perfection of title, title insurance and recording fees as may be 
required. The authority may provide in the instrument conveying such 
property a provision that the property shall revert to the authority 
if, as and when the property is declared by the enterprise to be no 
longer needed.
    ``(s) To enter into an agreement with the counties adjoining the 
compact area to promote, develop, contract or operate projects which 
will contribute to the economic development of the area.
    ``(t) To enter into contracts with any private firm, person or 
public agency including, but not limited to, in furtherance of any of 
the purposes authorized by this chapter upon such consideration as the 
authority and such person or public agency may agree. Any such contract 
may extend over any period of time, notwithstanding any rule of law to 
the contrary, may be upon such terms as the parties thereto shall 
agree, and may provide that it shall continue in effect until bonds 
specified therein, refunding bonds issued in lieu of such bonds, and 
all other obligations specified therein are paid or terminated. Any 
such contract shall be binding upon the parties thereto according to 
its terms. Such contracts may include an agreement to reimburse the 
enterprise, its successors and assigns for any assistance provided by 
the enterprise in the acquisition of real property for the project or 
any facility related to the project.
    ``(u) To establish and maintain reasonable rates and charges for 
the use of any facility within the compact area owned or operated by or 
under the authority, or services provided by the authority and from 
time to time to adjust such rates and to impose penalties for failure 
to pay such rates and charges when due.
    ``(v) To adopt and enforce exclusively all necessary and reasonable 
rules and regulations to carry out and effectuate the implementation of 
this chapter, the purpose of the authority and any project and any land 
use plan classification adopted for the compact area, including but not 
limited to rules, regulations, zoning and restrictions concerning 
mining, construction, excavation or any other activity the occurrence 
of which may endanger the structure or operation of the authority or 
any project.
    ``(w) To plan, design, coordinate and implement measures and 
programs to mitigate impacts on the natural environment caused by a 
project or any facility related to a project.
    ``(x) To develop plans for technology transfer activities to ensure 
private sector conduits for exchange of information, technology and 
expertise related to a project to generate opportunities for commercial 
development within the compact area.
    ``(y) To consult with the State Department of Education and other 
public agencies for the purpose of improving public schools and 
curricula and training programs within the compact area.
    ``(z) To consult with the State Board of Health and other public 
agencies for the purpose of improving medical centers, hospitals and 
public health centers in order to provide appropriate health care 
facilities within the compact area.
    ``(aa) To do any and all things necessary or proper for the 
accomplishment of the objectives of this chapter and to exercise any 
power usually possessed by private corporations performing similar 
functions which is not in conflict with the constitutions and laws of 
the respective states, including the power to employ professional and 
administrative staff and personnel and to retain legal, engineering, 
fiscal, accounting and other professional services; the power to 
purchase all kinds of insurance, including without limitations, 
insurance against tort liability and against risks of damage to 
property; and the power to act as self-insurer with respect to any loss 
or liability.
    ``Article VII. Promulgation of rules and regulations. (1) The 
authority may adopt and promulgate all reasonable rules and regulations 
regarding the operation of the authority, its projects, the compact 
area, and the specifications and standards relating to the 
construction, operation and maintenance of any facility.
    ``(2) The board shall have exclusive jurisdiction for the 
development of any land use planning or the promulgation of land use 
restrictions, regulations or zoning ordinance which shall govern all 
land use within the compact area.
    ``Article VIII. Bonds of authority. (1) The authority is empowered 
and authorized, from time to time, to issue bonds in such principal 
amounts as shall be necessary to provide sufficient funds for achieving 
any of its corporate purposes, including without limiting the 
generality of the foregoing, the financing of the acquisition, 
construction, improvement of facilities or any combination thereof, the 
payment of interest on bonds of the authority, establishment of 
reserves to secure such bonds, expenses incident to the issuance of 
such bonds, including bond insurance and to the implementation of 
programs or projects, and any other capital expenditures but not 
operating costs of the authority incident to or necessary or convenient 
to carry out its corporate purposes and powers.
