§ 57-1-1. Declaration of public policy.

It is hereby declared that the state public welfare demands, and the state public policy requires:

That a balanced economic development of this state is essential.

That the reconversion from wartime economy to peacetime pursuits appears reasonably imminent, requiring a planning program for readjustment of employment to accord with employment problems necessarily arising from changed conditions.

That the present and prospective health, safety, morals, pursuit of happiness, right to gainful employment and the general welfare of the citizens demand as a public purpose the development within Mississippi of commercial, industrial, agricultural, manufacturing and tourism enterprises, herein called “enterprises” by the several counties, supervisors districts and municipalities, all herein called “municipalities.” “Enterprises” shall be construed to include expansion of such existing buildings and facilities, conditioned, however, that the municipality, if required by the Board of Economic Development, shall take security upon the existing building or buildings at the time of entering into contract for the expansion of existing buildings and facilities.

That the means and measures herein authorized to promote said enterprises are, as a matter of public policy, for the public purposes of the several counties, supervisors districts, municipalities, and of the State of Mississippi.

That the present and prospective promotion of health, safety, morals, pursuit of happiness, right to gainful employment, and the general welfare of the state requires the accomplishment of that which is herein and hereby authorized, in order to afford ready and attractive markets for farm and garden products, to develop natural resources and convert raw materials of farm, mine and forest into finished products for the general welfare of each of said municipalities and the entire state.

That the accomplishment of the things herein authorized to be done by the several municipalities will give to them local benefits peculiar to each.

HISTORY: Codes, 1942, § 8936-05; Laws, 1944, ch. 241, § 6; Laws, 1958, ch. 531, § 2; Laws, 1979, ch. 438, § 1; Laws, 1986, ch. 374, eff from and after July 1, 1986.

§ 57-1-2. Definitions.

For the purposes of this chapter, the following words shall have the meanings ascribed herein, unless the context otherwise requires:

“Department” shall mean the Mississippi Development Authority.

“Office” shall mean an administrative subdivision of the department.

“Executive director” shall mean the executive officer of the department.

“Agricultural and Industrial Board,” “Department of Economic Development,” “Board of Economic Development,” “Department of Economic and Community Development” and “Mississippi Department of Economic and Community Development” wherever they appear in the laws of the State of Mississippi, shall mean the “Mississippi Development Authority,” operating through its executive director.

HISTORY: Laws, 1979, ch. 438, § 3; Laws, 1988, ch. 518, § 26; Laws, 1989, ch. 544, § 39; Laws, 1990, ch. 522, § 34; Laws, 2000, 2nd Ex Sess, ch. 1, § 2, eff from and after passage (approved August 30, 2000.).

§ 57-1-3. Mississippi Development Authority seal.

The Mississippi Development Authority shall have an official seal, and all orders, findings, acts and certifications of the department shall be attested by such seal, and by the signature of the executive director; and when so attested, all orders, acts, findings and certifications of the department shall be competent evidence and shall be given full faith and credit in any proceedings of a court in this state.

HISTORY: Codes, 1942, § 8936; Laws, 1940, ch. 147; Laws, 1944, ch. 241, § 1; Laws, 1950, ch. 190, § 1; Laws, 1952, ch. 171; Laws, 1960, ch. 142; Laws, 1979, ch. 438, § 2; Laws, 1980, ch. 560, § 25; Laws, 1984, ch. 488, §§ 324 and 325; Laws, 1985, ch. 417; Laws, 1986, ch. 500, § 44; Laws, 1988, ch. 466, § 13; Laws, 1988, ch. 518, § 27; Laws, 1989, ch. 544, § 40; Repealed by Laws, 2017, ch. 402, § 11; Laws, 2017, ch. 404, § 1, eff from and after July 1, 2017.

§ 57-1-5. Executive director.

1. The Governor shall, with the advice and consent of the Senate, appoint an executive director who:
   1. Shall have at least a bachelor’s degree, and
   2. Shall be an experienced administrator and have at least five (5) years’ experience in at least one (1) of the following areas:
      1. Industrial development, or
      2. Economic development.
2. The executive director shall be the executive officer of the department in the execution of any and all provisions of this chapter, and his salary shall be fixed by the Governor.
3. The executive director shall have the following powers and duties:
   1. To formulate the policy of the department regarding the economic and tourist development of the state.
   2. To use and expend any funds from state, federal or private sources coming into the department for the purposes herein provided. State funds appropriated for the department shall be expended in accordance with the regulations governing the expenditures of other state funds.
   3. To implement the duties assigned to the department and consistent with specific requirements of law, including but not limited to:
      1. Support services to include legal, finance, data processing, personnel, communications and advertising, purchasing and accounting;
      2. Research and planning;
      3. Outreach, agency liaison and community development;
      4. Tourism, business travel, and film;
      5. Programs and assistance for existing state business and industry;
      6. Recruiting new business and industry into the state;
      7. Fostering and promoting of entrepreneurship and the creation of new business in the state;
      8. Programs aimed at competing effectively in the international economy by increasing exports of state products and services and by promoting, developing and creating the conditions and programs that will bring about significant increases in investment in the state from other countries;
      9. Programs relating to the development of ports;
      10. Such other areas as are within the jurisdiction and authority of the department and will foster and promote the economic development of this state;
      11. Salaries of the associate directors, deputy directors and bureau directors may be set by the executive director of the department. The positions of associate directors, deputy directors and bureau directors shall not be state service positions.

HISTORY: Codes, 1942, § 8936; Laws, 1940, ch. 147; Laws, 1944, ch. 241, § 1; Laws, 1950, ch. 190, § 1; Laws, 1952, ch. 171; Laws, 1960, ch. 142; Laws, 1979, ch. 438, § 4; Laws, 1988, ch. 518, § 28; Laws, 1989, ch. 544, § 41; Laws, 1992, ch. 496, § 37, eff from and after July 1, 1992.

§ 57-1-7. Department motor vehicle insurance.

The executive director may carry on each motor vehicle of the department property damage insurance and uninsured and underinsured motorists coverage for any physical damage which is sustained by such motor vehicles while such motor vehicles are being operated by a duly authorized department employee in the performance of his official duties. The coverage authorized in this section shall be purchased in a policy or policies written by the agent or agents of an insurance company authorized to do, and doing business, in this state, and the amount of coverage purchased shall be determined by the executive director. Premiums on such policies shall be paid as are other expenses of the department.

HISTORY: Laws, 1998, ch. 547, § 3, eff from and after passage (approved April 13, 1998).

§ 57-1-9. Repealed.

Repealed by Laws, 1988, ch. 518, § 92, eff from and after July 1, 1988.

[Codes, 1942, § 8936-06; Laws, 1944, ch. 241, § 7; Laws, 1962, ch. 173]

§ 57-1-10. Mississippi Development Authority Legislative Oversight Committee created; membership; meetings; compensation; terms of office; vacancies.

1. There is created the Mississippi Development Authority Legislative Oversight Committee to serve in an advisory capacity to the Mississippi Development Authority (“MDA”) regarding matters under the jurisdiction of the MDA. The committee shall consist of six (6) members, two (2) members to be appointed by the Governor, two (2) Senators to be appointed by the Lieutenant Governor and two (2) Representatives to be appointed by the Speaker of the House of Representatives. The committee shall have no jurisdiction or vote on any matter within the jurisdiction of the MDA.
2. The committee shall meet quarterly and may meet at other times specified by the chairman of the committee.
3. A quorum of the committee shall consist of four (4) members. The committee shall elect from among its membership a chairman and vice chairman.
4. The MDA shall not be required to submit to the committee any information that it considers confidential or proprietary, or anything the disclosure of which may negatively affect a project it has under consideration.
5. Members of the committee who are not legislators, state officials or state employees shall be compensated at the per diem rate authorized by Section 25-3-69 and shall be reimbursed in accordance with Section 25-3-41 for mileage and actual expenses incurred in the performance of their duties. Legislative members of the committee shall be paid from the contingent expense funds of their respective houses in the same manner as provided for committee meetings when the Legislature is not in session. However, no per diem or expense for attending meetings of the committee may be paid to legislative members of the committee while the Legislature is in session. No committee member may incur per diem, travel or other expenses unless previously authorized by vote, at a meeting of the committee, which action shall be recorded in the official minutes of the meeting. Nonlegislative members shall be paid from any funds made available to the committee for that purpose.
6. The terms of the legislative members of the committee shall expire at the end of their terms of office, and the Governor’s appointees shall serve for a term concurrent with the term of office of the appointing Governor. Any vacancy on the advisory committee shall be filled by appointment by the original appointing authority for the remainder of the members’ unexpired term.

HISTORY: Laws, 2005, 3rd Ex Sess, ch. 1, § 38, eff from and after July 1, 2005.

§ 57-1-11. Rules and regulations.

The executive director is hereby authorized and empowered to promulgate and put into effect all reasonable rules and regulations that he may deem necessary to carry out the provisions of Sections 57-1-1 through 57-1-51, not inconsistent herewith.

HISTORY: Codes, 1942, § 8936-10; Laws, 1944, ch. 241, § 9; Laws, 1988, ch. 518, § 29, eff from and after July 1, 1988.

§ 57-1-12. Mississippi Development Authority to file annual report describing all assistance provided under the Advantage Mississippi Initiative.

The Mississippi Development Authority shall file an annual report with the Governor, Secretary of the Senate and the Clerk of the House of Representatives not later than July 1, 2001, and each year thereafter, describing all assistance provided under Laws, 2000, Second Extraordinary Session, Chapter 1.

HISTORY: Laws, 2000, 2nd Ex Sess, ch. 1, § 60, eff from and after passage (approved August 30, 2000.).

§ 57-1-12.1. Mississippi Development Authority to file quarterly reports regarding the net economic impact of incentives or assistance authorized under Sections 1 through 37 of Chapter 1, Laws of 2005, Third Extraordinary Session.

The Mississippi Development Authority shall prepare and file a quarterly report with the Secretary of State regarding the net economic impact on the state as a result of incentives or other forms of assistance authorized under Sections 1 through 37 of Chapter 1, Laws of 2005, Third Extraordinary Session, the number of enterprises benefited and the number of jobs created. Each report shall estimate the number of jobs created or retained at each enterprise or business as a result of the incentives or other forms of assistance authorized under Sections 1 through 37 of Chapter 1, Laws of 2005, Third Extraordinary Session.

HISTORY: Laws, 2005, 3rd Ex Sess, ch. 1, § 59, eff from and after July 1, 2005.

§ 57-1-12.2. Mississippi Development Authority to file annual report regarding tax credits, loans, rebates and grants made, approved or awarded as result of negotiations involving economic development projects; contents.

1. The Mississippi Development Authority (MDA) shall file an annual report with the Governor, Secretary of State, Secretary of the Senate and the Clerk of the House of Representatives not later than October 1 of each year regarding all tax credits, loans, rebates and grants made, approved or awarded by MDA as a result of negotiations involving an economic development project. The report shall contain the following information:
   1. The total amount of incentives approved or awarded;
   2. The total amount of loans made by MDA;
   3. The total amount of grants awarded by MDA; and
   4. A description of standard terms for each loan program.
2. With respect to each client that receives or is awarded a tax credit, loan, rebate or grant referred to in subsection (1) of this section, the report shall include:
   1. The name and county of operation of the recipient;
   2. The amount of the loan, rebate or grant;
   3. The purpose of the loan, rebate or grant;
   4. The number of employees that the client agreed to hire, retain or train;
   5. The amount of the financial investment that the client expects to make in this state as a result of the economic development project; and
   6. A list of projects that have met contractual requirements and have been closed out by MDA.
3. The Department of Revenue shall provide MDA with the tax information that is required to be included in this report.

HISTORY: Laws, 2014, ch. 517, § 7, eff from and after July 1, 2014.

§ 57-1-13. Plans for advertising and developing state.

It shall be the duty of the executive director to prepare and perfect plans for the advertisement and development of the state in such manner and through such means as he may deem proper and within such appropriations as shall be made for expenditure.

HISTORY: Codes, 1942, § 8936-01; Laws, 1940, ch. 147; Laws, 1944, ch. 241, § 2; Laws, 1988, ch. 518, § 30, eff from and after July 1, 1988.

§ 57-1-14. Confidentiality of client information concerning development projects.

1. Any records of the Department of Economic and Community Development which contain client information concerning development projects shall be exempt from the provisions of the Mississippi Public Records Act of 1983 for a period of two (2) years after receipt of the information by the department.
2. Confidential client information in public records held by the department shall be exempt from the provisions of the Mississippi Public Records Act of 1983 during the period of review and negotiation on a project proposal and for a period of thirty (30) days after approval, disapproval or abandonment of the proposal not to exceed one (1) year by the department in writing.

HISTORY: Laws, 1989, ch. 524, § 21; Laws, 1990, ch. 502, § 5, eff from and after July 1, 1990.

§ 57-1-15. Interstate and federal cooperation; Economic Development Fund.

The department is hereby authorized to cooperate and coordinate with economic development commissions, travel and other similar commissions and boards, and/or other similar agencies of other states, the federal government, and with county, municipal and regional economic development, travel and other similar commissions or boards, or other agencies thereof, for the purposes of securing economic development within the State of Mississippi, and to accomplish this purpose, the department may contract for, receive and expend, state, federal and other funds; and to that end, there is hereby created within the department a special fund designated as the “Economic Development Fund,” to be kept separate and apart from all other funds and into which all funds received for the above-stated purposes shall be deposited and which funds are not appropriated by the State of Mississippi.

HISTORY: Codes, 1942, § 8936-02; Laws, 1940, ch. 147; Laws, 1944, ch. 241, § 3; Laws, 1958, ch. 512; Laws, 1966, ch. 233, §§ 1, 2; Laws, 1988, ch. 518, § 31, eff from and after July 1, 1988.

§ 57-1-16. ACE Fund; creation; qualifications for assistance; rules and regulations.

1. As used in this section:
   1. “Extraordinary economic development opportunity” means a new or expanded business or industry which maintains a strong financial condition and minimal credit risk and creates substantial employment, particularly in areas of high unemployment.
   2. “Local economic development entities” means state institutions of higher learning or public or private nonprofit local economic development entities including, but not limited to, chambers of commerce, local authorities, commissions or other entities created by local and private legislation or districts created pursuant to Section 19-5-99.
   3. “MDA” means the Mississippi Development Authority.
2. 1. There is hereby created in the State Treasury a special fund to be designated as the ACE Fund, which shall consist of money from any public or private source designated for deposit into such fund. Unexpended amounts remaining in the fund at the end of a fiscal year shall not lapse into the State General Fund, and any interest earned on amounts in the fund shall be deposited to the credit of the fund. The purpose of the fund shall be to assist in maximizing extraordinary economic development opportunities related to any new or expanded business or industry or to assist a local unit of government as authorized in subsection (5) of this section. Such funds may be used to make grants to local economic development entities to assist any new or expanding business or industry that meets the criteria provided in this section when such assistance aids the consummation of a project within the State of Mississippi, or to make grants to a local unit of government as authorized in subsection (5) of this section.
   2. Monies in the fund which are derived from the proceeds of general obligation bonds may be used to reimburse reasonable actual and necessary costs incurred by the MDA for the administration of the various grant, loan and financial incentive programs administered by the MDA. An accounting of actual costs incurred for which reimbursement is sought shall be maintained by the MDA. Reimbursement of reasonable actual and necessary costs shall not exceed three percent (3%) of the proceeds of bonds issued. Reimbursements made under this subsection shall satisfy any applicable federal tax law requirements.
3. The MDA shall establish a grant program to make grants from the ACE Fund created under this section. Local economic development entities may apply to the MDA for a grant under this section in the manner provided for in subsection (4) of this section. Local units of government may apply to the MDA for a grant under this section in the manner provided in subsection (5) of this section.
4. 1. Any business or industry desiring assistance from a local economic development entity under this section shall submit an application to the local economic development entity which shall include, at a minimum:
      1. Evidence that the business or industry meets the definition of an extraordinary economic development opportunity;
      2. A demonstration that the business or industry is at an economic disadvantage by locating the new or expanded project in the county;
      3. A description, including the cost, of the requested assistance;
      4. A description of the purpose for which the assistance is requested;
      5. A two-year business plan;
      6. Financial statements or tax returns for the three (3) years immediately prior to the application;
      7. Credit reports on all persons or entities with a twenty percent (20%) or greater interest in the business or industry; and
      8. Any other information required by the MDA.
   2. The MDA shall require that binding commitments be entered into requiring that:
      1. The minimum requirements of this section and such other requirements as the MDA considers proper shall be met; and
      2. If such requirements are not met, all or a portion of the funds provided by this section as determined by the MDA shall be repaid.
   3. Upon receipt of the application from a business or industry, the local economic development entity may apply to the MDA for assistance under this section. Such application must contain evidence that the business or industry meets the definition of an extraordinary economic development opportunity, a demonstration that the business or industry is at an economic disadvantage by locating the new or expanded project in the county, a description, including the cost, of the requested assistance, and a statement of what efforts have been made or are being made by the business or industry for securing or qualifying for other local, state, federal or private funds for the project.
   4. The MDA shall have sole discretion in the awarding of ACE funds, provided that the business or industry and the local economic development entity have met the statutory requirements of this section. However, in making grants under this section, the MDA shall attempt to provide for an equitable distribution of such grants among each of the congressional districts of this state in order to promote economic development across the entire state.
5. 1. The MDA may make grants to local units of government to assist the local unit of government in purchasing real property for the benefit of an existing industry that commits to maintain a minimum of one thousand three hundred (1,300) jobs for a minimum of ten (10) years after the date the grant is made.
   2. Any local unit of government seeking a grant authorized under this subsection shall apply to MDA. The application shall contain such information as the MDA may require.
   3. The MDA shall require that binding commitments be entered into requiring that:
      1. The minimum requirements of this subsection and such other requirements as the MDA considers proper shall be met; and
      2. If such requirements are not met, all or a portion of the funds provided by this section as determined by the MDA shall be repaid.
6. The MDA shall promulgate rules and regulations, in accordance with the Mississippi Administrative Procedures Law, for the implementation of this section. However, before the implementation of any such rules and regulations, they shall be submitted to a committee consisting of five (5) members of the Senate Finance Committee and five (5) members of the House of Representatives Ways and Means Committee, appointed by the respective committee chairmen.

HISTORY: Laws, 2000, 2nd Ex Sess, ch. 1, § 4; Laws, 2005, 3rd Ex Sess, ch. 1, § 34; Laws, 2008, ch. 506, § 4; Laws, 2014, ch. 518, § 2, eff from and after July 1, 2014; Laws, 2019, ch. 453, § 1, eff from and after July 1, 2019.

§ 57-1-17. Publicity and advertising; research laboratory.

It shall be the duty of the executive director and he is hereby authorized to prepare and execute a program of publicity and advertising that will bring into favorable notice the industrial, commercial, recreational, educational and social advantages, opportunities, possibilities, resources, farm and dairy products, and facilities of the state, and in the preparation and execution of such program he may use any funds which may be appropriated or otherwise made available for the purpose of carrying out the provisions of Sections 57-1-1 through 57-1-51. The department may erect, equip, maintain and operate a research laboratory for the purpose of finding new and additional uses for Mississippi products and is authorized and empowered to receive, use and expend any funds from state, federal or private sources which it may receive for that purpose.

HISTORY: Codes, 1942, § 8936-03; Laws, 1940, ch. 147; Laws, 1944, ch. 241, § 4; Laws, 1988, ch. 518, § 32, eff from and after July 1, 1988.

§ 57-1-18. Small Municipalities and Limited Population Counties Fund; definitions; creation; grant program; qualifications for assistance; promulgation of rules and regulations; annual report.

1. For the purposes of this section, the following terms shall have the meanings ascribed in this section unless the context clearly indicates otherwise:
   1. “Limited population county” means a county in the State of Mississippi with a population of thirty thousand (30,000) or less according to the most recent federal decennial census at the time the county submits its application to the MDA under this section.
   2. “MDA” means the Mississippi Development Authority.
   3. “Project” means highways, streets and other roadways, bridges, sidewalks, utilities, airfields, airports, acquisition of equipment, acquisition of real property, development of real property, improvements to real property, and any other project approved by the MDA.
   4. “Small municipality” means a municipality in the State of Mississippi with a population of ten thousand (10,000) or less according to the most recent federal decennial census at the time the municipality submits its application to the MDA under this section. The term “small municipality” also includes a municipal historical hamlet as defined in Section 17-27-5.
2. 1. There is hereby created in the State Treasury a special fund to be designated as the “Small Municipalities and Limited Population Counties Fund,” which shall consist of funds appropriated or otherwise made available by the Legislature in any manner and funds from any other source designated for deposit into such fund. Unexpended amounts remaining in the fund at the end of a fiscal year shall not lapse into the State General Fund, and any investment earnings or interest earned on amounts in the fund shall be deposited to the credit of the fund. Monies in the fund shall be used to make grants to small municipalities and limited population counties or natural gas districts created by law and contained therein to assist in completing projects under this section.
   2. Monies in the fund which are derived from proceeds of bonds issued under Sections 1 through 16 of Chapter 538, Laws of 2002, Sections 1 through 16 of Chapter 508, Laws of 2003, Sections 55 through 70 of Chapter 1, Laws of 2004 Third Extraordinary Session, Sections 1 through 16 of Chapter 482, Laws of 2006, Section 15 of Chapter 580, Laws of 2007, Section 1 of Chapter 503, Laws of 2008, Section 42 of Chapter 557, Laws of 2009, Section 38 of Chapter 533, Laws of 2010, Section 41 of Chapter 480, Laws of 2011, Section 30 of Chapter 569, Laws of 2013, Section 4 of Chapter 530, Laws of 2014, Section 11 of Chapter 472, Laws of 2015, Section 19 of Chapter 511, Laws of 2016, Section 5 of Chapter 452, Laws of 2018, or Section 19 of Chapter 454, Laws of 2019 may be used to reimburse reasonable actual and necessary costs incurred by the MDA for the administration of the various grant, loan and financial incentive programs administered by the MDA. An accounting of actual costs incurred for which reimbursement is sought shall be maintained by the MDA. Reimbursement of reasonable actual and necessary costs shall not exceed three percent (3%) of the proceeds of bonds issued. Reimbursements under this subsection shall satisfy any applicable federal tax law requirements.
3. The MDA shall establish a grant program to make grants to small municipalities and limited population counties from the Small Municipalities and Limited Population Counties Fund. Grants made under this section to a small municipality or a limited population county shall not exceed Two Hundred Fifty Thousand Dollars ($250,000.00) during any grant period established by the MDA. A small municipality or limited population county may apply to the MDA for a grant under this section in the manner provided for in this section.
4. A small municipality or limited population county desiring assistance under this section must submit an application to the MDA. The application must include a description of the project for which assistance is requested, the cost of the project for which assistance is requested, the amount of assistance requested and any other information required by the MDA.
5. The MDA shall have all powers necessary to implement and administer the program established under this section, and the department shall promulgate rules and regulations, in accordance with the Mississippi Administrative Procedures Law, necessary for the implementation of this section.
6. The MDA shall file an annual report with the Governor, the Secretary of the Senate and the Clerk of the House of Representatives not later than December 1 of each year, describing all assistance provided under this section.

HISTORY: Laws, 2000, 2nd Ex Sess, ch. 1, § 57; Laws, 2002, ch. 538, § 17; Laws, 2003, ch. 508, § 17; Laws, 2004, 3rd Ex Sess., ch. 1, § 71; Laws, 2006, ch. 482, § 17; Laws, 2007, ch. 580, § 16; Laws, 2008, ch. 503, § 2; Laws, 2009, ch. 557, § 43; Laws, 2010, ch. 533, § 39; Laws, 2011, ch. 390, § 2; Laws, 2011, ch. 480, § 42; Laws, 2013, ch. 569, § 31; Laws, 2014, ch. 530, § 5; Laws, 2015, ch. 472, § 12; Laws, 2016, ch. 511, § 20, eff from and after July 1, 2016; Laws, 2018, ch. 452, § 6; Laws, 2019, ch. 453, § 2, eff from and after July 1, 2019; Laws, 2019, ch. 454, § 20, eff from and after passage (approved April 12, 2019).

§ 57-1-19. Municipal enterprises; certificate of public convenience and necessity.

The executive director is charged with the duty of making effective the declared public policy of the state and municipalities as hereinabove set forth, and for that purpose is hereby authorized and empowered to determine whether the public convenience and necessity require that any municipality shall have the right to acquire lands, and thereon to erect enterprises, and expansions thereof and thereto, conditioned, however, that the municipality, if so required by him, shall take security upon the existing building or buildings at the time of entering into contract for the expansion of existing buildings and facilities, and to operate them and to dispose of or rent, let or lease such lands and enterprises. Each municipality within this state shall have the right to apply to the executive director for a certificate of public convenience and necessity as to whether the general welfare requires that such municipality enter into a given enterprise. In determining whether such certificate shall be issued, the executive director may hold public hearings or private hearings, make such investigations as he may desire; and he shall have power to summon witnesses, administer oaths, hear testimony and make a record of all things had and done at such hearing or investigation, and may issue such certificates of convenience and necessity as he deems advisable.

HISTORY: Codes, 1942, § 8936-07; Laws, 1944, ch. 241, § 8; Laws, 1958, ch. 531, § 3; Laws, 1988, ch. 518, § 33, eff from and after July 1, 1988.

§ 57-1-21. Municipal enterprises; issuance of certificate.

The executive director shall investigate, find and determine upon application of any municipality therefor, as to whether a certificate of public convenience and necessity shall be issued to such municipality to engage in any of the enterprises deemed essential under the above declared public policy for the economic development and advancement of such municipality; and in considering and determining whether or not such certificate shall issue, the executive director shall find and determine affirmatively the following:

That there are sufficient natural resources readily and economically available for the operation of the particular enterprise for at least ten (10) years, but in no event less than the period of time for which any bonds may be issued for acquiring or constructing such enterprise.

That there is available a labor supply to furnish at least one and one-half workers between the ages of eighteen (18) and fifty (50) for each operative job in such enterprise within an area of twenty-five (25) miles from the proposed location.

That there are adequate property values and suitable financial conditions so that the total bonded indebtedness of the municipality, solely for the purposes authorized by Sections 57-1-1 through 57-1-51, shall not exceed twenty percent (20%) of the total assessed valuation of all the property in the municipality.

When the executive director shall have determined the foregoing facts favorably, he is authorized and empowered, having due regard to the promotion of the public policy and the general welfare herein declared, to issue or refuse to issue a certificate of public convenience and necessity to the municipality to engage in such enterprise. If and when such certificate is issued, it shall authorize the particular municipality to acquire, to own, to operate, to sell, to convey, to let, to lease or to rent the particular enterprise found suited to the general welfare of that municipality; but the certificate shall expire in twelve (12) months from its date unless within that time such enterprise shall have been established, subject, however, to any delays necessitated by any legislation or acts of God, delaying the establishment of the enterprise. In no event shall the executive director authorize any municipality actually to operate any enterprise, unless he shall further find and determine that the enterprise is well conceived, has a reasonable prospect of success, will provide proper economic development and employment, will add materially to the general welfare of the municipality, and will not become a burden upon the taxpayers of the municipality.

If and when a certificate is issued, the executive director therein shall fix and determine: (a) the extent and the amount to which the municipality may issue bonds or make expenditures for such enterprise; (b) what property may be acquired therefor; (c) the terms upon which such acquisition may be had; (d) what expenditures may be made, and the construction of buildings, and of equipment with its installation; and (e) the method of operation of the enterprise by the municipality. If the governing board of the municipality fails or refuses to follow the requirements made by the executive director in the certificate, then the members of the governing board of the municipality voting for such failure or refusal shall be individually and personally liable, and liable upon their official bonds for any loss that the municipality may sustain by reason of such failure or refusal to follow the requirements, and in addition may be compelled by injunction to comply with such requirements.

If the executive director refuses to issue a certificate, an appeal of such refusal may be taken by the municipality to the Governor in the manner and within the time that the Governor shall establish by executive order.

HISTORY: Codes, 1942, § 8936-08; Laws, 1944, ch. 241, § 9; Laws, 1988, ch. 518, § 34, eff from and after July 1, 1988.

§ 57-1-23. Municipal enterprises; power conferred to acquire lands, erect buildings, etc.

1. The several municipalities of this state, including counties, judicial districts of counties having two judicial districts, supervisors districts, cities, towns or villages, whether existing under special charters or otherwise, hereinabove called “municipalities,” are hereby authorized and empowered to make effective the provisions herein contained, for the general welfare of the state and of the several municipalities thereof. When and after such municipality shall have obtained therefor a certificate of public convenience and necessity, under the provisions of Sections 57-1-19 and 57-1-21, then it may acquire land by purchase, gift, eminent domain or otherwise for any such enterprise so thus approved, and may directly or by contract, such contract to be entered into and governed as now provided by law for other public contracts entered into by boards of supervisors, erect such buildings and structures as may be essential for such enterprise, may obtain for such enterprise the requisite appliances and equipment, and may operate such enterprise. The power thus to do is hereby generally conferred upon all such municipalities, and shall be in addition to all other powers now possessed without in anywise limiting or circumscribing them.
2. Any city or town in this state situated in a county bordering on the Mississippi River and situated not more than five miles from the proposed industrial site or location of any industrial plant or proposed site of such plant, authorized to be established, built and erected under the terms of Sections 57-1-1 through 57-1-51, such distance to be measured between the corporate line of any such city or town nearest such proposed site and the boundary of such proposed site nearest such corporate line, is hereby authorized and empowered to join with another municipality and subdivisions of government, as defined hereinabove, in the creation, establishment, acquisition, ownership, control, sale, lease, disposition and disposal of any such plant, plant site and/or other property, real and personal, acquired, owned, or otherwise possessed and controlled under authority of Sections 57-1-1 through 57-1-51, notwithstanding the fact that the said, or proposed, plant, plant site, and/or other property, real or personal, is situated in another supervisors district other than the supervisors district in which such city or town is situated. In all cases provided for in this subsection, all authority, powers, privileges and rights provided for in Sections 57-1-1 through 57-1-51, shall be and are hereby conferred upon and vested in such city or town and such other municipality as may join therewith, as herein authorized.

HISTORY: Codes, 1942, § 8936-09; Laws, 1944, ch. 241, § 12; Laws, 1958, ch. 526, § 1; Laws, 1960, ch. 144.

§ 57-1-25. Municipal enterprises; election.

The governing board of any municipality desiring to enter into the plan herein authorized, after receiving a certificate of public convenience and necessity from the executive director, as provided by Sections 57-1-19 and 57-1-21, by resolution spread upon its minutes, shall declare its intention of entering into such plan, and shall call an election to be held in the manner now provided by law for holding county or municipal elections, and shall fix in such resolution a date upon which such an election shall be held in the municipality, of which not less than three (3) weeks’ notice shall be given by the clerk of such board, by a notice in a newspaper published in the municipality once each week for three (3) consecutive weeks preceding the same, or if no newspaper is published in the municipality, then by posting a notice for three (3) weeks preceding the election at three (3) public places in the municipality. At such election, all qualified electors of the municipality may vote, and the ballots used shall have printed thereon a brief statement of the purpose of the board to enter into the plan hereby authorized and to issue bonds therefor or to expend other municipal funds available together with the words “For the Proposed Enterprise,” and the words “Against the Proposed Enterprise,” and the voter shall vote by placing a cross (X) opposite his choice of the proposition. Should the election provided for herein result in favor of the proposed plan and bond issue or expenditure by at least sixty percent (60%) of those voting in favor of the plan, provided that the total number of votes cast in the election shall be not less than thirty percent (30%) of the qualified electors of the territory included in the proposal, then the governing board may proceed to exercise the authority granted under the provisions of Sections 57-1-1 through 57-1-51 within three (3) years after the date of such election or within three (3) years after final, favorable determination of any litigation affecting the industrial plan or bond issue. If such election results unfavorably to the proposition, then no second or other election shall be ordered or held until the board shall determine that such election may be held.

Where the separate supervisors district or districts of a county indicate a desire to enter into the plan herein authorized, but not to affect the remainder of the county, then the board of supervisors shall direct the holding of such election only in the supervisors district or districts affected, and the board of supervisors is hereby authorized to carry out the provisions of Sections 57-1-1 through 57-1-51 for such separate supervisors district or districts.

In the event the proposal to be voted on at the election required herein includes bonds to be issued covering a supervisors district or districts, but not the entire county, includes a town or city of a population of more than five hundred, (500) as well as territory outside the corporate limits of such town or city and the proposed enterprise is to be located in such town or city or within one (1) mile of the corporate limits thereof, the qualified electors voting in the election residing outside the corporate limits of the town or city shall vote separately from those residing in such town or city.

All qualified electors shall vote at their usual voting places and in event the usual voting place of electors residing outside the corporate limits of such town or city is in such town or city, such elector shall vote in a separate ballot box provided for the purpose, and the officers holding the election shall make separate returns of the results of the vote of those residing within the town or city and those residing outside such town or city.

Unless sixty percent (60%) of the qualified electors residing in such town or city voting in the election and sixty percent (60%) of the qualified electors residing outside such town or city voting in such election shall vote for the proposed bond issue, computed and declared separately, the proposed bond issue shall be declared as disapproved.

It shall be the duty of the county election commissioners to provide necessary ballot boxes, separate voting lists containing the names of electors residing within and without the corporate limits of towns and cities when such is required by the proposal submitted, and records for the conduct of the election in accordance with the requirements of this section.

And in event the proposal to be voted on at the election required by this section includes bonds to be issued covering the entire county and the proposed industry is to be located in a town or city or within one (1) mile of the corporate limits thereof, the qualified electors voting in the election residing outside the corporate limits of the city or town, and whose regular voting place is within the corporate limits of the city or town, shall vote separately from those residing in such city or town, in separate ballot boxes to be provided for such purposes, and the votes so cast shall be counted separately.

At the election, unless sixty percent (60%) of the qualified electors voting in the election and residing within the corporate limits of the city or town in which the proposed enterprise is to be located, or the town or city within one (1) mile of the proposed location of the enterprise shall vote for the proposed bond issue and sixty percent (60%) of all the other qualified electors of the county voting in the election shall vote for the proposed bond issue, computed and declared separately, the proposed bond issue shall be declared as disapproved. All qualified electors voting in such election shall vote at their usual voting precincts, and the county election commissioners shall provide necessary boxes, separate voting lists containing the names of electors residing within and without the corporate limits of the town or city wherein such enterprise is proposed to be located, or such town or city within one (1) mile of the proposed location of the enterprise, and records for the conduct of the election in accordance with the requirements of this section.

HISTORY: Codes, 1942, § 8936-11; Laws, 1944, ch. 241, § 10; Laws, 1952, ch. 370; Laws, 1966, ch. 234, § 1; Laws, 1988, ch. 518, § 35, eff from and after July 1, 1988.

§ 57-1-27. Bonds and certain contracts subject to approval of executive director.

Before any bonds shall be issued under Sections 57-1-1 through 57-1-51 by any municipality, or any contract shall be made to dispose of any public property hereunder acquired, the same must be approved in its entirety by the executive director, but such approval shall not in any way render the State of Mississippi liable.

HISTORY: Codes, 1942, § 8936-12; Laws, 1944, ch. 241, § 11; Laws, 1988, ch. 518, § 36, eff from and after July 1, 1988.

§ 57-1-29. Issuance of municipal bonds; form; terms; tax levy.

A municipality, having been authorized by the executive director, as herein provided, may expend, for acquiring and operating such municipal enterprise under rules and regulations adopted by the executive director, any funds of the municipality then on hand or available and not already appropriated or necessary for other municipal purposes. A municipality, after the terms and conditions have been fixed by the executive director and with his approval, is hereby authorized from and after July 1, 1944, to issue bonds of such municipality for the purpose of effectuating the provisions of Sections 57-1-1 through 57-1-51 and promoting thereby the public policy of this state in bringing about the general welfare of its people. When, if and to the extent that a bond issue shall be approved by the executive director, then the same may be authorized by the governing authority of the municipality, and to secure such bond issue the municipality may mortgage or pledge property used and useful for the industrial enterprise; and the income therefrom, and confer upon the holders of such bonds the rights of a first mortgage bondholder. Such bond issue shall be first approved by the executive director, and thereafter shall be authorized by resolution or ordinance of the governing board of the municipality in such form and with such provisions, terms and conditions as may be fixed in the resolution or ordinance not inconsistent with the provisions of Sections 57-1-1 through 57-1-51. Present limitations on the amount of other bonds that may be issued by such municipality shall not apply to bonds issued hereunder other than as herein otherwise provided. All such bonds shall be lithographed or engraved, and printed in two (2) or more colors to prevent counterfeiting, and shall be in sums not less than One Thousand Dollars ($1,000.00) or multiples thereof, and shall be numbered in a regular series from one (1) upward, be executed by the manual or facsimile signature of the president of the board of supervisors and the clerk of such board; or by the mayor and clerk of the municipality, and either of such clerks shall impress the county or municipal seal, as the case may be, upon each bond as it is issued. At least one (1) signature on each bond shall be a manual signature, as specified in the issuing resolution. The coupons may bear only the facsimile signatures of such president and clerk of the board of supervisors or such mayor and clerk, as the case may be. Every such bond shall specify on its face the purpose for which it was issued, the total amount authorized to be issued, and each shall be made payable to bearer, and on request of any holder of such bonds the same may be registered as to principal by the clerk of the issuing board. The governing authorities shall annually levy a tax, or shall otherwise provide funds sufficient for paying interest on such bonds, and the bonds maturing within one (1) year and shall provide a sinking fund for the redemption of the bonds issued. Such bonds shall be issued maturing annually with all maturities not longer than twenty (20) years with not less than one-fiftieth (1/50) of the total issue to mature each year during the first five (5) years of the life of the bonds, and not less than one-twenty-fifth (1/25) of the total issue to mature annually during the succeeding ten-year period of the life of the bonds, and the remainder to be amortized, as to the principal and interest, into approximately equal payments, one (1) payment to mature during each year for the remaining life of the bonds. Such bonds shall not bear a greater overall maximum rate of interest than that allowed in Section 75-17-101, Mississippi Code of 1972. No bond shall bear more than one (1) rate of interest; each bond shall bear interest from its date to its stated maturity date at the interest rate specified in the bid; all bonds of the same maturity shall bear the same rate of interest from date to maturity; all interest accruing on such bonds so issued shall be payable semiannually or annually, except that the first interest coupon attached to any such bond may be for any period not exceeding one (1) year.

