Section 57-34-7 - Creation; governance; authority to act(1) The Alabama-Mississippi Joint Economic Development Authority is hereby created by the states for the performance of essential public functions.(2) The authority shall be governed by a board of directors consisting of the Director of the Alabama Development Office and the Executive Director of the Mississippi Major Economic Impact Authority. The board of directors shall administer, manage and direct the affairs and business of the authority. The board of directors shall act by unanimous consent in exercising the powers now or hereafter granted to the authority and in administering, managing and directing the affairs and business of the authority. The board of directors may delegate the performance of any administrative functions to such persons or public agencies of either of the states as the board of directors deems appropriate.(3) The board of directors may enter into an administrative agreement setting forth any provision regarding: (a) The management and operation of the authority;(b) The terms, conditions or manner in which the authority will engage in projects; and(c) Any other matters not inconsistent with the terms or purposes of this chapter.(4) The board of directors may negotiate and enter into a project agreement setting forth any provisions relating to a specific project that are not inconsistent with the terms or purposes of this chapter.(5) The authority, through its board of directors, is hereby authorized, designated and empowered to: (a) Promulgate rules and regulations consistent with this chapter concerning such matters as the authority deems appropriate;(b) Take all steps necessary or appropriate to effect the siting, development and operation of a project within the designated geographic area;(c) Act on behalf of the states in submitting site and incentive proposals for any project. Notwithstanding anything in this chapter to the contrary, no proposal shall be binding upon the authority or the states until after the project agreement, and the incentives contained in the agreement with respect to the project, have been approved by the legislatures of both states as required under the laws of each state;(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 judgment and to fix and pay their compensation;(e) To make applications and enter into any contracts for financial assistance as may be appropriate under applicable federal law or the laws of either state;(f) To apply for, accept and utilize grants, gifts 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; and(g) To acquire by purchase, lease, gift, or in other manner, or obtain options to acquire and to own, maintain, use, operate and convey any and all property of any kind, public or private, real, personal, or mixed, or any interest or estate therein, within the designated geographic area necessary for the project or any facility related and necessary to the project.(6) If an area within the designated geographic area is selected as the preferred project site for a project and the legislatures of the states have approved a project agreement with respect to the project, the authority is hereby designated and empowered to coordinate fully the development of the project with private business, the United States government and public agencies and/or political subdivisions of both states.(7) The authority shall create a separate account for money that it receives from sources other than the states and shall account for such monies separate from appropriations and other monies from the states. Laws, 2005, ch. 401, § 4, eff. 3/16/2005.