No bonds shall be issued pursuant to the provisions of Sections 49-17-101 through 49-17-123 until the proposal of the governing board to issue the bonds shall receive the approval of the board. Whenever the governing board shall propose to issue bonds pursuant to the provisions of said sections, it shall file its petition to the board setting forth: (a) a brief description of the pollution control facilities proposed to be undertaken; (b) a statement setting forth the action taken by the pollution control authority in connection with the pollution control facilities; (c) a reasonable estimate of the cost of the pollution control facilities; (d) a general summary of the terms and conditions of the lease/sale; and (e) financial statements on lessee company. Upon the filing of the petition the board shall, as soon as practicable, make such investigation as it deems advisable, and if it finds that the proposed pollution control facilities are intended to promote the purposes of Sections 49-17-101 through 49-17-123 and may be reasonably anticipated to effect such result, it shall be authorized to approve the pollution control facilities, and at any time not exceeding six (6) years following such approval, the governing board may proceed with the issuance of bonds for the pollution control facilities. Notice of the approval by the board shall be published at least once by the governing board in a newspaper having general circulation in the county where the pollution control facilities are to be located. The governing board shall thereupon adopt and publish as required by law a resolution declaring its intention to issue said bonds.

Any qualified elector may challenge the validity of such approval by intervention in the bond validation proceedings.

Authority hereby vested in any governing board to issue, and the board to approve, revenue bonds pursuant to and in accordance with Sections 49-17-101 through 49-17-123 is supplemental to, and may be exercised irrespective of Sections 27-39-15, 57-1-1 to 57-1-51, 57-1-71 to 57-1-83, 57-1-101 to 57-1-107, and 57-3-1 to 57-3-33, Mississippi Code of 1972.