No interest payment shall be evidenced by more than one (1) coupon and neither cancelled nor supplemental coupons shall be permitted; the lowest interest rate specified for any bonds issued shall not be less than seventy percent (70%) of the highest interest rate specified for the same bond issue. The interest rate of any one (1) interest coupon shall not exceed the maximum interest rate allowed on such bonds.

Each interest rate specified in any bid must be in multiples of one-eighth of one percent (1/8 of 1%) or in multiples of one-tenth of one percent (1/10 of 1%).

The denomination, form and place of payment shall be fixed in the authorization therefor, and for the payment thereof the full faith, credit and resources of the municipality shall be pledged and a tax levied on all taxable property in the municipality, adequate to pay principal and interest on such bonds as the same fall due. Proceeds of such bonds shall be placed in the municipal treasury as a special fund and shall be used for no other purpose than the purpose set forth in the original resolution, and any officer diverting or assisting to divert any such fund to any other purpose than the purpose originally set forth in the resolution of the governing authority of the municipality shall be guilty of a misdemeanor, shall be punished accordingly, and shall also be liable both personally and on his official bond for such diversion, together with the costs of collection and reasonable attorney’s fees. The Attorney General is authorized to proceed by action for injunction or mandamus to require compliance with the original resolution by any officer or municipal board.

HISTORY: Codes, 1942, § 8936-13; Laws, 1944, ch. 241, § 13; Laws, 1959, ch. 18; Laws, 1969, Ex. Sess. ch. 50, § 1; Laws, 1970, ch. 501, § 1; Laws, 1971, ch. 480, § 1; Laws, 1972, ch. 533, § 1; Laws, 1975, ch. 426; Laws, 1976, ch. 449; Laws, 1977, ch. 417; Laws, 1978, ch. 494, § 1; Laws, 1979, ch. 456, § 1; Laws, 1980, ch. 494; Laws, 1981, ch. 458, § 1; Laws, 1982, ch. 434, § 25; Laws, 1983, ch. 494, § 26; Laws, 1983, ch. 541, § 30; Laws, 1988, ch. 518, § 37, eff from and after July 1, 1988.

§ 57-1-31. Compensation of attorneys employed in issuance of bonds.

The board of supervisors of any county, or the governing authorities of any municipality or other political subdivision, shall have the power, in its discretion, to pay reasonable compensation to attorneys who may be employed by it in the matter of the issuance of bonds authorized to be issued by the provisions of this chapter, the drafting of all orders and resolutions in connection therewith, and passing upon the validity thereof. However, in no instance shall the attorney’s fees paid for the issuance or refunding of such bonds exceed the following amounts, to-wit:

On all such bond issues the attorney’s fees shall not exceed one percent (1%) of the first five hundred thousand dollars ($500,000.00); one-half percent (1/2%) of all over five hundred thousand dollars ($500,000.00) and not more than one million dollars ($1,000,000.00); and one-fourth percent (1/4%) of all amounts in excess of one million dollars ($1,000,000.00).

As used in this section, the term “municipalities” shall be construed to include any political subdivision of this state authorized to issue bonds under the authority contained in this chapter.

The limitations imposed herein shall not apply to any bond issue upon which a declaration of intent to issue bonds has heretofore been spread upon the minutes of the political subdivision desiring to issue same.

HISTORY: Codes, 1942, § 8936-13.5; Laws, 1968, ch. 297, § 1, eff from and after passage (approved August 1, 1968).

§ 57-1-33. Duties of executive director as to issuance of bonds.

When the executive director authorizes any municipality to issue bonds under the provisions of Sections 57-1-1 through 57-1-51, he shall find and determine the total amount of bonds to be issued. He shall fix the maturity dates of the bonds consistent with the provisions of the aforesaid sections. He shall determine the amount of taxes necessary to be levied and collected annually to retire the bonds and pay interest coupons and to create a sinking fund for the payment of the bonds and interest so that the annual tax levy shall be uniform throughout the period for which the bonds are issued. He shall require the municipality to report annually to him payments made on the bonds and on interest, with the dates of payments, and to report the amount passed to the sinking fund, together with a list and amount of the bonds remaining outstanding for purposes of the aforesaid sections, and a failure so to do shall make the members of the governing board guilty of a misdemeanor and punishable accordingly. All of such reports shall be permanent public records of the department.

HISTORY: Codes, 1942, § 8936-14; Laws, 1944, ch. 241, § 15; Laws, 1988, ch. 518, § 38, eff from and after July 1, 1988.

§ 57-1-35. Sale of bonds.

The bonds hereinabove provided for shall be sold by the governing authority of the municipality at not less than par and accrued interest at public sale held after notice of such sale published at least one (1) time at least five (5) days before such sale in a newspaper of general circulation in the municipality.

HISTORY: Codes, 1942, § 8936-15; Laws, 1944, ch. 241, § 18, eff on and after July 1, 1944.

§ 57-1-37. Issuance of additional bonds by municipality.

In the case any municipality shall have initiated any industry as provided in Sections 57-1-19 and 57-1-21, and thereafter said municipality lacks the requisite funds for completion by reason of emergency which was wholly unforeseen, then upon the approval of the commission, upon the same terms and conditions as herein set forth, additional bonds may be authorized.

HISTORY: Codes, 1942, § 8936-16; Laws, 1944, ch. 241, § 17, eff on and after July 1, 1944.

§ 57-1-39. Exemption from taxation of bonds.

All bonds issued pursuant to Sections 57-1-1 through 57-1-51 and all interest thereon or income therefrom shall be exempt from all taxation except gift and inheritance taxes. Necessary taxes levied and collection for the payment of these bonds and interest thereon shall not be considered or accounted in any limitation on the powers of the municipality to tax except as otherwise herein provided.

HISTORY: Codes, 1942, § 8936-17; Laws, 1944, ch. 241, § 18, eff on and after July 1, 1944.

§ 57-1-41. Investment of surplus sinking funds in bonds.

Any municipality having surplus sinking funds under the provisions of Sections 57-1-1 through 57-1-51 may, in the discretion of the governing board of such municipality, invest said sinking funds by purchasing bonds of any county or municipality of this state, bonds of the State of Mississippi, or bonds issued by authority of the United States government, except drainage district bonds, provided, that the bonds so purchased shall mature prior to the time when the bonds payable out of the sinking fund hereunder shall fall due.

HISTORY: Codes, 1942, § 8936-18; Laws, 1944, ch. 241, § 14, eff on and after July 1, 1944.

§ 57-1-43. Payment and retirement of bonds; use of surplus income.

Any municipality may use any sinking fund, reserve fund, or surplus fund to purchase any bond hereunder issued, and shall cancel and retire the same when, in the judgment of the governing authorities of such municipality, the interest of such municipality will be subserved thereby. Any surplus income from said enterprise arising through its operation or from its disposition, accruing to the municipality over and above the amount necessary to pay for repairs, replacements, bonds herein authorized which may be issued and interest thereon, may be applied by the governing board of the municipality upon any of the other outstanding debts or obligations of the municipality.

HISTORY: Codes, 1942, § 8936-19; Laws, 1944, ch. 241, § 16, eff on and after July 1, 1944.

§ 57-1-45. Sale, lease, etc., of municipal enterprises.

The several municipalities when and to the extent authorized by the executive director pursuant hereto, are hereby authorized and empowered, if they so desire, by and through their governing board, to sell, lease or otherwise dispose of such enterprise or enterprises, in whole or in part, on such terms and conditions and with such safeguards as will best promote and protect the public interest, and are authorized, acting with the approval of the executive director by and through their respective governing boards, to transfer title or possession to such industry or to any property utilized therein, by warranty deed, lease, bill of sale, contract or other customary business instrument, in the same manner and to the same extent, when so thus authorized by the executive director, that any private corporation, association or person may now contract, with reference to such property of a similar nature, provided that such disposition shall not be made except by the affirmative vote of at least two-thirds (2/3) of the members elected to the governing body of such municipality, and all votes shall be of record. All income from any lease or contract for the operation or from the disposition of such industrial enterprise shall be paid into the bond sinking fund provided for the bonds issued under the provisions of Sections 57-1-1 through 57-1-51 for the retirement of such bonds and the interest thereon, and such income or proceeds shall not be used by the municipality for any other purpose except as to disposition of surplus income authorized above, and shall be subject to all of the provisions hereof relative to such sinking fund.

HISTORY: Codes, 1942, § 8936-20; Laws, 1944, ch. 241, § 19; Laws, 1988, ch. 518, § 39, eff from and after July 1, 1988.

§ 57-1-47. Municipal enterprises exempt from taxation.

All enterprises acquired, constructed or owned by any of said municipalities under the provisions of Sections 57-1-1 through 57-1-51, are declared the public property of each of said municipalities, and as such, shall not be subject to taxation.

HISTORY: Codes, 1942, § 8936-21; Laws, 1944, ch. 241, § 20, eff on and after July 1, 1944.

§ 57-1-49. Assistance by port authorities.

Any port commission or authority created by law, operating in any county or municipality of this state, is authorized and empowered to assist and cooperate with such county or municipality to effectuate the purposes of Sections 57-1-1 through 57-1-51.

HISTORY: Codes, 1942, § 8936-22; Laws, 1944, ch. 241, § 21, eff on and after July 1, 1944.

§ 57-1-51. Construction of Sections 57-1-1 through 57-1-51.

The provisions of Sections 57-1-1 through 57-1-51 shall not repeal or impair any law now in effect, except as therein specifically provided, but shall exist as a separate, several, independent, additional and cumulative method for giving to the people of Mississippi the fulfillment of the public policy of encouraging the promotion of economic development of new and existing “enterprises.” Nor shall the aforesaid sections or any part thereof repeal any of the provisions of private or special municipal charters, nor affect, limit or restrict the right of any municipality, now operating under special charter, to amend said charter pursuant to the provisions of Section 21-17-9, Mississippi Code of 1972, which section shall apply to Sections 57-1-1 through 57-1-51.

HISTORY: Codes, 1942, § 8936-04; Laws, 1940, ch. 147; Laws, 1944, ch. 241, § 5; Laws, 1958, ch. 531, § 1.

§ 57-1-52. Creation of Department of Economic and Community Development; organization; executive director; division directors.

1. There is hereby created the Mississippi Department of Economic and Community Development, whose principal offices shall be located in Jackson, Mississippi.
2. The Mississippi Department of Economic and Community Development shall be organized into the following offices:
   1. Office of Economic Development;
   2. Office of Community Development;
   3. Office of Support Services.
3. The department shall be headed by an executive director, who shall be appointed by and serve at the pleasure of the Governor. The appointment of the executive director shall be made with the advice and consent of the Senate. The executive director may assign to the appropriate offices such powers and duties as deemed appropriate to carry out the department’s lawful functions.
4. The executive director of the department shall appoint heads of offices, who shall serve at the pleasure of the executive director. The executive director shall have the authority to organize the offices established by subsection (2) of this section as deemed appropriate to carry out the responsibilities of the department. The organization charts of the department shall be presented annually with the budget request of the Governor for review by the Legislature.

HISTORY: Laws, 1989, ch. 544, § 37; Laws, 1990, ch. 522, § 35, eff from and after July 1, 1990.

§ 57-1-53. Department designated agency for receipt of federal funds; coordination of functions relating to economic development and tourism.

The department is designated as the single state agency to receive and expend any federal funds made available for matters within the jurisdiction of the department.

The department shall coordinate all functions of state government related to economic development and tourism within the jurisdiction of the department.

HISTORY: Laws, 1979, ch. 438, § 5; Laws, 1988, ch. 518, § 40; Laws, 1989, ch. 544, § 43, eff from and after July 1, 1989.

§ 57-1-54. Transfer of powers and duties of Department of Economic and Community Development to Mississippi Development Authority.

The Mississippi Development Authority shall be the Department of Economic and Community Development and shall retain all powers and duties granted by law to the Mississippi Department of Economic and Community Development and wherever the term “Mississippi Department of Economic and Community Development,” “Department of Economic and Community Development,” “Mississippi Department of Economic Development” or “Department of Economic Development” appears in any law the same shall mean the Mississippi Development Authority. The Mississippi Development Authority may continue to refer to itself as the Mississippi Department of Economic and Community Development for as long as it may deem necessary. The Executive Director of the Mississippi Development Authority may assign to the appropriate divisions such powers and duties as he deems appropriate to carry out its lawful duties.

Nothing in the Mississippi Executive Reorganization Act of 1989 [Laws, 1989, Chapter 544] shall be construed to eliminate or change in any manner the duties, functions or operations of the planning and development districts heretofore created by executive order of the Governor.

HISTORY: Laws, 1989, ch. 544, § 38; Laws, 2000, 2nd Ex Sess, ch. 1, § 3, eff from and after passage (approved Aug. 30, 2000.).

§ 57-1-55. General powers and duties of Department of Economic and Community Development.

1. The Department of Economic and Community Development shall have the following general powers and duties: To develop and manage programs which enhance the climate for economic growth through assistance to private sector businesses, local communities and individuals, and through an extensive national and international marketing effort.
2. The Department of Economic and Community Development shall have the following general powers and duties with respect to economic development:
   1. To plan, supervise and direct an active program of solicitation of industries to locate within the state;
   2. To prepare, maintain and disseminate information which is needed by companies in evaluating site locations;
   3. To consult with, advise and assist prospective industries wishing to locate within the state;
   4. To encourage new or expanding industries, which will add to the economy, to locate within the state;
   5. To maintain a coordinated liaison function with other development groups, including state and federal agencies, and planning and development districts, utility companies, chambers of commerce and railroads;
   6. To assist communities and counties within the state in preparation for economic growth;
   7. To assist new and existing business and industry and encourage their development and expansion;
   8. To plan and conduct a nationwide advertising program promoting the state to prospective industry. Any contract entered into for such purposes shall be advertised, bid and accepted in accordance with the same procedure as prescribed for the advertisement and acceptance of bids for the purchase of commodities and contracts for public purchases under Chapter 7, Title 31, Mississippi Code of 1972;
   9. To work with economic development agencies of the federal government in areas of industrial development and provide information to industrial prospects regarding the availability of federal funds and assistance;
   10. To work with the Department of Corrections, pursuant to the provisions of Section 47-5-501 et seq., in identifying and evaluating acceptable industries and businesses and in acting as an agent of the Department of Corrections by communicating with such concerns and aggressively soliciting their participation in the Correctional Industries Work Program;
   11. To perform related work as required;
   12. To disseminate information about financial and other programs of the Department of Economic and Community Development that will assist in the creation or expansion of industries processing wood products in this state;
   13. To market processed and raw agricultural products domestically and abroad;
   14. To aid in the establishment of business incubation centers by private business interests, not for profit corporations, and/or governmental entities. The department may provide funds by contract for the establishment of business incubation centers and may contract for space in which business incubation centers will be located. Business incubation centers are defined as facilities and support services that encourage the establishment of successful small businesses by providing a short-term sheltered environment. The department may solicit and accept grants and other financial aid or support from private or public sources to aid in the development of business incubation centers. In addition, advice and assistance to established business incubation centers may be provided by the department; and
   15. To employ licensed real estate brokers and appraisers necessary for the industrial development of any real estate under the ownership or control of the Department of Economic and Community Development. Any contract entered into for such purposes shall be advertised, bid and accepted in accordance with the same procedure as prescribed for the advertisement and acceptance of bids for the purchase of commodities and contracts for public purchases under Chapter 7, Title 31, Mississippi Code of 1972.

HISTORY: Laws, 1979, ch. 438, § 6; Laws, 1983, ch. 409, § 9; Laws, 1987, ch. 482, § 27; Laws, 1988, ch. 518, § 41; Laws, 1989, ch. 544, § 44; Laws, 1999, ch. 444, § 1, eff from and after passage (approved March 19, 1999.).

§ 57-1-56. Occupational Information Coordinating Committee.

The Occupational Information Coordinating Committee shall be located within the Department of Economic and Community Development and shall develop and implement an occupational information system for vocational education, employment and training programs.

HISTORY: Laws, 1989, ch. 544, § 50, eff from and after July 1, 1989.

§ 57-1-57. Study to determine existence of disparity in number of qualified minority contractors.

The Mississippi Development Authority shall conduct and prepare, or shall contract for the preparation of, a study to determine if there is a significant statistical disparity in the total number of qualified minority contractors of goods and services doing business in the State of Mississippi and the actual number of such minority contractors with whom the State of Mississippi, or with whom a prime contractor with the State of Mississippi, has contracted to provide goods and services.

HISTORY: Laws, 2000, 2nd Ex Sess, ch. 1 § 58, eff from and after passage (approved Aug. 30, 2000.).

§ 57-1-58. Policy of the Mississippi Development Authority with regard to programs of diversity in contracting for entities using funds made available under Sections 1 through 37 of Chapter 1, Laws of 2005, Third Extraordinary Session.

It is the policy of the Mississippi Development Authority and the Mississippi Development Authority is authorized to accommodate and support any entity using funds authorized and made available under Sections 1 through 37 of Chapter 1, Laws of 2005, Third Extraordinary Session that wishes to have a program of diversity in contracting, and/or that wishes to do business with or cause its prime contractor to do business with Mississippi companies, including those companies that are small business concerns owned and controlled by socially and economically disadvantaged individuals. The term “socially and economically disadvantaged individuals” shall have the meaning ascribed to that term under Section 8(d) of the Small Business Act (15 USCS 637(d)) and relevant subcontracting regulations promulgated pursuant thereto; except that women shall be presumed to be socially and economically disadvantaged individuals for the purposes of this section.

HISTORY: Laws, 2005, 3rd Ex Sess, ch. 1, § 58, eff from and after July 1, 2005.

§ 57-1-59. General powers and duties of Mississippi Development Authority with respect to tourism.

The Mississippi Development Authority shall have the following general powers and duties with respect to tourism:

To promote and advertise the image of Mississippi both within and without the boundaries of this state;

To promote and advertise fairs and similar activities of interest to tourists and the traveling public;

To promote and advertise the use of wildlife and natural areas by tourists and the traveling public;

To promote and advertise the use of state recreational and park facilities by tourists and the traveling public;

To promote and advertise all resources of the State of Mississippi as attractions to tourists and the traveling public;

To develop for all agencies of state government the necessary promotional and advertising materials needed to promote all facilities and programs which may be of interest to travelers and tourists;

To maintain an educational awareness program for the citizens of the state to constantly encourage increased development of activities of interest to tourists and the traveling public;

To develop and maintain an information services system to adequately guide tourists and the traveling public within the boundaries of the state;

To develop and maintain an extensive media program to adequately inform the national and international consumer about Mississippi;

To enter into contracts and other agreements with local tourism commissions or similar entities for the purpose of developing regional strategies for tourism promotion. The Mississippi Development Authority, in conjunction with the formulation of regional strategies for tourism promotion, may require that local tourism commissions or similar entities enter into agreements with the authority as a condition for receiving any state grants to promote tourism; and

To develop programs and projects promoting the state’s heritage, history, culture, literature and arts, including the positive recovery of the state after damages caused by natural disasters, and demonstrating the state’s attractiveness as a tourism destination for those and other reasons.

HISTORY: Laws, 1979, ch. 438, § 9; Laws, 1988, ch. 518, § 42; Laws, 1990, ch. 502, § 6; Laws, 2005, ch. 339, § 1; Laws, 2010, ch. 533, § 7, eff from and after passage (approved April 16, 2010.).

§ 57-1-60. Grants to finance, promote and advertise local tourist attractions.

The Department of Economic and Community Development, in its discretion, may establish a program of grants to be matched by tourism entities in the state to finance, promote and advertise local tourist attractions. Monies committed to the program of grants shall not lapse into the State General Fund at the end of a fiscal year. Any program of grants established under this section shall be in addition to those grants authorized by Chapter 27, Title 57, Mississippi Code of 1972.

HISTORY: Laws, 1993, ch. 592, § 1, eff from and after passage (approved April 13, 1993).

§ 57-1-61. Transfer of functions of travel and tourism department of agricultural and industrial board.

The staff and resources of the travel and tourism department of the agricultural and industrial board shall be, and are hereby transferred to the department of economic development.

HISTORY: Laws, 1979, ch. 438, § 10, eff from and after February 1, 1980.

§ 57-1-63. Transfer of powers and duties of state agencies relating to promotion and advertising of tourism.

It is the intent of the Legislature that all powers and duties of any state agency relating to the promotion and advertising of tourism which are not provided for by statute shall be transferred to and vested in the department.

HISTORY: Laws, 1979, ch. 438, § 12; Laws, 1988, ch. 518, § 43, eff from and after July 1, 1988.

§ 57-1-64. Selling advertising and tourism promotional information through various marketing outlets; Mississippi Development Authority Tourism Advertising Fund created.

1. The Mississippi Development Authority is authorized to sell advertising and other tourism promotional information through the Mississippi Development Authority Internet website and other marketing outlets, and to enter into agreements with tourism associations and similar entities for the purpose of making and facilitating sales through the use of such entities. Revenues received from such sales shall be placed into the special fund created in subsection (2) of this section.
2. There is created a special fund in the State Treasury to be known as the Mississippi Development Authority Tourism Advertising Fund which shall consist of monies from any source designated for deposit into the fund. Unexpended amounts remaining in the fund at the end of a fiscal year shall not lapse into the State General Fund, and any investment earnings or interest earned on amounts in the fund shall be deposited to the credit of the fund. Monies in the fund may be used by the Mississippi Development Authority for the purpose of paying costs incurred in connection with the purchase of Internet advertising and other promotional information and materials related to Mississippi tourism resources and activities.
3. The Mississippi Development Authority shall have all powers necessary to implement and administer the provisions of this section.

HISTORY: Laws, 2011, ch. 480, § 43, eff from and after passage (approved April 6, 2011.).

§ 57-1-64.1 Mississippi Tourism Association Marketing Advisory Board created; composition.

1. There is hereby created a Mississippi Tourism Association Marketing Advisory Board to assist the Mississippi Development Authority in the planning of initiatives for advertising and promoting tourism in Mississippi.
2. The advisory board shall be composed of the following members:
   1. The Executive Director of the Mississippi Tourism Association; and
   2. The members of the Mississippi Tourism Association Board of Directors, composed through the bylaws of the Mississippi Tourism Association as being geographically and ethnically diverse members from the five (5) tourism regions designated as the Hills, the Delta, the Capital/River, the Pines and the Coastal regions of Mississippi, and three (3) at-large members.
3. Members of the advisory board may not be compensated for the performance of their duties.
4. The advisory board will give input and advice to the Mississippi Development Authority’s Tourism Division on marketing and advertising planning, but shall have no executive powers at the Mississippi Development Authority.

HISTORY: Laws, 2019, ch. 447, § 1, eff from and after July 1, 2019.

§ 57-1-65. General powers and duties with respect to marketing.

The Mississippi Department of Economic Development shall have the following general powers and duties with respect to marketing:

To promote and stimulate the development of new markets for Mississippi products and goods.

To encourage the establishment of industrial operations to process agricultural and forestry raw products to an end-product stage, ready for sale to the markets of the nation and the world; and

To coordinate all studies in the State of Mississippi concerned with the development of markets for Mississippi products and goods.

HISTORY: Laws, 1979, ch. 438, § 17; Laws, 1988, ch. 518, § 44, eff from and after July 1, 1988.

§ 57-1-66. Production, licensing, etc., of promotional publications, materials, etc.; disposition of proceeds from licensing or sale.

The Department of Economic and Community Development is authorized to produce publications, booklets, brochures, directories, materials and merchandise for the purposes of promoting and marketing Mississippi and assisting businesses through the provision of information in printed form or on computer disk, and to license or sell such items for a fee; however, no public entity or any agency thereof established pursuant to the laws of this state shall be charged a fee for the provision of such items. The funds which are received from the licensing or sale of items described herein shall be paid into a special revolving fund which is hereby established in the State Treasury. Monies in this fund shall be expended as appropriated by the Legislature. Any monies remaining in the special fund at the close of a fiscal year shall not lapse into the State General Fund.

HISTORY: Laws, 1990, ch. 502, § 1; Laws, 1991, ch. 584, § 5, eff from and after July 1, 1991.

§ 57-1-67. Planning and development district offices and directors.

The Mississippi Department of Economic Development, pursuant to contractual agreements with individual planning and development districts, may assign field office staff of the department to a planning and development district office. Planning and development district directors may be consulted by the department as any annual work programs for field office staff so assigned are prepared. Any such work programs shall be designed to address issues and projects of mutual interest to the department and districts and to the accomplishment of their respective economic development missions.

HISTORY: Laws, 1988, ch. 518, § 45, eff from and after July 1, 1988.

§ 57-1-68. Program of grants to finance and promote local economic development.

The Department of Economic and Community Development, in its discretion, may establish a program of grants to be matched by economic development entities in the state to finance and promote local economic development. Monies committed to the program of grants shall not lapse into the State General Fund at the end of a fiscal year.

HISTORY: Laws, 1995, ch. 519, § 1, eff from and after passage (approved April 3, 1995).

§ 57-1-69. Cooperation with Mississippi Miss Hospitality, Inc., Miss Mississippi Pageant, Inc., and Mrs. Mississippi-America Pageant, Inc.

The Department of Economic and Community Development is authorized to cooperate with Mississippi Miss Hospitality, Inc., in the production of the Mississippi Miss Hospitality Pageant and with Miss Mississippi Pageant, Inc., in the production of the Miss Mississippi Pageant, and with Mrs. Mississippi-America Pageant, Inc., in the production of the Mrs. Mississippi Pageant, and in defraying expenses incurred by Miss Hospitality and Miss Mississippi and Mrs. Mississippi when making official appearances to represent this state, by expending in furtherance of such purposes any money appropriated or otherwise made available to the department therefor. Money received by the department for such purposes shall be deposited into a special fund which is hereby created in the State Treasury. Unexpended amounts remaining in such special fund at the end of a fiscal year shall not lapse into the State General Fund, and any interest earned on amounts in such special fund shall be deposited to the credit of the special fund.

HISTORY: Laws, 1988, ch. 518, § 72; Laws, 1990, ch. 401, § 2, eff from and after July 1, 1990.

§ 57-1-70. Miss Mississippi, Miss Hospitality and Mrs. Mississippi as official nongovernmental representatives of state.

The person selected as Miss Mississippi in the annual pageant sponsored by Miss Mississippi Pageant, Inc., and the person selected as Miss Hospitality in the annual Mississippi Miss Hospitality Pageant, and the person selected as Mrs. Mississippi in the annual Mrs. Mississippi Pageant, shall be the official nongovernmental representatives of the State of Mississippi, and shall be the only persons selected in pageants in the state who are recognized by the state as its official representatives in appearances made at functions, ceremonies or other activities on behalf of the state or for the promotion or goodwill of the state.

HISTORY: Laws, 1990, ch. 401, § 1, eff from and after July 1, 1990.

§ 57-1-71. Declaration of intention; petition for certificate.

Any municipality located in two adjacent counties which forms a part of a municipal separate school district the territory of which is located in two adjacent counties which desires to enter into the establishment of an enterprise under the provisions of Sections 57-1-1 through 57-1-51, jointly with the territory forming a part of such municipal separate school district shall, by and through its governing authority, declare its intention of entering into such plan by resolution spread upon its minutes and shall jointly with the boards of supervisors of the counties affected file with the Mississippi Agricultural and Industrial Board, a petition for certificate of public convenience and necessity in the manner and for the purpose prescribed by Section 57-1-21, and the governing authority of such municipality is authorized to proceed under Sections 57-1-1 through 57-1-51, for and on behalf of the municipality and the municipal separate school district territory the same as if such territory were a part of said municipality.

HISTORY: Codes, 1942, § 8936-31; Laws, 1950, ch. 520, §§ 1-7.

§ 57-1-73. Issuance of certificate; election.

Should the certificate of public convenience and necessity be issued by the Mississippi Agricultural and Industrial Board the governing authority of such municipality shall call an election in the municipality and in the territory outside the municipality in the manner and method for calling, conducting and holding elections provided in Section 57-1-25, and should two-thirds of the qualified electors residing in the municipality and voting in the election, and two-thirds of the qualified electors residing in the territory outside the municipality forming a part of the municipal separate school district of which such territory and municipality are a part and voting in the election, vote in favor of the enterprise, such municipal separate school district including the municipality shall be deemed a municipality within the meaning of Sections 57-1-1 through 57-1-51, and shall have all rights, powers and authority to act by and through the governing authority of such municipality granted to municipalities as defined in Sections 57-1-1 through 57-1-51 and by said sections.

HISTORY: Codes, 1942, § 8936-31; Laws, 1950, ch. 520, §§ 1-7.

§ 57-1-75. Issuance of bonds; contracts.

The governing authority of the municipality as defined in Sections 57-1-71 and 57-1-73, subject to the the approval of the boards of supervisors of each county having territory involved, may issue such bonds as may be authorized in the election held for the operation of the enterprise, and may make all contracts for the erection of buildings and structures and the acquisition and purchase of lands, and for the operation of such enterprise. It shall not be necessary for contracts entered into by the governing authority of the municipality to be approved by the boards of supervisors of the counties having territory included in such municipal separate school district.

HISTORY: Codes, 1942, § 8936-31; Laws, 1950, ch. 520, §§ 1-7.

§ 57-1-77. Execution of bonds; pledge of full faith and credit.

The bonds issued under Section 57-1-75 shall be issued and signed in the manner provided for the issuance of bonds by municipalities by Sections 57-1-1 through 57-1-51, and shall pledge the full faith and credit of the entire municipal separate school district for which said bonds are issued, including the municipality and the territory outside such municipality lying in adjoining supervisors districts of adjacent counties.

HISTORY: Codes, 1942, § 8936-31; Laws, 1950, ch. 520, §§ 1-7.

§ 57-1-79. Depository.

The governing authority of such municipality as defined in Sections 57-1-71 and 57-1-73 shall designate a depository for the funds of the municipality in the same manner as county depositories are designated.

HISTORY: Codes, 1942, § 8936-31; Laws, 1950, ch. 520, §§ 1-7.

§ 57-1-81. Tax levy.

On or before the first Monday of September of each year the governing authority of the municipality shall meet and levy a tax sufficient upon the taxable property of the territory, including the municipality, to provide funds for the payment of interest on bonds and the payment of bonds maturing within one year, and to provide a sinking fund for the redemption of any outstanding bonds and shall certify such levy to the boards of supervisors of each of the counties affected, prior to the date on which county tax levies are fixed, and it shall be the duty of the respective boards of supervisors to levy the tax prescribed by the governing authority of the municipality upon the taxable property of the territory, including the municipality located in their respective county. The tax collector of each county shall thereupon collect such tax in the same manner and at the same time as other taxes are collected and shall transmit the proceeds thereof to the governing authority of the municipality for deposit to the proper depository.

HISTORY: Codes, 1942, § 8936-31; Laws, 1950, ch. 520, §§ 1-7.

§ 57-1-83. Rights and powers of municipality.

For the purpose of operating or engaging in the enterprise as authorized at the election held for that purpose the municipality herein authorized acting by and through its governing authority shall have all the rights, powers and authority granted to municipalities by Sections 57-1-1 through 57-1-51, to act for the territory comprising the municipal separate school district of which such municipality is a part.

HISTORY: Codes, 1942, § 8936-31; Laws, 1950, ch. 520, §§ 1-7.

§ 57-1-101. Declaration of intention; petition for and issuance of certificate.

When a city, town or village and the supervisors district wherein such city, town or village is situated desire to enter jointly into the establishment of an industrial enterprise under the provisions of Sections 57-1-1 through 57-1-51, the governing body of such city, town or village and the board of supervisors of the county in which such supervisors district is situated shall each declare its intention of entering into such plan by resolution spread upon its minutes, and they shall jointly file with the Mississippi Agricultural and Industrial Board, a petition for a joint certificate of public convenience and necessity in the manner and for the purposes prescribed by Section 57-1-21. Such joint petition for such joint certificate of public convenience and necessity shall, in addition to any other information required to be furnished, set out the amount of bonds or other expenditures such city, town or village and such supervisors district propose separately to issue or make for such enterprise. The Mississippi Agricultural and Industrial Board is authorized and empowered to issue or refuse to issue such joint certificate of public convenience and necessity in accordance with the provisions of Section 57-1-21, except that such certificate when issued shall be entitled and be a joint certificate of public convenience and necessity. Where such a petition for a joint certificate is filed, the board, in addition to the findings prescribed by Section 57-1-21, shall before it issues such joint certificate also find and determine affirmatively that the aggregate bonded indebtedness of such city, town or village and such supervisors district incurred under the provisions of Sections 57-1-101 through 57-1-107, shall not exceed the aggregate of twenty per cent (20%) of the total assessed valuation of all the property in the city, town or village, computed as in the case of an application by such city, town or village alone, plus twenty percent (20%) of the total assessed valuation of all the property in the supervisors district.

HISTORY: Codes, 1942, § 8936-41; Laws, 1952, ch. 421, §§ 1-4; Laws, 1958, ch. 526, §§ 2-5; Laws, 1960, ch. 212, §§ 1-3.

§ 57-1-103. Election.

Should such joint certificate of public convenience and necessity be issued by the Mississippi Agricultural and Industrial Board, the governing authority of such city, town or village shall direct the holding of an election in the manner provided as to it by Section 57-1-25, and the board of supervisors of the county in which such supervisors district is situated shall direct the holding of a separate election in such supervisors district in the manner provided by Section 57-1-25 for such elections. In the event the proposal be approved as required by Section 57-1-25, both in the election for the supervisors district and in the election for the city, town or village, computed and declared separately, then the board of supervisors and the governing authority of such city, town or village, respectively, may issue the bonds authorized by said elections, respectively, as provided by the aforesaid Sections 57-1-1 through 57-1-51.

HISTORY: Codes, 1942, § 8936-41; Laws, 1952, ch. 421, §§ 1-4; Laws, 1958, ch. 526, §§ 2-5; Laws, 1960, ch. 212, §§ 1-3.

§ 57-1-105. Powers and rights of city, town or village and supervisors district.

When a city, town or village and the supervisors district wherein such city, town or village is situated join for the establishment of an industrial enterprise under the provisions of Sections 57-1-101 through 57-1-107 they shall be and they are hereby authorized to exercise the powers conferred by Sections 57-1-1 through 57-1-51; and for the purpose of carrying out such joint industrial enterprise, all provisions of Sections 57-1-1 through 57-1-51, so far as the same are applicable, shall apply to all proceedings by such city, town or village and to all proceedings by such board of supervisors for the county in which such supervisors district is situated. The city, town or village and the supervisors district so joining shall have each an undivided interest in the industrial enterprise, including any land acquired for such purpose, in the same proportion as the amount of bonds issued by each bears to the total issued by both.

HISTORY: Codes, 1942, § 8936-41; Laws, 1952, ch. 421, §§ 1-4; Laws, 1958, ch. 526, §§ 2-5; Laws, 1960, ch. 212, §§ 1-3.

§ 57-1-107. Contracts.

When a city, town or village and the supervisors district wherein such city, town or village is situated join as provided in Sections 57-1-101 through 57-1-107 for the establishment of an industrial enterprise under the provisions of said sections, they shall be and are hereby authorized to contract jointly for the acquisition of land and to jointly enter into contracts for the purpose of establishing, operating, maintaining or leasing such industrial enterprise, including contracts for the construction thereof; or they may, by agreement adopted by resolution spread upon the minutes of the governing authority of such city, town or village and upon the minutes of the board of supervisors of the county, authorize either the governing authority of such city, town or village or the board of supervisors to enter into such contracts for and on behalf of both.

