In addition to any other powers which it may now have, each municipality shall have the following powers: (a) to acquire, whether by construction, purchase, gift or lease, one or more projects, which shall be located within the State of Mississippi and may be located within or without the municipality, or partially within or partially without the municipality, but which shall not be located more than fifteen (15) miles outside of the boundary limits of the municipality; provided, however, that when any such project shall be located in whole or in part outside the municipal or incorporated boundaries of any city, town or village of this state the powers granted under this chapter shall not be exercised by a city, town or village until a resolution approving such project has been duly adopted and spread upon the official minutes of the board of supervisors of the county in which such city, town or village is located. The municipality is authorized to negotiate a contract for the acquisition, construction and erection of a project or any portion of a project hereunder (i) where the municipality finds that, because of the secret nature of such project or any portion thereof, or because such project or any portion thereof will be used for the manufacture of products to be utilized by the United States of America in the national defense, public bidding thereon, pursuant to advertisement therefor, is not in the public interest; and provided, further, such finding is approved, through issuance of appropriate certificate or resolution of approval, by the Department of Economic and Community Development, or (ii) where the municipality finds that, because of the particular nature of said project or any portion thereof, it would be in the best public interest of the municipality so to negotiate, and such finding is approved, through issuance of appropriate certificate or resolution of approval, by the Department of Economic and Community Development; (b) to lease or sell to others any or all of its projects for such rentals and upon such terms and conditions as the governing body may deem advisable and as shall not be in conflict with the provisions of this chapter; and (c) to issue revenue bonds for the purposes of defraying the cost of acquiring any project, and to secure the payment of such bonds, as hereinafter provided.

No municipality shall have the power to operate any project as a business or in any manner under this chapter except as a lessor thereof.

The municipality issuing bonds to acquire a project under this chapter shall maintain a record of the location of projects for which the proceeds of such bonds are expended and the amount expended at each location. Such record shall indicate the purpose, amount, date and recipient of each expenditure made out of the proceeds of such bonds. If a trustee has been named pursuant to Section 57-3-21, the trustee shall make timely reports to the clerk of the municipality setting forth the details required in the preceding sentence with respect to the expenditure of bond proceeds. Such records shall be maintained as public records in the office of the clerk of the municipality and shall be available for inspection and duplication during the regular office hours of the municipality.