Amends TCA Title 4; Title 5; Title 6; Title 7; Title 13; Title 54 and Title 67.

This bill ratifies the Interstate Compact between the States of Arkansas, Mississippi, and Tennessee Creating the RegionSmart Development District and the RegionSmart Development Agency of the Greater Memphis Region. The stated purposes of the compact are improving the quality of life, promoting economic development, stimulating economic growth, minimizing unemployment, and promoting the general welfare for the benefit of the citizens of Arkansas, Mississippi, and Tennessee, to be accomplished by these states agreeing and pledging to their faithful cooperation in the future planning and development of the RegionSmart Development District.<br /> <br /> The compact provides for the following:<br /> <br /> (1) The creation of the RegionSmart development district, which will include, in addition to areas in Mississippi and Arkansas, the Shelby, Fayette, and Tipton counties in this state;<br /> <br /> (2) The creation of the RegionSmart development agency of the greater Memphis region;<br /> <br /> (3) A board of commissioners, which board will be the governing authority of the RegionSmart development district;<br /> <br /> (4) The powers of the RegionSmart development district;<br /> <br /> (5) Annual reports to the appropriate legislatures and governors and the board of commissioners; and<br /> <br /> (6) The effective date of the compact, which will be when it is enacted into law in the second compact state.<br />