Miss. Code Ann. § 37-7-405: Miss. Code Ann. § 37-7-405

When any two (2) or more adjoining school districts shall desire and propose to join, unite and cooperate in the construction, erecting and equipping of a joint school building or for the joint operation of a school or other school facility which has been or may be constructed, erected or equipped wholly by one of such districts, as authorized by Section 37-7-403 , the school boards of all school districts concerned shall enter into an appropriate agreement as to the location and site of said school building, the manner of providing funds to defray the operating expenses thereof, the grades to be taught therein, the proportion or amount of funds for the construction, erecting and equipping of said school building to be paid or contributed by each district, the proportionate ownership of such building by each district, and all other material and pertinent considerations. In the event the school building or facility involved has been or is to be constructed, erected and equipped entirely by one of such districts, acting alone, the contract may provide that the entire ownership of the building and equipment therein shall be in the school district so constructing, erecting and equipping same.