    ``(2) The authority may issue such types of bonds or notes, in its 
discretion, subject only to any agreement with the holders of 
particular bonds, including bonds as to which the principal and 
interest are payable exclusively from all or a portion of the revenues 
derived from one or more facilities under the contracts entered into by 
public agencies, and other persons, or any combination of any of the 
foregoing, or which may be secured by a pledge or any grant, subsidy or 
contribution from any public agency or other person, or a pledge of an 
income or revenues, funds or monies of the authority from any source 
whatsoever, except that the authority may not issue bonds or notes that 
are secured by ad valorem taxes.
    ``(3) Bonds shall be authorized by a resolution or resolutions of 
the board. Such bonds shall bear such date or dates, mature at such 
time or times (either serially, term or a combination thereof), bear 
interest at such rate or rates, be in such denomination or 
denominations, be in such registered form, carry such conversion or 
registration privileges, have such rank or priority, be executed in 
such manner and by such officers, be payable from sources other than ad 
valorem taxes, in such medium of payment at such place or places within 
or without the state, provided that one (1) such place shall be within 
the state, be subject to such terms of redemption before maturity, all 
as may be provided by resolution or resolutions of the compact.
    ``(4) Any bonds of the authority may be sold at such price or 
prices, at public or private sale, in such manner and at such times as 
may be determined by the authority to be in the public interest, and 
the authority may pay all expenses, premiums, fees and commissions 
which it may deem necessary and advantageous in connection with the 
issuance and sale thereof.
    ``(5) Any pledge of earnings, revenues or other monies made by the 
authority shall be valid and binding from the time the pledge is made 
and the earnings, revenues or other monies so pledged and thereafter 
received by the authority immediately shall be subject to the lien of 
such pledge without any physical delivery thereof or further act. The 
lien of any such pledge shall be valid and binding as against all 
parties having claims of any kind of tort, contract or otherwise 
against the authority regardless of whether such parties have notice 
thereof. Neither the resolution nor any other instrument by which a 
pledge is created need be recorded.
    ``(6) Neither the board members nor any person executing the bonds 
shall be personally liable on the bonds or be subject to any personal 
liability or accountability by reason of the issuance thereof.
    ``(7) Whenever any bonds shall have been signed by the officers of 
the board designated by resolution of the authority to sign the bonds 
who were in office at the time of such signing but who may have ceased 
to be such officers prior to the sale and delivery of such bonds, or 
who may not have been in office on the date such bonds may bear, the 
manual or facsimile signatures of such officers upon such bonds and the 
coupons appertaining thereto, shall nevertheless be valid and 
sufficient for all purposes and have the same effect as if the person 
so officially executing such bonds had remained in office until the 
delivery of the same to the purchaser or had been in office on the date 
such bonds may bear.
    ``(8) The bonds issued by the authority under authority of the 
compact shall be limited obligations of such compact. The principal, 
interest and redemption premium, if any, shall be payable solely out of 
the monies to be derived by the compact. Revenue bonds and interest 
coupons, issued under authority of this chapter shall never constitute 
an indebtedness of the state or any county or municipality within the 
meaning of any state constitutional provision or statutory limitation 
and shall never constitute nor give rise to a pecuniary liability of a 
county or municipality or the state, or a charge against its general 
credit or taxing powers, and such fact shall be plainly stated on the 
face of each bond.
    ``Article IX. Temporary borrowing by authority. (1) Pending the 
issuance of revenue bonds by the authority, the board is authorized to 
make temporary borrowings not to exceed two (2) years in anticipation 
of the issue of bonds in order to provide funds in such amounts as may, 
from time to time, be deemed advisable prior to the issue of bonds. To 
provide for such temporary borrowings, the authority may enter into any 
purchase, loan or credit agreement, or agreements or other agreement or 
agreements with any banks or trust companies or other lending 
institutions, investment banking firms or persons in the United States 
having power to enter into the same.
