Miss. Code Ann. § 57-1-101: Miss. Code Ann. § 57-1-101

When a city, town or village and the supervisors district wherein such city, town or village is situated desire to enter jointly into the establishment of an industrial enterprise under the provisions of sections 57-1-1 through 57-1-51 , the governing body of such city, town or village and the board of supervisors of the county in which such supervisors district is situated shall each declare its intention of entering into such plan by resolution spread upon its minutes, and they shall jointly file with the Mississippi Agricultural and Industrial Board, a petition for a joint certificate of public convenience and necessity in the manner and for the purposes prescribed by section 57-1-21 . Such joint petition for such joint certificate of public convenience and necessity shall, in addition to any other information required to be furnished, set out the amount of bonds or other expenditures such city, town or village and such supervisors district propose separately to issue or make for such enterprise. The Mississippi Agricultural and Industrial Board is authorized and empowered to issue or refuse to issue such joint certificate of public convenience and necessity in accordance with the provisions of section 57-1-21 , except that such certificate when issued shall be entitled and be a joint certificate of public convenience and necessity. Where such a petition for a joint certificate is filed, the board, in addition to the findings prescribed by section 57-1-21 , shall before it issues such joint certificate also find and determine affirmatively that the aggregate bonded indebtedness of such city, town or village and such supervisors district incurred under the provisions of Sections 57-1-101 through 57-1-107 , shall not exceed the aggregate of twenty per cent (20%) of the total assessed valuation of all the property in the city, town or village, computed as in the case of an application by such city, town or village alone, plus twenty per cent (20%) of the total assessed valuation of all the property in the supervisors district.