HISTORY: Codes, 1942, § 8936-41; Laws, 1952, ch. 421, §§ 1-4; Laws, 1958, ch. 526, §§ 2-5; Laws, 1960, ch. 212, §§ 1-3.

§ 57-1-131. Declaration of intention; petition for certificate; constitution of board of commissioners; petition of electors.

When two or more adjoining supervisors districts of adjacent counties which desire to enter jointly into the establishment of an enterprise under the provisions of Sections 57-1-1 through 57-1-51, the board of supervisors of each county shall declare its intention of entering into such plan by resolution spread upon its minutes and shall jointly with the boards of supervisors of the counties affected file with the Mississippi Agricultural and Industrial Board, a petition for a certificate of public convenience and necessity in the manner and for the purposes prescribed by Section 57-1-21, and the board of supervisors of each county affected shall name two commissioners who, together with the commissioners appointed by the other counties acting jointly with them, shall constitute a board of commissioners for the purpose of proceeding the same as if the supervisors districts of the adjacent counties were within the same county.

A petition bearing the signatures of a majority of the qualified electors of a supervisors district filed with the chancery clerk, shall make it the mandatory duty of the board of supervisors of the county to pass the necessary resolution, appoint the commissioners and perform all other duties and functions necessary for the establishment of the enterprise.

HISTORY: Codes, 1942, § 8938-01; Laws, 1946, ch. 245, § 1; Laws, 1960, ch. 148.

§ 57-1-133. Election.

Should a certificate of public convenience and necessity be issued by the Mississippi Agricultural and Industrial Board, the boards of supervisors of each of the counties affected shall call an election in each of the supervisors districts affected in the manner and method for calling, conducting and holding elections provided in Section 57-1-25, and should two-thirds of the qualified electors residing in each of the supervisors districts affected voting in the election, vote in favor of the enterprise, the supervisors districts included in the petition for public convenience and necessity shall be deemed a municipality within the meaning of Sections 57-1-1 through 57-1-51, and shall have all rights, powers and authority granted to municipalities as defined in said sections and by said sections.

HISTORY: Codes, 1942, § 8938-02; Laws, 1946, ch. 245, § 2.

§ 57-1-135. Appointment, terms of office, organization, and meetings of board of commissioners.

The commissioners authorized by Section 57-1-131 shall be deemed to be the governing body of the municipality. Except as hereinafter provided, the term of each commissioner shall be four (4) years, and until his successor shall have been appointed in like manner and shall have qualified. In case of death, disability or resignation, the vacancy shall be filled for the unexpired term by appointment to be made by the board of supervisors of the county in which such vacancy occurred. Of the two (2) commissioners first appointed by each county, one (1) shall be designated to serve for a term of two (2) years, and the other shall be designated to serve for a term of four (4) years, and until their respective successors shall have been appointed and qualified. The aforesaid designations shall be made by the respective boards of supervisors. Such commissioners shall constitute a board, and shall organize by electing a president and a secretary, and by adopting an official seal with which to attest its official acts, and by adopting a name by which the municipality formed by the districts involved shall be known and recognized. The adoption of a name for any such municipality prior to the enactment of this statute is hereby validated and confirmed. The commissioners shall meet at such time and place as they may determine, shall keep full, complete and permanent minutes of their meetings and records of their proceedings, and shall receive no compensation for their services, except reimbursement for actual and necessary expenses incurred by them in traveling in performance of their duties. No action taken by such commissioners and no contract or agreement entered into by them shall be valid and effectual unless and until the same is approved by the board of supervisors of each county having territory involved, by resolution spread at large upon the minutes of such board.

HISTORY: Codes, 1942, § 8938-03; Laws, 1946, ch. 245, § 3; Laws, 1962, 2d Ex. Sess. ch. 26, eff from and after passage (approved Nov. 15, 1962).

§ 57-1-137. Rights, powers and authority of municipalities generally.

For the purpose of operating or engaging in the enterprise as authorized at the election held for that purpose, the municipality herein authorized acting through its board of commissioners and subject to the approval of the boards of supervisors of each of the counties having territory included within such municipality shall have all the rights, powers, and authority granted to municipalities by Sections 57-1-1 through 57-1-51.

HISTORY: Codes, 1942, § 8938-08; Laws, 1946, ch. 245, § 8.

§ 57-1-139. Issuance of bonds; contracts.

The board of commissioners of the municipality as defined in Section 57-1-133, subject to the approval of the boards of supervisors of each county having territory involved, may issue such bonds as may be authorized in the election held for the operation of the enterprise, and may make all contracts for the erection of buildings and structures and the acquisition and purchase of lands, and for the operation of such enterprise. All such contracts so entered into by such commissioners shall not be valid, however, until approved by resolution spread at large upon the minutes of each of the boards of supervisors of the counties having territory included in the municipality.

HISTORY: Codes, 1942, § 8938-04; Laws, 1946, ch. 245, § 4.

§ 57-1-141. Execution of bonds.

The bonds issued under Section 57-1-139 shall be signed by the president of the board of commissioners, counter-signed by the clerk of said board of commissioners, and shall pledge the full faith and credit of the supervisors districts included in the municipality.

HISTORY: Codes, 1942, § 8938-05; Laws, 1946, ch. 245, § 5.

§ 57-1-143. Depository.

The board of commissioners of the municipality as defined in Section 57-1-133 shall designate a depository for the funds of the municipality in the same manner as county depositories are designated.

HISTORY: Codes, 1942, § 8938-06; Laws, 1946, ch. 245, § 6.

§ 57-1-145. Tax levy.

On or before the first Monday of September of each year, the board of commissioners for the municipality comprising two or more supervisors districts of adjacent counties shall meet and levy a tax sufficient upon the taxable property of the territory to provide funds for the payment of interest on bonds and the payment of bonds maturing within one year, and to provide a sinking fund for the redemption of any outstanding bond and shall certify such levy to the boards of supervisors of each of the counties affected, prior to the date on which county tax levies are fixed, and it shall be the duty of the respective boards of supervisors to levy the tax prescribed by the board of commissioners of the municipality upon the taxable property of the territory of the county which is embraced in the municipality. The tax collector of each county shall thereupon collect such tax in the same manner and at the same time as other taxes are collected and shall transmit the proceeds thereof to the proper depositories.

HISTORY: Codes, 1942, § 8938-07; Laws, 1946, ch. 245, § 7.

§ 57-1-171. Definitions for Sections 57-1-171 through 57-1-179.

The word “municipality” as used in Sections 57-1-171 through 57-1-179 shall mean “county, supervisors district, city, town or village.”

HISTORY: Codes, 1942, § 8937; Laws, 1946, ch. 320, §§ 1-5; Laws, 1960, ch. 146.

§ 57-1-173. Application for and issuance of certificate.

Whenever a supervisors district or a city, town or village in a supervisors district, or both, which adjoins a supervisors district in the same county, already having a certificate of convenience and necessity issued under the provisions of Sections 57-1-1 through 57-1-51, and which has already voted to engage in an enterprise authorized under the provisions of said sections, desires to join in the enterprise, the adjoining supervisors district or city, town or village, or both, wishing to so join may make application to the Mississippi Agricultural and Industrial Board for a certificate of convenience and necessity, the same as if such supervisors district or city, town or village, or both, had joined with the supervisors district already having a certificate of convenience and necessity in its original application. Such application shall show that the joining of the said supervisors district or city, town or village, or both, will benefit such municipality by the use of its natural resources or the employment of its labor, and that it has adequate property values and suitable financial conditions so that the total bonded indebtedness of the municipality shall not exceed twenty percent (20%) of the total assessed valuation of all of the property in the municipality, and that the joining of such municipality in the operation of the enterprise by the supervisors district already holding a certificate of convenience and necessity shall result in the enlargement of the enterprise and that such enlargement of the enterprise shall benefit the petitioning municipality. The board may issue a certificate of convenience and necessity the same as if the petitioning municipality had joined in the original application. However, when bonds are issued jointly by a municipality and a county or a supervisors district of such county, then in such event, the limitation of twenty percent (20%) of the assessed valuation of such municipality or county or supervisors district shall apply to each such taxing district even though such assessments include identical property.

HISTORY: Codes, 1942, § 8937; Laws, 1946, ch. 320, §§ 1-5; Laws, 1960, ch. 146.

§ 57-1-175. Election; issuance of bonds.

When such certificate of convenience and necessity is issued authorizing the petitioning municipality to join in the operation of the enterprise, proceedings thereafter shall be held within such municipality as is provided in Sections 57-1-1 through 57-1-51 with reference to notice, voting and election, and such municipality may issue its bonds in such amount as may be authorized by the board for the enlargement and extension of the enterprise.

HISTORY: Codes, 1942, § 8937; Laws, 1946, ch. 320, §§ 1-5; Laws, 1960, ch. 146.

§ 57-1-177. Application of Sections 57-1-1 through 57-1-51.

All provisions of Sections 57-1-1 through 57-1-51, so far as the same are applicable, shall apply to all proceedings by the municipality desiring to join with another municipality which has already received a certificate of convenience and necessity.

HISTORY: Codes, 1942, § 8937; Laws, 1946, ch. 320, §§ 1-5; Laws, 1960, ch. 146.

§ 57-1-179. Interest of joining municipality in enterprise.

The municipality joining with another municipality which has already received a certificate of convenience and necessity shall have an undivided interest in the enterprise in the same proportion as the amount of bonds issued by such municipality bears to the total bonds issued by both municipalities in the establishment of such enterprise.

HISTORY: Codes, 1942, § 8937; Laws, 1946, ch. 320, §§ 1-5; Laws, 1960, ch. 146.

§§ 57-1-201 through 57-1-215. Repealed.

Repealed by Laws, 1981, ch. 441, § 9, eff from and after July 1, 1985.

[Laws, 1981, ch. 441, §§ 1-8]

§ 57-1-221. Mississippi Industry Incentive Financing Revolving Fund created; use of funds; application for grant or loan.

1. As used in this section:
   1. “Approved business enterprise” means any project that:
      1. Locates or expands in this state and creates a minimum of two hundred fifty (250) new, full-time jobs with a total capital investment in the state of a minimum of Thirty Million Dollars ($30,000,000.00) in Tier 1 or Tier 2 counties;
      2. Locates or expands in this state and creates a minimum of one hundred fifty (150) new, full-time jobs with a total capital investment in the state of a minimum of Fifteen Million Dollars ($15,000,000.00) in areas federally designated as low-income census tracts;
      3. Locates or expands in this state and creates a minimum of one thousand (1,000) new, full-time jobs;
      4. Is a manufacturer of high-end kitchen appliances having at least four hundred (400) employees working at its Mississippi facilities on January 1, 2015, and with a capital investment of at least Five Million Dollars ($5,000,000.00) made after July 1, 2014, through four (4) years after July 1, 2015, that expands in this state, and retains a minimum of four hundred (400) jobs; or
      5. Locates or expands in this state with significant regional impact as determined by MDA.
   2. “MDA” means the Mississippi Development Authority.
   3. “Facility related to the project” means and includes any of the following, as they may pertain to the project:
      1. Facilities to provide potable and industrial water supply systems, sewage and waste disposal systems and water, natural gas and electric transmission systems to the site of the project;
      2. Building facilities and equipment necessary to operate the facility;
      3. Rail lines;
      4. Airports, airfields, air terminals and port facilities;
      5. Highways, streets and other roadways; and
      6. Fire protection facilities, equipment and elevated water tanks.
   4. “Project” means any industrial, commercial, research and development, warehousing, distribution, transportation, processing, mining, United States government or tourism enterprise together with all real property required for construction, maintenance and operation of the enterprise that is approved by the MDA.
2. 1. There is created a special fund in the State Treasury to be known as the Mississippi Industry Incentive Financing Revolving Fund which shall consist of monies from any source designated for deposit into the fund. Unexpended amounts remaining in the fund at the end of a fiscal year shall not lapse into the State General Fund, and any interest earned on amounts in the fund shall be deposited to the credit of the fund. Monies in the fund shall be disbursed by the Mississippi Development Authority for the purposes authorized in subsection (3) of this section.
   2. Monies in the fund that are derived from the proceeds of general obligation bonds may be used to reimburse reasonable actual and necessary costs incurred by the MDA for the administration of the various grant, loan and financial incentive programs administered by the MDA. An accounting of actual costs incurred for which reimbursement is sought shall be maintained by the MDA. Reimbursement of reasonable actual and necessary costs shall not exceed three percent (3%) of the proceeds of bonds issued. Reimbursements made under this subsection shall satisfy any applicable federal tax law requirements.
3. The MDA shall establish a program to make grants or loans from the Mississippi Industry Incentive Financing Revolving Fund to local governments, including, but not limited to, counties, municipalities, industrial development authorities and economic development districts, and approved business enterprises to construct or otherwise provide facilities related to the project. Local governments are authorized to accept grants and enter into loans authorized under the program, and to sell, lease or otherwise dispose of a project or any property related to the project in whole or in part.
4. 1. Any business enterprise or local government desiring a grant or loan under this section shall submit an application to the MDA which shall include, at a minimum:
      1. Evidence that the business or industry meets the definition of an approved business enterprise;
      2. A description, including the cost, of the requested assistance;
      3. A description of the purpose for which the assistance is requested; and
      4. Any other information required by the MDA.
   2. The MDA shall require that binding commitments be entered into requiring that:
      1. The minimum requirements of this section and such other requirements as the MDA considers proper shall be met; and
      2. If such requirements are not met, all or a portion of the funds provided by this section as determined by the MDA shall be repaid.
   3. Upon receipt of the application from a business enterprise or local government for a grant or loan under this section, the MDA shall determine whether the enterprise meets the definition of an approved business enterprise and determine whether to provide the assistance requested in the form of a grant or a loan.
   4. The MDA shall have sole discretion in providing grants or loans under this section. The terms of a grant or loan provided under this section and the manner of repayment of any loan shall be within the discretion of the MDA. Repayments of loans made under this section shall be deposited to the credit of the Mississippi Industry Incentive Financing Revolving Fund until the uncommitted balance in the fund reaches Fifty Million Dollars ($50,000,000.00). Once the uncommitted balance in the fund reaches Fifty Million Dollars ($50,000,000.00), repayments of loans under this section shall be deposited to the credit of Fund No. 3951 in the State Treasury to pay debt service on bonds until such time as the uncommitted balance in the fund falls below Fifty Million Dollars ($50,000,000.00).
   5. The MDA shall notify the Chairman of the Senate Finance Committee and the Chairman of the House Ways and Means Committee of the approval of any grant or loan application thirty (30) days prior to the disbursement of any monies for the loan or grant from the Mississippi Industry Incentive Financing Revolving Fund. The notification shall identify the applicant and the purposes for which the loan or grant is made.
5. 1. Contracts, by local governments, including, but not limited to, design and construction contracts, for the acquisition, purchase, construction or installation of a project shall be exempt from the provisions of Section 31-7-13 if:
      1. The MDA finds and records such finding on its minutes, that because of availability or the particular nature of a project, it would not be in the public interest or would less effectively achieve the purposes of this section to enter into such contracts on the basis of Section 31-7-13; and
      2. The approved business enterprise that is involved in the project concurs in such finding.
   2. When the requirements of paragraph (a) of this subsection are met:
      1. The requirements of Section 31-7-13 shall not apply to such contracts; and
      2. The contracts may be entered into on the basis of negotiation.
6. It is the policy of the MDA and the MDA is authorized to accommodate and support any enterprise that receives a loan under this section for a project defined in Section 17-25-23 that wishes to have a program of diversity in contracting, and/or that wishes to do business with or cause its prime contractor to do business with Mississippi companies, including those companies that are small business concerns owned and controlled by socially and economically disadvantaged individuals. The term “socially and economically disadvantaged individuals” shall have the meaning ascribed to such term under Section 8(d) of the Small Business Act (15 USCS 637(d)) and relevant subcontracting regulations promulgated pursuant thereto; except that women shall be presumed to be socially and economically disadvantaged individuals for the purposes of this subsection.
7. The MDA shall promulgate rules and regulations, in accordance with the Mississippi Administrative Procedures Law, for the implementation of this section.

HISTORY: Laws, 2010, ch. 533, § 24; Laws, 2011, ch. 301, § 3; Laws, 2011, ch. 480, § 23; Laws, 2011 1st Ex Sess, ch. 1, § 2; Laws, 2013, ch. 569, § 41; Laws, 2016, ch. 511, § 75, eff from and after July 1, 2016; Laws, 2019, ch. 453, § 3, eff from and after July 1, 2019.

§ 57-1-251. Definitions.

Words and phrases used in Sections 57-1-251 through 57-1-261 shall have meanings as follows, unless the context clearly indicates a different meaning:

“Bonds” means general obligation bonds, interim notes and other evidences of debt of the State of Mississippi issued pursuant to Sections 57-1-251 through 57-1-261.

“Department” means the Department of Economic and Community Development.

“Facility related to the project” means and includes any of the following, as the same may pertain to the project: (i) facilities to provide potable and industrial water supply systems and sewage and waste disposal systems to the site of the project; (ii) airports, airfields and air terminals; (iii) rail lines; (iv) port and marine terminal facilities; (v) pipelines; (vi) storage facilities; (vii) highways, streets and other roadways, including curbing, guttering and storm water sewers; (viii) public school buildings, classrooms and instructional facilities, day care centers, including any functionally related facilities; (ix) parks, outdoor recreation facilities and athletic facilities; (x) auditoriums, pavilions, campgrounds, art centers, cultural centers, folklore centers and other public facilities; (xi) health care facilities, public or private; (xii) buildings and appurtenances used in support of the project; (xiii) security systems, fire suppression and prevention systems, utility distribution systems; and (xiv) on-site utilities, including, but not limited to, electricity, natural gas, telephone and other telecommunications facilities.

“Person” means any natural person, corporation, association, partnership, receiver, trustee, guardian, executor, administrator, fiduciary, governmental unit, public agency, political subdivision, or any other group acting as a unit, and the plural as well as the singular.

“Project” means the Strategic Petroleum Reserve, proposed to be constructed by the Department of Energy, any successor agency thereto, or a private entity engaged in the business of purchasing, storing, and offering for sale or resale, petroleum products or natural gas, together with all real property required for construction, maintenance and operation of the Strategic Petroleum Reserve, and all building, tunneling and other supporting land facilities required or useful for construction, maintenance and operation of the Strategic Petroleum Reserve; or any project specifically designed to produce, manufacture, mine, or temporarily store a source of energy, either as primary energy or as a secondary energy for distribution or sale, or both, to persons located at or near the site of production, manufacture, mining, or storage, when such production, manufacturing, mining and temporary storage activities are limited to the indigenous natural resources of the state, including oil, natural gas, lignite and other coal resources, bioenergy resources, salt domes, depleted underground reservoirs and aquifers suited for the temporary storage of hydrocarbons to be used as primary energy sources.

“Public agency” means and includes:

Any department, board, commission, institution or other agency or instrumentality of the state;

Any city, town, county, political subdivision, school district or other district created or existing under the laws of the state or any public agency of any such city, town, county, political subdivision or district;

Any department, commission, agency or instrumentality of the United States of America; and

Any other state of the United States of America which may be cooperating with respect to location of the project within the state, or any agency thereof.

“State” means State of Mississippi.

HISTORY: Laws, 1992, ch. 552 § 1; Laws, 1996, ch. 482, § 1, eff from and after July 1, 1996.

§ 57-1-253. Duties of department as to proposal, planning, financing, development, operation, etc., of project; cooperation by other agencies.

The department is hereby designated and empowered to act on behalf of the state in submitting a siting proposal for the project. The department is empowered to take all steps appropriate or necessary to effect the siting, development, and operation of the project within the state. If the state is selected as the preferred site for the project, the department is hereby designated and empowered to act on behalf of the state and to represent the state in the planning, financing, development, construction and operation of the project or any facility related to the project, with the concurrence of the affected public agency. The department may take affirmative steps to coordinate fully all aspects of the submission of a siting proposal for the project and, if the state is selected as the preferred site, to coordinate fully, with the concurrence of the affected public agency, the development of the project or any facility related to the project with private business, the United States government and other public agencies. All public agencies are encouraged to cooperate to the fullest extent possible to effectuate the duties of the department; however, the development of the project or any facility related to the project by the department may be done only with the concurrence of the affected public agency.

HISTORY: Laws, 1992, ch. 552 § 2, eff from and after passage (approved May 15, 1992).

§ 57-1-255. Bonds and notes; Major Energy Project Development Fund.

1. Upon notification to the department by the enterprise that the state has been finally selected as the site for the project, the State Bond Commission shall have the power and is hereby authorized and directed, upon receipt of a declaration from the department as hereinafter provided, to borrow money and issue general obligation bonds of the state in one or more series for the purposes herein set out. Upon such notification, the department may thereafter from time to time declare the necessity for the issuance of general obligation bonds as authorized by this section and forward such declaration to the State Bond Commission, provided that prior to said notification, the department may enter into agreements with the United States government, private companies and others that will commit the department to direct the State Bond Commission to issue bonds for eligible undertakings set out in subsection (4) of this section, conditioned on the siting of the project in the state.
2. Upon receipt of any such declaration from the department, the State Bond Commission, upon verifying that the state has been selected as the site of the project, shall act as the issuing agent for the series of bonds directed to be issued in such declaration pursuant to authority granted in this section.
3. Bonds issued under the authority of this section shall not exceed an aggregate principal amount in the sum of Thirty Million Dollars ($30,000,000.00). No bonds shall be issued under the authority of this section after June 30, 2000.
4. The proceeds from the sale of the bonds issued pursuant to this section may be applied for the purposes of: (a) defraying all or any designated portion of the costs incurred with respect to acquisition, planning, design, construction, installation, rehabilitation, improvement and relocation of the project and any facility related to the project, including costs of design and engineering, all costs incurred to provide land, easements and rights-of-way, relocation costs with respect to the project and with respect to any facility related to the project located within the project area, and costs associated with mitigation of environmental impacts; (b) providing for the payment of interest on the bonds; (c) providing debt service reserves; and (d) paying underwriters discount, original issue discount, accountants’ fees, engineers’ fees, attorney’s fees, rating agency fees and other fees and expenses in connection with the issuance of the bonds. Such bonds shall be issued from time to time and in such principal amounts as shall be designated by the department not to exceed in aggregate principal amount the amount authorized in subsection (3) of this section. Proceeds from the sale of the bonds issued pursuant to this section may be invested, subject to federal limitations, pending their use, in such securities as may be specified in the resolution authorizing the issuance of the bonds or the trust indenture securing them, and the earning on such investment applied as provided in such resolution or trust indenture.
5. The principal of and the interest on the bonds shall be payable in the manner hereinafter set forth. The bonds shall bear date or dates, be in such denomination or denominations, bear interest at such rate or rates, be payable at such place or places within or without the state, shall mature absolutely at such time or times, be redeemable prior to maturity at such time or times and upon such terms, with or without premium, shall bear such registration privileges, and shall be substantially in such form, all as shall be determined by resolution of the State Bond Commission. Provided, however, that such bonds shall mature or otherwise be retired in annual installments beginning not more than five (5) years from date thereof and extending not more than twenty-five (25) years from date thereof. The bonds shall be signed by the Chairman of the State Bond Commission, or by his facsimile signature, and the official seal of the State Bond Commission shall be imprinted on or affixed thereto, attested by the manual or facsimile signature of the Secretary of the State Bond Commission. Whenever any such bonds shall have been signed by the officials herein designated to sign the bonds, who were in office at the time of such signing but who may have ceased to be such officers prior to the sale and delivery of such bonds, or who may not have been in office on the date such bonds may bear, the signatures of such officers upon such bonds shall nevertheless be valid and sufficient for all purposes and have the same effect as if the person so officially signing such bonds had remained in office until the delivery of the same to the purchaser, or had been in office on the date such bonds may bear.
6. All bonds issued under the provisions of this section shall be and are hereby declared to have all the qualities and incidents of negotiable instruments under the provisions of the Uniform Commercial Code and in exercising the powers granted by Sections 57-1-251 through 57-1-261, the State Bond Commission shall not be required to and need not comply with the provisions of the Uniform Commercial Code.
7. The State Bond Commission shall sell the bonds on sealed bids at public sale, and for such price as it may determine to be for the best interest of the State of Mississippi, but no such sale shall be made at a price less than par plus accrued interest to date of delivery of the bonds to the purchaser. The bonds shall bear interest at such rate or rates not exceeding the limits set forth in Section 75-17-101, as shall be fixed by the State Bond Commission. All interest accruing on such bonds so issued shall be payable semiannually or annually; provided that the first interest payment may be for any period of not more than one (1) year.

   Notice of the sale of any bond shall be published at least one (1) time, the first of which shall be made not less than ten (10) days prior to the date of sale, and shall be so published in one or more newspapers having a general circulation in the City of Jackson and in one or more other newspapers or financial journals with a large national circulation, to be selected by the State Bond Commission.

   The State Bond Commission, when issuing any bonds under the authority of this section, may provide that the bonds, at the option of the state, may be called in for payment and redemption at the call price named therein and accrued interest on such date or dates named therein.

8. State bonds issued under the provisions of this section shall be the general obligations of the state and backed by the full faith and credit of the state, and if the funds appropriated by the Legislature shall be insufficient to pay the principal of and the interest on such bonds as they become due, then the deficiency shall be paid by the State Treasurer from any funds in the State Treasury not otherwise appropriated. All bonds shall contain recitals on their faces substantially covering the foregoing provisions of this section.
9. The State Treasurer is hereby authorized, without further process of law, to certify to the Department of Finance and Administration the necessity for warrants, and the Department of Finance and Administration is hereby authorized and directed to issue such warrants payable out of any funds authorized by this section for such purpose, in such amounts as may be necessary to pay when due the principal of and interest on all bonds issued under the provisions of this section; and the State Treasurer shall forward the necessary amount to the designated place or places of payment of such bonds in ample time to discharge such bonds, or the interest thereon, on the due dates thereof.
10. The bonds may be issued without any other proceedings or the happening of any other conditions or things other than those proceedings, conditions and things which are specified or required by Sections 57-1-251 through 57-1-261. Any resolution providing for the issuance of general obligation bonds under the provisions of this section shall become effective immediately upon its adoption by the State Bond Commission, and any such resolution may be adopted at any regular or special meeting of the State Bond Commission by a majority of its members.
11. In anticipation of the issuance of bonds hereunder, the State Bond Commission is hereby authorized to negotiate and enter into any purchase, loan, credit or other agreement with any bank, trust company or other lending institution or to issue and sell interim notes for the purpose of making any payments authorized under this section. All borrowings made under this provision shall be evidenced by notes of the state which shall be issued from time to time, for such amounts not exceeding the amount of bonds authorized herein, in such form and in such denomination and subject to such terms and conditions of sale and issuance, prepayment or redemption and maturity, rate or rates of interest not to exceed the maximum rate authorized herein for bonds, and time of payment of interest as the State Bond Commission shall agree to in such agreement. Such notes shall constitute general obligations of the state and shall be backed by the full faith and credit of the state. Such notes may also be issued for the purpose of refunding previously issued notes; provided that no notes shall mature more than three (3) years following the date of issuance of the first note hereunder and provided further, that all outstanding notes shall be retired from the proceeds of the first issuance of bonds hereunder. The State Bond Commission is authorized to provide for the compensation of any purchaser of the notes by payment of a fixed fee or commission and for all other costs and expenses of issuance and service, including paying agent costs. Such costs and expenses may be paid from the proceeds of the notes.
12. The bonds and interim notes authorized under the authority of this section may be validated in the First Judicial District of the Chancery Court of Hinds County, Mississippi, in the manner and with the force and effect provided now or hereafter by Chapter 13, Title 31, Mississippi Code of 1972, for the validation of county, municipal, school district and other bonds. The necessary papers for such validation proceedings shall be transmitted to the State Bond Attorney, and the required notice shall be published in a newspaper published in the City of Jackson, Mississippi.
13. Any bonds or interim notes issued under the provisions of Sections 57-1-251 through 57-1-261, a transaction relating to the sale or securing of such bonds or interim notes, their transfer and the income therefrom shall at all times be free from taxation by the state or any local unit or political subdivision or other instrumentality of the state, excepting inheritance and gift taxes.
14. All bonds issued pursuant to Sections 57-1-251 through 57-1-261 shall be legal investments for trustees, other fiduciaries, savings banks, trust companies and insurance companies organized under the laws of the State of Mississippi; and such bonds shall be legal securities which may be deposited with and shall be received by all public officers and bodies of the state and all municipalities and other political subdivisions thereof for the purpose of securing the deposit of public funds.
15. There is hereby created a special fund in the State Treasury to be known as the “Major Energy Project Development Fund” wherein shall be deposited the proceeds of the bonds issued under Sections 57-1-251 through 57-1-261 and all monies received by the department to carry out the purposes of such sections. Expenditures authorized herein shall be paid by the State Treasurer upon warrants drawn from the fund, and the Department of Finance and Administration shall issue warrants upon requisitions signed by the director of the department.
16. 1. There is hereby created the “Major Energy Project Development Sinking Fund” from which the principal of and interest on such bonds shall be paid by appropriation. All monies paid into the sinking fund not appropriated to pay accruing bonds and interest shall be invested by the State Treasurer in such securities as are provided by law for the investment of the sinking funds of the state.
    2. In the event that all or any part of the bonds and notes are purchased, they shall be canceled and returned to the loan and transfer agent as canceled and paid bonds and notes and thereafter all payments of interest thereon shall cease and the canceled bonds, notes and coupons, together with any other canceled bonds, notes and coupons, shall be destroyed as promptly as possible after cancellation but not later than two (2) years after cancellation. A certificate evidencing the destruction of the canceled bonds, notes and coupons shall be provided by the loan and transfer agent to the seller.
    3. The State Treasurer shall determine and report to the Department of Finance and Administration and Legislative Budget Office by September 1 of each year the amount of money necessary for the payment of the principal of and interest on outstanding obligations for the following fiscal year and the times and amounts of the payments. It shall be the duty of the Governor to include in every executive budget submitted to the Legislature full information relating to the issuance of bonds and notes under the provisions of Sections 57-1-251 through 57-1-261 and the status of the sinking fund for the payment of the principal of and interest on the bonds and notes.

HISTORY: Laws, 1992, ch. 552 § 3; Laws, 1996, ch. 482, § 2; Laws, 1997, ch. 394, § 1; Laws, 1997, ch. 479, § 1; Laws, 1998, ch. 399, § 1, eff from and after July 1, 1998.

§ 57-1-257. Acts of public agencies authorized for purpose of planning, design, undertaking, and carrying out project.

For the purpose of aiding in the planning, design, undertaking and carrying out of the project or any facility related to the project, any public agency is authorized and empowered upon such terms, with or without consideration, as it may determine: (a) to enter into agreements, which may extend over any period, with the department respecting action to be taken by such public agency with respect to the acquisition, planning, construction, improvement, operation, maintenance or funding of the project or any such facility, and which agreements may include (i) the appropriation or payment of funds to the department or to a trustee in amounts which shall be sufficient to enable the department to defray any designated portion or percentage of the expenses of administering, planning, designing, constructing, acquiring, improving, operating, and maintaining the project or any facility related to the project, (ii) the appropriation or payment of funds to the department or to a trustee to pay interest and principal (whether at maturity or upon sinking fund redemption) on bonds of the department issued pursuant to Sections 57-1-251 through 57-1-261 and to fund reserves for debt service, for operation and maintenance and for renewals and replacements, and to fulfill requirements of any covenant with respect to debt service contained in any resolution, trust indenture or other security agreement relating to the bonds of the department issued pursuant to Sections 57-1-251 through 57-1-261 and (iii) the furnishing of other assistance in connection with the project or facility related to the project; (b) to dedicate, sell, donate, convey or lease any property or interest in property to the department or grant easements, licenses or other rights or privileges therein to the department; (c) to incur the expense of any public improvements made or to be made by such public agency in exercising the powers granted in this section; (d) to lend, grant or contribute funds to the department; (e) to cause public buildings and public facilities, including parks, playgrounds, recreational areas, community meeting facilities, water, sewer or drainage facilities, or any other works which it is otherwise empowered to undertake, to be furnished to or with respect to the project or any such facility; (f) to furnish, dedicate, close, vacate, pave, install, upgrade or improve highways, streets, roads, sidewalks, airports, railroads, or ports; (g) to plan or replan, zone or rezone any parcel of land within the public agency or make exceptions from land use, building and zoning regulations; and (h) to cause administrative and other services to be furnished to the department, including services pertaining to the acquisition of real property and the furnishing of relocation assistance. Any contract between a public agency entered into with the department pursuant to any of the powers granted by Sections 57-1-251 through 57-1-261 shall be binding upon said public agency according to its terms, and such public agency shall have the power to enter into such contracts as in the discretion of the governing authorities thereof would be to the best interest of the people of such public agency. Such contracts may include within the discretion of such governing authorities of public agencies defined under Section 57-1-251(f)(ii) a pledge of the full faith and credit of such public agency for the performance thereof. If at any time title to or possession of the project or any such facility is held by any public body or governmental agency other than the department, including any agency or instrumentality of the United States of America, the agreements referred to in this section shall inure to the benefit of and may be enforced by such public body or governmental agency.

Notwithstanding any provisions of Sections 57-1-251 through 57-1-261 to the contrary, any contract entered into between the department and any public agency for the appropriation or payment of funds to the department under item (a)(ii) of this section shall contain a provision therein requiring monthly payments by the public agency to pay its indebtedness and, if the public agency is not a county or municipality, such contract shall include as an additional party to the contract the county or municipality (referred to in this paragraph as “levying authority”) that levies and collects taxes for the contracting public agency. If the public agency fails to pay its indebtedness for any month, the department shall certify to the State Tax Commission, or other appropriate agency, the amount of the delinquency, and the State Tax Commission shall deduct such amount from the public agency’s or levying authority’s, as the case may be, next allocation of sales taxes, petroleum taxes, highway privilege taxes, severance taxes, Tennessee Valley Authority payments in lieu of taxes and homestead exemption reimbursements in that order of priority. The State Tax Commission, or other appropriate agency, shall pay the sums so deducted to the department to be applied to the discharge of the contractual obligation.

HISTORY: Laws, 1992, ch. 552 § 4, eff from and after passage (approved May 15, 1992).

§ 57-1-259. Concurrence of affected county, municipality, and/or school district required.

The department shall not undertake to develop any project or facility related to the project within a county, municipality and/or school district without the concurrence of the affected county, municipality and/or school district.

HISTORY: Laws, 1992, ch. 552 § 5, eff from and after passage (approved May 15, 1992).

§ 57-1-261. Construction of Sections 57-1-251 through 57-1-261.

The provisions of Sections 57-1-251 through 57-1-261 are cumulative of other statutes now or hereafter enacted relating to the department, and the department may exercise all presently held powers in the furtherance of Sections 57-1-251 through 57-1-261. If any section, paragraph, sentence, clause, phrase or any part of the provisions of Sections 57-1-251 through 57-1-261 is declared to be unconstitutional or void, or for any reason is declared to be invalid or of no effect, the remaining sections, paragraphs, sentences, clauses and phrases shall in no manner be affected thereby but shall remain in full force and effect.

HISTORY: Laws, 1992, ch. 552 § 6, eff from and after passage (approved May 15, 1992).

§ 57-1-301. Local governments capital improvements revolving loan program established; “capital improvements” defined.

1. There is established a local governments capital improvements revolving loan program to be administered by the Mississippi Development Authority for the purpose of assisting counties and municipalities in making capital improvements.
2. For purposes of Sections 57-1-301 through 57-1-335, “capital improvements” include any combination of the following:
   1. Construction or repair of water and sewer facilities;
   2. Construction or repair of drainage systems for industrial development;
   3. Improvements in fire protection;
   4. Construction of new buildings for economic development purposes;
   5. Renovation or repair of existing buildings for economic development purposes;
   6. Construction or repair of access roads for industrial development;
   7. Purchase of buildings for economic development purposes;
   8. Construction or repair of railroad spurs for industrial development;
   9. Construction of any county or municipally owned health care facilities, excluding any county health departments;
   10. Construction, purchase, renovation or repair of any building to be utilized as an auditorium or convention center;
   11. Construction of multipurpose facilities for tourism development;
   12. Loans to a county to aid in retiring interest-bearing loans utilized for the purchase of a motion picture sound stage;
   13. Construction, repair and renovation of parks, swimming pools and recreational and athletic facilities; or
   14. Remediation of brownfield agreement sites in accordance with Sections 49-35-1 through 49-35-25.

HISTORY: Laws, 1994, ch. 570, § 1; Laws, 1996, ch. 517, § 1; Laws, 1997, ch. 534, § 1; Laws, 2002, ch. 548, § 1; Laws, 2005, ch. 497, § 4, eff from and after Jan. 1, 2005.

§ 57-1-303. Local Governments Capital Improvements Revolving Loan Fund; loan program; pledge for repayment of loan by county or municipality; audit of county or municipality where loan payments in arrears; applicability of debt limitations; renegotiation of certain loans [Subsection (1)(a)(ii) repealed effective July 1, 2022].