    ``(2) All temporary borrowings made under this section shall be 
evidenced by notes of the authority which shall be issued, from time to 
time, for such amounts, in such form and in such denominations and 
subject to terms and conditions of sale and issue, prepayment or 
redemption and maturity, rate or rates of interest and time of payment 
of interest as the board shall authorize and direct. Such authorization 
and direction may provide for the subsequent issuance of replacement 
notes to refund, upon issuance thereof, such notes, and may specify 
such other terms and conditions with respect to the notes and 
replacement notes thereby authorized for issuance as the board may 
determine and direct.
    ``Article X. Refunding bonds. The authority may issue refunding 
bonds for the purpose of paying any of its bonds at or prior to 
maturity or upon acceleration or redemption. Refunding bonds may be 
issued at such time prior to the maturity or redemption of the refunded 
bonds as the authority deems to be in the public interest. The 
refunding bonds may be issued in sufficient amounts to pay or provide 
the principal of the bonds being refunded, together with any redemption 
premium thereof, any interest accrued or to accrue to the date of 
payment of such bonds, the expenses of issue of the refunding bonds, 
the expenses of redeeming the bonds being refunded, and such reserves 
for debt service or other capital or current expenses from the proceeds 
of such refunding bonds as may be required by the resolution, trust 
indenture or other security instructions.
    ``Article XI. General terms and conditions of bonds of compact. The 
authority shall have power in the issuance of its bonds to:
    ``(a) Covenant as to the use of any or all of its property, real or 
personal.
    ``(b) Redeem the bonds, to covenant for their redemption and to 
provide the terms and conditions thereof.
    ``(c) Covenant to charge rates, fees and charges sufficient to meet 
operating and maintenance expenses, renewals and replacements, 
principal and debt service on bonds, creation and maintenance of any 
reserves required by a bond resolution, trust indenture or other 
security instrument and to provide for any margins or coverages over 
and above debt service on the bonds deemed desirable for the 
marketability of the bonds.
    ``(d) Covenant and prescribe as to events of default and terms and 
conditions upon which any or all of its bonds shall become or may be 
declared due before maturity, as to the terms and conditions upon which 
such declaration and its consequences may be waived and as to the 
consequences of default and the remedies of bondholders.
    ``(e) Covenant as to the mortgage or pledge of or the grant of a 
security interest in any real or personal property and all or any part 
of the revenues from any facilities or any revenue-producing contract 
or contracts made by the compact with any person to secure the payment 
of bonds, subject to such agreements with the holders of bonds as may 
then exist.
    ``(f) Covenant as to the custody, collection, securing, investment 
and payment of any revenue assets, monies, funds or property with 
respect to which the compact may have any rights or interest.
    ``(g) Covenant as to the purpose to which the proceeds from the 
sale of any bonds then or thereafter to be issued may be applied, and 
the pledge of such proceeds to secure the payment of the bonds.
    ``(h) Covenant as to the limitations on the issuance of any 
additional bonds, the terms upon which additional bonds may be issued 
and secured, and the refunding of outstanding bonds.
    ``(i) Covenant as to the rank or priority of any bonds with respect 
to any lien or security.
    ``(j) Covenant as to the procedure by which the terms of any 
contract with or for the benefit of the holders of bonds may be amended 
or abrogated, the amount of bonds the holders of which must consent 
thereto, and the manner in which such consent may be given.
    ``(k) Covenant as to the custody of any of its properties or 
investments, the safekeeping thereof, the insurance to be carried 
thereon, and the use and disposition of insurance proceeds.
    ``(l) Covenant as to the vesting in a trustee or trustees, within 
or outside the state, of such properties, rights, powers and duties in 
trust as the authority may determine.
    ``(m) Covenant as to the appointing and providing for the duties 
and obligations of a paying agent or paying agents or other fiduciaries 
within or outside the state.
    ``(n) Make all other covenants and to do any and all such acts and 
things as may be necessary or convenient or desirable in order to 
secure its bonds without a pledge of ad valorem taxes, or in the 
absolute discretion of the authority tend to make the bonds more 
marketable, notwithstanding that such covenants, acts or things may not 
be enumerated herein; it being the intention hereof to give the 
authority power to do all things in the issuance of bonds and in the 
provisions for security thereof which are not inconsistent with the 
constitution of the state.
