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^£-00372
and two-thirds o£ those voting must favor the proposition to issue bonds.
The law further provides that the political eubdivision must satisfy certain requirements as to availability of labor and natural resources, and must apply to and receive approval from the Mississippi Agricultural and Industrial Board before calling the aforementioned bond election.
A municipality' negotiates with a specific manufacturing company for the establishment of an industrial enterprise. The municipality must determine that there are natural resources readily available for the operation of the enterprise for a period of at least ten years, and that there is within a radius of twenty-fivs miles of the proposed plant location an adequate labor supply from which to draw at least one and one-half workers for every operative job in the proposed manufacturing operation. The municipality contracts with the manufacturing company whereby the company agrees to lease and maintain the proposed site and buildings. The company is to pay rent to the municipality in anamount and according to a schedule such that the municipality can fully amortize its bonds during the term of the primary lease, which term shall not exceed twenty-five years. The company has the option of renewing the lease at a nominal rental for additional terms, the total time from beginning of primary lease not to exceed ninety-nine years.
The municipality submits its proposed contract with the industry to the Mississippi Agricultural and Industrial Board, and makes a formal application to call a bond election. If the Board approves, it issues a certificate of Public Convenience and Necessity. This permits the municipality to call its election and to proceed towards the establishment of the specified type of manufacturing enterprise.