1. 1. (i) There is created a special fund in the State Treasury to be designated as the “Local Governments Capital Improvements Revolving Loan Fund,” which fund shall consist of such monies as provided in Sections 57-1-307 through 57-1-335. The fund shall be maintained in perpetuity for the purposes established in Sections 57-1-301 through 57-1-335. Unexpended amounts remaining in the fund at the end of a fiscal year shall not lapse into the State General Fund, and any interest earned on amounts in the fund shall be deposited to the credit of the fund. Monies in the fund may not be used or expended for any purpose except as authorized under Sections 57-1-301 through 57-1-335.
      1. Monies in the Local Governments Capital Improvements Revolving Loan Fund which are derived from interest on loan payments received by the Mississippi Development Authority after January 1, 2002, for loans funded with proceeds of bonds whose interest is not exempt from income taxation under the provisions of the Internal Revenue Code may be used by the Mississippi Development Authority for the ordinary and necessary general support of the Mississippi Development Authority. However, such monies may not be used for the purpose of providing salary increases for Mississippi Development Authority employees. The Mississippi Development Authority may escalate its budget and expend such monies in accordance with rules and regulations of the Department of Finance and Administration in a manner consistent with the escalation of federal funds. This subparagraph (ii) shall be repealed from and after July 1, 2022.
   2. The Local Governments Capital Improvements Revolving Loan Fund shall be divided into the Taxable Local Governments Capital Improvements Revolving Loan Subaccount and the Nontaxable Local Governments Capital Improvements Revolving Loan Subaccount. Funds allocated to the Nontaxable Local Governments Capital Improvements Revolving Loan Subaccount shall be utilized to provide loans for capital improvements that would qualify for the issuance of bonds whose interest is exempt from income taxation under the provisions of the Internal Revenue Code. Funds allocated to the Taxable Local Governments Capital Improvements Revolving Loan Subaccount shall be utilized to provide loans for any eligible capital improvements, including, but not limited to, capital improvements that would qualify for the issuance of bonds whose interest is exempt from income taxation under the provisions of the Internal Revenue Code.
   3. Of the funds deposited into the Local Governments Capital Improvements Revolving Loan Fund, not less than Twenty-five Million Dollars ($25,000,000.00) shall be allocated to the Nontaxable Local Governments Capital Improvements Revolving Loan Subaccount, and the remainder of such funds shall be allocated to the Taxable Local Governments Capital Improvements Revolving Loan Subaccount.
2. A county or an incorporated municipality may apply to the Mississippi Development Authority for a loan under the local governments capital improvements revolving loan program established under Sections 57-1-301 through 57-1-335.
3. 1. The Mississippi Development Authority shall establish a loan program by which loans, at the rate of interest provided for in paragraph (b) of this subsection, may be made available to counties and incorporated municipalities to assist counties and incorporated municipalities in making capital improvements. Loans from the revolving fund may be made to counties and municipalities as set forth in a loan agreement in amounts not to exceed one hundred percent (100%) of eligible project costs as established by the Mississippi Development Authority. The Mississippi Development Authority may require county or municipal participation or funding from other sources, or otherwise limit the percentage of costs covered by loans from the revolving fund. The Mississippi Development Authority may establish a maximum amount for any loan in order to provide for broad and equitable participation in the program and loans for projects described in Section 57-1-301(1)(m) shall not exceed Two Hundred Fifty Thousand Dollars ($250,000.00) per project.
   2. 1. Except as otherwise provided in this paragraph (b), the rate of interest on loans made from the Local Governments Capital Improvements Revolving Loan Fund for capital improvements that would qualify for the issuance of bonds whose interest is exempt from income taxation under the provisions of the Internal Revenue Code shall be at the rate of three percent (3%) per annum, calculated according to the actuarial method. The rate of interest on loans for all other capital improvements shall be at the true interest cost on the most recent issue of twenty-year state general obligation bonds occurring prior to the date such loan is made.
      2. The rate of interest on loans made after April 9, 2002, from the Local Governments Capital Improvements Revolving Loan Fund for capital improvements that would qualify for the issuance of bonds whose interest is exempt from income taxation under the provisions of the Internal Revenue Code shall be at the rate of the lesser of two percent (2%) per annum, calculated according to the actuarial method, or the true interest cost on the most recent issue of state general obligation bonds occurring prior to the date such loan is made. The rate of interest on loans made after April 9, 2002, for all other capital improvements shall be at the rate of three percent (3%) per annum, calculated according to the actuarial method.
      3. Notwithstanding the provisions of this paragraph to the contrary, loans made for the purposes of the capital project described in Section 57-1-301(2)(l) shall bear no interest.
4. A county that receives a loan from the revolving fund shall pledge for repayment of the loan any part of the homestead exemption annual tax loss reimbursement to which it may be entitled under Section 27-33-77. An incorporated municipality that receives a loan from the revolving fund shall pledge for repayment of the loan any part of the sales tax revenue distribution to which it may be entitled under Section 27-65-75. Each loan agreement shall provide for (i) monthly payments, (ii) semiannual payments, or (iii) other periodic payments, the annual total of which shall not exceed the annual total for any other year of the loan by more than fifteen percent (15%). The loan agreement shall provide for the repayment of all funds received within not more than twenty (20) years from the date of project completion.
5. The State Auditor, upon request of the Mississippi Development Authority, shall audit the receipts and expenditures of a county or an incorporated municipality whose loan payments appear to be in arrears, and if he finds that the county or municipality is in arrears in such payments, he shall immediately notify the Executive Director of the Department of Finance and Administration who shall withhold all future payments to the county of homestead exemption reimbursements under Section 27-33-77 and all sums allocated to the county or the municipality under Section 27-65-75 until such time as the county or the municipality is again current in its loan payments as certified by the Mississippi Development Authority.
6. Evidences of indebtedness which are issued pursuant to this chapter shall not be deemed indebtedness within the meaning specified in Section 21-33-303 with regard to cities or incorporated towns, and in Section 19-9-5 with regard to counties.
7. There is created a special fund in the State Treasury to be designated as the “Local Governments Brownfields Redevelopment Grant Fund.” The fund shall consist of those monies as provided in Section 57-1-307. Unexpended amounts remaining in the fund at the end of the fiscal year shall not lapse into the State General Fund, and any interest earned on amounts in the fund shall be deposited to the credit of the fund. Monies in the fund may not be used or expended for any purpose except as authorized in this section. From and after July 1, 2009, the Local Governments Brownfields Redevelopment Grant Fund is abolished and all money in the fund shall be transferred to the Local Governments Capital Improvements Revolving Loan Fund.
8. The Mississippi Development Authority may, on a case-by-case basis, renegotiate the payment of principal and interest on loans made under Sections 57-1-301 through 57-1-335 to the six (6) most southern counties of the state covered by the Presidential Declaration of Major Disaster for the State of Mississippi (FEMA-1604-DR) dated August 29, 2005, and to political subdivisions located in such counties; however, the interest on the loans shall not be forgiven for a period of more than twenty-four (24) months and the maturity of the loans shall not be extended for a period of more than forty-eight (48) months.

HISTORY: Laws, 1994, ch. 570, § 2; Laws, 1995, ch. 415, § 1; Laws, 1997, ch. 534, § 2; Laws, 2002, ch. 548, § 2; Laws, 2005, ch. 349, § 1; Laws, 2005, ch. 497, § 5; Laws, 2006, ch. 545, § 6; Laws, 2007, ch. 388, § 1; Laws, 2009, ch. 557, § 13; Laws, 2010, ch. 458, § 1; Laws, 2015, ch. 346, § 1, eff from and after July 1, 2015; Laws, 2019, ch. 348, § 1, eff from and after July 1, 2019.

§ 57-1-305. General powers and duties of department.

In administering the provisions of Sections 57-1-301 through 57-1-335, the Department of Economic and Community Development shall have the following powers and duties:

To supervise the use of all funds made available under Sections 57-1-301 through 57-1-335 for local governments capital improvements;

To review and certify all projects for which funds are authorized to be made available under Sections 57-1-301 through 57-1-335 for local governments capital improvements;

To requisition monies in the Local Governments Capital Improvements Revolving Loan Fund and distribute those monies on a project-by-project basis in accordance with the provisions of Sections 57-1-301 through 57-1-335;

To insure that the funds made available to a county or an incorporated municipality under Sections 57-1-301 through 57-1-335 provide for an equitable distribution of projects and funds among the counties and incorporated municipalities;

To maintain an accurate record of all local governments capital improvements funds made available to counties and municipalities and the costs for each project.

To adopt and promulgate such rules and regulations as may be necessary or desirable for the purpose of implementing the provisions of Sections 57-1-301 through 57-1-335; and

To file annually with the Legislature a report detailing how monies in the Local Governments Capital Improvements Revolving Loan Fund were spent during the preceding fiscal year in each county and incorporated municipality, the number of projects approved and constructed, and the cost of each project.

HISTORY: Laws, 1994, ch. 570, § 3, eff from and after passage (approved April 7, 1994).

§ 57-1-307. Bonds; resolution for issuance; disposition of bond sale proceeds and investment earnings generally.

1. The State Bond Commission, at one time, or from time to time, may declare by resolution the necessity for issuance of general obligation bonds of the State of Mississippi to provide funds for all costs incurred or to be incurred for the purposes described in Section 57-1-303. Upon the adoption of a resolution by the Mississippi Development Authority, declaring the necessity for the issuance of any part or all of the general obligation bonds authorized by this section, the Mississippi Development Authority shall deliver a certified copy of its resolution or resolutions to the State Bond Commission. Upon receipt of such resolution, the State Bond Commission, in its discretion, may act as the issuing agent, prescribe the form of the bonds, determine the appropriate method for sale of the bonds, advertise for and accept bids or negotiate the sale of the bonds, issue and sell the bonds so authorized to be sold and do any and all other things necessary and advisable in connection with the issuance and sale of such bonds. The total amount of bonds issued under Sections 57-1-307 through 57-1-335 shall not exceed One Hundred Fifteen Million Dollars ($115,000,000.00); provided, however, that an additional amount of bonds may be issued under Sections 57-1-307 and 57-1-335 in an amount not to exceed Thirteen Million Dollars ($13,000,000.00), and the proceeds of any such additional amount of bonds so issued shall be utilized solely to provide loans for capital improvements that would qualify for the issuance of bonds whose interest is exempt from income taxation under the provisions of the Internal Revenue Code.
2. Proceeds from the sale of bonds shall be deposited in the special fund created in Section 57-1-303. Any investment earnings on amounts deposited into the special fund created in Section 57-1-303 shall be used to pay debt service on bonds issued under Sections 57-1-307 through 57-1-335, in accordance with the proceedings authorizing issuance of such bonds.

HISTORY: Laws, 1994, ch. 570, § 4; Laws, 1997, ch. 534, § 3; Laws, 1999, ch. 577, § 1; Laws, 2000, ch. 584, § 1; Laws, 2005, ch. 497, § 6; Laws, 2009, ch. 557, § 14, eff from and after passage (approved Apr. 17, 2009.).

§ 57-1-309. Bonds; payment of principal and interest; details.

The principal of and interest on the bonds authorized under Section 57-1-307 shall be payable in the manner provided in this section. Such bonds shall bear such date or dates, be in such denomination or denominations, bear interest at such rate or rates (not to exceed the limits set forth in Section 75-17-101, Mississippi Code of 1972), be payable at such place or places within or without the State of Mississippi, shall mature absolutely at such time or times not to exceed twenty-five (25) years from date of issue, be redeemable before maturity at such time or times and upon such terms, with or without premium, shall bear such registration privileges, and shall be substantially in such form, all as shall be determined by resolution of the State Bond Commission.

HISTORY: Laws, 1994, ch. 570, § 5, eff from and after passage (approved April 7, 1994).

§ 57-1-311. Bonds; execution.

The bonds authorized by Section 57-1-307 shall be signed by the Chairman of the State Bond Commission, or by his facsimile signature, and the official seal of the commission shall be affixed thereto, attested by the Secretary of the State Bond Commission. The interest coupons, if any, to be attached to such bonds may be executed by the facsimile signatures of such officers. Whenever any such bonds shall have been signed by the officials designated to sign the bonds who were in office at the time of such signing but who may have ceased to be such officers before the sale and delivery of such bonds, or who may not have been in office on the date such bonds may bear, the signatures of such officers upon such bonds and coupons shall nevertheless be valid and sufficient for all purposes and have the same effect as if the person so officially signing such bonds had remained in office until their delivery to the purchaser, or had been in office on the date such bonds may bear. However, notwithstanding anything herein to the contrary, such bonds may be issued as provided in the Registered Bond Act of the State of Mississippi.

HISTORY: Laws, 1994, ch. 570, § 6, eff from and after passage (approved April 7, 1994).

§ 57-1-313. Bonds; negotiability.

All bonds and interest coupons issued under the provisions of Sections 57-1-307 through 57-1-335 have all the qualities and incidents of negotiable instruments under the provisions of the Uniform Commercial Code, and in exercising the powers granted by this chapter, the State Bond Commission shall not be required to and need not comply with the provisions of the Uniform Commercial Code.

HISTORY: Laws, 1994, ch. 570, § 7, eff from and after passage (approved April 7, 1994).

§ 57-1-315. Bonds; issuance and sale; redemption.

The State Bond Commission shall act as issuing agent for the bonds authorized under Section 57-1-307, prescribe the form of the bonds, determine the appropriate method for sale of the bonds, advertise for and accept bids or negotiate the sale of the bonds, issue and sell the bonds so authorized to be sold, pay all fees and costs incurred in such issuance and sale, and do any and all other things necessary and advisable in connection with the issuance and sale of such bonds. The State Bond Commission is authorized and empowered to pay the costs that are incident to the sale, issuance and delivery of the bonds authorized under Sections 57-1-307 through 57-1-335 from the proceeds derived from the sale of such bonds. The State Bond Commission may sell such bonds on sealed bids at public sale or may negotiate the sale of the bonds for such price as it may determine to be for the best interest of the State of Mississippi. All interest accruing on such bonds so issued shall be payable semiannually or annually.

If such bonds are sold by sealed bids at public sale, notice of the sale shall be published at least one time, not less than ten (10) days before the date of sale, and shall be so published in one or more newspapers published or having a general circulation in the City of Jackson, Mississippi, selected by the commission.

The State Bond Commission, when issuing any bonds under the authority of Sections 57-1-307 through 57-1-335, may provide that bonds, at the option of the State of Mississippi, may be called in for payment and redemption at the call price named therein and accrued interest on such date or dates named therein.

HISTORY: Laws, 1994, ch. 570, § 8; Laws, 2009, ch. 557, § 15, eff from and after passage (approved Apr. 17, 2009.).

§ 57-1-317. Bonds; general obligations of state.

The bonds issued under the provisions of Sections 57-1-307 through 57-1-335 are general obligations of the State of Mississippi, and for the payment thereof the full faith and credit of the State of Mississippi is irrevocably pledged. If the funds appropriated by the Legislature are insufficient to pay the principal of and the interest on such bonds as they become due, then the deficiency shall be paid by the State Treasurer from any funds in the State Treasury not otherwise appropriated. All such bonds shall contain recitals on their faces substantially covering the provisions of this section.

HISTORY: Laws, 1994, ch. 570, § 9, eff from and after passage (approved April 7, 1994).

§ 57-1-319. Bonds; disposition of proceeds of sale.

Upon the issuance and sale of bonds under the provisions of Sections 57-1-307 through 57-1-335, the State Bond Commission shall transfer the proceeds of any such sale or sales to the special fund created in Section 57-1-303. The proceeds of such bonds shall be disbursed solely upon the order of the Department of Economic and Community Development under such restrictions, if any, as may be contained in the resolution providing for the issuance of the bonds.

HISTORY: Laws, 1994, ch. 570, § 10, eff from and after passage (approved April 7, 1994).

§ 57-1-321. Bonds; conditions for issuance.

The bonds authorized under Sections 57-1-307 through 57-1-335 may be issued without any other proceedings or the happening of any other conditions or things other than those proceedings, conditions and things which are specified or required by Sections 57-1-307 through 57-1-335. Any resolution providing for the issuance of bonds under the provisions of Sections 57-1-307 through 57-1-335 shall become effective immediately upon its adoption by the State Bond Commission, and any such resolution may be adopted at any regular or special meeting of the State Bond Commission by a majority of its members.

HISTORY: Laws, 1994, ch. 570, § 11, eff from and after passage (approved April 7, 1994).

§ 57-1-323. Bonds; validation.

The bonds authorized under the authority of Sections 57-1-307 through 57-1-335 may be validated in the Chancery Court of the First Judicial District of Hinds County, Mississippi, in the manner and with the force and effect provided by Chapter 13, Title 31, Mississippi Code of 1972, for the validation of county, municipal, school district and other bonds. The notice to taxpayers required by such statutes shall be published in a newspaper published or having a general circulation in the City of Jackson, Mississippi.

HISTORY: Laws, 1994, ch. 570, § 12, eff from and after passage (approved April 7, 1994).

§ 57-1-325. Bonds; protection and enforcement of rights of holders.

Any holder of bonds issued under the provisions of Sections 57-1-307 through 57-1-335 or of any of the interest coupons pertaining thereto may, either at law or in equity, by suit, action, mandamus or other proceeding, protect and enforce any and all rights granted under Sections 57-1-307 through 57-1-335, or under such resolution, and may enforce and compel performance of all duties required by Sections 57-1-307 through 57-1-335 to be performed, in order to provide for the payment of bonds and interest thereon.

HISTORY: Laws, 1994, ch. 570, § 13, eff from and after passage (approved April 7, 1994).

§ 57-1-327. Bonds; legal investments and legal securities.

All bonds issued under the provisions of Sections 57-1-307 through 57-1-335 shall be legal investments for trustees and other fiduciaries, and for savings banks, trust companies and insurance companies organized under the laws of the State of Mississippi, and such bonds shall be legal securities which may be deposited with and shall be received by all public officers and bodies of this state and all municipalities and political subdivisions for the purpose of securing the deposit of public funds.

HISTORY: Laws, 1994, ch. 570, § 14, eff from and after passage (approved April 7, 1994).

§ 57-1-329. Bonds; exemption from taxation.

Bonds issued under the provisions of Sections 57-1-307 through 57-1-335 and income therefrom shall be exempt from all taxation in the State of Mississippi.

HISTORY: Laws, 1994, ch. 570, § 15, eff from and after passage (approved April 7, 1994).

§ 57-1-331. Bonds; use of proceeds.

The proceeds of the bonds issued under Sections 57-1-307 through 57-1-335 shall be used solely for the purposes herein provided, including the costs incident to the issuance and sale of such bonds.

HISTORY: Laws, 1994, ch. 570, § 16, eff from and after passage (approved April 7, 1994).

§ 57-1-333. Bonds; issuance of warrants for payment.

The State Treasurer is authorized to certify to the Department of Finance and Administration the necessity for warrants, and the Executive Director of the Department of Finance and Administration is authorized and directed to issue such warrants, in such amounts as may be necessary to pay when due the principal of, premium, if any, and interest on, or the accreted value of, all bonds issued under Sections 57-1-307 through 57-1-335; and the State Treasurer shall forward the necessary amount to the designated place or places of payment of such bonds in ample time to discharge such bonds, or the interest thereon, on the due dates thereof.

HISTORY: Laws, 1994, ch. 570, § 17, eff from and after passage (approved April 7, 1994).

§ 57-1-335. Construction of Sections 57-1-307 through 57-1-335.

Sections 57-1-307 through 57-1-335 shall be deemed to be full and complete authority for the exercise of the powers herein granted, but Sections 57-1-307 through 57-1-335 shall not be deemed to repeal or to be in derogation of any existing law of this state.

HISTORY: Laws, 1994, ch. 570, § 18, eff from and after passage (approved April 7, 1994).

§ 57-1-351. Definitions.

Words and phrases used in Sections 57-1-351 through 57-1-369 shall have meanings as follows, unless the context clearly indicates a different meaning:

“Bonds” means general obligation bonds, interim notes and other evidences of debt of the State of Mississippi issued pursuant to Sections 57-1-351 through 57-1-369.

“DECD” means the Department of Economic and Community Development.

“Facility related to the project” means and includes any of the following, as the same may pertain to the project within the project area: (i) facilities to provide potable and industrial water supply systems, sewage and waste disposal systems and water, natural gas and electric transmission systems to the site of the project; (ii) airports, airfields and air terminals; (iii) rail lines; (iv) port facilities; (v) highways, streets and other roadways; (vi) public school buildings, classrooms and instructional facilities, including any functionally related facilities; (vii) parks, outdoor recreation facilities and athletic facilities; (viii) auditoriums, pavilions, campgrounds, art centers, cultural centers, folklore centers and other public facilities; and (ix) health care facilities, public or private.

“Person” means any natural person, corporation, association, partnership, receiver, trustee, guardian, executor, administrator, fiduciary, governmental unit, public agency, political subdivision, or any other group acting as a unit, and the plural as well as the singular.

“Project” means any private company developed under the name “Project Cougar” that is a heavy manufacturing enterprise which will be located on more than two hundred fifty (250) acres of land, will require a building that contains in excess of five hundred thousand (500,000) square feet and will employ in excess of one thousand (1,000) people at the facility in a full-time capacity.

“Project area” means the project site, together with any area or territory within the state lying within fifteen (15) miles of any portion of the project site whether or not such area or territory be contiguous. The project area shall also include all territory within a county if any portion of such county lies within fifteen (15) miles of any portion of the project site. “Project site” means the real property on which the principal facilities of the enterprise will operate.

“Public agency” means:

Any department, board, commission, institution or other agency or instrumentality of the state;

Any city, town, county, political subdivision, school district or other district created or existing under the laws of the state or any public agency of any such city, town, county, political subdivision or district;

Any department, commission, agency or instrumentality of the United States of America; and

Any other state of the United States of America which may be cooperating with respect to location of the project within the state, or any agency thereof.

“State” means State of Mississippi.

HISTORY: Laws, 1998, ch. 301, § 1, eff from and after passage (approved February 9, 1998).

§ 57-1-353. DECD submission of siting proposal; public agency cooperation and concurrence.

DECD is hereby designated and empowered to act on behalf of the state in submitting a siting proposal for the project eligible for assistance under Sections 57-1-351 through 57-1-369. DECD is empowered to take all steps appropriate or necessary to effect the siting, development, and operation of the project within the state. If the state is selected as the preferred site for the project, DECD is hereby designated and empowered to act on behalf of the state and to represent the state in the planning, financing, development, construction and operation of the project or any facility related to the project, with the concurrence of the affected public agency. DECD may take affirmative steps to coordinate fully all aspects of the submission of a siting proposal for the project and, if the state is selected as the preferred site, to coordinate fully, with the concurrence of the affected public agency, the development of the project or any facility related to the project with private business, the United States government and other public agencies. All public agencies are encouraged to cooperate to the fullest extent possible to effectuate the duties of DECD; however, the development of the project or any facility related to the project by DECD may be done only with the concurrence of the affected public agency.

HISTORY: Laws, 1998, ch. 301, § 2, eff from and after passage (approved February 9, 1998).

§ 57-1-355. DECD powers concerning projects.

DECD, in addition to any and all powers now or hereafter granted to it, is empowered and shall exercise discretion and the use of these powers depending on the circumstances of the project or projects:

To employ or contract with architects, engineers, attorneys, accountants, construction and financial experts and such other advisors, consultants and agents as may be necessary in its judgment and to fix and pay their compensation.

To make such applications and enter into such contracts for financial assistance as may be appropriate under applicable federal or state law.

To apply for, accept and utilize grants, gifts and other funds or aid from any source for any purpose contemplated by Sections 57-1-351 through 57-1-369, and to comply, subject to the provisions of Sections 57-1-351 through 57-1-369, with the terms and conditions thereof.

To acquire by purchase or lease any public lands and public property, including sixteenth section lands and lieu lands, within the project area, which are necessary for the project. Sixteenth section lands or lieu lands acquired under Sections 57-1-351 through 57-1-369 shall be deemed to be acquired for the purposes of industrial development thereon and such acquisition will serve a higher public interest in accordance with the purposes of Sections 57-1-351 through 57-1-369.

If DECD identifies any land owned by the state as being necessary, for the location or use of the project, or any facility related to the project, to recommend to the Legislature the conveyance of such land or any interest therein, as the Legislature deems appropriate.

To make or cause to be made such examinations and surveys as may be necessary to the planning, design, construction and operation of the project.

From and after the date of notification to DECD by the enterprise that the state has been finally selected as the site of the project, to acquire by condemnation and to own, maintain, use, operate and convey or otherwise dispose of any and all property of any kind, real, personal or mixed, or any interest or estate therein, within the project area, necessary for the project or any facility related to the project, with the concurrence of the affected public agency, and the exercise of the powers granted by Sections 57-1-351 through 57-1-369, according to the procedures provided by Chapter 27, Title 11, Mississippi Code of 1972, except as modified by Sections 57-1-351 through 57-1-369.

In acquiring lands by condemnation, DECD shall not acquire minerals or royalties in minerals unless a competent registered professional engineer shall have certified that the acquisition of such minerals and royalties in minerals is necessary for purposes of the project; provided that limestone, clay, chalk, sand and gravel shall not be considered as minerals within the meaning of this section; and

Unless minerals or royalties in minerals have been acquired by condemnation or otherwise, no person or persons owning the drilling rights or the right to share in production of minerals shall be prevented from exploring, developing, or producing oil or gas with necessary rights-of-way for ingress and egress, pipelines and other means of transporting interests on any land or interest therein of the authority held or used for the purposes of Sections 57-1-351 through 57-1-369; but any such activities shall be under such reasonable regulation by DECD as will adequately protect the project contemplated by Sections 57-1-351 through 57-1-369 as provided in paragraph (r) of this section.

To negotiate the necessary relocation or rerouting of roads and highways, railroad, telephone and telegraph lines and properties, electric power lines, pipelines and related facilities, or to require the anchoring or other protection of any of these, provided due compensation is paid to the owners thereof or agreement is had with such owners regarding the payment of the cost of such relocation, and to acquire by condemnation or otherwise easements or rights-of-way for such relocation or rerouting and to convey the same to the owners of the facilities being relocated or rerouted in connection with the purposes of Sections 57-1-351 through 57-1-369.

To negotiate the necessary relocation of cemeteries and to pay all reasonable costs thereof.

To perform or have performed any and all acts and make all payments necessary to comply with all applicable federal laws, rules or regulations including but not limited to the Uniform Relocation Assistance and Real Property Acquisition Policies Act of 1970 (42 U.S.C. 4601, 4602, 4621 to 4638, and 4651 to 4655) and relocation rules and regulations promulgated by any agency or department of the federal government.

To construct, extend, improve, maintain, and reconstruct, to cause to be constructed, extended, improved, maintained, and reconstructed, and to use and operate any and all components of the project or any facility related to the project, with the concurrence of the affected public agency, within the project area, necessary to the project and to the exercise of such powers, rights, and privileges granted DECD.

To incur or defray any designated portion of the cost of any component of the project or any facility related to the project acquired or constructed by any public agency.

To lease, sell or convey any or all property acquired by DECD under the provisions of Sections 57-1-351 through 57-1-369 to the enterprise, its successors or assigns, and in connection therewith to pay the costs of title search, perfection of title, title insurance and recording fees as may be required. DECD may provide in the instrument conveying such property a provision that such property shall revert to DECD if, as and when the property is declared by the enterprise to be no longer needed.

To enter into contracts with any person or public agency including, but not limited to, contracts authorized by Section 57-1-363, in furtherance of any of the purposes authorized by Sections 57-1-351 through 57-1-369 upon such consideration as DECD and such person or public agency may agree. Any such contract may extend over any period of time, notwithstanding any rule of law to the contrary, may be upon such terms as the parties thereto shall agree, and may provide that it shall continue in effect until bonds specified therein, refunding bonds issued in lieu of such bonds, and all other obligations specified therein are paid or terminated. Any such contract shall be binding upon the parties thereto according to its terms. Such contracts may include an agreement to reimburse the enterprise, its successors and assigns for any assistance provided by the enterprise in the acquisition of real property for the project or any facility related to the project.

To establish and maintain reasonable rates and charges for the use of any facility within the project area owned or operated by DECD, and from time to time to adjust such rates and to impose penalties for failure to pay such rates and charges when due.

To adopt and enforce with the concurrence of the affected public agency all necessary and reasonable rules and regulations to carry out and effectuate the implementation of the project and any land use plan or zoning classification adopted for the project area, including but not limited to rules, regulations, and restrictions concerning mining, construction, excavation or any other activity the occurrence of which may endanger the structure or operation of the project. Such rules may be enforced within the project area and without the project area as necessary to protect the structure and operation of the project. DECD is authorized to plan or replan, zone or rezone, and make exceptions to any regulations, whether local or state, with the concurrence of the affected public agency which are inconsistent with the design, planning, construction or operation of the project and facilities related to the project.

To plan, design, coordinate and implement measures and programs to mitigate impacts on the natural environment caused by the project or any facility related to the project.

To develop plans for technology transfer activities to ensure private sector conduits for exchange of information, technology and expertise related to the project to generate opportunities for commercial development within the state.

To consult with the State Department of Education and other public agencies for the purpose of improving public schools and curricula within the project area.

To consult with the State Board of Health and other public agencies for the purpose of improving medical centers, hospitals and public health centers in order to provide appropriate health care facilities within the project area.

To consult with the Office of Minority Business Enterprise Development and other public agencies for the purpose of developing plans for technical assistance and loan programs to maximize the economic impact related to the project for minority business enterprises within the State of Mississippi.

To promulgate rules and regulations necessary to effectuate the purposes of Sections 57-1-351 through 57-1-369.

HISTORY: Laws, 1998, ch. 301, § 3, eff from and after passage (approved February 9, 1998).

§ 57-1-357. Board authority to support project.

The Board of Trustees of State Institutions of Higher Learning is hereby authorized to support the project by creating institutes and developing curricula of direct benefit to the enterprise. Upon notification to DECD by the enterprise that the state has been selected as the site of the project, the Board of Trustees of State Institutions of Higher Learning may establish and create programs to enhance the project’s success.

HISTORY: Laws, 1998, ch. 301, § 4, eff from and after passage (approved February 9, 1998).

§ 57-1-359. DECD loans to counties or municipalities to further project.

DECD shall utilize not more than the amount of the proceeds of the bonds authorized to be issued under Section 6(3)(b) of Chapter 301, Laws of 1998, for the purpose of making interest-bearing loans to counties or municipalities in order for such counties or municipalities to lend to the private company that falls under the definition of the term “project,” the proceeds of the loan from DECD to any such county or municipality.

HISTORY: Laws, 1998, ch. 301, § 5, eff from and after passage (approved February 9, 1998).

§ 57-1-363. Public agency authority concerning project; contracts with DECD; indebtedness.

For the purpose of aiding in the planning, design, undertaking and carrying out of the project or any facility related to the project, any public agency is authorized and empowered upon such terms, with or without consideration, as it may determine:

To enter into agreements, which may extend over any period, with DECD respecting action to be taken by such public agency with respect to the acquisition, planning, construction, improvement, operation, maintenance or funding of the project or any such facility, and which agreements may include (i) the appropriation or payment of funds to DECD or to a trustee in amounts which shall be sufficient to enable DECD to defray any designated portion or percentage of the expenses of administering, planning, designing, constructing, acquiring, improving, operating, and maintaining the project or any facility related to the project, (ii) the appropriation or payment of funds to DECD or to a trustee to pay interest and principal (whether at maturity or upon sinking fund redemption) on bonds issued pursuant to Sections 57-1-351 through 57-1-369 and to fund reserves for debt service, for operation and maintenance and for renewals and replacements, and to fulfill requirements of any covenant with respect to debt service contained in any resolution, trust indenture or other security agreement relating to the bonds issued pursuant to Sections 57-1-351 through 57-1-369, and (iii) the furnishing of other assistance in connection with the project or facility related to the project;

To dedicate, sell, donate, convey or lease any property or interest in property to DECD or grant easements, licenses or other rights or privileges therein to DECD;

To incur the expense of any public improvements made or to be made by such public agency in exercising the powers granted in this section;

To lend, grant or contribute funds to DECD;

To cause public buildings and public facilities, including parks, playgrounds, recreational areas, community meeting facilities, water, sewer or drainage facilities, or any other works which it is otherwise empowered to undertake, to be furnished to or with respect to the project or any such facility;

To furnish, dedicate, close, vacate, pave, install, upgrade or improve highways, streets, roads, sidewalks, airports, railroads, or ports;

To plan or replan, zone or rezone any parcel of land within the public agency or make exceptions from land use, building and zoning regulations; and

To cause administrative and other services to be furnished to DECD, including services pertaining to the acquisition of real property and the furnishing of relocation assistance.

Any contract between a public agency entered into with DECD pursuant to any of the powers granted by Sections 57-1-351 through 57-1-369 shall be binding upon the public agency according to its terms, and such public agency shall have the power to enter into such contracts as in the discretion of the governing authorities thereof would be to the best interest of the people of such public agency. Such contracts may include within the discretion of such governing authorities of public agencies defined under Section 57-1-351(g)(ii) a pledge of the full faith and credit of such public agency for the performance thereof. If at any time title to or possession of the project or any such facility is held by any public body or governmental agency other than DECD, including any agency or instrumentality of the United States of America, the agreements referred to in this section shall inure to the benefit of and may be enforced by such public body or governmental agency.

Notwithstanding any provisions of Sections 57-1-351 through 57-1-369 to the contrary, any contract entered into between DECD and any public agency for the appropriation or payment of funds to DECD under paragraph (a)(ii) of this section shall contain a provision therein requiring monthly payments by the public agency to pay its indebtedness and, if the public agency is not a county or municipality, such contract shall include as an additional party to the contract the county or municipality (referred to in this paragraph as “levying authority”) that levies and collects taxes for the contracting public agency. If the public agency fails to pay its indebtedness for any month, DECD shall certify to the State Tax Commission, or other appropriate agency, the amount of the delinquency, and the State Tax Commission shall deduct such amount from the public agency’s or levying authority’s, as the case may be, next allocation of sales taxes, petroleum taxes, highway privilege taxes, severance taxes, Tennessee Valley Authority payments in lieu of taxes and homestead exemption reimbursements in that order of priority. The State Tax Commission, or other appropriate agency, shall pay the sums so deducted to DECD to be applied to the discharge of the contractual obligation.

HISTORY: Laws, 1998, ch. 301, § 7, eff from and after passage (approved February 9, 1998).

§ 57-1-365. Concurrence of county, municipality and/or school district.

DECD shall not undertake to develop any project or facility related to the project within a county, municipality and/or school district without the concurrence of the affected county, municipality and/or school district.

HISTORY: Laws, 1998, ch. 301, § 8, eff from and after passage (approved February 9, 1998).

§ 57-1-367. Minority small business concern expenditures; DECD authority.

1. 1. DECD shall set a goal to expend not less than ten percent (10%) of the total amounts expended by DECD on planning, construction, training, research, development, testing, evaluation, personal services, procurement, and for the operation and maintenance of any facilities or activities controlled by DECD, with minority small business concerns owned and controlled by socially and economically disadvantaged individuals. For the purpose of determining the total amounts expended with such minority small business concerns, credit shall be given for that portion of any prime contract entered into with DECD which inures to the benefit of such minority small business concern as a subcontractor thereunder.
   2. For the purposes of this section, the term “socially and economically disadvantaged individuals” shall have the meaning ascribed to such term under Section 8(d) of the Small Business Act (15 U.S.C.S., Section 637(d)) and relevant subcontracting regulations promulgated pursuant thereto.
   3. For the purposes of this section, the term “minority small business concern” means any small business concern:
      1. Which is at least fifty-one percent (51%) owned by one or more socially and economically disadvantaged individuals; or, in the case of any publicly owned businesses, at least fifty-one percent (51%) of the stock of which is owned by one or more socially and economically disadvantaged individuals; and
      2. Whose management and daily business operations are controlled by one or more of such individuals.
   4. For the purpose of this section, the term “small business concern” shall mean “small business” as the latter term is defined in Section 57-10-155, Mississippi Code of 1972.
2. In order to comply in a timely manner with its minority small business participation mandate, DECD shall set an annual goal to expend not less than ten percent (10%) of its aggregate yearly expenditures with minority small business concerns.
3. DECD shall:
   1. Monitor the minority small business concerns assistance programs prescribed in this section.
   2. Review and determine the business capabilities of minority small business concerns.
   3. Establish standards for a certification procedure for minority small business concerns seeking to do business with DECD.
   4. Provide technical assistance services to minority small business concerns. Such technical assistance shall include but not be limited to:
      1. Research;
      2. Assistance in obtaining bonds;
      3. Bid preparation;
      4. Certification of business concerns;
      5. Marketing assistance; and
      6. Joint venture and capital development.
   5. Develop alternative bidding and contracting procedures for minority small business concerns in conjunction with the Department of Finance and Administration.
   6. Utilize such alternative bidding and contracting procedures in lieu of those prescribed in Title 31, Chapters 5 and 7, Mississippi Code of 1972, when contracting with minority small business concerns that have qualified to bid for contracts and have satisfied any other disclosure provisions required by DECD.
   7. Be authorized to accept in lieu of any bond otherwise required from minority small business concerns or small business concerns contracting with DECD, in an amount equal to one hundred percent (100%) of the total cost of the contracted project, any combination of the following:
      1. Cash;
      2. Certificates of deposit from any bank or banking corporation insured by the Federal Deposit Insurance Corporation or the Federal Savings and Loan Insurance Corporation;
      3. Federal treasury bills;
      4. Letters of credit issued by a bank as that term is defined in Section 81-3-1, Mississippi Code of 1972; or
      5. Surety bonds issued by an insurance company licensed and qualified to do business in the State of Mississippi.
   8. Be authorized, in its discretion, to waive any bond required on any project which does not exceed a total dollar value of One Hundred Thousand Dollars ($100,000.00). A retainage shall be held by the authority in an amount not to exceed fifteen percent (15%) from each draw according to American Institute of Architects (AIA) standards. Upon satisfactory completion of such project, ten percent (10%) of the total cost of the contract shall be held in an interest-bearing escrow account for one (1) year. Funds deposited in such escrow account shall stand as a surety for any defects in workmanship or materials detected within twelve (12) months of completion. The balance of all monies so escrowed including accrued interest shall be paid to the contractor at the end of such twelve-month period.
   9. Be empowered to provide an incentive of bimonthly payments to any prime contractors utilizing minority small business concerns as subcontractors on twenty-five percent (25%) or more of the total dollar value of any single project or contract.
   10. Submit an annual report on its progress concerning minority small business contracts to the Legislature by January 30 of each year.
   11. Take all steps necessary to implement the provisions of this section.