    ``(o) Execute all instruments necessary or convenient in the 
exercise of the powers herein granted or in the performance of 
covenants or duties, which may contain such covenants and provisions, 
as any purchaser of the bonds of the authority may reasonably require.
    ``Article XII. Appointment of trustee or receiver for enforcement 
or protection of rights of bondholders. The authority may, in any 
authorizing resolution of the board of directors, trust indenture or 
other security instrument relating to its bonds, provide for the 
appointment of a trustee who shall have such powers as are provided 
therein to represent the bondholders of any issue of bonds in the 
enforcement or protection of their rights under any such resolution, 
trust indenture or security instrument. The authority may also provide 
in such resolution, trust indenture or other security instrument that 
the trustee, or if the trustee so appointed fails or declines to 
protect and enforce such bondholders' rights then the percentage of 
bondholders as shall be set forth in, and subject to the provisions of, 
such resolution, trust indenture or other security instrument, may 
petition the court of proper jurisdiction for the appointment of a 
receiver of the facilities, the revenues of which are pledged to the 
payment of the principal of and interest on the bonds held by such 
bondholders. Such receiver may exercise any power as may be granted in 
any such resolution, trust indenture or security instrument to enter 
upon and take possession of, acquire, construct or reconstruct, or 
operate and maintain such facilities, fix, charge, collect, enforce and 
receive all revenues derived from such facilities, and perform the 
public duties and carry out the contracts and obligations of the 
authority in the same manner as the authority itself might do, all 
under the direction of such a proper court.
    ``Article XIII. Exemption from taxation. (1) The exercise of the 
powers granted by this chapter will be in all respects for the benefit 
of the people of the states for their well-being and prosperity and for 
the improvement of their social and economic conditions, and neither 
the compact or authority shall be required to pay any tax or assessment 
on any property owned by the compact or the authority upon the income 
therefrom.
    ``(2) Any bonds issued by the authority under the compact, their 
transfer and the income therefrom shall at all times be free from 
taxation by the state or any unit of local government or other 
instrumentality of the state, except for inheritance and gift taxes.
    ``Article XIV. Powers of counties, municipalities or other 
political subdivisions and agencies and instrumentalities thereof as to 
assistance and cooperation with the compact. For the purpose of 
attaining the objectives of this chapter, any county, municipality or 
other unit of local government, public corporation, agency or 
instrumentality of the state, a county or municipality or person may, 
upon terms and with or without consideration, as it may determine, do 
any or all of the following:
    ``(a) Lend, contribute or donate money to the authority or perform 
services for the benefit thereof;
    ``(b) Donate, sell, convey, transfer, lease, option or grant upon 
such terms as the parties may agree, without the necessity of 
authorization at any election of qualified voters, any property of any 
kind; and
    ``(c) Do any and all things, whether or not specifically authorized 
in this section, not otherwise prohibited by law, that are necessary or 
convenient to aid and cooperate with any authority in attaining the 
objectives of this chapter.
    ``Article XV. Contracting for projects. Contracts for acquisition, 
purchase, construction or installation of a project shall be effected 
in the manner prescribed by law for public contracts, except when:
    ``(a) The authority finds and records such finding on its minutes, 
that because of availability or particular nature of a project, it 
would not be in the public interest or would less effectively achieve 
the purposes of this chapter to enter into such contracts upon the 
basis of public bidding pursuant to advertising;
    ``(b) The industry concurs in such finding; and
    ``(c) Such finding is approved by the board, public bidding 
pursuant to advertisement may be dispensed with and such contracts may 
be entered into based upon negotiation; and provided further, that the 
industry or enterprise locating within the compact area, at its option, 
may negotiate such contracts in the name of the compact or authority.
