16th section land; authorize local school board to grant an extension to holder of a long-term lease in good standing.

Changed from authorizing lease extensions to authorizing sale or lease of sixteenth section lands for industrial development, with requirements for fair market value determination and board findings.

Added provisions allowing perpetual waiver of surface use rights for mineral exploration on lands conveyed to industrial enterprises, with specific exceptions for certain counties bordering Alabama.

Added provisions allowing counties to contribute up to $5 million in cash or loans to enterprises, and to donate real property for industrial projects.

New authority for counties to issue bonds and appropriate funds for industrial development, including infrastructure improvements, site preparation, and utility connections.

Added requirement for county board of supervisors concurrence and potential voter approval (2/3 majority) before school lands can be sold or leased for industrial purposes.

Added requirement for public notice, petition process, and potential election procedures before school lands can be sold or leased for industrial purposes.

Added extensive definitions for 'project' and 'public agency' to cover various types of industrial development entities including economic development authorities, port authorities, and airport authorities.

Added authority for public agencies to enter into binding agreements with future governing authorities regarding fee waivers, utility rates, and emergency response services for industrial projects.