HISTORY: Laws, 1998, ch. 301, § 9, eff from and after passage (approved February 9, 1998).

§ 57-1-369. Cumulative provisions; severability.

The provisions of Sections 57-1-351 through 57-1-369 are cumulative of other statutes now or hereafter enacted relating to DECD, and DECD may exercise all presently held powers in the furtherance of Sections 57-1-351 through 57-1-369. If any section, paragraph, sentence, clause, phrase or any part of the provisions of Sections 57-1-351 through 57-1-369 is declared to be unconstitutional or void, or for any reason is declared to be invalid or of no effect, the remaining sections, paragraphs, sentences, clauses and phrases shall in no manner be affected thereby but shall remain in full force and effect.

HISTORY: Laws, 1998, ch. 301, § 10, eff from and after passage (approved February 9, 1998).

§ 57-1-371. Ineligibility for loans or grants under Sections 1 through 57 of Chapter 1, Laws of 2005, Third Extraordinary Session, of entities that are convicted of hiring illegal immigrants; repayment of assistance received under Sections 1 through 57 of Chapter 1, Laws of 2005, Third Extraordinary Session, by entities that are convicted of hiring illegal immigrants.

Any business, enterprise or other entity that is criminally convicted by a court of competent jurisdiction of intentionally hiring illegal immigrants shall be ineligible to receive any loan, grant or other form of assistance made available under Sections 1 through 57 of Chapter 1, Laws of 2005, Third Extraordinary Session. Any business, enterprise or other entity that receives any loan, grant or other form of assistance made available under Sections 1 through 57 of Chapter 1, Laws of 2005, Third Extraordinary Session, and is criminally convicted by a court of competent jurisdiction of intentionally hiring illegal immigrants shall repay the full amount of such loan, grant or other form of assistance.

HISTORY: Laws, 2005, 3rd Ex Sess, ch. 1, § 60, eff from and after July 1, 2005.

§ 57-1-373. Ineligibility for certain forms of assistance under Sections 1 through 7 of Chapter 2, Laws of 2006, First Extraordinary Session, of entities that are convicted of hiring illegal immigrants; repayment of assistance received under Sections 1 through 7 of Chapter 2, Laws of 2006, First Extraordinary Session, by entities that are convicted of hiring illegal immigrants.

1. No business, enterprise or other entity that is, or has ever been, criminally convicted by a court of competent jurisdiction of intentionally hiring illegal immigrants that develops or is located in a “project” as defined in Section 57-75-5(f)(xx) shall be eligible to receive:
   1. Any funds provided or derived from the issuance of any bonds under Sections 1 through 7 of Chapter 2, Laws of 2006, First Extraordinary Session.
   2. Any loan, grant or other form of assistance that may be made available under Sections 1 through 7 of Chapter 2, Laws of 2006, First Extraordinary Session; or
   3. Any funds, tax credit or other form of assistance that may be made available as an incentive payment under Sections 1 through 7 of Chapter 2, Laws of 2006, First Extraordinary Session.
2. If a business, enterprise or other entity that develops or is located in a “project” as defined in Section 57-75-5(f)(xx) has received funds or assistance as described in paragraphs (a) through (c) of subsection (1) of this section, and thereafter is convicted by a court of competent jurisdiction of intentionally hiring illegal immigrants, then the business, enterprise or other entity shall repay the full amount of the funds or assistance received. The repayment shall be certified by the State Treasurer, who shall deposit such amounts into the specific special fund in the State Treasury from which the funds were awarded, or, in the case of incentive payments under Sections 57-28-1 through 57-28-5, into the State General Fund.

HISTORY: Laws, 2006, 1st Ex Sess, ch. 2, § 8, eff from and after passage (approved Sept. 13, 2006).

§ 57-1-401. Mississippi Development Authority Workforce Training Fund created; use of funds.

1. A special fund, to be designated as the “Mississippi Development Authority Workforce Training Fund,” is created within the State Treasury into which shall be deposited money from any source that is designated for deposit therein. The fund shall be maintained by the State Treasurer as a separate and special fund, separate and apart from the General Fund of the state. Unexpended amounts remaining in the fund at the end of a fiscal year shall not lapse into the State General Fund, and any interest earned or investment earnings on amounts in the fund shall be deposited into such fund.
2. All money deposited into the Mississippi Development Authority Workforce Training Fund shall be disbursed by the Mississippi Development Authority to provide workforce training through state institutions of higher learning, community and junior colleges, and Workforce Investment Network job centers to meet workforce training needs not met by other resources. Employers may request training for existing employees and/or newly hired employees from the Mississippi Development Authority. The Mississippi Development Authority shall establish criteria for utilization of the money in the fund and be responsible for approving the training.

HISTORY: Laws, 2010, 2nd Ex Sess, ch. 30, § 1, eff from and after passage (approved Sept. 3, 2010.).

§ 57-1-421. Mississippi Alternative Fuel School Bus and Municipal Motor Vehicle Revolving Loan Fund created; purpose; use of funds.

1. As used in this subsection:
   1. “Alternative fuel” means compressed natural gas and liquefied natural gas, as defined in Section 27-59-3, and propane fuel when used as a fuel in a motor vehicle or motor vehicles on the highways of the state.
   2. “Alternative fuel school bus” means a school bus propelled by alternative fuel either as a dedicated alternative fuel vehicle, as a bi-fuel vehicle using alternative fuel as one of its fuels, or as a dual-fuel vehicle using alternative fuel as one of its fuels.
   3. “Conversion kit” means the fuel system equipment necessary in order to retrofit a motor vehicle propelled by gasoline, diesel or other fuel so that the motor vehicle may be converted or modified into an alternative fuel motor vehicle.
   4. “Cost of qualified alternative fuel motor vehicle fuel property” means any of the following:
      1. The actual cost per school bus paid by the school district for the purchase and installation of qualified alternative fuel motor vehicle fuel property described in paragraph (l)(i) of this subsection.
      2. The incremental cost per school bus paid by the school district upon the purchase of an OEM alternative fuel school bus for the qualified alternative fuel motor vehicle fuel property (including installation) described in paragraph (l)(ii) of this subsection.
      3. The cost of the qualified alternative fuel motor vehicle fuel property described in paragraph (l)(iii) of this subsection and its installation.
      4. The cost of the qualified alternative fuel motor vehicle fuel property described in paragraph (l)(iv) of this subsection and its construction and installation. The cost directly related to a refueling station shall not include costs associated with exploration and development activities necessary for severing natural resources from the soil or ground.
   5. “Fuel system equipment” means tanks, pumps, hoses, injectors, electronic controls and related supplies, materials, parts and components for the storage of alternative fuel as fuel for an alternative fuel school bus, the delivery of alternative fuel to the engine of an alternative fuel school bus, and the exhaust from an alternative fuel school bus of gases from combustion of alternative fuel used to propel an alternative fuel school bus, excluding equipment necessary for operation of a school bus on gasoline, diesel or any fuel other than alternative fuel.
   6. “Incremental cost” means:
      1. The stated MSRP of the fuel system equipment and its installation for an OEM alternative fuel school bus; or
      2. If no separate MSRP is stated, the difference between the MSRP of the OEM alternative fuel school bus and the MSRP of the same make and model of school bus manufactured without the fuel system equipment but otherwise identically equipped.

      When an OEM alternative fuel school bus is sold for less (or more) than its MSRP, the amount determined in subparagraph (i) or (ii) of this paragraph (f) shall be proportionately reduced (or increased) by the same percentage as the discount (or premium) on the MSRP, as applicable.

   7. “School district” means a public school district.
   8. “OEM alternative fuel motor vehicle” means an alternative fuel school bus manufactured by the original vehicle manufacturer (or its contractor) with the fuel system equipment installed as original equipment by the manufacturer (or its contractor) at the factory or at another installation site approved by the manufacturer (or its contractor).
   9. “Motor vehicle” shall have the meaning ascribed to such term in Section 27-59-3.
   10. “MSRP” means manufacturer’s suggested retail price.
   11. “Original purchase” means the purchase directly from a dealer at retail of a new OEM alternative fuel school bus which has never been titled.
   12. “Qualified alternative fuel motor vehicle fuel property” means any of the following:
       1. A conversion kit which has not previously been used to retrofit any motor vehicle and is installed and results in a reduction in emissions.
       2. The fuel system equipment on an OEM alternative fuel school bus which results in a reduction in emissions.
       3. A refueling system installed at a governmental entity location for the nonpublic refueling with alternative fuel of the governmental entity’s alternative fuel school buses.
       4. A refueling station located in the state and operated by a school district for refueling of alternative fuel motor vehicles owned by the school district.
       5. Upgrades to a refueling system included in subparagraphs (iii) and (iv) of this paragraph (l).
       6. Portable or mobile refueling systems.
   13. “Reduction in emissions” means a reduction in atmospheric emissions from fuel consumption by an alternative fuel motor vehicle as demonstrated by certification of the fuel system equipment by the federal Environmental Protection Agency or the Mississippi Department of Environmental Quality or any other test or standard recognized by the Mississippi Department of Environmental Quality.
   14. “Refueling system” means compressors (whether used separately or in combination with cascade tanks), process piping, hoses, dispensing units at the point where alternative fuel is delivered as a fuel, meters and other parts and equipment and installation supplies and materials therefor that constitute a refueling system capable of dispensing alternative fuel into fuel tanks of alternative fuel motor vehicles for use as a fuel.
   15. “Refueling station” means property constituting a facility operated for dispensing alternative fuel into fuel tanks of alternative fuel motor vehicles, which shall include:
       1. A refueling system; and
       2. A building or other structural components constructed or installed as part of and directly related to such refueling system.
   16. “Retrofit” means the installation of a conversion kit in a school bus designed to operate on gasoline, diesel or other fuel in order to convert or modify the bus vehicle into an alternative fuel school bus.
   17. “School bus” means a vehicle owned by a school district that is primarily used by the school district to transport students.
2. As used in this subsection:
   1. “Alternative fuel” means compressed natural gas and liquefied natural gas, as defined in Section 27-59-3, and propane fuel when used as a fuel in a motor vehicle or motor vehicles on the highways of the state.
   2. “Conversion kit” means the fuel system equipment necessary in order to retrofit a motor vehicle propelled by gasoline, diesel or other fuel so that the motor vehicle may be converted or modified into an alternative fuel motor vehicle.
   3. “Cost of qualified alternative fuel motor vehicle fuel property” means any of the following:
      1. The actual cost per vehicle paid by the municipality for the purchase and installation of qualified alternative fuel motor vehicle fuel property described in paragraph (l)(i) of this subsection.
      2. The incremental cost per vehicle paid by the municipality upon the purchase of an OEM alternative fuel motor vehicle for the qualified alternative fuel motor vehicle fuel property (including installation) described in paragraph (l)(ii) of this subsection.
      3. The cost of the qualified alternative fuel motor vehicle fuel property described in paragraph (l)(iii) of this subsection and its installation.
      4. The cost of the qualified alternative fuel motor vehicle fuel property described in paragraph (l)(iv) of this subsection and its construction and installation. The cost directly related to a refueling station shall not include costs associated with exploration and development activities necessary for severing natural resources from the soil or ground.
   4. “Fuel system equipment” means tanks, pumps, hoses, injectors, electronic controls and related supplies, materials, parts and components for the storage of alternative fuel as fuel for an alternative fuel motor vehicle, the delivery of alternative fuel to the engine of an alternative fuel motor vehicle, and the exhaust from an alternative fuel motor vehicle of gases from combustion of alternative fuel used to propel an alternative fuel motor vehicle, excluding equipment necessary for operation of a motor vehicle on gasoline, diesel or any fuel other than alternative fuel.
   5. “Incremental cost” means:
      1. The stated MSRP of the fuel system equipment and its installation for an OEM alternative fuel motor vehicle; or
      2. If no separate MSRP is stated, the difference between the MSRP of the OEM alternative fuel motor vehicle and the MSRP of the same make and model of motor vehicle manufactured without the fuel system equipment but otherwise identically equipped.

      When an OEM alternative fuel motor vehicle is sold for less (or more) than its MSRP, the amount determined in subparagraph (i) or (ii) of this paragraph (e) shall be proportionately reduced (or increased) by the same percentage as the discount (or premium) on the MSRP, as applicable.

   6. “Municipality” means an incorporated city, town or village in the State of Mississippi.
   7. “OEM alternative fuel motor vehicle” means an alternative fuel motor vehicle manufactured by the original vehicle manufacturer (or its contractor) with the fuel system equipment installed as original equipment by the manufacturer (or its contractor) at the factory or at another installation site approved by the manufacturer (or its contractor).
   8. “Motor vehicle” shall have the meaning ascribed to such term in Section 27-59-3.
   9. “MSRP” means manufacturer’s suggested retail price.
   10. “Alternative fuel motor vehicle” means a motor vehicle propelled by alternative fuel either as a dedicated alternative fuel vehicle, as a bi-fuel vehicle using alternative fuel as one of its fuels, or as a dual fuel vehicle using alternative fuel as one of its fuels.
   11. “Original purchase” means the purchase directly from a dealer at retail of a new OEM alternative fuel motor vehicle which has never been titled.
   12. “Qualified alternative fuel motor vehicle fuel property” means any of the following:
       1. A conversion kit which has not previously been used to retrofit any motor vehicle and is installed and results in a reduction in emissions.
       2. The fuel system equipment on an OEM alternative fuel motor vehicle which results in a reduction in emissions.
       3. A refueling system installed at a municipality location for the nonpublic refueling with alternative fuel of the municipality’s alternative fuel motor vehicles.
       4. A refueling station located in the state and operated by a municipality for refueling of alternative fuel motor vehicles owned by the municipality.
       5. Upgrades to a refueling system included in subparagraphs (iii) and (iv) of this paragraph (l).
       6. Portable or mobile refueling systems.
   13. “Reduction in emissions” means a reduction in atmospheric emissions from fuel consumption by an alternative fuel motor vehicle as demonstrated by certification of the fuel system equipment by the federal Environmental Protection Agency or the Mississippi Department of Environmental Quality or any other test or standard recognized by the Mississippi Department of Environmental Quality.
   14. “Refueling system” means compressors (whether used separately or in combination with cascade tanks), process piping, hoses, dispensing units at the point where alternative fuel is delivered as a fuel, meters and other parts and equipment and installation supplies and materials therefor that constitute a refueling system capable of dispensing alternative fuel into fuel tanks of alternative fuel motor vehicles for use as a fuel.
   15. “Refueling station” means property constituting a facility operated for dispensing alternative fuel into fuel tanks of alternative fuel motor vehicles, which shall include:
       1. A refueling system; and
       2. A building or other structural components constructed or installed as part of and directly related to such refueling system.
   16. “Retrofit” means the installation of a conversion kit in a motor vehicle designed to operate on gasoline, diesel or other fuel in order to convert or modify such motor vehicle into an alternative fuel motor vehicle.
3. 1. The Mississippi Development Authority shall establish a revolving loan program to provide loans to (i) school districts for the purpose of assisting school districts with paying the cost of qualified alternative fuel motor vehicle fuel property and (ii) municipalities for the purpose of assisting municipalities with paying the cost of qualified alternative fuel motor vehicle fuel property. Loans made under this section shall bear no interest.
   2. A school district or municipality desiring a loan under this section must submit an application to the Mississippi Development Authority. The application shall include:
      1. A description of the purpose for which the loan is requested;
      2. The amount of the loan requested; and
      3. Any other information required by the Mississippi Development Authority.
   3. Repayments of loans made under this section shall be deposited to the credit of the Mississippi Alternative Fuel School Bus and Municipal Motor Vehicle Revolving Loan Fund.
4. 1. There is created in the State Treasury a special fund to be designated as the “Mississippi Alternative Fuel School Bus and Municipal Motor Vehicle Revolving Loan Fund,” which shall consist of funds appropriated or otherwise made available by the Legislature in any manner and funds from any other source designated for deposit into such fund. Unexpended amounts remaining in the fund at the end of a fiscal year shall not lapse into the State General Fund, and any investment earnings or interest earned on amounts in the fund shall be deposited to the credit of the fund. Monies in the fund shall be used by the Mississippi Development Authority for the purposes described in this section.
   2. Monies in the fund which are derived from the proceeds of general obligation bonds may be used to reimburse reasonable actual and necessary costs incurred by the Mississippi Development Authority for the administration of the various grant, loan and financial incentive programs administered by the authority. Reimbursements made under this subsection shall satisfy any applicable federal tax law requirements.
5. The Mississippi Development Authority shall have all powers necessary to implement and administer the program established under this section, and the Mississippi Development Authority shall promulgate rules and regulations, in accordance with the Mississippi Administrative Procedures Law, necessary for the implementation of this section.

HISTORY: Laws, 2013, ch. 535, § 1, eff from and after July 1, 2013; Laws, 2019, ch. 453, § 4, eff from and after July 1, 2019.

§ 57-1-451. Mississippi Development Authority Job Training Grant Fund created; use of funds.

1. There is created in the State Treasury a special fund to be known as the “Mississippi Development Authority Job Training Grant Fund” into which shall be deposited such money as provided in Section 27-65-75(21)(b). The money in the fund shall be used for the purpose of making job training grants to community and junior colleges, public universities and local workforce investment areas to pay a portion of the costs of providing training or retraining for employees of business enterprises that are eligible for the jobs tax credit authorized in Section 57-73-21. The fund shall be administered by the Mississippi Development Authority (MDA). Unexpended amounts remaining in the fund at the end of a fiscal year shall not lapse into the State General Fund, and any interest earned on or investment earnings on the amounts in the fund shall be deposited to the credit of the fund. The MDA may use not more than one percent (1%) of interest earned or investment earnings, or both, on amounts in the fund for administration and management of the incentive program authorized under this section.
2. Subject to the provisions of this section, job training grants may be made by the MDA to a community or junior college, public university or local workforce investment area to pay costs incurred in training or retraining employees for a business enterprise that is eligible for the jobs tax credit authorized in Section 57-73-21. A business enterprise that chooses to utilize a job training grant under this section shall not be eligible for the job tax credit authorized in Section 57-73-21. The election to utilize a job training grant shall be made by the business enterprise before the creation of any jobs. The grant payments may be made during a five-year period beginning with years two (2) through six (6) after the creation of the minimum number of jobs required by the MDA. The amount of the grants authorized by this section shall be seventy-five percent (75%) of the costs of training or retraining employees not to exceed:
   1. One Thousand Dollars ($1,000.00) per job in counties designated as Tier One areas under Section 57-73-21;
   2. One Thousand Five Hundred Dollars ($1,500.00) per job in counties designated as Tier Two areas under Section 57-73-21; and
   3. Two Thousand Dollars ($2,000.00) per job in counties designated as Tier Three areas under Section 57-73-21.
3. The MDA shall cease making job training grant payments if it determines the required number of jobs are not being maintained by the business enterprise.
4. The MDA shall require that the business enterprise shall enter into binding commitments requiring that:
   1. A minimum number of jobs be maintained that shall not be less than the number of jobs required to be eligible for the jobs tax credit authorized in Section 57-73-21; and
   2. That if the minimum number of jobs are not maintained, all or a portion of the grant funds paid under this section, as determined by the MDA, shall be repaid by the business enterprise.
5. The MDA shall develop, implement and administer the job training grant program authorized under this section and shall promulgate rules and regulations necessary for the development, implementation and administration of the program.
6. A business enterprise desiring to utilize job training grants under this section must submit requests for job training grants to the MDA. The MDA shall review the request and determine if the business enterprise is eligible and if a payment shall be made from the fund. The liability of the State of Mississippi to make the job training grants authorized under this section shall be limited to the balance contained in the fund.

HISTORY: Laws, 2013, ch. 447, § 1, eff from and after July 1, 2013.

§ 57-1-471. Mississippi Air Service Development Program Fund created; purpose; use of funds.

1. This section shall be known and may be cited as the “Mississippi Air Service Development Program Act.”
2. There is created in the State Treasury a fund designated as the “Mississippi Air Service Development Program Fund” referred to in this section as “fund.”
3. 1. The fund shall be used to provide grants to commercial service airports, as provided in this section, for one or more of the following air service development goals:
      1. Adding air service to a new destination;
      2. Adding frequencies to current services;
      3. Lowering fares/introducing new competitive service;
      4. Upgauging aircraft; and
      5. Adding a new Federal Aviation Administration (FAA) Part 121 commercial air carrier.
   2. Eligible projects for grants shall include marketing and advertising of new service and routes and additional frequencies, as well as other risk abatement plans; however, use of grant funds to purchase airline passenger seats is prohibited.
4. 1. The fund shall be administered by the Mississippi Development Authority which shall promulgate reasonable regulations consistent with the purposes of this section.
   2. The Mississippi Development Authority shall monitor and evaluate the Air Service Development Program and shall also report its evaluation of the program to the Governor, Lieutenant Governor and the Speaker of the House on an annual basis.
5. 1. Airline grant recipients shall be limited to scheduled air carriers that hold a Federal Aviation Administration (FAA) Part 121 Certificate and that provide scheduled air service at Mississippi airports that maintain FAA Part 139 Certification. An airport grant recipient shall only utilize grant funds in accordance with FAA regulation.
   2. The amount of a grant shall be based on a formula of Ten Dollars ($10.00) per seat per day calculation, not to exceed an annual total of Five Hundred Thousand Dollars ($500,000.00) per grant per FAA Part 139 airport. In no instance will a combination of airline or airport grants exceed a combined total of Five Hundred Thousand Dollars ($500,000.00) per year per airport.
   3. Seasonal service is also eligible for grants based on the per seat per day calculation provided in paragraph (b) of this subsection (5).For the purposes of this subsection (5), “seasonal service” means any service flown which lasts less than twelve (12) months and more than two (2) months in length.Multiple seasons may be flown by a particular air carrier within a twelve (12) month period with a gap in service between seasons of not less than two (2) months.

   4. 1. Thirty-five percent (35%) at the end of the first three (3) months of service;

      2. Twenty-five percent (25%) at the end of the second three (3) months of service;

      3. Twenty-five percent (25%) at the end of the third three (3) months of service; and

      4. Fifteen percent (15%) at the end of the fourth three (3) months of service.

      1. Except as otherwise provided in this section, grants shall be disbursed by the Mississippi Development Authority within twelve (12) consecutive months as follows:
      2. Grants for seasonal service shall be disbursed by the Mississippi Development Authority at the rate of one hundred percent (100%) at the end of the seasonal service.
   5. 1. Each grant shall require a forty percent (40%) match, which may be provided by private sources and/or public sources.
      2. Of the forty percent (40%) match prescribed under this subsection, only one-half (1/2) or twenty percent (20%) of the grant may derive from in-kind sources.
   6. All expenditures of the fund by airport or airline grant recipients shall be utilized for the purposes prescribed under subsection (3) of this section.

HISTORY: Laws, 2014, ch. 460, § 1; Laws, 2017, ch. 333, § 1, eff from and after July 1, 2017.

§ 57-1-501. Economic Development and Infrastructure Fund created; purpose; use of funds.

1. There is created in the State Treasury a special fund to be designated as the “Economic Development and Infrastructure Fund.” The special fund shall consist of monies deposited into the fund from any source that is designated for deposit into such fund. Unexpended amounts remaining in the fund at the end of a fiscal year shall not lapse into the State General Fund, and any interest earned or investment earnings on amounts in the fund shall be deposited to the credit of the fund. Monies in the fund shall be used by the Mississippi Development Authority for the purposes authorized in subsection (2) of this section.
2. 1. The Mississippi Development Authority shall establish a program to provide grants (i) to assist with construction and repair of infrastructure in counties in this state where legal gaming is being conducted or is authorized and for structures designed to promote the gaming and entertainment industry in such counties, and (ii) to aid in increasing commercial air service at existing commercial service airports in counties in this state in which legal gaming is being conducted or is authorized by offering to assist Part 121 carriers through the following air service development methods: revenue guaranty, seat guaranty, seat cost mitigation, ground handling and marketing.
   2. The Mississippi Development Authority shall establish a procedure for accepting and reviewing applications for grants under this section.
   3. If funds are available in the fund created under this section, not less than Two Million Five Hundred Thousand Dollars ($2,500,000.00) shall be used annually for grants provided for under paragraph (a)(ii) of this subsection (2). Thereafter, the funds may be used for grants provided for under paragraph (a)(i) of this subsection (2).
3. The Mississippi Development Authority shall have all powers necessary to implement and administer the program established under this section, and the Mississippi Development Authority shall promulgate rules and regulations, in accordance with the Mississippi Administrative Procedures Law, necessary for the implementation of this section.

HISTORY: Laws, 2016, ch. 497, § 1, eff from and after July 1, 2016.

§ 57-1-601. Mississippi Main Street Investment Grant Fund program created; purposes; applications by municipalities for loans; awarding of loans by Mississippi Development Authority.

1. For the purposes of this section, the following words shall have the following meanings ascribed in this section, unless the context clearly otherwise requires:
   1. “MDA” means the Mississippi Development Authority.
   2. “Municipality” means the City of Senatobia, Mississippi.
   3. “Revitalization zone” means an area in the municipality officially designated by ordinance or resolution of the governing authorities of the municipality as a revitalization zone and approved and certified by the MDA as meeting the requirements of this section.
2. 1. There is created in the State Treasury a special fund to be designated as the “Mississippi Main Street Investment Grant Fund” which shall consist of funds from any source designated for deposit into the fund. Unexpended amounts remaining in the fund at the end of a fiscal year shall not lapse into the State General Fund, and any interest earned on amounts in the fund shall be deposited to the credit of the fund. Monies in the fund shall be used by the MDA for the purposes authorized in subsection (3) of this section.
   2. Monies in the fund which are derived from the proceeds of general obligation bonds may be used to reimburse reasonable actual and necessary costs incurred by the MDA in providing grants under this section through the use of proceeds of such general obligation bonds. An accounting of actual costs incurred for which reimbursement is sought shall be maintained for the program. Reimbursement of reasonable actual and necessary costs for assistance shall not exceed three percent (3%) of the proceeds of bonds issued for such assistance. Reimbursements made under this subsection shall satisfy any applicable federal tax law requirements.
3. The MDA shall establish a program to make grants to the municipality to assist with maintaining and improving the viability of revitalization zones. The proceeds of a grant made to the municipality under this section may be used for maintaining and/or improving the viability of a revitalization zone through means deemed appropriate by the governing authorities of the municipality, including, but not limited to, making loans, grants and/or other forms of assistance to any person or public or private association or other entity for use for infrastructure projects, improvements to properties, signage and other purposes related to maintaining and/or improving the viability of the revitalization zone.
4. 1. If the municipality desires a grant under this section, the municipality shall submit an application to the MDA seeking (i) approval and certification of the proposed revitalization zone and (ii) a grant for the purposes authorized in this section. The application shall include, at a minimum:

      1. The name of the proposed revitalization zone, together with the words, “revitalization zone”;

      2. A description of the revitalization zone by metes and bounds;

      3. A map showing the parcels of real property included in the revitalization zone and the present use of such parcels;

      4. A master plan for the revitalization zone that has been approved by sixty percent (60%) of the property owners within the zone at the time the municipality submits the application; and

      5. Any other information required by the MDA. The governing authorities of the municipality may designate the boundaries of a proposed revitalization zone by adoption of an ordinance or resolution that is spread upon its minutes and describes the boundaries of the zone.

   2. The MDA shall review the application to confirm that the revitalization zone meets the requirements of this section. A revitalization zone may embrace two (2) or more separate parcels of real property, and such property may be publicly and/or privately owned. Each revitalization zone shall be of such size and form as to include all properties that, in the determination of the municipality and the MDA, constitute an integral part of the revitalization zone. If the MDA determines that the boundaries of the proposed revitalization zone exceed the area that is reasonably deemed to be integral to the revitalization zone, the MDA may reduce the boundaries of the proposed area.

      Upon the approval and selection of a municipal revitalization zone project, the MDA shall certify the revitalization zone.

5. The MDA shall have all powers necessary to implement and administer the program established under this section, and the MDA shall promulgate rules and regulations, in accordance with the Mississippi Administrative Procedures Law, necessary for the implementation of this section.

HISTORY: Laws, 2016, ch. 511, § 23, eff from and after July 1, 2016; Laws, 2019, ch. 453, § 5, eff from and after passage (approved April 12, 2019); Laws, 2019, ch. 454, § 51, eff from and after passage (approved April 12, 2019).

§ 57-1-701. Mississippi Site Development Grant Fund created; definitions; use of funds; application; annual report.

1. For the purposes of this section, the following words and phrases shall have the meanings ascribed in this subsection unless the context clearly indicates otherwise:
   1. “Eligible entity” means any (i) county, (ii) municipality or (iii) public or private nonprofit local economic development entity including, but not limited to, local authorities, commissions, or other entities created by local and private legislation or pursuant to Section 19-5-99.
   2. “Eligible expenditures” means:
      1. Fees for architects, engineers, environmental consultants, attorneys, and such other advisors, consultants and agents that MDA determines are necessary to complete site due diligence associated with site development improvements located on industrial property that is publicly owned; and/or
      2. Contributions toward site development improvements, as approved by MDA, located on industrial property that is publicly owned.
   3. “MDA” means the Mississippi Development Authority.
   4. “Site development improvements” means site clearing, grading, and environmental mitigation; improvements to drainage systems; easement and right-of-way acquisition; sewer systems; transportation directly affecting the site, including roads, bridges or rail; bulkheads; land reclamation; water supply (storage, treatment and distribution); aesthetic improvements; the dredging of channels and basins; or other improvements as approved by MDA.
2. 1. There is hereby created in the State Treasury a special fund to be designated as the “Mississippi Site Development Grant Fund,” which shall consist of funds made available by the Legislature in any manner and funds from any other source designated for deposit into such fund. Unexpended amounts remaining in the fund at the end of a fiscal year shall not lapse into the State General Fund, and any investment earnings or interest earned on amounts in the fund shall be deposited to the credit of the fund. Monies in the fund shall be used to make grants to assist eligible entities as provided in this section.
   2. Monies in the fund which are derived from proceeds of bonds issued under Section 2 of Chapter 390, Laws of 2017, Section 5 of Chapter 412, Laws of 2018, or Section 1 of Chapter 421, Laws of 2019, may be used to reimburse reasonable actual and necessary costs incurred by MDA for the administration of the various grant, loan and financial incentive programs administered by MDA. An accounting of actual costs incurred for which reimbursement is sought shall be maintained by MDA. Reimbursement of reasonable actual and necessary costs shall not exceed three percent (3%) of the proceeds of bonds issued. Reimbursements under this subsection shall satisfy any applicable federal tax law requirements.
3. 1. MDA shall establish a program to make grants to eligible entities to match local or other funds associated with improving the marketability of publicly owned industrial property for industrial economic development purposes and other property improvements as approved by MDA. An eligible entity may apply to MDA for a grant under this program in the manner provided for in this section. An eligible entity desiring assistance under this section must provide matching funds in an amount determined by MDA. Matching funds may be provided in the form of cash and/or in-kind services as determined by MDA.
   2. An eligible entity desiring assistance under this section must submit an application to MDA. The application must include:
      1. A description of the eligible expenditures for which assistance is requested;
      2. The amount of assistance requested;
      3. The amount and type of matching funds to be provided by the eligible entity; and
      4. Any other information required by MDA.
   3. Upon request by MDA, an eligible entity shall provide MDA with access to all studies, reports, documents and/or plans developed as a result of or related to an eligible entity receiving assistance under this section.
4. MDA shall have all powers necessary to implement and administer the program established under this section, and the department shall promulgate rules and regulations, in accordance with the Mississippi Administrative Procedures Law, necessary for the implementation of this section.
5. MDA shall file an annual report with the Governor, the Secretary of the Senate and the Clerk of the House of Representatives not later than December 1 of each year, describing all assistance provided under this section.

HISTORY: Laws, 2017, ch. 390, § 1, eff from and after July 1, 2017; Laws, 2018, ch. 412, § 6, eff from and after July 1, 2018;; Laws, 2019, ch. 421, §2, eff from and after July 1, 2019;; Laws, 2019, ch. 453, § 6, eff from and after July 1, 2019.

Joint Legislative Committee Note — Section 2 of Chapter 421, Laws of 2019, effective July 1, 2019 (approved March 28, 2019), amended this section. Section 6 of Chapter 453, Laws of 2019, effective July 1, 2019 (approved April 12, 2019), also amended this section. As set out above, this section reflects the language of Section 6 of Chapter 453, Laws of 2019, which contains language that specifically provides that it supersedes §57-1-701 as amended by Chapter 421 Laws of 2019.

§ 57-1-731. Mississippi Ports Improvements Fund created; purpose; source and use of monies; accounting and reimbursement of certain costs; establishment of grant program; application; Ports Improvements Fund Advisory Committee created; composition.

1. 1. There is created a special fund in the State Treasury to be known as the Mississippi Ports Improvements Fund which shall consist of monies from any source designated for deposit into the fund. Unexpended amounts remaining in the fund at the end of a fiscal year shall not lapse into the State General Fund, and any investment earnings or interest earned on amounts in the fund shall be deposited to the credit of the fund. Monies in the fund shall be disbursed by the Mississippi Development Authority (MDA) for the purposes authorized in subsection (2) of this section.
   2. Monies in the fund that are derived from the proceeds of general obligation bonds may be used to reimburse reasonable actual and necessary costs incurred by the MDA in providing grants under this section using general obligation bonds. An accounting of actual costs incurred for which reimbursement is sought shall be maintained for each grant by the MDA. Reimbursement of reasonable actual and necessary costs for assistance shall not exceed two percent (2%) of the proceeds of bonds issued for such assistance. Reimbursements made under this paragraph shall satisfy any applicable federal tax law requirements.
2. The MDA shall establish a program to make grants from the Mississippi Ports Improvements Fund to assist in paying a portion of the costs associated with the repair, rehabilitation, construction, reconstruction, upgrading and improvement of existing port facilities, including projects necessary to ensure safety and structural integrity of such facilities.
3. 1. An entity desiring a grant under this section shall submit an application to the MDA which shall include, at a minimum:
      1. A description, including the cost, of the requested assistance;
      2. A description of the purpose for which the assistance is requested; and
      3. Any other information required by the MDA.
   2. There is hereby created the Ports Improvements Fund Advisory Committee whose membership shall consist of:
      1. Six (6) directors of ports, appointed by the President of the Mississippi Ports Council, or his or her designee, as follows: two (2) directors of the coastal ports, two (2) directors of inland river ports located on the Mississippi River and two (2) directors of inland ports located on the Tennessee-Tombigbee Waterway; and
      2. The Executive Director of the MDA, or his or her designee.
   3. The MDA, in consultation with the Ports Improvements Fund Advisory Committee, shall provide grants under this section. The terms of a grant shall be within the discretion of the MDA.
4. The MDA shall have all powers necessary to implement and administer the program established under this section, including the establishing of requirements for matching funds and criteria regarding the evaluation of applications for assistance. The MDA shall promulgate rules and regulations, in accordance with the Administrative Procedures Law, necessary for the implementation and administration of this section.

HISTORY: Laws, 2019, SB2282, § 1, eff from and after July 1, 2019.

§ 57-3-1. Statement of legislative policy.