    ``Article XVI. Contracts with public agencies. For the purpose of 
aiding in the planning, design, undertaking and carrying out of the 
project or any facility related to the project, any public agency is 
authorized and empowered upon such terms, with or without 
consideration, as it may determine:
    ``(a) To enter into agreements, which may extend over any period, 
with the authority respecting action to be taken by such public agency 
with respect to the acquisition, planning, construction, improvement, 
operation, maintenance or funding of the project or any such facility, 
and which agreements may include (i) the appropriation or payment of 
funds to the compact or authority or to a trustee in amounts which 
shall be sufficient to enable the authority to defray any designated 
portion or percentage of the expenses of administering, planning, 
designing, constructing, acquiring, improving, operating and 
maintaining the project or any facility related to the project, and 
(ii) the furnishing of other assistance in connection with the project 
or facility related to the project;
    ``(b) To dedicate, sell, donate, convey or lease any property or 
interest in property to the authority or grant easements, licenses or 
other rights or privileges therein to the authority;
    ``(c) To incur the expense of any public improvements made or to be 
made by such public agency in exercising the powers granted in this 
section;
    ``(d) To lend, grant or contribute funds to the authority;
    ``(e) To cause public buildings and public facilities, including 
parks, playgrounds, recreational areas, community meeting facilities, 
water, sewer or drainage facilities, or any other works which it is 
otherwise empowered to undertake, to be furnished to or with respect to 
the project or any such facility;
    ``(f) To furnish, dedicate, close, vacate, pave, install, upgrade 
or improve highways, streets, roads, sidewalks, airports, railroads or 
ports with the approval of the proper state, federal or local 
regulatory authority;
    ``(g) To plan or replan, zone or rezone any parcel of land within 
the public agency or make exceptions from land use, building and zoning 
regulations; and
    ``(h) To cause administrative and other services to be furnished to 
the authority, including services pertaining to the acquisition of real 
property and the furnishing of relocation assistance. Any contract 
between a public agency entered into with the authority pursuant to any 
of the powers granted by this chapter shall be binding upon the public 
agency according to its terms, and the public agency shall have the 
power to enter into such contracts as in the discretion of the 
governing authorities thereof, would be to the best interest of the 
people of the public agency. If at any time title to or possession of 
the project or any such facility is held by any public body or 
governmental agency other than the authority, including any agency or 
instrumentality of the United States of America, the agreements 
referred to in this section shall inure to the benefit of and may be 
enforced by such public body or governmental agency.
    ``Article XVII. Establishment of joint venture. The board is 
empowered to establish and create such nonprofit corporations, joint 
ventures, limited liability companies as from time to time the board 
may deem necessary or desirable in the performance of any acts or other 
things necessary to the exercise of the powers provided in this 
chapter, and to delegate to such departments, boards or other agencies 
such administrative duties and other powers as the board deems 
necessary or desirable.
    ``Article XVIII. Ownership and disposition of property. The 
authority is authorized to acquire property, real, personal or mixed, 
within or without its territorial limits, in fee simple or any lesser 
interest or estate, by purchase, gift, devise or lease, on such terms 
and conditions as the board may deem necessary or desirable; to acquire 
mineral rights and leases; to acquire title to submerged lands and 
riparian rights and easements or rights-of-way with or without 
restrictions within or without the limits of the authority; to accept 
the dedication of streets and other rights-of-way on such terms and 
conditions as the authority may approve; to make purchase money 
mortgages and deed trusts and other forms of encumbrance on any 
property acquired by the authority and to purchase property subject to 
purchase money mortgages, or other encumbrances; and to mortgage, hold, 
manage, control, convey, lease, sell, grant or otherwise dispose of the 
same, and of any of the assets and properties of the authority, with or 
without consideration.
    ``Article XIX. Lease of facilities. Whenever deemed necessary or 
desirable by the authority, the authority may lease as lessor or lessee 
to or from any person, firm, corporation, association or body public or 
private, any projects of the type that the authority is authorized to 
undertake and facilities or property of any nature for the use of the 
authority and to carry out any of the purposes of the compact.
    ``Article XX. Authority services authorized. The authority, in 
furtherance of its purposes and to facilitate or provide the necessary 
services for the development of the compact area is authorized by 
agreement, ownership, contract, lease, joint venture or otherwise to do 
the following within the compact or service area.
