MS SB2942

Authorizes the Board of Supervisors of Clay County, Mississippi to purchase approximately 20.28 acres of real property in Fractional Section 30, Township 17 South, Range 8 East for economic development purposes.

Limits the purchase price to $220,000 plus reasonable and necessary expenses, with terms to be negotiated between the property owner and Clay County Board of Supervisors.

Authorizes the Board to issue bonds, borrow funds, or use county funds from any available source including the local government capital improvements revolving loan program to purchase and develop the property with utilities, roads, drainage, and other improvements.

Permits the Board to sell, lease, or enter into lease-purchase agreements for all or any portion of the property with industrial, warehousing, or commercial enterprises on negotiated terms for up to 15 years, with such agreements binding on successor boards.

Requires approval by the Mississippi Development Authority only if the capital improvements revolving loan program is used for funding; otherwise approval is not required.