No joint agency shall undertake any project required to be financed, in whole or in part, with the proceeds of bonds without the approval of a majority of its members. Before undertaking any project, a joint agency shall, based upon engineering studies and reports, determine that such project is required to provide for the projected needs for power and energy of its members from and after the date the project is estimated to be placed in normal and continuous operation and for a reasonable period of time thereafter. In determining the future power requirements of the members of a joint agency, there shall be taken into account the following:
The economies and efficiencies estimated to be achieved in acquiring, constructing and operating the proposed facilities for the generation and transmission of electric power and energy;
The estimated requirements for power and energy and for reserve capacity and to meet obligations under pooling and reserve sharing agreements reasonably related to its needs for power and energy to which the joint agency is or may become a party; and
The cost of such existing alternative power supply sources.
A determinationby the joint agency based upon appropriate findings of the foregoingmatters shall be conclusive as to the appropriateness of a projectto provide the needs of the members of a joint agency for power andenergy unless an interested party aggrieved by the determination ofsaid joint agency shall file an appeal therefrom as herein provided.Notice of the determination by the joint agency shall be publishedone (1) time in one or more newspapers having general circulationin each of the municipalities constituting the membership of the jointagency and shall specify a date, not less than ten (10) days afterthe publication of such notice, at which the joint agency shall meetto hear any objections or remonstrances that may be made. At saidmeeting, the commissioners of the joint agency shall consider theobjections or protests, if any, and shall at said meeting, or at anyadjourned meeting, affirm, modify or rescind the determination. Anyperson or party objecting or protesting the determination at saidmeeting who is aggrieved by the action of said joint agency may appealwithin ten (10) days from the date of adjournment at which sessionthe joint agency rendered said determination, and may embody the factsand determination in a bill of exceptions which shall be signed bythe person acting as chairman of the board of commissioners of thejoint agency. The secretary thereof shall transmit at once the billof exceptions to the circuit court of the county in which the principaloffice of the joint agency is located, and the court shall eitherin termtime or in vacation hear and determine the same on the caseas presented by the bill of exceptions as an appellate court, andshall affirm or reverse the determination of the joint agency. Ifthe determination of the joint agency be reversed, the circuit courtshall certify the same to the board of commissioners of the jointagency. Costs shall be awarded as in other cases. The joint agencymay employ counsel to defend such appeals to be paid out of the fundsof the joint agency. Any such appeal may be heard and determined invacation in the discretion of the court on motion of either partyon written notice of ten (10) days to the other party or parties orthe attorney of record, and the hearing of the same shall be heldin the county where the suit is pending unless the judge in his ordershall otherwise direct. Provided, however, no appeal to the circuitcourt shall be taken from any order or determination of the jointagency which authorizes the issuance or sale of bonds, but all objectionsto any matters relating to the issuance or sale of bonds shall beadjudicated and determined by the chancery court, in accordance withthe provisions of Sections 31-13-5 through 31-13-11.
Nothing herein contained shall prevent a joint agency from undertaking studies to determine whether there is a need for a project or whether such project is feasible.