    ``(a) Reclamation and drainage. To adopt a plan of reclamation, and 
own, acquire, construct, reconstruct, equip, operate, maintain, extend 
and improve canals, ditches, drains, dikes, levees, pumps, plants and 
pumping systems and other works, machinery and plants.
    ``(b) Water and sewer system. To facilitate the development or own, 
acquire, construct, reconstruct, equip, operate, maintain, extend and 
improve water systems and sewer systems or combined water and sewer 
systems; to cooperate with the proper public agency to regulate the use 
of sewers and the supply of water within the compact area and cooperate 
with the proper public agency in prohibiting or regulating the use and 
maintenance of outhouses, privies, septic tanks or other sanitary 
structures or appliances within the compact area; to coordinate with 
the proper public agencies in prescribing methods of pretreatment of 
wastes not amenable to treatment with domestic sewage before accepting 
such wastes for treatment and to refuse to accept such wastes when not 
sufficiently pretreated as may be prescribed by the proper public 
agency; to sell or otherwise dispose of the effluent, sludge or other 
by-products as a result of sewage treatment; and to construct and 
operate connecting, intercepting or outlet sewers and sewer mains and 
pipes and water mains, conduits or pipelines in, along or under any 
street, alleys, highways or other public places or ways within the 
compact services area, when deemed necessary or desirable by the 
authority and the proper public agency in accomplishing the purposes of 
this chapter.
    ``(c) Waste collection and disposal. To own, acquire, construct, 
reconstruct, equip, operate, maintain, extend and improve a waste 
collection and disposal system, and to sell or otherwise dispose of any 
affluent, residue or other by-products of such systems, provided that 
such actions comply with existing state and federal laws and 
regulations.
    ``(d) Recreation facilities. To provide, acquire, construct, equip, 
operate, maintain, if necessary, extend and improve parks, playgrounds, 
picnic grounds, golf courses, auditoriums, libraries, recreational 
centers, convention halls and facilities, and cultural, recreational 
and other appropriate projects.
    ``(e) Parking facilities. To own, acquire, construct, reconstruct, 
equip, operate, maintain, extend and improve parking facilities, to 
install or cause to be installed parking meters at or near the curbs of 
streets, roads and other public ways within the compact area, and to 
adopt such regulations and impose such charges in connection with any 
parking facilities as the board may deem necessary or desirable.
    ``(f) Fire protection. To provide for or own, acquire, construct, 
reconstruct, equip, maintain, operate, extend and improve fire control 
facilities for the compact, including fire stations, water mains and 
plugs, fire trucks and other vehicles and equipment, and to undertake 
such works and construct such facilities as may be determined necessary 
by the board to carry out a program of fire prevention and fire control 
within the compact or service area.
    ``(g) Conservation areas and sanctuaries. To designate, set aside 
and maintain lands and areas within the compact area as conservation 
areas; to promulgate and enforce rules and regulations with respect 
thereto and to protect and preserve the natural beauty thereof.
    ``Article XXI. Pursuit of eminent domain. The authority shall not 
have the power to exercise eminent domain. The authority shall have the 
authority to request and pursue eminent domain through the state or a 
unit of local government for the particular purpose of the acquisition 
of property designated by plan to sufficiently accommodate the location 
of the specific facilities and utilities, and such requirements related 
directly thereto pursuant to the provisions of applicable state law. 
However, before the exercises of this power, the board shall enter on 
its minutes the determination of the need to pursue the power of 
eminent domain through the state or unit of local government for the 
acquisition of a part of the acreage involved, not to exceed ten 
percent (10%) of the acreage involved, and the board shall so specify 
in its minutes.
