Section 11-54-22
Powers of municipalities generally as to acquisition, leasing, etc., of projects for industry, trade, and pollution control.
In addition to any other powers which it may now have, each municipality shall have the following powers:
(1) To acquire and, in connection with such acquisition, to enlarge, improve, and expand, whether by construction, purchase, gift, or lease, one or more projects which shall be located within this state 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 15 miles outside of the corporate limits of the municipality;
(2) To lease 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 conflict with the provisions of this article; and
(3) To issue revenue bonds for the purpose of defraying the cost of acquisition by construction and purchase and, in connection with any such acquisition, to enlarge, improve, and expand or any thereof any project and to secure the payment of such bonds provided in this article.
No municipality shall have the power to operate any project as a business or in any manner except as lessor thereof.
(Acts 1951, No. 756, p. 1307, §3; Acts 1963, 2nd Ex. Sess., No. 122, p. 310, §3.)