It is hereby declared that the state public welfare demands, and the state public policy requires:

That a balanced economic development of this state is essential.

That the present and prospective health, safety, morals, pursuit of happiness, right of gainful employment and the general welfare of the citizens demand as a public purpose, the development within Mississippi of commercial, industrial, agricultural and manufacturing enterprises, herein called “enterprises” by the several counties, supervisors districts and municipalities, all herein called “municipalities.”

That the means and measures herein authorized to promote said enterprises are as a matter of public policy, for the public purposes of the several counties, supervisors districts, municipalities, and of the State of Mississippi.

That the present and prospective promotion of health, safety, morals, pursuit of happiness, right to gainful employment, and the general welfare of the state requires that herein and hereby authorized, and to that end the provisions hereof will help afford ready and attractive markets for farm and garden products, for the development of natural resources, and for the conversion of raw materials of farm, mine and forest into finished products for the general welfare of each of said municipalities, and of the entire people of the state.

That the accomplishment of the things herein authorized to be done by the several municipalities will give to them local benefits peculiar to each, and will accomplish the purposes set forth in this section.

HISTORY: Codes, 1942, § 8936-51; Laws, 1960, ch. 147, § 1, eff from and after passage (approved May 11, 1960).

§ 57-3-3. Legislative intent; requirement of certificate.

It is the intent of the legislature by the passage of this chapter to authorize municipalities to acquire, own and lease projects for the purpose of promoting industry and trade by inducing manufacturing, and industrial enterprises to locate in this state, promoting the use of agricultural products and natural resources of this state, and promoting a sound and proper balance in this state between agriculture, commerce and industry. It is intended that each project be self-liquidating. This chapter shall be liberally construed in conformity with the said intent. The powers conferred upon the municipalities hereby shall be exercised only after such municipality has obtained a certificate of public convenience and necessity from the Mississippi Agricultural and Industrial Board in the manner and form as provided in Sections 57-1-19, 57-1-21, 57-1-23 and 57-1-27, with the exception that such board shall not be required to adjudicate either “that there are adequate property values and suitable financial conditions so that the total bonded indebtedness of the municipality, solely for the purposes authorized by this chapter, shall not exceed twenty per cent (20%) of the total assessed valuation of the property in the municipality,” nor that the enterprise “will not become a burden upon the taxpayers of the municipality,” the bonds authorized under this chapter being solely revenue bonds.

HISTORY: Codes, 1942, § 8936-52; Laws, 1960, ch. 147, § 2; Laws, 1964, ch. 217, § 1; Laws, 1966, ch. 235, § 1, eff from and after August 1, 1966.

§ 57-3-5. Definitions.

Wherever used in this chapter, unless a different meaning clearly appears in the context, the following terms, whether used in the singular or plural, shall be given the following respective interpretations:

1. “Municipality” means any county, supervisors district, incorporated city, town or village in the State of Mississippi;
2. “Project” means land, buildings, improvements, fixtures, machinery, equipment and furnishings, and all real and personal properties deemed necessary in connection therewith, or any part or combination of parts of the foregoing, whether or not now in existence, which shall be suitable for use by any of the following or by any combination thereof:
   1. Any industrial enterprise for the manufacturing, processing or assembling of any products of agriculture, mining or industry;
   2. Any industrial enterprise for storing or warehousing products of agriculture, mining or industry;
   3. Any industrial or commercial enterprise for distributing any products of agriculture, mining or industry;
   4. Any enterprise for the purpose of research in connection with:
      1. Any of the foregoing;
      2. The development of new products or processes; or
      3. The improvement of existing products or known processes;
   5. Any industrial enterprise for national, regional or divisional offices or facilities in connection with the management, supervision or service of its manufacturing, processing, assembling, storing, warehousing, distribution or research operations, wherever located; but does not include facilities designed for the sale or distribution to the public of electricity, gas, water, telephone or other services commonly classified as public utilities;
   6. Any enterprise allowed under Section 144(a) of the Internal Revenue Code of 1986;
   7. Any conference center, or any final destination or resort hotel having a minimum of one hundred fifty (150) rooms, or any combination of the foregoing; or
   8. Any theme park or movie industry production studio, or any combination thereof, which would employ a minimum of two hundred (200) net full-time employees.
3. “Governing body” means the board or body in which the legislative powers of the municipality are vested, and as to supervisors districts such board or body shall be the county board of supervisors, acting with the consent of the member from the district affected;
4. “Mortgage” means a mortgage, indenture of trust, deed of trust or any other instrument securing bonds.

HISTORY: Codes, 1942, § 8936-53; Laws, 1960, ch. 147, § 3; Laws, 1963, 1st Ex. Sess. ch. 27, § 1; Laws, 1976, ch. 419, § 1; Laws, 1980, ch. 433, § 2; Laws, 1986, ch. 390; Laws, 1990 Ex Sess, ch. 71, § 3, eff from and after passage (approved June 30, 1990).

§ 57-3-7. Construction of chapter.

Neither this chapter nor anything herein contained shall be construed as a restriction or limitation upon any powers which a municipality might otherwise have under laws of this state nor to limit or change the provisions of Sections 57-1-1 through 57-1-51, but shall be construed as cumulative; nor shall the bonds issued hereunder be affected by or counted in connection with any statutory limitation upon the amount of bonds which otherwise may be issued by such municipality. The bonds herein authorized may be issued in addition to any bonds issued under Sections 57-1-1 through 57-1-51, and without regard to the amount of any other bonds issued or outstanding.

HISTORY: Codes, 1942, § 8936-67; Laws, 1960, ch. 147, § 17, eff from and after passage (approved May 11, 1960).

§ 57-3-9. Additional powers conferred on municipalities.

In addition to any other powers which it may now have, each municipality shall have the following powers: (a) to acquire, whether by construction, purchase, gift or lease, one or more projects, which shall be located within the State of Mississippi and may be located within or without the municipality, or partially within or partially without the municipality, but which shall not be located more than fifteen (15) miles outside of the boundary limits of the municipality; provided, however, that when any such project shall be located in whole or in part outside the municipal or incorporated boundaries of any city, town or village of this state the powers granted under this chapter shall not be exercised by a city, town or village until a resolution approving such project has been duly adopted and spread upon the official minutes of the board of supervisors of the county in which such city, town or village is located. The municipality is authorized to negotiate a contract for the acquisition, construction and erection of a project or any portion of a project hereunder (i) where the municipality finds that, because of the secret nature of such project or any portion thereof, or because such project or any portion thereof will be used for the manufacture of products to be utilized by the United States of America in the national defense, public bidding thereon, pursuant to advertisement therefor, is not in the public interest; and provided, further, such finding is approved, through issuance of appropriate certificate or resolution of approval, by the Department of Economic and Community Development, or (ii) where the municipality finds that, because of the particular nature of said project or any portion thereof, it would be in the best public interest of the municipality so to negotiate, and such finding is approved, through issuance of appropriate certificate or resolution of approval, by the Department of Economic and Community Development; (b) to lease or sell to others any or all of its projects for such rentals and upon such terms and conditions as the governing body may deem advisable and as shall not be in conflict with the provisions of this chapter; and (c) to issue revenue bonds for the purposes of defraying the cost of acquiring any project, and to secure the payment of such bonds, as hereinafter provided.

No municipality shall have the power to operate any project as a business or in any manner under this chapter except as a lessor thereof.

The municipality issuing bonds to acquire a project under this chapter shall maintain a record of the location of projects for which the proceeds of such bonds are expended and the amount expended at each location. Such record shall indicate the purpose, amount, date and recipient of each expenditure made out of the proceeds of such bonds. If a trustee has been named pursuant to Section 57-3-21, the trustee shall make timely reports to the clerk of the municipality setting forth the details required in the preceding sentence with respect to the expenditure of bond proceeds. Such records shall be maintained as public records in the office of the clerk of the municipality and shall be available for inspection and duplication during the regular office hours of the municipality.

HISTORY: Codes, 1942, § 8936-54; Laws, 1960, ch. 147, § 4; Laws, 1963, 1st Ex. Sess. ch. 27, § 2; Laws, 1964, ch. 217, § 2; Laws, 1964, 1st Ex. Sess. ch. 13; Laws, 1966, ch. 235, § 2; Laws, 1976, ch. 419, § 2; Laws, 1979, ch. 364; Laws, 1980, ch. 411; Laws, 1996, ch. 403, § 1, eff from and after July 1, 1996.

§ 57-3-11. Requirement of bond issue election.

Before issuing any bonds hereunder the governing body, as hereinbefore defined, of any municipality, as hereinbefore defined, shall adopt a resolution declaring its intention so to do stating the amount of bonds proposed to be issued, the purpose for which the bonds are to be issued, and the date upon which the governing body proposes to direct the issuance of such bonds. Such resolution shall be published once a week for at least three (3) consecutive weeks in at least one (1) newspaper published in the county in which such municipality is located. The first publication of such resolution shall be made not less than twenty-one (21) days prior to the date fixed in such resolution for the issuance of the bonds and the last publication shall be made not more than seven (7) days prior to such date. If no newspaper be published in such county, then such notice shall be given by publishing the resolution for the required time in some newspaper having a general circulation in such county, and, in addition, by posting a copy of such resolution for at least twenty-one (21) days next preceding the date fixed therein at three (3) public places in such county. If twenty per centum (20%) of the qualified electors of the municipality shall file a written protest against the issuance of such bonds on or before the date specified in such resolution, then an election on the question of the issuance of such bonds shall be called and held as herein provided. If no such protest be filed, then such bonds may be issued without an election on the question of the issuance thereof, at any time within a period of two (2) years after the date specified in the above-mentioned resolution. However, the governing body of such municipality, in its discretion, may nevertheless call an election on such question, in which event it shall not be necessary to publish the resolution declaring its intention to issue bonds as herein provided.

HISTORY: Codes, 1942, § 8936-55; Laws, 1960, ch. 147, § 5, eff from and after passage (approved May 11, 1960).

§ 57-3-13. Notice of election.

Where an election is to be called as provided in Section 57-3-11, notice of such election shall be signed by the clerk of the governing body of any municipality, and shall be published once a week for at least three (3) consecutive weeks, in at least one (1) newspaper published in such county. The first publication of such notice shall be made not less than twenty-one (21) days prior to the date fixed for such election and the last publication shall be made not more than seven (7) days prior to such date. If no newspaper is published in such county, then such notice shall be given by publishing the same for the required time in some newspaper having a general circulation in such county, and, in addition, by posting a copy of such notice for at least twenty-one (21) days next preceding such election at three (3) public places in such county.

HISTORY: Codes, 1942, § 8936-56; Laws, 1960, ch. 147, § 6, eff from and after passage (approved May 11, 1960).

§ 57-3-15. Conduct of election; form of ballot.

The election provided for in Section 57-3-11 shall be held, as far as is practicable, in the same manner as other elections are held in municipalities. At such election, all qualified electors of such municipality may vote, and the ballots used at such election shall have printed thereon a brief statement of the amount and purpose of the proposed bond issue and the words “FOR THE BOND ISSUE” and “AGAINST THE BOND ISSUE,” and the voter shall vote by placing a cross (x) or check mark (Π) opposite his choice on the proposition.

HISTORY: Codes, 1942, § 8936-57; Laws, 1960, ch. 147, § 7, eff from and after passage (approved May 11, 1960).

§ 57-3-17. Determination of results of election; time period for issuance of bonds.

When the results of the election on the question of the issuance of such bonds as hereinabove provided for shall have been canvassed by the election commissioners of such municipality and certified by them to the governing body of such municipality, it shall be the duty of such governing body to determine and adjudicate whether or not a majority of the qualified electors who voted thereon in such election voted in favor of the issuance of such bonds, and unless a majority of the qualified electors who voted thereon in such election shall have voted in favor of the issuance of such bonds, then such bonds shall not be issued. Should a majority of the qualified electors who vote thereon in such election vote in favor of the issuance of such bonds, then the governing body of the municipality may issue such bonds, either in whole or in part, within two (2) years from the date of such election, or within two (2) years after the final favorable termination of any litigation affecting the issuance of such bonds, as such governing body shall deem best.

HISTORY: Codes, 1942, § 8936-58; Laws, 1960, ch. 147, § 8, eff from and after passage (approved May 11, 1960).

§ 57-3-19. Nature of bonds; payment of principal and interest; applicability of debt limitation; terms, conditions, execution, delivery, etc., of bonds; disposition of proceeds from sale of bonds.

1. All bonds issued by a municipality under authority of this chapter shall be limited obligations of the municipality, the principal of and interest on which shall be payable solely out of the revenue derived from the leasing of the project to finance which bonds are issued. Bonds and interest coupons issued under authority of this chapter shall never constitute an indebtedness of the municipality within the meaning of any state constitutional provision or statutory limitation, and shall never constitute nor give rise to a pecuniary liability of the municipality or a charge against its general credit or taxing powers, and such fact shall be plainly stated in the face of each such bond. Such bonds may be executed and delivered at any time and from time to time, may be in such form and denominations and may bear interest irrespective of any interest rate limitation; may be of such tenor, may be in registered or bearer form either as to principal or interest or both, may be payable in such installments and at such time or times not exceeding thirty (30) years from their date, may be payable at such place or places and evidenced in such manner, and may contain such provisions not inconsistent herewith, all as shall be provided in the proceedings of the governing body whereunder the bonds shall be authorized to be issued. Any bonds issued under the authority of this chapter may be sold at public or private sale from time to time in such manner and at such price as may be determined by the governing body to be most advantageous, and the municipality may pay all expenses, premiums and commissions which the governing body may deem necessary or advantageous in connection with the authorization, sale and issuance thereof. All bonds issued under the authority of this chapter and all interest coupons applicable thereto shall be construed to be negotiable instruments, despite the fact that they are payable solely from a specified source.
2. Any funds received from the sale of bonds issued under this chapter, including accrued interest thereon, which are not required for immediate disbursement for the purpose for which issued may be invested at the direction of the enterprise in any one or more of the following:
   1. Bonds or other obligations of the United States;
   2. Bonds or other obligations, the payment of the principal and interest of which is unconditionally guaranteed by the United States;
   3. Direct obligations issued by the United States of America or obligations guaranteed in full as to principal and interest by the United States of America, maturing or subject to a repurchase agreement with a qualified state depository bank maturing on or before the date when such funds will be required for disbursement;
   4. Certificates of deposit issued by qualified depositories of the State of Mississippi as approved by the State Depository Commission;
   5. Prime commercial paper;
   6. Bankers’ acceptances drawn on and accepted by commercial banks.
   7. Any other investment authorized by any bank, savings bank, savings and loan association, insurance company or similar institutional investor, or combination thereof, which, at the time of authorization, is the owner of all of the bonds.

HISTORY: Codes, 1942, § 8936-59; Laws, 1960, ch. 147, § 9; Laws, 1964, ch. 217, § 3; Laws, 1966, ch. 235, § 3; Laws, 1968, ch. 558, § 1; Laws, 1975, ch. 451; Laws, 1977, ch. 415; Laws, 1978, ch. 491, § 1; Laws, 1979, ch. 456, § 2; Laws, 1980, ch. 433, § 1; Laws, 1981, ch. 459, § 1; Laws, 1982, ch. 453, § 1; Laws, 1983, ch. 541, § 31; Laws, 1984, ch. 506, § 10; Laws, 1993, ch. 397, § 2, eff from and after passage (approved March 16, 1993).

§ 57-3-21. Security for payment of bonds.

The principal of, redemption premium, if any, and interest on any bonds issued under the authority of this chapter shall be secured by a pledge of the revenues derived from the lease or sale of the project, may be secured by a mortgage covering all or any part of the project or any additional property granted as security for the bonds, may be secured by a pledge of the lease of such project and may be secured by such additional security as the governing body shall require. The proceedings under which such bonds are authorized to be issued or any such mortgage may contain any agreements and provisions customarily contained in instruments securing bonds, including, without limitation, the generality of the foregoing provisions respecting the fixing and collection of rents for any projects, covered by such proceedings or mortgage, the terms to be incorporated in the lease of such project, the maintenance and insurance of such project, to include the establishment of an escrow or reserve fund for deposits of advance insurance premiums, the creation and maintenance of special funds from revenues from such project, and rights and remedies available in event of default to the bondholders or to the trustee under a mortgage, all as the governing body shall deem advisable and as shall not be in conflict with the provisions of this chapter. However, in making such agreements or provisions, a municipality shall not have the power to obligate itself except with respect to the project and application of revenues therefrom and shall not have the power to incur a pecuniary liability or a charge upon its general credit or against its taxing powers. The proceedings authorizing any bonds hereunder and any mortgage securing such bonds may provide that, in the event of default in payment of principal of, or the interest on, such bonds, or in the performance of any agreement contained in such proceedings or mortgage, such payment and performance may be enforced by mandamus or by the appointment of a receiver in equity with power to charge and collect rents and to apply the revenues from the project in accordance with such proceedings or the provisions of such mortgage. Any such mortgage may provide also that, in the event of default in such payment or the violation of any agreement contained therein, it may be foreclosed either by sale at public outcry or by proceedings in equity, and may provide that any trustee under such mortgage or the holder of any of the bonds secured thereby may become the purchaser at any foreclosure sale if the highest bidder therefor. No breach of any such agreement shall impose any pecuniary liability upon a municipality or any charge upon its general credit or against its taxing powers. The trustee or any trustees under any mortgage or any depository specified by such mortgage may be such persons or corporations as the governing body shall designate, including nonresidents of Mississippi and banks or trust companies incorporated under the laws of the United States or the laws of other states of the United States. When any municipal property acquired under the authority of this chapter becomes vacant, through unforeseen circumstances, such as default by the lessee, the municipality may exercise the authority contained in Sections 19-7-7 and 21-37-45, Mississippi Code of 1972, to have this property insured and the cost thereof paid out of the municipal treasury until such a time as the property is again leased.

HISTORY: Codes, 1942, § 8936-60; Laws, 1960, ch. 147, § 10; Laws, 1964, ch. 217, § 4; Laws, 1966, ch. 235, § 4; Laws, 1976, ch. 419, § 3, eff from and after passage (approved May 5, 1976).

§ 57-3-23. Requirements respecting lease of projects.

Prior to the leasing of any project, the governing body must determine and find the following: the amount necessary in each year to pay the principal of and the interest on the bonds proposed to be issued to finance such project; the amount necessary to be paid each year into any reserve funds, which amounts may include deposits in escrow or reserve amounts as advance sums for the payment of insurance, which the governing body may deem it advisable to establish in connection with the retirement of the proposed bonds and the maintenance of the project; and, unless the terms under which the project is to be leased provide that the lessee shall maintain the project and carry all proper insurance with respect thereto, the estimated cost of maintaining the project in good repair and keeping it properly insured. The determinations and findings of the governing body required to be made in the preceding sentence shall be set forth in the proceedings under which the proposed bonds are to be issued; and prior to the issuance of such bonds, the municipality shall lease the project to a lessee under an agreement conditioned upon completion of the project and providing for payment to the municipality of such rentals as, upon the basis of such determinations and findings, will be sufficient (a) to pay the principal of and interest on the bonds issued to finance the project, (b) to build up and maintain any reserve deemed by the governing body to be advisable in connection therewith, and (c) unless the agreement of lease obligated the lessee to pay for the maintenance and insurance of the project, to pay the cost of maintaining the project in good repair and keeping it properly insured. Such lease shall be made upon such other terms and conditions and for the time which may be determined by the municipality and may contain provisions authorizing the purchase of the entire project or any portion thereof by the industry or its assignee after all bonds (if any) issued thereunder have been paid in full, for such consideration and upon such terms and conditions as the municipality may determine.

HISTORY: Codes, 1942, § 8936-61; Laws, 1960, ch. 147, § 11; Laws, 1964, ch. 217, § 5; Laws, 1966, ch. 235, § 5, eff from and after August 1, 1966.

§ 57-3-25. Refunding bonds.

Any bonds issued hereunder and at any time outstanding may at any time and from time to time be refunded by a municipality by the issuance of its refunding bonds in such amount as the governing body may deem necessary but not exceeding an amount sufficient to refund the principal of the bonds so to be refunded, together with any unpaid interest thereon and any premiums and commissions necessary to be paid in connection therewith. Any such refunding may be effected whether the bonds to be refunded shall have been matured or shall thereafter mature, either by sale of the refunding bonds and the application of the proceeds thereof for the payment of the bonds to be refunded thereby, or by exchange of the refunding bonds for the bonds to be refunded thereby, provided that the holders of any bonds so to be refunded shall not be compelled without their consent to surrender their bonds for payment or exchange prior to the date on which they are payable or, if they are called for redemption, prior to the date on which they are by their terms subject to redemption. Any refunding bonds issued under the authority of this section shall be payable solely from the revenues out of which the bonds to be refunded hereby were payable, and shall be subject to the provisions contained in Section 57-3-11, and may be secured in accordance with the provisions of Section 57-3-21.

HISTORY: Codes, 1942, § 8936-62; Laws, 1960, ch. 147, § 12, eff from and after passage (approved May 11, 1960).

§ 57-3-27. Use of proceeds from sale of bonds.

The proceeds from the sale of any bonds issued under authority of this chapter shall be applied only for the purpose for which the bonds were issued. However, any accrued interest and premium received in any such sale shall be applied to the payment of the principal of or the interest on the bonds sold; and, if for any reason, any portion of such proceeds shall not be needed for the purpose for which the bonds were issued, then such unneeded portion of said proceeds shall be applied to the payment of the principal of or the interest on said bonds. The cost of acquiring any project shall be deemed to include the following: the actual cost of the construction of any part of a project which may be constructed, including equipment, machinery, facilities, attorney’s, architect’s and engineer’s fees; abstracts, cost of preparing and recording warranty deeds; the purchase price of any part of a project that may be acquired by purchase; the deposit into a reserve or escrow fund advance payments for insurance, in the event that the prospective lessee shall be in default of any payments and the municipality has to take over the operation of said project; all expenses in connection with the authorization, sale and issuance of the bonds to finance such acquisition; and the interest on such bonds for a reasonable time prior to construction, during construction, and for not exceeding six (6) months after completion of construction. Proceeds of said bonds shall be placed in the municipal treasury or with the trustee named in the mortgage or indentured trust as provided in Section 57-3-21 as a special fund and shall be used for no other purpose than the purpose set forth in the original resolution, and any officer diverting or assisting to divert any such fund to any other purpose than the purpose originally set forth in said resolution of the governing authority of said municipality shall be guilty of a misdemeanor, shall be punished accordingly, and shall also be liable both personally and on his official bond for such diversion, together with the costs of collection and reasonable attorney’s fees. The Mississippi Agricultural and Industrial Board is authorized to employ necessary competent attorneys to proceed by action for injunction or mandamus to require compliance with said original resolution by any officer or municipal board.

HISTORY: Codes, 1942, § 8936-63; Laws, 1960, ch. 147, § 13; Laws, 1964, ch. 217, § 6; Laws, 1966, ch. 235, § 6; Laws, 1978, ch. 491, § 2, eff from and after July 1, 1978.

§ 57-3-29. Contribution by municipalities to projects; acceptance of donations by municipalities.

No municipality shall have the power to pay out of its general funds or otherwise contribute any part of the costs of acquiring a project, but, the entire cost of acquiring any project must be paid out of the proceeds from the sale of bonds issued under the authority of this chapter. This provision shall not be construed to prevent a municipality from accepting donation of property to be used as a part of any such project or money to be used for defraying any part of the cost of any such project.

HISTORY: Codes, 1942, § 8936-64; Laws, 1960, ch. 147, § 14, eff from and after passage (approved May 11, 1960).

§ 57-3-31. Investment in bonds.

Bonds issued under the provisions of this chapter shall be legal investments for savings banks and insurance companies organized under the laws of this state.

HISTORY: Codes, 1942, § 8936-65; Laws, 1960, ch. 147, § 15, eff from and after passage (approved May 11, 1960).

§ 57-3-33. Exemption from taxation of bonds, etc.; time limit for ad valorem tax exemption.

The bonds authorized by this chapter, the income therefrom, all mortgages or deeds of trust executed as security therefor, all lease or purchase agreements made pursuant to the provisions hereof, and all purchases required to establish the enterprise and financed by bond proceeds shall be exempt from all taxation in the State of Mississippi except the contractors’ tax imposed by Section 27-65-21 and the tax levied by Section 27-65-24(1)(b) and all projects and the revenue derived from any lease thereof shall be exempt from all taxation in the State of Mississippi, except the tax levied by Sections 27-65-21 and 27-65-24(1)(b). From and after July 1, 1989, there shall be no new exemption under this section or under Chapter 10, Title 57, Mississippi Code of 1972, from ad valorem taxes levied for school district purposes. The time of any ad valorem tax exemption provided for hereunder shall not exceed a total of ten (10) years, which shall run from the date of completion of the project. In no event shall the term of the ad valorem tax exemption provided for hereunder be limited, terminated or otherwise affected by payment in full of the bonds issued under this chapter or by the change from a leasehold to a fee title in the enterprise financed with bonds issued under this chapter.

HISTORY: Codes, 1942, § 8936-66; Laws, 1960, ch. 147, § 16; Laws, 1964, ch. 217, § 7; Laws, 1966, ch. 235, § 7; Laws, 1989, ch. 524, § 22; Laws, 1990 Ex Sess, ch. 71, § 4; Laws, 1992, ch. 518, § 4; Laws, 1995, ch. 355, § 2; Laws, 2010, ch. 449, § 6, eff from and after July 1, 2010.

§ 57-4-1. Establishment.

There is hereby established in the State Treasury a revolving fund to be designated as the “industrial development fund.” Such funds as may be deposited in the fund shall be used, either as loans or grants, for the purpose of making the state’s contribution for matching federal grants available under the provisions of Section 304, Public Works and Economic Development Act of 1965, as amended, for political subdivisions of the state as hereinafter set forth.

HISTORY: Laws, 1977, ch. 492, § 1(1); Laws, 1984, ch. 324, § 1, eff from and after passage (approved April 10, 1984).

§ 57-4-3. State contributions made as loans deemed full faith and credit obligations of political subdivisions.

Any state contribution made as a loan on behalf of a political subdivision under the provisions of this chapter is hereby made a full faith and credit obligation of such political subdivision to the State of Mississippi, and binding on the governing body obtaining such state contribution and their successors in office until repaid in full as to principal and interest thereon, without regard to existing statutory limitations.

HISTORY: Laws, 1977, ch. 492, § 1(2), eff from and after passage (approved April 15, 1977).

§ 57-4-5. Content and form of copy of political subdivision’s resolution, order or excerpt of minutes.

The agricultural and industrial board shall require a certified copy of a resolution, order or other appropriate excerpt of the official minutes of the governing authority, to be of such general form and content as the board may deem appropriate, together with application forms for such state contribution.

HISTORY: Laws, 1977, ch. 492, § 1(3), eff from and after passage (approved April 15, 1977).

§ 57-4-7. Contributions made as loans to be evidenced by negotiable promissory notes.

All contributions made as loans by the state under the provisions of this chapter shall be evidenced by negotiable promissory notes of the political subdivision to be in such standard form and content of acceptable banking standards, shall mature at such time, to bear interest as hereinafter provided, and shall bear the signature of the president or presiding officer and the clerk or secretary of the political subdivision and the official seal.

HISTORY: Laws, 1977, ch. 492, § 1(4), eff from and after passage (approved April 15, 1977).

§ 57-4-9. Interest rate on indebtedness for loan.

The indebtedness for a loan incurred hereunder shall bear interest at the rate of five percent (5%) per annum.

HISTORY: Laws, 1977, ch. 492, § 1(5), eff from and after passage (approved April 15, 1977).

§ 57-4-11. Length of indebtedness incurred as loan; repayment in equal annual installments; applicability of debt limitation.

Indebtedness incurred as a loan under the provisions of this chapter shall not exceed five (5) years from the date of the contribution by the state, and any such indebtedness shall be repaid in equal annual installments. Any indebtedness incurred as a loan under the provisions of this chapter shall not be included in computing the debt limit under any other statute.

HISTORY: Laws, 1977, ch. 492, § 1(6), eff from and after passage (approved April 15, 1977).

§ 57-4-13. Levy of tax for repayment of indebtedness; proceedings upon default in repayment of indebtedness.

The governing authority of any county or municipality incurring indebtedness under this chapter is hereby authorized to annually levy a millage on all of the taxable property of such political subdivision at any time after the indebtedness is incurred in an amount sufficient to repay any such indebtedness, and it shall not be charged against the existing authority as to limitations of millage for local governmental purposes. In the event that such indebtedness has not been repaid in accordance with the contract, the agricultural and industrial board shall determine that there is a default in the terms of the promissory note, including interest due thereon, shall enter an order to that effect upon its official minutes, and shall send a certified copy of said order by certified mail to the governing authority of such political subdivision and to the state tax commission. If the default is not satisfied within ninety (90) days after such certified notice, the state tax commission shall deduct from any funds held by the state for disbursement to said political subdivision such amount as is in default, and shall remit it to the agricultural and industrial board for deposit into the industrial development fund.

HISTORY: Laws, 1977, ch. 492, § 1(7), eff from and after passage (approved April 15, 1977).

§ 57-4-15. Proceeds of state contributions to be used only for matching federal funds.

The proceeds of all state contributions as a loan or grant shall be used only for matching federal funds as provided under the provisions of this chapter. The federal funds may also be matched by the provision of in-kind services, equipment, personnel, supplies or other in-kind matching.

HISTORY: Laws, 1977, ch. 492, § 1(8), eff from and after passage (approved April 15, 1977).

§ 57-4-17. Records.

The agricultural and industrial board shall require governing authorities to keep such records as are necessary to assure that the funds are spent in accordance with this chapter.

HISTORY: Laws, 1977, ch. 492, § 1(9), eff from and after passage (approved April 15, 1977).

§ 57-4-19. Deposit of repayments.

All funds received by the board of economic development in repayment of state contributions or unused funds from any project approved by the board shall be promptly deposited into the industrial development fund.

HISTORY: Laws, 1977, ch. 492, § 1(10); Laws, 1984, ch. 324, § 2, eff from and after passage (approved April 10, 1984).

§ 57-4-21. Payment of expenditures for state contributions to be upon warrants drawn on fund.

All expenditures for approved state contributions shall be paid upon warrants drawn on the industrial development fund as created pursuant to this chapter, and the state auditor of public accounts shall issue warrants upon requisitions signed by the director of the agricultural and industrial board, after approval of such state contributions by the board.

HISTORY: Laws, 1977, ch. 492, § 2, eff from and after passage (approved April 15, 1977).

§ 57-4-23. Purposes for which funds may be used.

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.

HISTORY: Laws, 1977, ch. 492, § 3, eff from and after passage (approved April 15, 1977).

§ 57-5-1. Declaration of public policy.

It is hereby declared that the state public welfare demands and the state public policy requires legislation to encourage the establishment of standard industrial parks or districts by various subdivisions of the state in order to further stimulate the industrial development of the state.

HISTORY: Codes, 1942, § 8940-01; Laws, 1960, ch. 386, § 1, eff on and after July 1, 1960.

§ 57-5-3. Encouragement of establishment of parks.

The Mississippi Agricultural and Industrial Board, hereinafter referred to as the “board,” shall be and is hereby authorized, empowered and directed to encourage the establishment of such industrial parks or districts where said parks or districts are found to be necessary to the development of the several municipalities of this state, including counties, supervisors districts, cities, towns or villages, or combinations thereof lying in the same or in adjacent counties, all hereinafter referred to as “municipalities.”

HISTORY: Codes, 1942, § 8940-02; Laws, 1960, ch. 143, § 1, eff on and after July 1, 1960.

§ 57-5-5. Establishment of minimum requirements for industrial park or district.

The board shall establish, adopt and promulgate certain specific minimum requirements that will clearly describe and define the minimum requirements for an industrial park or district within the meaning of this chapter. Such minimum requirements shall, in all cases, include a complete engineering study composed of maps of the proposed park or district, details of proposed development, and itemized estimate of all costs involved in acquiring and developing such industrial park or district. Such engineering study, including the details of the proposed development and the cost estimates shall be made by a reputable engineer or engineering firm licensed to do business in Mississippi and qualified to make a survey or study of the cost and feasibility of such an industrial park or district.

HISTORY: Codes, 1942, § 8940-03; Laws, 1960, ch. 386, § 3, eff on and after July 1, 1960.

§ 57-5-7. Assistance to municipality in studying feasibility of establishing industrial park; conduct of joint study by state and municipality.

When any municipality shall desire to have a study made to determine the cost and feasibility of establishing a standard industrial park or district, the governing body of such municipality may, by resolution, make application to the agricultural and industrial board for the assistance to the municipality provided by this chapter. Upon receipt of a written request for such assistance from the governing body of such municipality, the board is authorized and empowered to jointly undertake the study by mutual and written consent with the municipality, and to jointly employ an engineer or engineering firm to make the study. In case of such joint action by the board and the municipality, the board is authorized and empowered to pay up to twenty-five percent (25%) of the cost of such jointly authorized engineering study. However, the amount to be paid by the board shall not exceed a total of two thousand dollars ($2,000.00) for any one municipality.

HISTORY: Codes, 1942, § 8940-04; Laws, 1960, ch. 386, § 4, eff on and after July 1, 1960.

§ 57-5-9. Determination of necessity for establishment of industrial park or district.

The board is charged with the duty of making effective the declared public policy of the state and municipalities as hereinabove set forth, and for that purpose is hereby authorized and empowered to determine whether the public convenience and necessity require that any municipality shall have the right to acquire lands, and thereon to bring into completion such “standard” industrial districts or parks and to dispose of or rent, let or lease any part or parts or all of such developed parks or districts for industrial purposes.

HISTORY: Codes, 1942, § 8940-05; Laws, 1960, ch. 386, § 5, eff on and after July 1, 1960.

§ 57-5-11. Application for certificate by municipality; hearings on application.

Each municipality within this state shall have the right to apply to the board for a certificate of public convenience and necessity from the board as to whether the general welfare requires that such municipality enter into the development of such a “standard” industrial park or district. In determining whether such certificate shall be issued, the board may hold hearings, make such investigation as may be desired, and shall have power to summon witnesses, administer oaths, hear testimony and make a record of all things had and done at such hearings or investigations, and to order issued such certificates of convenience and necessity as to the board may seem advisable.

HISTORY: Codes, 1942, § 8940-06; Laws, 1960, ch. 386, § 6, eff on and after July 1, 1960.

§ 57-5-13. Factors to be determined in ruling upon application for certificate; authority conferred by certificate; disposition of proceeds from sale, lease, etc. of park.

The board shall investigate, find and determine, upon application of any municipality therefor, as to whether a certificate of public convenience and necessity shall be issued to such municipality to engage in the acquisition and development of a “standard” industrial park or district deemed essential under the above declared public policy for the economic development and advancement of said municipality, and in considering and determining whether or not such certificate shall be issued, the board shall find and determine affirmatively the following:

1. That there are sufficient natural resources readily and economically available to attract industrial plants to sites within said municipality or (in the case of a city, town or village constituting a municipality as defined in this chapter) situate in reasonable proximity thereto.
2. That there is available a labor supply to furnish workers to plants that might be induced to locate in such industrial park or district.
3. That there are adequate property values and suitable financial conditions so that the total bonded indebtedness of the municipality, solely for the purposes authorized by this chapter, shall not exceed ten percent (10%) of the total assessed valuation of all the property in the municipality.
4. That the complete engineering study reveals that a suitable site for a “standard” industrial park or district does exist within the municipality or (in the case of a city, town or village constituting a municipality as defined in this chapter) situate in reasonable proximity thereto, and that it can be properly developed at costs that will make sites in the proposed district attractive to prospective new industries.

   When the board shall have determined said facts favorably, it is authorized and empowered to issue or refuse to issue a certificate of public convenience and necessity to said municipality to acquire and properly develop the said “standard” industrial park or district. If and when such certificate is issued, it shall authorize the particular municipality to acquire, to own, to develop, to sell, to convey, to let, to lease or to rent any part, or parts, or all of said industrial district but said certificate shall expire in twelve (12) months from its date unless within said time such industrial park or district shall have been established; subject, however, to any delays necessitated by any litigation, or acts of God, delaying the establishment of said development.

   Should any municipality sell, convey, let, lease or rent any part or parcel of an industrial park established under this chapter, the municipality must receive a consideration therefor, equal to an amount which said part or parcel so sold, conveyed, let, leased or rented bears to its proportionate part of the total cost of the entire industrial park. Any sums received by said municipality from the sale or lease of any part or parcel of said industrial park shall be paid into a sinking fund to be designated and used for the payment of both principal and interest on all bonds issued by the municipality for the purpose of acquiring and developing said industrial park or parks.

HISTORY: Codes, 1942, § 8940-07; Laws, 1960, ch. 386, § 7, eff on and after July 1, 1960.

§ 57-5-15. Terms and conditions of certificate.

