The Legislature hereby finds and declares the following:
There exists in the State of Alabama and in the State of Mississippi a continuing need for gainful employment for the citizens of both states.
There are significant advantages that will be realized from a cooperative approach between the two (2) states with respect to economic development of the area in each state along the border of the State of Alabama and the State of Mississippi.
In order to increase the gainful employment opportunities of the citizens of both states residing in such area, the Alabama-Mississippi Joint Economic Development Authority is hereby created with the purpose of securing the location of major economic impact projects within the area along the border of the State of Alabama and the State of Mississippi.
In order to accomplish this purpose, the authority shall be authorized by this agreement and by operation of other appropriate statutes, to act by cooperative endeavor with the State of Alabama, the State of Mississippi and with agencies and persons with such states to secure the economic development and welfare of the region.