    ``Article XXII. Short term borrowings. The authority at any time 
may obtain loans, in such amount, and on such terms and conditions as 
the board may approve, for the purpose of paying any of the expenses of 
the authority or any costs incurred or that may be incurred in 
connection with any of the projects of the authority, which loans shall 
have a term not exceeding two (2) years from the date of issuance 
thereof, and may be renewable for a like term or terms, and may be 
payable from and secured by a pledge of such funds, revenues and 
assessments, 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, municipalities and other political subdivisions and public 
bodies and agencies thereof, or any of them, whether now existing or 
hereafter created, are authorized to aid and cooperate with the compact 
in carrying out any of the purposes and projects of the authority to 
enter into cooperation 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 property of any kind or nature, or any 
interest therein, for the carrying out of the purposes and projects of 
the authority, to covenant in any such cooperation agreement to pay all 
or any part of the costs of acquisition, construction, 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 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 provide services, 
facilities or to invest such available funds of the authority in a 
project which contributes to the economic growth and development of 
Fayette County, Tennessee, or Marshall County, Mississippi, as may be 
determined by the broad.
    ``Article XXIV. Confidentiality of client information concerning 
development projects. (1) Any records of the authority which contain 
client information 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 applicable provision in Tennessee law during 
the period of review and negotiation on a project proposal and for a 
period of ninety (90) days after approval, disapproval or abandonment 
of the proposal.
    ``Article XXV. Interstate and federal cooperation. The authority is 
authorized to cooperate and coordinate with economic development 
commissions, travel, and other similar commissions and boards, or other 
similar agencies of other states, the federal government, and with 
county, municipal, and regional economic development, travel, and other 
similar commissions or boards, or other agencies thereof, for the 
purposes of securing economic 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, recreational, educational and social advantages, 
opportunities, 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 authority is empowered, in its discretion, 
to sell, lease or otherwise dispose of any industrial enterprise or 
other enterprises of the authority, in whole or in part, on such terms 
and conditions and with such safeguards as will best promote and 
protect the public interest. Further, the authority 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, association 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 proceeds 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 regarding the sinking fund.
    ``Article XXVIII. Requirements respecting lease of projects. Before 
the leasing of any project, 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 deposits in escrow or reserve amounts as advance sums for 
the payment of insurance, which the board may deem it advisable 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 
estimated cost of maintaining the project in good repair and keeping it 
properly insured. The determinations and findings 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 deemed by the board 
to be advisable in connection therewith, 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 entire 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 between 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 upon such 
terms and conditions as the board and the industry shall agree upon, at 
a price which represents the fair market value at the time of purchase 
or may provide that the project shall become the property of the 
industry upon the acquisition thereof. Any such agreement may also, but 
is not required to, include a guaranty agreement whereby a corporation, 
foreign or domestic, other than the industry guarantees in whole or in 
part the obligations of the industry under the lease or sale upon such 
terms and conditions as the board may deem appropriate.
    ``Article XXXI. Nothing in this section shall be construed so as to 
conflict with or modify any existing statute, or to limit the powers of 
any party state, or to repeal or prevent legislation, or to authorize 
or permit curtailment or diminution of any other economic development 
project, or to affect any existing or future cooperative arrangement or 
relationship between any federal agency and a party state. The 
authority conferred by this compact shall not be construed as an 
exemption from the provisions of Section 77-3-1 et seq., as to the 
requirements for obtaining a certificate of public convenience and 
necessity, the jurisdiction of the Public Service Commission to 
regulate rates or any other provisions of that law. Furthermore, 
nothing in this compact shall be construed to deprive, prevent, or 
hinder a regulated public utility from exclusively providing its 
services in those portions of the compact area that are now or 
hereafter included within a certificate of public convenience and 
necessity issued to the public utility by the State Public Service 
Commission or appropriate regulatory agency.
    ``Article XXXII. This compact shall continue in force and remain 
binding upon each party state until the Governor, with the consent of 
the Legislature, of each or either state takes action to withdraw 
therefrom; provided that such withdrawal shall not become effective 
until six (6) months after the date of the action taken. Notice of such 
action shall be given by the Secretary of State of the party state 
which takes such action.''.

SEC. 2. REPEAL PREVIOUS CONSENT.

    Public Law 105-145 is repealed.

SEC. 3. INCONSISTENCY OF LANGUAGE.

    The validity of the compact consented to by this Act shall not be 
affected by any insubstantial difference in its form or language as 
adopted by the States.

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

    The right to alter, amend, or repeal this joint resolution is 
hereby expressly reserved.
                                 <all>