If and when the certificate is issued, the board therein shall fix and determine: (1) The extent and the amount to which the municipality may issue bonds or make expenditures for such development; (2) what property may be acquired therefor; (3) the terms upon which such acquisition may be had; (4) what expenditures may be made to properly develop said property into a “standard” industrial park or district; and, (5) the method of operation of said industrial park by the municipality.

HISTORY: Codes, 1942, § 8940-08; Laws, 1960, ch. 386, § 8, eff on and after July 1, 1960.

§ 57-5-17. Creation of park or district by municipalities or counties acting jointly.

Municipalities of this state, including counties, judicial districts of counties having two judicial districts in which State Highways No. 18 and 15 intersect or in which State Highway No. 6 and Interstate Highway No. 55 intersect, supervisors districts, cities, towns or villages whether existing under special charters or otherwise, hereinabove called “municipalities” acting severally or jointly with one or more other municipalities, be and each of them is hereby authorized and empowered to make effective the provisions herein contained, for the general welfare of the state and the several municipalities thereof. When and after such municipality shall have obtained therefor a certificate of public convenience and necessity, under the provisions of this chapter, then it may acquire land by purchase, gift or otherwise for the “standard” industrial park or district thus approved, and may directly or by contract, such contract to be entered into and governed as now provided by law for other public contracts entered into by boards of supervisors, grade, level, drain, build streets, wharf, dock and water terminal facilities, install water and sewage facilities, erect fences, establish an office, obtain and install such essential facilities, equipment or appliances, construct railroad spurs, contribute toward making rail and utility services available to the district subject to the provisions of Sections 77-3-1 through 77-3-89, Mississippi Code of 1972, and do such other things as may be essential to the complete development of said industrial district, including the right to operate the district, and with concurrence of the board, to sell, to convey, to let, to lease or to rent any part, or parts, or all of said district. The power thus to do is hereby generally conferred upon all such municipalities and shall be in addition to all other powers now possessed without in anywise limiting or circumscribing them.

Any city or town in this state situated in a county bordering on the Mississippi River and situated not more than five miles from the proposed site of any industrial park or district proposed to be created and established under the provisions of this chapter, such distance to be measured between the corporate line of any such city or town nearest such proposed site and the boundary of such proposed site nearest such corporate line, is hereby authorized and empowered to join with another municipality, as defined herein, in the creation, establishment, acquisition, ownership, control, sale, lease, disposition and disposal of any such industrial park or district, and the property, real and personal, acquired, owned or otherwise possessed and controlled by or for such industrial park or district under the authority of this chapter, notwithstanding the fact that the industrial park or district, or the proposed industrial park or district, and the property thereof, is situated in another supervisors district other than the supervisors district in which such city or town is situated. In all cases provided for in this paragraph, all authority, powers, privileges and rights provided for in this chapter shall be and are hereby conferred upon and vested in such city or town and such other municipality as may join therewith, as herein authorized.

HISTORY: Codes, 1942, § 8940-09; Laws, 1960, ch. 143, § 2; ch. 386, § 9; Laws, 1969, Ex. Sess. ch. 48, § 1; ch. 49, § 1, eff from and after passage (approved September 30, 1969).

§ 57-5-19. Rules and regulations; laws governing bonds and elections.

The board is hereby authorized and empowered to adopt and put into effect all reasonable rules and regulations that it may deem necessary to carry out the provisions of this chapter, not inconsistent therewith, and the board and the municipalities receiving certificates of convenience and necessity under this chapter, shall be governed in holding municipal elections, in the issuance of municipal bonds, their forms, terms, the necessary tax levies, the exemption of bonds from taxation and the joining of various municipalities in establishing said industrial districts, by the same conditions, terms and laws applicable to the issuance of industrial bonds as authorized and provided by Sections 57-1-1 through 57-1-51, 57-1-101 through 57-1-107 and 57-1-131 through 57-1-145.

HISTORY: Codes, 1942, § 8940-10; Laws, 1960, ch. 386, § 10, eff on and after July 1, 1960.

§ 57-5-21. Powers and duties as to industrial parks conferred on other political subdivisions or units; eminent domain.

The several municipalities of this state, including counties, supervisors districts, cities, towns or villages, or combinations thereof contiguous to and lying in the same or adjacent counties, all hereinafter referred to as “municipalities,” shall have all the rights, powers and duties as contained in Sections 57-5-1 through 57-5-19, plus the right of eminent domain in the acquisition of up to twenty-five percent(25%) of the land for a “standard” industrial park if and when the owner or owners of at least seventy-five percent (75%) of the acreage involved have either sold such acreage to the municipality or placed such acreage under option to said municipality.

HISTORY: Codes, 1942, § 8940-21; Laws, 1960, ch. 437, § 1, eff on and after July 1, 1960.

§ 57-5-23. Certificate as evidence of authority to exercise power of eminent domain.

The Mississippi Agricultural and Industrial Board, hereinafter referred to as the “board,” in issuing a certificate of public convenience and necessity to a municipality to engage in the acquisition and development of a “standard” industrial park or district shall be advised by the municipality of its need to use the power of eminent domain in the acquisition of a part of the acreage involved, not to exceed twenty-five percent (25%), and the board shall so specify in said certificate, which shall be the municipality’s evidence of authority to use the power of eminent domain as above specifically defined.

HISTORY: Codes, 1942, § 8940-22; Laws, 1960, ch. 437, § 2, eff on and after July 1, 1960.

§ 57-7-1. Sale or lease of surplus government lands for improvement for industrial and commercial purposes; improvement of property.

In the event that any municipality, county, supervisors district, municipal airport authority, regional airport authority or other governmental subdivision shall have surplus airport land or other lands which are not needed for airport purposes or for other governmental purposes, then such property so designated and described may be set aside and improved for industrial and commercial purposes and the same may thereafter be operated or the same may be leased or sold upon such terms and conditions as a municipality, county, municipal airport authority, regional airport authority or governmental subdivision shall prescribe.

In order to provide for the improvement of such property for industrial and commercial purposes, the municipality or other authority shall be authorized to provide all necessary utilities therefor and to lay out, construct and/or improve and hard-surface roadways, streets, driveways and access roads, railroads and spur tracks, and provide for the grading, drainage, sewer, lights and water, and all other necessary or proper utilities as may be necessary or proper to make such land desirable or useful as a site or sites for industrial and commercial enterprises. The cost and expense of such improvements to said real estate shall be paid for from funds made available from the lease or sale of such lands to the extent such funds are available.

HISTORY: Codes, 1942, § 7545-61; Laws, 1964, ch. 290, § 1; Laws, 1980, ch. 410, § 2; Laws, 1992, ch. 379, § 6, eff from and after July 1, 1992.

§ 57-7-3. Authorization for issuance of bonds; sale of bonds; interest rate; liability on bonds.

For the purpose of providing funds to defray the expenses of improving and developing the airport properties as set forth in Section 57-7-1, the said municipality or other authority shall have the right to borrow money for the industrial improvement of its lands and property, and to issue revenue bonds therefor, payable out of any revenues derived from such property, including grants or contributions from the federal government or other sources. Such bonds may be sold at public or private sale at not less than par and shall bear interest at a rate or rates not exceeding that allowed in Section 75-17-103, Mississippi Code of 1972. Any such bonds so issued shall not constitute a debt of any municipality, the state, or any political subdivision thereof, other than the municipality or other authority.

HISTORY: Codes, 1942, § 7545-62; Laws, 1964, ch. 290, § 2; Laws, 1976, ch. 425; Laws, 1981, ch. 462, § 13; Laws, 1982, ch. 434, § 26; Laws, 1983, ch. 541, § 32, eff from and after passage (approved April 25, 1983).

§ 57-7-5. Details of bonds.

All bonds issued under the authority of this chapter shall bear such date or dates, shall be in such form or denomination, shall bear such rate of interest, and shall mature at such times as the said municipality or other authority shall determine, but no bonds issued under the authority of this chapter shall mature more than twenty-five (25) years from the date of the issuance thereof and none of said bonds shall be sold for less than par and accrued interest. All such bonds shall be sold in the manner now provided by law for the sale of bonds without any restrictions, limitations, requirements or conditions applicable to the borrowing of such money and the issuance of such bonds which are not herein contained. The denomination, form, place of payment and other details of such bonds may be determined by resolution or order of the municipality or other authority, and shall be executed on behalf of the municipality or other authority as is now provided by law.

HISTORY: Codes, 1942, § 7545-63; Laws, 1964, ch. 290, § 3, eff from and after passage (approved May 15, 1964).

§ 57-7-7. Notice of intent to issue bonds; requirement of election on bond issue.

Before issuing any bonds under the provisions of this chapter, the municipality or other authority shall, by resolution spread upon the minutes, declare its intention to issue such bonds for the purposes authorized by this chapter and shall state in said resolution the amount of bonds proposed to be issued and shall likewise fix in said resolution the date upon which the said municipality or other authority proposes to direct the issuance of such bonds. Notice of such intention shall be published once a week for at least three (3) consecutive weeks in a newspaper published or having a general circulation in the municipality or the governmental subdivision issuing the bonds, with the first publication of said notice to be made not less than twenty-one (21) days prior to the date fixed in the resolution for the issuance of said bonds and the last publication to be made not more than seven (7) days prior to such date. If, on or before the date specified in the resolution, twenty percent (20%) of the qualified electors of the municipality or other governmental subdivision shall file a written protest against the issuance of such bonds, then an election upon the issuance thereof shall be called, and held, as is hereby provided. If no such protest shall be filed, then the said municipality or other authority may issue such bonds without an election on the question of the issuance thereof at any time within a period of two (2) years after the date specified in the resolution.

HISTORY: Codes, 1942, § 7545-64; Laws, 1964, ch. 290, § 4, eff from and after passage (approved May 15, 1964).

§ 57-7-9. Conduct of election.

If an election shall be called under the provisions of this chapter on the question of the issuance of bonds, the election shall be held, insofar as practicable, in the same manner as other elections are held in said municipality or other governmental subdivision. At such election, all qualified electors of the municipality or other governmental subdivision may vote and the ballots used in such election shall have printed thereon a brief statement of the amount and purposes of the proposed bond issue and the words “FOR THE BOND ISSUE” and the words “AGAINST THE BOND ISSUE,” and the voters shall vote by placing a cross (X) or check mark (Π) opposite their choice on the proposition.

HISTORY: Codes, 1942, § 7545-65; Laws, 1964, ch. 290, § 5, eff from and after passage (approved May 15, 1964).

§ 57-7-11. Determination of results of election.

When the results of any election hereinabove provided for shall have been canvassed by the election commissioners of said municipality or governmental district and certified by them to the proper authorities, it shall be the duty of the municipality or other authority involved to determine and adjudicate whether or not a majority of the qualified electors who voted in such election voted in favor of such bonds and unless a majority of the qualified electors who voted in said election shall have voted in favor of such bonds, then the same shall not be issued. Should a majority of the qualified electors who vote in such election vote in favor of said bonds, the municipality or other authority may issue said bonds, either in whole or in part, within two (2) years from the date of such election, or within two (2) years after final favorable determination of any litigation affecting the issuance of such bonds at such time or times, and in such amount or amounts, not exceeding that specified in the notice of the election, as shall be deemed proper.

HISTORY: Codes, 1942, § 7545-66; Laws, 1964, ch. 290, § 6, eff from and after passage (approved May 15, 1964).

§ 57-7-13. Construction of chapter; applicability of debt limitation.

This chapter, without reference to any other statute, shall be deemed to be full and complete authority for the issuance of bonds and borrowing of money as hereby authorized by municipalities or other governmental authority, and shall be construed as an additional and alternate method therefor. The bonds hereby authorized shall not constitute an indebtedness within the meaning of any constitutional or statutory limitation or restriction.

HISTORY: Codes, 1942, § 7545-67; Laws, 1964, ch. 290, § 7, eff from and after passage (approved May 15, 1964).

§ 57-9-1. Short title.

This chapter may be cited as the “Industrial Training Law of 1964.”

HISTORY: Codes, 1942, § 8939-11; Laws, 1964, ch. 220, § 1, eff from and after passage (approved March 18, 1964).

§ 57-9-3. Declaration of public policy.

It is hereby declared that the state public welfare demands, and the state public policy requires:

That a balanced economic development of this state is essential.

That the present and prospective health, safety, morals, pursuit of happiness, right of gainful employment and the general welfare of the citizens demand as a public purpose, the development within Mississippi of trade preparatory or industrial plant training and recruitment program for the various commercial, industrial, agricultural and manufacturing enterprises.

That the means and measures herein authorized to promote said commercial, industrial, agricultural and manufacturing enterprises, are as a matter of public policy, for the public purposes of increasing gainful employment and business activities of the municipalities, counties, and supervisors districts of Mississippi, hereinafter called “municipalities.”

That the currently existing critical gap in the employment and use of skilled and semiskilled residents of the state resulting from deficient training programs and facilities be eliminated, and that the proper promotion of the health, safety, morals, pursuit of happiness, right of gainful employment, and the general welfare of the state demands the enactment of the program herein authorized.

That the accomplishment of the things herein authorized will stimulate and provide ready and attractive employment for the skilled and semiskilled residents of the state through the proper increase of the skilled and semiskilled labor force available which will further develop the agricultural, commercial, industrial and other resources of the state for the general welfare.

HISTORY: Codes, 1942, § 8939-12; Laws, 1964, ch. 220, § 2, eff from and after passage (approved March 18, 1964).

§ 57-9-5. Plans for industrial plant training and recruitment; industrial revolving fund.

The Mississippi Agricultural and Industrial Board, hereinafter referred to as the “board,” is hereby authorized and empowered to formulate and place into existence, plans for industrial plant training and recruitment for new and expanded industries, or both, in Mississippi. To that end, there is hereby created and provided within the board, in addition to all other funds that may be appropriated to the board, an “industrial revolving fund,” and all sums of monies received or obtained by the board under the provisions of this chapter, by appropriation or otherwise, shall be paid into the State Treasury, and the State Treasurer shall deposit said monies into the industrial revolving fund. All expenditures therefrom shall be authorized by the board in the manner hereinafter set forth and such expenditures shall be paid therefrom by the State Treasurer on warrants of the auditor of public accounts; and said auditor shall issue his warrant upon requisition properly signed by the director and secretary of the board.

HISTORY: Codes, 1942, § 8939-13; Laws, 1964, ch. 220, § 3, eff from and after passage (approved March 18, 1964).

§ 57-9-7. Issuance of certificate of public convenience and necessity and loan of funds to municipalities.

Any municipality, hereinafter referred to as “the applicant,” may, on behalf of any new or expanded industry, or both, in Mississippi, apply to the board for a loan, not to exceed twenty thousand dollars ($20,000.00) for any one (1) new or one (1)expanded industry, which funds shall be used exclusively for the purposes of preparatory or industrial plant training and recruitment. The board is authorized and empowered to determine whether the public convenience and necessity requires that the application therefor be approved or denied, and what amount, if any, should be loaned by the board to the applicant for said new or expanded industry. For the purpose of administering provisions of this chapter, the board shall establish reasonable rules and regulations to be followed by the applicant in making application for loans hereby authorized. The board shall investigate, find and determine as to whether a certificate of public convenience and necessity shall be issued and contract for a loan of funds to the applicant shall be made. In considering and determining whether or not such certificate of public convenience and necessity shall be issued and whether a loan shall be made or not, the board shall find and determine, to include, but not be limited to, the following:

That the net worth of the new or expanded industry, on behalf of which the municipality is making said application, meets the prerequisites and requirements of the board. The applicant shall furnish upon request to the board such information with regard to the new or expanded industry’s net worth as may be required by the board.

That the new or expanded industry, on behalf of which the municipality is making such application, shall submit along with the applicant, a detailed and complete study of its training needs, plans, and total amount of funds to be used for industrial training and preparatory training only, and the same shall appear to be feasible and practicable to the board.

That the new or expanded industry, on behalf of which the municipality is making such application, shall submit a plan of repayment, along with the applicant, and which repayment shall be made within five (5) years after the loan, and such plan shall be approved by the board.

When the board shall have determined said facts favorably, it is authorized and empowered, having due regard to the promotion of the public policy and general welfare herein declared, to issue or refuse to issue a certificate of public convenience and necessity to the applicant, approve or disapprove the loan of any part or all of the funds requested by the applicant. If and when said certificate is issued, and if and when said loan is approved, the board therein shall fix and determine:

The amount of monies to be loaned.

The time, amount, and method of repayment.

The method, manner, and what legally valid and enforceable documents, promissory notes, deeds of trust, or contracts, or any combination thereof, shall be executed by the applicant and the new or expanded industry.

HISTORY: Codes, 1942, § 8939-14; Laws, 1964, ch. 220, § 4, eff from and after passage (approved March 18, 1964).

§ 57-9-9. Repayment of loan.

In the event the board shall issue a certificate of public convenience and necessity to the applicant, and approve a loan of a sum, such sum as approved to be loaned, shall be disbursed to the applicant upon the execution of a legally valid and enforceable promissory note, deed of trust, or contract, or any combination thereof, by the new or expanded industry and the applicant, in accordance with the approved plan of repayment. In the event a contract is required by the plan of repayment, the board is authorized to join in the execution thereof. The board is further authorized to require such provisions and covenants in such promissory note, deed of trust, or contract, or any combination thereof, deemed reasonably necessary to carry out the provisions of this chapter and require the repayment of said loans. The board and municipalities are further authorized to institute suit, at law or equity, to cause the repayment of such loans, and to protect the interest of the State of Mississippi, and may employ private counsel to do so.

HISTORY: Codes, 1942, § 8939-15; Laws, 1964, ch. 220, § 5, eff from and after passage (approved March 18, 1964).

§ 57-10-1. Declaration of public policy and legislative intent.

It is hereby declared to be the public policy of this state and the purpose of this article to improve and stimulate the state’s economy in general, and the small business segment thereof in particular, by establishing a program to stimulate and supplement the flow of private equity capital and long-term loan funds which small business concerns of this state need for the sound financing of their business operations and for their growth, expansion and modernization, and which are not available in adequate supply. It is the intent of the legislature that this policy shall be carried out in such manner as to insure the maximum participation of private financing sources. It is further hereby declared that the public welfare of the state demands the establishment of such a program to provide for the maximum development of this state’s agricultural, industrial and commercial resources, offering increased employment opportunities for all of the citizens of the state, encouraging the establishment of new agricultural, industrial and commercial enterprises and providing the citizens of the state of all races greater opportunities for entrepreneurship.

HISTORY: Codes, 1942, § 8940-101; Laws, 1972, ch. 439, § 1, eff from and after passage (approved May 4, 1972).

§ 57-10-3. Administration.

The Certified Development Company of Mississippi, Inc., created pursuant to Section 57-10-167, hereinafter referred to as the “corporation,” shall exercise the powers and duties and discharge the responsibilities as provided herein.

HISTORY: Codes, 1942, § 8940-102; Laws, 1972, ch. 439, § 2; Laws, 1983, ch. 434, § 11; Laws, 1992, ch. 481 § 7, eff from and after passage (approved May 6, 1992).

§§ 57-10-5 and 57-10-7. Repealed.

Repealed by Laws, 1983, ch. 434, § 14, eff from and after March 30, 1983.

[Codes, 1942, §§ 8940-103, 8940-104; Laws, 1972, ch. 439, §§ 3, 4]

§ 57-10-9. General purposes of corporation.

This corporation is organized, and it shall be operated primarily for the purpose of providing financial resources necessary to implement the economic development of the state by creating a pool of capital assets to expand the agricultural, industrial and commercial enterprises of the state and to provide loan guaranties for term loans to improve the marketability of such loans, and to encourage the expansion of available equity financing through small business investment companies.

HISTORY: Codes, 1942, § 8940-105; Laws, 1972, ch. 439, § 5; Laws, 1982, ch. 422, § 1, eff from and after passage (approved March 30, 1982).

§§ 57-10-11 through 57-10-15. Repealed.

Repealed by Laws, 1983, ch. 434, § 14, eff from and after March 30, 1983.

[Codes, 1942, §§ 8940-106-8940-108; Laws, 1972, ch. 439, §§ 6-8]

§ 57-10-17. General powers and duties of board of directors.

The board of directors of the corporation is hereby authorized, in its discretion, based on sound business principles, to:

Receive applications for and make direct term loans to small businesses, including any person, firm, corporation, joint stock company, partnership, association or trust located within the state unable to obtain sufficient funds for the successful operation of such businesses from conventional commercial sources or other governmental agencies or in the event the financial needs of such businesses exceed the legal loan limits of local banks or other financial institutions or in the event the degree of risk involved in extending loans to such businesses exceed local standards;

Make direct equity investments and/or seed money loans to local economic development corporations;

Seek the participation of private banks or financial institutions, either within or without the state, in the term loans extended by the corporation;

Sell its own commercial paper and other evidences of indebtedness to obtain funds for the making of term loans to creditworthy businesses;

Provide a loan guaranty program for conventional loans extended to qualified small businesses in the State of Mississippi;

Sell its debenture bonds to banks and other financial institutions;

Apply for and receive funds in any amount from any private source or federal governmental entity, or the Small Businessman’s Loan Fund or Guaranty Fee Fund as authorized by Sections 57-10-101 through 57-10-137, whether by way of grant, donation or loan;

Make contracts, including contracts for services, and incur liabilities for any of the purposes authorized herein;

Borrow money for any of the purposes authorized herein; incur debt, including the power to issue therefor its bonds, debentures, notes or other evidences of indebtedness, whether secured or unsecured; and secure the same by mortgage, pledge, deed of trust or other lien on its property, rights and privileges of every kind and nature, or any part thereof, or interest therein;

Purchase, receive, hold, lease or acquire by foreclosure, and sell, convey, transfer or lease real and personal property, together with such rights and privileges as may be incidental and appurtenant thereto and the use thereof, including, but not restricted to, any real or personal property acquired by the corporation from time to time in the satisfaction of debts or enforcement of obligations;

Make all expenditures and incur any obligations reasonably required in the exercise of sound business principles to secure possession of, preserve, maintain, insure and, if necessary, improve real and personal property acquired in the liquidation of investments in order to realize the maximum return for the corporation on any sale or disposition thereof;

Acquire, subscribe for, own, hold, sell, assign, transfer, mortgage or pledge the stock, shares, bonds, debentures, notes or other securities and evidences of interest in or indebtedness of any person, firm, corporation, joint stock company, partnership, association or trust, and, while the owner or holder thereof, exercise all the rights, powers and privileges of ownership, including the right to vote thereon;

Mortgage, pledge or otherwise encumber any property right or thing of value acquired pursuant to the powers contained in paragraphs (j), (k) or (l) as security for the payment of any part of the purchase price thereof;

Cooperate with and assist and otherwise encourage agencies, organizations, local or regional, private or public, in the various communities of the state in the promotion, assistance and development of the business prosperity and economic welfare of such communities or of this state or of any part thereof;

Do all acts and things necessary and proper to create, form, participate in or fund a State SBA 503 program as authorized under Title V, Section 503 of the Small Business Investment Act of 1958, as amended, Section 697, Title XV, United States Code;

Do all acts and things necessary and proper to carry out the powers expressly granted in this article, including, but not limited to, employment of administrative and clerical staff, and such other employees as may be necessary in its judgment and to fix their compensation, and to perform its powers and functions through its officers, agents and employees;

Do all acts and things necessary and proper for the issuance of bonds for solid waste facilities;

Do all acts and things necessary to operate the Mississippi Development Bank pursuant to Section 31-25-1 et seq.;

Maintain an office in the name of the corporation at such place or places within this state as it may designate without the approval of any other state agency or department.

HISTORY: Codes, 1942, § 8940-109; Laws, 1972, ch. 439, § 9; Laws, 1982, ch. 422, § 2; Laws, 1992, ch. 481 § 8; Laws, 2001, ch. 337, § 27, eff from and after passage (approved Mar. 6, 2001.).

§ 57-10-19. Purchase of debentures and common stock of small business investment companies.

In addition to the other powers and authority prescribed by this article, the corporation may purchase debentures or the common stock of small business investment companies or minority enterprise small business investment companies, incorporated or domiciled in the state under the provisions of the Small Business Investment Law of 1958, as amended, which debentures may be subordinate to any other debenture bonds, promissory notes or other debts and obligations of such small business investment companies except for those purchased by the small business administration in accordance with the Federal Small Business Investment Act of 1958, as amended (15 USCS Sections 661 et seq.); any purchases by the corporation of stock shall be made from funds derived from sources other than the State of Mississippi. The corporation is prohibited from investing in both the stock and evidences of indebtedness of any company.

HISTORY: Codes, 1942, § 8940-112; Laws, 1972, ch. 439, § 12; Laws, 1982, ch. 422, § 3, eff from and after passage (approved March 30, 1982).

§ 57-10-21. Conditions of loans to small business investment companies.

Any loans by the corporation to a small business investment company or minority enterprise small business investment company, shall be conditioned on the following:

A loan to a small business investment company or minority enterprise small business investment company shall not exceed the amount of its outstanding portfolio investments or the amount of its private paid-in capital and paid-in surplus, whichever is less.

The small business investment company or minority enterprise small business investment company must agree that the entire loan will be invested in firms located in this state.

The repayment period for any such loan shall not exceed fifteen (15) years but such loans need not be amortized.

Such other conditions as may be prescribed by the board of directors of the corporation.

HISTORY: Codes, 1942, § 8940-113; Laws, 1972, ch. 439, § 13, eff from and after passage (approved May 4, 1972).

§ 57-10-23. Annual fee of small business investment companies.

Any small business investment company or minority enterprise small business investment company wishing to participate under this article shall pay a five hundred dollar ($500.00) fee annually on July 1 to the corporation which shall be deposited in a qualified state depository, to the credit of the “Mississippi Economic Development Corporation.” The annual fee paid on its initial application shall be prorated according to the date of application.

HISTORY: Codes, 1942, § 8940-115; Laws, 1972, ch. 439, § 15, eff from and after passage (approved May 4, 1972).

§ 57-10-25. Funding of corporation; investments of corporation.

It is the further intention of this article that the initial capital base of the corporation be raised from a combination of private foundation grants, any funds available from various federal programs, and such funds as may be appropriated by the state. Additional funding of the corporation may be derived from the sale of debenture bonds or long-term funding from the sale of the corporation’s commercial paper and notes. Such additional funding and any guaranty executed by the corporation of any loan or investment, and any other obligations incurred by the corporation, shall be based solely on the credit of the corporation and shall not pledge or loan the credit of the state in aid of any person, association or corporation. Funds of the corporation shall be primarily invested in amortized loans of ten (10) years or shorter maturity. If feasible and possible, all loans extended by the corporation shall be made in participation with existing banks or other financial institutions.

HISTORY: Codes, 1942, § 8940-110; Laws, 1972, ch. 439, § 10, eff from and after passage (approved May 4, 1972).

§ 57-10-27. Repealed.

Repealed by Laws, 1982, ch. 422, § 6, eff from and after March 30, 1982.

[Codes, 1942, § 8940-118; Laws, 1972, ch. 439, § 18; Laws, 1974, ch. 547, § 2]

§ 57-10-29. Disposition of funds received by corporation; annual audit.

All funds received by the corporation from any source whatsoever shall be deposited in a qualified state depository to the credit of the “Mississippi Economic Development Corporation,” said funds to be disbursed therefrom upon checks drawn upon said account after approval of said board and signed by the chairman and treasurer of the corporation. The post audit division of state government shall audit said corporation’s books not less than once each year.

HISTORY: Codes, 1942, § 8940-116; Laws, 1972, ch. 439, § 16, eff from and after passage (approved May 4, 1972).

§ 57-10-31. Liabilities of officers, directors, agents, and employees of corporation.

No officer or director of this corporation shall ever be held personally liable for contracts, debts or defaults of this corporation nor shall any mere informality in organization have the effect of rendering these null or of exposing the officers or directors to any such liability or responsibility. However, the officers, directors, agents and employees of the corporation shall be liable for any fraudulent or illegal diversion or misappropriation of the funds of the corporation which any such person knowingly and willfully caused, permitted or conspired to permit to be made, and all such officers, directors, agents and employees entrusted with the custody of the securities of or authorized to disburse the funds of the corporation shall be bonded, either by a blanket bond or by individual bonds, with a surety bond or bonds with a minimum limitation of One Hundred Thousand Dollars ($100,000.00) coverage for each person covered thereby, conditioned upon the faithful performance of their duties, the premium for which shall be paid out of the assets of the corporation.

HISTORY: Codes, 1942, § 8940-116; Laws, 1972, ch. 439, § 16; Laws, 1974, ch. 547, § 1; Laws, 2001, ch. 337, § 28, eff from and after passage (approved Mar. 6, 2001.).

§ 57-10-33. Repealed.

Repealed by Laws, 1983, ch. 469, § 10, eff from and after July 1, 1983.

[Codes, 1942, § 8940-101; Laws, 1972, ch. 439, § 19]

§ 57-10-35. Cooperation of state agencies and educational institutions.

All state agencies shall cooperate with the corporation, and all public institutions of higher education shall work with the corporation to facilitate the utilization of technological information by small businesses in this state.

HISTORY: Codes, 1942, § 8940-114; Laws, 1972, ch. 439, § 14, eff from and after passage (approved May 4, 1972).

§ 57-10-37. Repealed.

Repealed by Laws, 2001, ch. 337, § 34, eff from and after passage (approved March 6, 2001).

[Codes, 1942, § 8940-111; Laws, 1972, ch. 439, § 11, eff from and after passage (approved May 4, 1972).]

§ 57-10-39. Annual report.

An annual report concerning the operation of this article shall be submitted by the corporation to the Legislature.

HISTORY: Codes, 1942, § 8940-120; Laws, 1972, ch. 439, § 20; Laws, 2001, ch. 337, § 29, eff from and after passage (approved Mar. 6, 2001.).

§ 57-10-41. Dissolution and liquidation.

In the event of dissolution and liquidation of the corporation, whether voluntary or involuntary or by reason of the repeal of this article and thereby terminating its corporate existence, any surplus assets of the corporation in excess of the corporation’s outstanding liabilities shall be transferred to the State of Mississippi and shall automatically vest in said state, and the chairman and treasurer of the corporation shall execute and deliver such conveyances or documents as are necessary to show title in the state or to vest such assets in the state.

HISTORY: Codes, 1942, § 8940-117; Laws, 1972, ch. 439, § 17, eff from and after passage (approved May 4, 1972).

§ 57-10-101. Short title.

This article shall be called the “Small Businessman’s Loan Assistance Law of 1972.”

HISTORY: Codes, 1942, § 8940-131; Laws, 1972, ch. 441, § 1, eff from and after July 1, 1972.

§ 57-10-103. Declaration of intent; construction.

The increasing need for commercial financing at reasonable rates for the small businessman necessitates a new loan guaranty program in order that the economy of the state may continue to grow and prosper. It is the intent of this article to encourage small business loans by furnishing lending institutions additional security to place such loans on a sound, financial basis and reap statewide benefits resulting from an expanded economy. This article is intended to strengthen the economic security of this state and insure its permanent financial well-being.

This article is hereby declared to be a public necessity, is remedial in purpose, and should be liberally construed to effect its purpose.

HISTORY: Codes, 1942, § 8940-132; Laws, 1972, ch. 441, § 2, eff from and after July 1, 1972.

§ 57-10-105. Definitions.

Whenever the following terms or similar terms are used herein they shall have the following meanings, unless the context clearly indicates otherwise:

“Borrower” means any individual, firm, partnership or corporation approved by the committee, residing in Mississippi who applies for or borrows money from any lender under the provisions of this article.

“Lender” shall mean any state or national bank, savings and loan association or insurance company doing business in Mississippi, which is approved by the committee.

“Manager” means the Executive Director of the Mississippi Business Finance Corporation.

“Committee” means the Certified Development Company of Mississippi, Inc., created pursuant to Section 57-10-167.

“Loan guaranty” means additional security to the lender by the state for loans to small businessmen in this state.

“Guaranty fee fund” means a revolving fund maintained in the State Treasury as a separate fund composed of guaranty fee payments from loans made under the provisions of this article.

“Small businessman’s loan fund” means a separate and additional fund maintained in the State Treasury by appropriation from the state Legislature and used exclusively to guarantee loans as herein provided.

“Transfer” means to loan, to give, to make available or to pass control of any available funds held in paragraphs (f) and (g) above to the Mississippi Economic Development Corporation, or its successor.

HISTORY: Codes, 1942, § 8940-133; Laws, 1972, ch. 441, § 3; Laws, 1982, ch. 422, § 4; Laws, 1983, ch. 434, § 12; Laws, 1988, ch. 518, § 46; Laws, 2001, ch. 337, § 30, eff from and after passage (approved Mar. 6, 2001.).

§ 57-10-107. Repealed.

Repealed by Laws, 1983, ch. 434, § 15, eff from and after March 30, 1983.

[Codes, 1942, § 8940-134; Laws, 1972, ch. 441, § 4]

§ 57-10-109. Manager.

The manager shall be required to have a surety bond in an amount to be fixed by the committee.

The manager, subject to the approval of the committee, is authorized to employ such additional technical, clerical and stenographic assistance as may be necessary to carry out the provisions of this article. It is hereby made the duty of all of the departments and agencies of the state government to give aid and assistance to the manager in administering this program.

HISTORY: Codes, 1942, § 8940-137; Laws, 1972, ch. 441, § 7; Laws, 2001, ch. 337, § 31, eff from and after passage (approved Mar. 6, 2001.).

§ 57-10-111. General powers and duties of committee.

The committee is authorized and empowered to prepare and promulgate reasonable rules, regulations and policies for applications for loans, credit instruments, and any and all other forms, rules, policies, regulations or procedures desirable in order to carry out the provisions of this article. The committee shall determine the amount of the guaranty fee to be paid under the provisions of this article, subject to the limitations set forth in Section 57-10-115. Such guaranty fee payments shall be deposited in the guaranty fee fund. It shall also be the duty of the committee to formulate the policies to be administered by the manager under the provisions of this article. The function of the committee shall be that of policy-making and the functions of the manager shall be administrative.

In addition to the power and authority granted herein, the committee is hereby authorized to use any available funds in the small businessman’s loan fund or the guaranty fee fund to be used for any authorized and legal purposes as contained in Sections 57-10-1 through 57-10-41, irrespective and notwithstanding any limitations, restrictions or other provisions of this article.

It is the intent of this section and the 1982 and 1983 amendments to Article 1 and Article 3 of this chapter, that the small businessman’s loan program and the Mississippi Economic Development Corporation program shall pool and combine the resources and efforts of each to make them more readily available to the needs of the small businessmen and women of this state.

However, in the event a loan is made to the Mississippi Economic Development Corporation or its successor, the maximum liability limit as expressed in Sections 57-10-115(3) and 57-10-133 shall automatically be reduced by an amount equal to five (5) times the amount of the loan.

The committee is hereby authorized and empowered to establish and put in effect reasonable terms and conditions on any and all such transfers to the corporation regarding repayment of any transfers and security therefor, if applicable, default provisions and annual reporting on the status of any transfer.

HISTORY: Codes, 1942, § 8940-136; Laws, 1972, ch. 441, § 6; Laws, 1982, ch. 422, § 5; Laws, 1983, ch. 434, § 13, eff from and after passage (approved March 30, 1983).

§ 57-10-113. Eligibility for loan guaranty.

A borrower may apply to the committee for a loan guaranty necessary to meet the lender’s approval of the loan. The borrower must demonstrate his inability to obtain conventional financing, and thus the need for the state loan guaranty.

HISTORY: Codes, 1942, § 8940-135; Laws, 1972, ch. 441, § 5; Laws, 1995, ch. 548, § 1, eff from and after passage (approved April 6, 1995).

§ 57-10-115. Loan guaranty fee; loan limitations and restrictions.

1. On every loan, the borrower shall pay a nonrefundable guaranty fee of two percent (2%) of the guaranteed portion, to be paid at the time of disbursement of loan proceeds. Upon collection, the committee shall remit all such guaranty fees to a special fund for such fees created by the State Treasurer.
2. No loan guaranty made by the committee shall exceed seventy-five percent (75%) of the principal of the loan.
3. The amount of all outstanding loan guaranties shall not exceed five (5) times the combined total amount in the Small Businessman’s Loan Fund, plus the guaranty fee fund and accrued interest on both funds, provided the liability of the two (2) funds shall not exceed Fifteen Million Seven Hundred Fifty Thousand Dollars ($15,750,000.00).
4. No guaranty made under the provisions of this article shall be an amount exceeding Three Hundred Seventy-five Thousand Dollars ($375,000.00) principal, and the term thereof shall not exceed twenty (20) years.
5. More than one (1) loan may be outstanding to any one (1) borrower at any one (1) time; provided, however, that the aggregate amount of all loan guaranties to any one (1) borrower shall not exceed Three Hundred Seventy-five Thousand Dollars ($375,000.00).
6. The total amount of a loan secured by any real and/or personal property, including any previous indebtedness incurred against real and/or personal property offered as security for such loan, shall not exceed ninety percent (90%) of the market value as determined by an appraisal made by the lender. In determining the amount of indebtedness to be incurred against any real or personal property securing such a loan, the lender may consider the enhanced value of the real property and any other additional capital assets accruing to the borrower through loans provided under this article.

