The Legislature finds and determines that:
There exists in the State of Mississippi a continuing need for gainful employment for the citizens of the rural areas of the state.
To help provide employment opportunities and to impact the quality of life in these rural areas, a division within the Mississippi Development Authority should be created with power to promote business and economic development through job producing programs and by providing financial assistance to communities and businesses.
In accomplishing this purpose, such division will be acting in all respects for the benefit of the people of the state in the performance of essential public functions and serving a valid purpose in improving or otherwise promoting their health, welfare and prosperity, and the enactment of the provisions hereinafter set forth is for a valid public purpose.
The borrowing of money and the issuance of bonds for the purposes hereinafter set forth serves valid public purposes that will contribute to the employment base of the state.