The state participation shall be used only for the purposes of Title I, Public Works and Economic Development Act of 1965, as amended, and expenditures from the industrial development fund shall be used primarily for the development of industrial parks, exclusive of land purchases. If the board determines that such funds will serve a more useful purpose when expended for other purposes approved under said Title I, it shall have the authority to approve applications for such additional purposes and make contributions in accordance with the provisions of this chapter. Prior to the approval of any application for a purpose other than development of an industrial park, the board shall spread upon its minutes the reasons for its determination that the additional purpose will be a better use of the available funds.
No funds shall be expended from the fund for any projects other than those approved by the board, and only after such approval has been spread on the minutes of the board. In the event the board receives applications which would exceed the funds available, it shall approve those projects which appear to have the greatest potential for immediate benefit to the areas most in need of an improved economy.
No applicant shall receive a state contribution in excess of ten percent (10%) of the amount appropriated to the industrial development fund by the 1977 regular session of the Mississippi Legislature.