HISTORY: Codes, 1942, § 8940-138; Laws, 1972, ch. 441, § 8; Laws, 1973, ch. 468, § 1; Laws, 1974, ch. 552, § 1; Laws, 1975, ch. 450, § 1; Laws, 1976, ch. 371, § 1; Laws, 1977, ch. 343, § 1; Laws, 1978, ch. 405, § 1; Laws, 1979, ch. 324; Laws, 1984, ch. 308; Laws, 1988, ch. 499; Laws, 1989, ch. 524, § 23; Laws, 1995, ch. 548, § 2, eff from and after passage (approved April 6, 1995).

§ 57-10-117. Supplementary security requirement for corporate borrower.

If there is a corporate borrower, the committee shall require the personal guarantee or endorsement of any principal or entity owning at least twenty percent (20%) of the corporation that is borrowing money from any lender under the provisions of this article, and the committee may also require any other guarantees it deems appropriate.

HISTORY: Codes, 1942, § 8940-139; Laws, 1972, ch. 441, § 9; Laws, 1995, ch. 548, § 3, eff from and after passage (approved April 6, 1995).

§ 57-10-119. Advancement of loan in installments.

If the loan is approved and the lender so desires, the loan, where feasible, may be advanced in installments under such rules and regulations as the committee may establish.

HISTORY: Codes, 1942, § 8940-140; Laws, 1972, ch. 441, § 10, eff from and after July 1, 1972.

§ 57-10-121. Proceedings by lender upon default on loan; assignment of unsatisfied judgment to state.

If the borrower defaults in the payment of any loan or any installments thereof, fails to follow his plan and applies any installment or installments of his loan to purposes other than those in his plan as certified by the committee, violates any of the covenants and conditions contained in the instrument securing the loan, or fails to comply with any other provision of this article, the lender shall proceed to collect the entire amount due under the loan.

In the event the lender proceeds to collect the loan, he shall be required to follow the procedures as established by the committee and shall not have a claim against either the guaranty fee fund or the small businessman’s loan fund in the state treasury unless or until he has first exhausted his legal rights and remedies in aid of the collection of the loan which include, but are not limited to, his rights under the following: (a) promissory note or notes and signers or endorsers thereon; (b) deeds of trust and mortgages; (c) security agreements; and (d) any set-offs or counterclaims which include the right to foreclose the deeds of trust or mortgages and to sell, or cause to be sold, the property secured thereby and obtain a judgment or decree for any balance remaining due on the loan after such foreclosures and sale of the property given as security.

When the lender has obtained a judgment or decree against the borrower for any deficiency in the amount of the principal of the loan and interest not realized in the sale of the mortgaged property or otherwise, the lender must have execution issued on any such judgment or decree. If the judgment is not satisfied following execution, the lender shall then assign the judgment or decree to the State of Mississippi, using such form of assignment as may be prescribed by regulation promulgated by the committee, before either of the two (2) said funds in the state treasury may be liable in anywise for the benefit of the lender; however, the committee may determine that it is economically or legally infeasible for the lender to obtain a judgment or decree against the borrower, such determination and the reasons therefor to be reflected in the minutes of the committee. Upon the making of such a determination, the committee will succeed to whatever rights the lender may possess in place of a judgment or decree.

HISTORY: Codes, 1942, § 8940-141; Laws, 1972, ch. 441, § 11; Laws, 1981, ch. 417, § 1, eff from and after passage (approved March 25, 1981).

§ 57-10-123. Filing of claim for payment of loan from state funds.

If the requirements appearing heretofore in Section 57-10-121 have been met by the lender and any sum of money remains due on the principal of the loan, the lender must file with the manager, on the form prescribed by the committee, the lender’s claim for the amount of principal remaining due and outstanding under the loan. The claim shall be accompanied by papers showing that the lender has exhausted his legal rights and remedies in an effort to collect the loan, or that such requirement was waived by the committee, and must include an assignment of the judgment from the lender to the State of Mississippi, or an assignment of rights that the lender may possess in the event requirement of judgment has been waived. In the event that the borrower has declared bankruptcy, then the lender must submit a final order of the bankruptcy court in that cause or such other documents that prove to the satisfaction of the committee that the lender has first exhausted his legal rights and remedies in aid of his collection of the loan. The committee shall review these papers and the claim by the lender and if the committee is satisfied that the same are in due form and meet the requirements under this article, the full committee shall allow the claim and issue its requisition according to law to the state auditor against the guaranty fee fund in the State Treasury for the balance of the principal under the loan. The state auditor shall, after determination of the legal validity of the claim, issue a warrant therefor which shall be honored by the State Treasurer by payment out of said guaranty fee fund in the State Treasury.

If the balance remaining in the guaranty fee fund of the state treasury is insufficient to pay the amount of the principal of the loan remaining due, as shown by the written certificate of the State Treasurer to the manager, then the committee shall issue its requisition according to law, for the amount of the principal remaining due under the loan against the small businessman’s loan fund on which the state auditor shall issue his warrant, which shall be honored by the State Treasurer to the limit of the funds allowable in the small businessman’s loan fund.

HISTORY: Codes, 1942, § 8940-142; Laws, 1972, ch. 441, § 12; Laws, 1975, ch. 355; Laws, 1981, ch. 417, § 2, eff from and after passage (approved March 25, 1981).

§ 57-10-125. Collection of debt to state.

1. If either the guaranty fee fund or the small businessman’s loan fund becomes liable for any principal due under any loan and any payment is made from either fund to the lender in payment of the balance of the principal remaining due under such loan, the amount thus paid shall become a debt due the State of Mississippi in favor of the fund from which said balance for the principal of the loan was paid, or prorate with the balance of the principal that was paid from the guaranty fee fund and the small businessman’s loan fund, which debt shall bear interest at the legal rate. It shall be the duty of the attorney, selected pursuant to subsection (2) of this section, to collect said debt with interest and the attorney shall also collect the balance of the loan, representing interest due the lender over and above the principal which will likewise bear interest at the legal rate after the judgment is obtained. The committee may authorize the attorney to settle and compromise any debt due under the provisions of this section.
2. In order to effect a collection pursuant to subsection (1) of this section, the committee is authorized and empowered, subject to the approval of the attorney general, to hire an attorney and compensate him on either a fixed or contingent fee basis.

HISTORY: Codes, 1942, § 8940-143; Laws, 1972, ch. 441, § 13; Laws, 1979, ch. 366, eff from and after passage (approved March 15, 1979).

§ 57-10-127. Distribution of collections by state.

Methods of distribution of all of the collections made by the district attorney or county attorney, where either or both of the funds in the state treasury have become liable for the principal due under any such loan and payment of the remaining balance due on the principal of the loan have been paid from either the guaranty fee fund or small businessman’s loan fund, shall be as follows: (a) first, the amount of the principal of the loan which has been paid out of either the guaranty fee fund or the small businessman’s loan fund shall be deposited to the fund from which it was withdrawn, or on a pro rata basis; (b) next, the interest due the lender on the loan unpaid up to and including the date of the assignment of the judgment from the lender to the State of Mississippi shall be paid to the lender; (c) then, the remainder of the proceeds, if any, shall be applied to the payment of interest to the guaranty fee fund or small businessman’s loan fund, at the legal rate from the date that said fund was called upon to indemnify the lender.

HISTORY: Codes, 1942, § 8940-145; Laws, 1972, ch. 441, § 15, eff from and after July 1, 1972.

§ 57-10-129. Extent of liability of state funds.

The extent of the liability of either the guaranty fee fund or the small businessman’s loan fund to the lender shall be seventy-five percent (75%) of the principal remaining due and unpaid after the lender has fully exhausted all remedies for recovery as provided herein, and neither of these funds shall be liable for interest which the borrower owes the lender under any such loan.

HISTORY: Codes, 1942, § 8940-144; Laws, 1972, ch. 441, § 14, eff from and after July 1, 1972.

§ 57-10-131. Investment of moneys in state funds.

The small businessman’s loan fund and at least three-fourths (3/4) of the guaranty fee fund shall be invested in interest-bearing notes or savings accounts for the highest possible yield as determined by the committee. However, not more than ten percent (10%) of the combined total of the two (2) funds shall be invested in interest-bearing notes or savings accounts of the banks from which the two (2) executive bank officers are chosen to be members of the small businessman’s loan committee according to Section 57-10-107.

HISTORY: Codes, 1942, § 8940-146; Laws, 1972, ch. 441, § 16, eff from and after July 1, 1972.

§ 57-10-133. Acceptance of federal and private grant funds.

The committee is hereby authorized and empowered to accept federal and private grant funds and to use same for all purposes. The committee may use any such federal or private grant funds to establish a supplemental loan guaranty fund with the state treasury and may make additional loan guaranties on the basis of such fund; provided that the aggregate amount of such additional loan guaranties shall not at any time exceed five (5) times the amount on deposit in such supplemental loan guaranty fund; provided further, that the aggregate of the liability for such supplemental loan guaranty fund and the liability authorized by Section 57-10-115(3) shall not exceed seventeen million five hundred thousand dollars ($17,500,000.00) at any one (1) time.

HISTORY: Codes, 1942, § 8940-147; Laws, 1972, ch. 441, § 17; Laws, 1973, ch. 468, § 2; Laws, 1974, ch. 552, § 2; Laws, 1975, ch. 450, § 2; Laws, 1976, ch. 371, § 2; Laws, 1977, ch. 343, § 2; Laws, 1978, ch. 405, § 2, eff from and after July 1, 1978.

§ 57-10-135. Liability of state and subdivisions for obligations and guarantees assumed by state funds.

Obligations and guarantees assumed by the small businessman’s loan fund and the guaranty fee fund under the provisions of the guaranty program shall not be in any way an obligation, loan, debt or liability of the State of Mississippi or of any political subdivision thereof other than the small businessman’s loan fund and the guaranty fee fund. They shall not create or constitute any obligation, liability or indebtedness of the state or of any political subdivision, or be or constitute a pledge of the faith and credit of the state or of any political subdivision, and all indebtedness or obligations shall be payable solely from revenues or funds available for their payment as authorized herein.

HISTORY: Codes, 1942, § 8940-148; Laws, 1972, ch. 441, § 18, eff from and after July 1, 1972.

§ 57-10-137. Transfer of moneys to general fund upon termination of program.

If the program provided by this article is terminated or discontinued for any reason in the future, all monies in the guaranty fee fund and small businessman’s loan fund in the state treasury shall, after payment of all outstanding indebtedness, be transferred to the general fund.

HISTORY: Codes, 1942, § 8940-149; Laws, 1972, ch. 441, § 19, eff from and after July 1, 1972.

§ 57-10-151. Short title.

This article shall be known and may be cited as “The Comprehensive Small Business Act of 1983.”

HISTORY: Laws, 1983, ch. 434, § 1, eff from and after passage (approved March 30, 1983).

§ 57-10-153. Legislative intent.

In order to stimulate the expansion of existing small businesses and to encourage the formation of new economically sound small business enterprises in this state, it is the intent of the legislature to create a consortium of state agencies and educational institutions which provide services to the state’s non-agricultural small businesses for the purpose of coordinating delivery and avoiding duplication of such services to the small business community.

HISTORY: Laws, 1983, ch. 434, § 2, eff from and after passage (approved March 30, 1983).

§ 57-10-155. Definitions.

Whenever the following terms are used herein they shall have the following meanings, unless the context clearly indicates otherwise:

“Small business” means a non-agricultural business as defined by the small business administration’s most current declaration of small business size standards.

“Non-agricultural business” means businesses classified by the Standard Industrial Classification Code (SIC code) as Major Groups 10 through 79. Agricultural production and services, forestry and fisheries (Major Groups 01 through 09) are excluded from the provisions of this article.

“Consortium” means the state agencies or educational institutions which provide services to small businesses and are so designated by this article.

“Consortium board” means the governing body of the consortium formed to set policy and ensure that there is a coordinated program of assistance to the state’s small businesses.

“Coordinator” means a staff member of the consortium designated by the consortium board to coordinate delivery of services to small businesses.

“Certified Development Company of Mississippi, Inc.” means the corporation organized pursuant to Section 57-10-167 as a not-for-profit and non-share public corporation organized and chartered for the purpose of furthering the economic development of the state.

HISTORY: Laws, 1983, ch. 434, § 3, eff from and after passage (approved March 30, 1983).

§ 57-10-157. Composition of Small Business Consortium.

Member agencies and institutions which are included in the Small Business Consortium are as follows:

Department of Economic Development;

Governor’s Office of Federal-State Programs;

All state-supported universities; and

All public junior colleges.

Other agencies or institutions serving small business may be added or deleted from the consortium by a two-thirds (2/3) vote of the consortium board.

HISTORY: Laws, 1983, ch. 434, § 4; Laws, 1988, ch. 518, § 47, eff from and after July 1, 1988.

§ 57-10-159. Small Business Consortium Board created; composition; compensation and expenses of members; meetings.

There is hereby created the Small Business Consortium Board which shall be the policymaking body for the state’s program of services to nonagricultural small businesses. The consortium board will be composed of the following seven (7) members: The Executive Director of the Department of Economic and Community Development; the Director of the University Research Center; the Director of the Department of Finance and Administration; the Director of the Enterprise Development Division of the Department of Economic and Community Development; the president of a public junior college appointed by the Mississippi Junior College Association; the President of the Certified Development Company of Mississippi, Inc.; and the District Director of the Small Business Administration.

Members of the consortium board shall receive no compensation for their services as members of the board. All consortium board members who are employees of the state or any entity thereof may receive reimbursement for actual and necessary traveling and subsistence expenses incurred, such reimbursement to be in the manner provided for in Section 25-3-41.

A majority of the consortium board shall constitute a quorum, but less than a quorum may adjourn the meeting from time to time. The consortium board shall hold its meetings on at least a semiannual basis by call of the coordinator or a majority of the consortium board, and such meetings may be held at any place within the State of Mississippi acceptable to a majority of the board.

HISTORY: Laws, 1983, ch. 434, § 5; Laws, 1988, ch. 518, § 48; Laws, 1990, ch. 502, § 7, eff from and after July 1, 1990.

§ 57-10-161. General duties and responsibilities of consortium board; review of certain assistance proposals.

The duties and responsibilities of the consortium board shall be to set policy regarding delivery, and to implement delivery, of services to the state’s non-agricultural small businesses, which services are provided by the consortium members or other state-supported agencies or institutions.

In order to ensure that existing delivery systems for services to small businesses are utilized whenever possible and to avoid duplication of services, any proposals for programs, grants or funding intended to provide services to small business in the general population or targeted areas of the state which are under consideration by state agencies or institutions, not members of the consortium, shall be reviewed by the consortium board. The board shall determine whether to include a program within one of the member agencies or delivery systems; include the agency or institution within the consortium; or disapprove the proposal. Excluded from this review process shall be any site-specific studies or fee-paid services provided by faculty members within the state university system and fee-paid services to small businesses provided by other state agencies or departments within the state university system.

HISTORY: Laws, 1983, ch. 434, § 6, eff from and after passage (approved March 30, 1983).

§ 57-10-163. Coordinator of small business consortium.

1. It shall be the responsibility of the coordinator of the small business consortium to preside at meetings of the consortium board and to bring to the attention of the board the changing and evolving problems and needs of Mississippi small businesses; the need for addition, modification, or deletion of particular services; the existence of duplication of effort; the need for coordination; and any other situations relative to the effective delivery of state-supported services to small businesses of the state.
2. The coordinator shall be required to maintain current descriptions of and familiarity with the technical service programs provided by the consortium members to small businesses. These programs include but are not limited to: providing direct counseling assistance to business people in the areas of management, marketing, finance, and production as it relates to establishing a new or operating an existing small business in the state; providing business data and information necessary to make informed management decisions; and conducting training seminars and workshops on topics vital to the small business community of the state. The coordinator shall advise the consortium board of the need for addition, modification or deletion of particular services; the existence of duplication of effort; and the need for coordination. It shall be the responsibility of the consortium board to implement such changes in technical assistance programs as it deems necessary to comply with the intent of this article.
3. The coordinator shall be selected by a two-thirds (2/3) majority vote of the consortium board and shall serve at the will and pleasure of the consortium board. The coordinator shall be a full-time staff member of one of the consortium agencies or institutions or of the small business administration, and shall be located in Jackson, Mississippi. The coordinator may from time to time call special meetings of the consortium board as needed.

HISTORY: Laws, 1983, ch. 434, § 7, eff from and after passage (approved March 30, 1983).

§ 57-10-165. Small Business Clearinghouse.

There is hereby created a unit within the consortium to be known as the Small Business Clearinghouse which shall provide a single contact point for the state’s small businesses seeking assistance, make them aware of programs available to them, and direct them to the appropriate delivering organization.

The Small Business Clearinghouse shall be part of the Mississippi Department of Economic Development, and the Executive Director of the Mississippi Department of Economic Development shall be authorized to employ a full-time staff member and to expend such funds as necessary to effectively implement the duties assigned this unit.

In order to ensure that the general small business public is informed of this single contact point for gaining access to state-supported services, the Small Business Clearinghouse shall establish and maintain an outreach program.

HISTORY: Laws, 1983, ch. 434, § 8; Laws, 1988, ch. 518, § 49, eff from and after July 1, 1988.

§ 57-10-167. Establishment of Certified Development Company of Mississippi, Inc.; appointment, terms of office and compensation of members; executive director; officers and board of directors; redesignation as Mississippi Business Finance Corporation.

There is hereby established the Certified Development Company of Mississippi, a public corporation, which shall be an incorporated certified development company pursuant to Section 503 of the Small Business Investment Act of 1958, as amended.

The Certified Development Company of Mississippi, Inc., hereinafter referred to as the “committee” unless the context clearly indicates otherwise, shall be composed of twenty-five (25) members as follows:

The State Treasurer; the Executive Director of the University Research Center or his designee; the Executive Director of the Mississippi Development Authority; the Executive Director of the Small Business Development Center; six (6) persons associated with small business to be appointed by the Governor, one (1) for a term of one (1) year, one (1) for a term of two (2) years, one (1) for a term of three (3) years, one (1) for a term of four (4) years, one (1) for a term of five (5) years and one (1) for a term of six (6) years; three (3) persons associated with small business to be appointed by the Lieutenant Governor, one (1) for a term of one (1) year, one (1) for a term of two (2) years and one (1) for a term of three (3) years; five (5) persons involved in banking or small business to be appointed by the Governor, one (1) for a term of one (1) year, one (1) for a term of two (2) years, one (1) for a term of three (3) years, one (1) for a term of four (4) years and one (1) for a term of five (5) years; and two (2) persons involved in banking or small business to be appointed by the Lieutenant Governor, one (1) for a term of one (1) year and one (1) for a term of two (2) years. The members described above and serving on the committee on June 30, 1984, shall continue to serve on the committee until the expiration of their terms.

For terms to begin on July 1, 1984, the Governor shall appoint one (1) person associated with small business for a term of six (6) years; the Secretary of State shall appoint one (1) person associated with small business for a term of one (1) year; the Attorney General shall appoint one (1) person involved in banking or small business for a term of six (6) years; and the State Treasurer shall appoint two (2) persons, one (1) for a term of one (1) year and one (1) for a term of two (2) years, and after the expiration of the term of the person appointed hereinabove by the Attorney General, that vacancy shall be filled thereafter by a person involved in banking or small business appointed by the State Treasurer for a term of six (6) years.

All appointments after the initial appointment shall be for terms of six (6) years each. All such appointments will be subject to the approval of the Senate. An appointment to fill a vacancy existing for any reason other than the expiration of a term shall be for the balance of the unexpired term. Members serving by reason of their ex officio designation shall continue to serve as long as they occupy the position which entitles them to membership.

Members who are officers or employees of the state shall receive no compensation for their services, and other committee members shall receive a per diem as provided in Section 25-3-69, Mississippi Code of 1972. All members shall receive reimbursement for actual traveling and subsistence expenses incurred in the performance of their duties under this article, such reimbursement to be as provided in Section 25-3-41, Mississippi Code of 1972.

The Certified Development Company of Mississippi, Inc., shall have an executive director who shall be appointed by the board of directors.

The Certified Development Company of Mississippi, Inc., shall elect from among its membership a nine-member board of directors, a majority of whom shall be a quorum, a president and vice president and may appoint a secretary and a treasurer.

From and after July 1, 1989, the Certified Development Company of Mississippi, Inc., shall be known as the Mississippi Business Finance Corporation, and wherever the term “Certified Development Company of Mississippi, Inc.,” appears in the laws of this state it shall mean the Mississippi Business Finance Corporation.

HISTORY: Laws, 1983, ch. 434, § 9; Laws, 1984, ch. 488, § 326; Laws, 1985, ch. 434; Laws, 1986, ch. 375; Laws, 1988, ch. 518, § 50; Laws, 1989, ch. 524, § 24; Laws, 2001, ch. 337, § 32, eff from and after passage (approved Mar. 6, 2001.).

§ 57-10-169. Abolition of Mississippi Economic Development Corporation and small businessman’s loan committee; transfer of powers, duties and authority.

From and after July 1, 1983, the Mississippi Economic Development Corporation and the small businessman’s loan committee shall be abolished and the powers, duties and authority granted the Mississippi Economic Development Corporation and the small businessman’s loan committee pursuant to Articles 1 and 3, Chapter 10, Title 57, Mississippi Code of 1972, shall at that time be transferred to the Certified Development Company of Mississippi.

HISTORY: Laws, 1983, ch. 434, § 10, eff from and after passage (approved March 30, 1983).

§ 57-10-201. Short title.

This article shall be known and may be cited as the “Mississippi Business Financing Act”.

HISTORY: Laws, 1985, ch. 450, § 1; Laws, 1990 Ex Sess, ch. 71, § 5, eff from and after passage (approved June 30, 1990).

§ 57-10-203. Legislative findings and declarations.

The Legislature finds and determines that there exists in the state a need to assist business in the state in obtaining financing for new business or in the expansion of existing business in order to promote and develop industrial development and to further the long-term economic development of the state through the improvement of its tax base and the promotion of employment. The Legislature finds and determines that it is necessary to provide financial assistance to business in the state by providing loans, guarantees, insurance and other assistance to business, thereby encouraging the investment of private capital in business in the state. To assist in such matters is essential to the industrial development of the state. In making these determinations, the Legislature has considered and affirmatively expresses its policy to assist businesses, acknowledging that this determination has and will affect competition.

It is hereby further declared that all of the foregoing are public purposes and will serve a public purpose in that they will promote industry, develop trade and increase employment opportunities for the benefit of the inhabitants of the state, either through the increase of commerce or through the promotion of safety, health, welfare, convenience or prosperity; and that the necessity of enacting the provisions herein set forth is in the public interest and is hereby so declared as a matter of express legislative determination.

HISTORY: Laws, 1985, ch. 450, § 2; Laws, 1990 Ex Sess, ch. 71, § 6, eff from and after passage (approved June 30, 1990).

§ 57-10-205. Definitions.

As used in this article, unless the context otherwise requires:

“Bonds” shall mean any bonds, refunding bonds, notes, debentures, interim certificates or any bond, grant, revenue anticipation notes or any other evidences of indebtedness of the company, whether in temporary or definitive form and whether or not exempt from federal taxation.

“Company” shall mean the Mississippi Business Finance Corporation, formerly the Certified Development Company of Mississippi, Inc., created in Section 57-10-167, Mississippi Code of 1972.

“Cost,” as applied to the eligible business, shall mean and shall include, without limitation because of enumeration, the cost of construction; the cost of acquisition of all lands, structures, rights-of-way, franchises, easements and other property rights and interests; the cost of demolishing, removing, rehabilitating or relocating any buildings or structures on lands acquired, including the cost of acquiring any such lands to which such buildings or structures may be moved, rehabilitated or relocated; the cost of all labor, materials, machinery and equipment, financing charges, letter of credit or other credit enhancement fees, insurance premiums, interest on all bonds prior to and during construction or acquisition and for a period not exceeding one (1) year after completion of such construction or acquisition; cost of engineering, financial and legal services, plans, specifications, studies, surveys, estimates of cost and of revenues, commissions, guaranty fees, other expenses necessary or incident to determining the feasibility or practicality of constructing, financing or operating a project of an eligible business; administrative expenses, provisions for working capital, reserves for interest and for extensions, enlargements, additions, improvements and replacements, and such other expenses as may be necessary or incidental to the construction or acquisition of a project of an eligible business or the financing of such construction, acquisition or expansion and the placing of a project of an eligible business in operation. Any obligation or expense incurred by the state or any agency thereof, with the approval of the company, for studies, surveys, borings, preparation of plans and specifications or other work or materials in connection with the construction or acquisition of a project of an eligible business may be regarded as a part of the cost of a project of an eligible business and may be reimbursed to the state or any agency thereof out of the proceeds of the bonds issued therefor. The construction of railroad spur tracks shall be a cost of an eligible business for which financial assistance is available under this article; and such assistance may be provided to an existing eligible business whether or not the construction of such spur tracks is related to an expansion of such eligible business.

“Eligible business” shall mean any person engaged in one or more business enterprises in the state who meets requirements the company shall determine from time to time if the company finds and determines such person is in need of its assistance.

“Indenture” shall mean any trust agreement, deed of trust, mortgage or other security agreement under which bonds authorized pursuant to this article shall be issued or secured.

“Lender” shall mean any federally or state chartered bank, federal land bank, production credit association, bank for cooperatives, state or federally chartered savings and loan association, building and loan association, small business investment company or any other financial institution qualified within the state to originate and service loans, including but not limited to insurance companies, credit unions, investment banking or brokerage companies and mortgage loan companies.

“Loan” shall mean any lease, loan agreement or sales contract as hereinafter defined:

“Lease” shall mean any lease containing an option to purchase the project or projects of the eligible business being financed for a nominal sum upon payment in full, or provision thereof, of all bonds issued in connection with the eligible business and all interest thereon and principal of and premium, if any, thereon and all other expenses in connection therewith.

“Loan agreement” shall mean an agreement providing for a loan of proceeds from the sale and issuance of bonds by the company or by a lender with which the company has contracted to loan such proceeds to one or more contracting parties to be used to pay the cost of one or more projects of an eligible business and providing for the repayment of such loan including but not limited to all interest thereon, and principal of and premium, if any, thereon and all other expenses in connection therewith, by such contracting party or parties and which may provide for such loans to be secured or evidenced by one or more notes, debentures, bonds or other secured or unsecured debt obligations of such contracting party or parties, delivered to the company or to a trustee under an indenture pursuant to which the bonds were issued.

“Sales contract” shall mean a contract providing for the sale of one or more projects of an eligible business to one or more contracting parties and includes but is not limited to a contract providing for payment of the purchase price, including but not limited to all interest thereon, and principal of and premium, if any, thereon and all other expenses in connection therewith, in one or more installments. If the sales contract permits title to a project being sold to an eligible business to pass to such contracting party or parties prior to payment in full of the entire purchase price, it also shall provide for such contracting party or parties to deliver to the company, or to the trustee under the indenture pursuant to which the bonds were issued, one or more notes, debentures, bonds or other secured or unsecured debt obligations of such contracting party or parties providing for timely payments of the purchase price thereof.

“Municipality” shall mean any county or incorporated municipality in the state.

“Person” shall mean a natural person, partnership, association, corporation, business trust or other business entity.

“Revenue Code” shall mean the Internal Revenue Code of 1986, as amended.

“Revenues” shall mean any and all fees, rates, rentals, profits and receipts collected by, payable to, or otherwise derived by, the company, and all other moneys and income of whatsoever kind or character collected by, payable to, or otherwise derived by, the company in connection with loans to any eligible business in furtherance of the purposes of this article.

“Business enterprise” shall mean (a) any industry for the manufacturing, processing, assembling, storing, warehousing, servicing, distributing or selling of any products of agriculture, mining or industry or professional services; (b) any commercial enterprise; (c) enterprises for research and development, including but not limited to scientific laboratories; (d) any conference center, or any final destination or resort hotel having a minimum of one hundred fifty (150) rooms, or any combination of the foregoing; (e) any theme park or movie industry production studio, or any combination thereof, which would employ a minimum of two hundred (200) net full-time employees; or (f) such other businesses as will be in furtherance of the public purposes of this article as determined by the company.

“State” shall mean the State of Mississippi.

“Umbrella bonds” shall mean the bonds issued pursuant to Section 57-10-213 of this article.

HISTORY: Laws, 1985, ch. 450, § 3; Laws, 1986, ch. 355; Laws, 1987, ch. 464, § 1; Laws, 1990 Ex Sess, ch. 71, § 7; Laws, 1991, ch. 358 § 1, eff from and after passage (approved March 15, 1991).

§ 57-10-207. General powers of board of directors.

In addition to those powers granted elsewhere by law, the board of directors of the company is hereby granted all powers necessary or appropriate to carry out and effectuate the purposes of this article, including, but not limited to, the following powers to:

Borrow money and issue bonds as provided by this article;

Procure insurance or guarantees from any public or private entities, including any department, agency or instrumentality of the United States of America, or, subject to the provisions of and to the extent moneys are available in the fund created by Section 57-10-215, insure or guarantee the payment of any bonds issued by the company, including the power to pay premiums on any such insurance or guarantees or other instruments of indebtedness;

Receive and accept from any source aid or contributions of money, property, labor or other things of value to be held, used and applied to carry out the purposes of this article (subject, however, to any conditions upon which grants or contributions are made) including, but not limited to gifts or grants from any department, agency or instrumentality of the United States of America;

Enter into agreements with any department, agency or instrumentality of the United States of America or of the state and with lenders and enter into loans with contracting parties for the purpose of planning, regulating and providing for the financing or assisting in the financing of any eligible business or any project thereof;

Enter into contracts or agreements with lenders for the servicing and/or processing of loans;

Provide technical assistance to local industrial development authorities and to profit and nonprofit entities in the development or operation by, or assistance to, persons engaged in business enterprises and distribute data and information concerning the encouragement and improvement of business enterprises in the state;

To the extent permitted in the proceedings pursuant to which the bonds of the company are issued, consent to any modification with respect to the rate of interest, time for, and payment of, any installment of principal or interest, or any other term of any contract, loan, sales contract, lease, indenture or agreement of any kind to which the company is a party;

To the extent permitted in the proceedings pursuant to which the bonds of the company are issued, enter into contracts with any lender containing provisions authorizing the lender to reduce the charges or fees, exclusive of loan payments, to persons unable to pay the regular schedule thereof when, by reason of other income or payment by any department, agency or instrumentality of the United States of America or the state, the reduction can be made without jeopardizing the economic stability of the eligible business being financed;

Allocate any of its property to the insurance or guaranty fund established by Section 57-10-215 or to any other fund of the company, such property consisting of:

Moneys appropriated by the state;

Premiums, fees and any other amounts received by the company with respect to financial assistance provided by the company;

Proceeds as designated by the company from the loan or other disposition of property held or acquired by the company;

Income from investments that were made by the company or on the behalf of the company from moneys in one or more of its funds; or

Any other moneys made available to the company consistent with this article;

Use any fund or funds of the company for any and all expenses to be paid by the company including, by way of example, but not by limitation: (i) any and all expenses for employment of administrative and clerical staff, legal, actuarial and other services; (ii) all costs, charges, fees and expenses of the company relating to the authorizing, preparing, printing, selling, issuing and insuring of bonds and the funding of reserves; and (iii) all expenses and costs relating to the guaranteeing, insuring or procurement of guarantees, insurance or other instruments providing credit or the enhancement of credit for the bonds;

Collect fees and charges, as the company determines to be reasonable, in connection with its loans, insurance, guarantees, commitments and servicing thereof;

Sell, at public or private sale, with or without public bidding, any obligation held by the company under this article;

Invest any funds not needed for immediate disbursement, including any funds held in reserve, in any obligations or securities which may be legally purchased by political subdivisions in the state or as may be otherwise permitted by Section 57-10-251; and

Take any action necessary or convenient for the exercise of the powers granted by this article or reasonably implied from them.

HISTORY: Laws, 1985, ch. 450, § 4; Laws, 1990 Ex Sess, ch. 71, § 8; Laws, 2001, ch. 337, § 33, eff from and after passage (approved Mar. 6, 2001.).

§ 57-10-209. Issuance and refunding of bonds; methods for financing projects.

Upon receipt of a certificate of public convenience and necessity from the Executive Director of the Mississippi Department of Economic and Community Development, the company shall have the power to borrow money and to issue from time to time its bonds to pay the cost of the projects for which such bonds have been issued, including but not limited to the power to issue from time to time bonds to renew or to pay bonds, including the interest thereon. Whenever bonds can be refunded to obtain interest rates on refunding bonds which are lower than the interest rates on the bonds to be refunded it shall have the power to refund any bonds by the issuance of new bonds, whether the bonds to be refunded have or have not matured, and to issue bonds partly to refund outstanding bonds. Refunding bonds may be sold and the proceeds applied to the purchase, redemption or payment of the bonds to be refunded, or exchanged for the bonds to be refunded. The company may undertake the financing of the cost of a project for an eligible business from the proceeds of its bonds by one or more of the following methods: (a) entering into a lease for the facilities of the eligible business being financed; (b) selling such facilities to the eligible business under a sales contract; (c) lending the proceeds of the sale of the bonds under a loan agreement with the eligible business; (d) entering into a loan to lenders transaction in the manner described in Section 57-10-227; or (e) entering into such other transaction or transactions as the company deems appropriate to accomplish the purposes of this article.

HISTORY: Laws, 1985, ch. 450, § 5; Laws, 1988, ch. 518, § 51; Laws, 1990 Ex Sess, ch. 71, § 9, eff from and after passage (approved June 30, 1990).

§ 57-10-211. Participation with lenders in making or purchasing loans.

In addition to and not as a limitation upon the powers to issue bonds as elsewhere expressed in this article, the company may, with proceeds of an issue of its bonds, participate with lenders in making or purchasing loans to eligible businesses to be serviced by such lenders, provided that:

The share of the company shall not exceed ninety percent (90%) of the total principal amount of any such loan, and such participation shall be payable with interest at the same times, but not necessarily at the same interest rate, as the share of the lender, and both shares shall be equally and ratably secured by a valid mortgage on, or security interest in, real or personal property or by any other security satisfactory to the company to secure payment of the loan; however, the company’s share of any such loan may equal one hundred percent (100%) of the total principal amount of the business loan if the lender participating in the making or purchasing of such business loan by servicing the loan, purchased one hundred percent (100%) of the total amount of the bonds issued by the company in connection with or allocable to such business loan;

The total principal amount of the company’s share shall not exceed ninety percent (90%) of the value of the property securing the business loan, unless the amount in excess of ninety percent (90%) is:

Loaned from available funds which are not proceeds received directly from the sale of the company’s bonds and are not restricted under the terms of the resolution authorizing, or the indenture securing, such bonds; or

Insured or guaranteed by a federal agency or by a private insurer qualified to write such insurance in the state, insuring a percentage of any claim for loss at least equal to that percentage of the value by which the business loan exceeds ninety percent (90%) thereof;

The value of the property securing the business loan is certified by the participating lender, on the basis of such appraisals, bids, purchase orders and engineers’ certificates as the company may require; provided that the value of items purchased and constructed from the proceeds of the business loan shall not be deemed, for purposes of this section, to exceed the contract price in respect of purchase or construction;

The company shall not disburse funds under a commitment to participate in a business loan for the construction or substantial improvement of property until the construction or improvement has been completed, unless a lender furnishes an irrevocable letter of credit or a qualified corporate surety furnishes payment and performance bonds, in either event satisfactory to the company and in an aggregate amount equal to the cost of such construction or improvement;

No other indebtedness may be secured by a mortgage on, or security interest in, property securing a business loan made or purchased pursuant to this section without the prior express written authorization of the company; and

The participating lender agrees to use the proceeds of the business loan to lend to eligible businesses in the state.

HISTORY: Laws, 1985, ch. 450, § 6; Laws, 1987, ch. 464, § 2; Laws, 1990, ch. 570, § 4; Laws, 1990 Ex Sess, ch. 71, § 10, eff from and after passage (approved June 30, 1990).

§ 57-10-213. Issuance of bonds to finance projects of eligible businesses.

In addition to, and not as a limitation upon, the powers of the company to issue bonds as elsewhere conferred in this article, and upon the receipt of a certificate of public convenience and necessity from the Executive Director of the Mississippi Department of Economic and Community Development, the company also shall have the power to issue bonds, the proceeds of which, after payment of the costs of issuance thereof, will be used to make loans to finance or refinance the projects of eligible businesses. The company shall promulgate such rules and regulations as may be necessary to carry out the purposes of this section and to provide procedures for the making of such loans and the repayment thereof.

HISTORY: Laws, 1985, ch. 450, § 7; Laws, 1987, ch. 464, § 3; Laws, 1988, ch. 518, § 52; Laws, 1990, ch. 570, § 5; Laws, 1990 Ex Sess, ch. 71, § 11, eff from and after passage (approved June 30, 1990).

§ 57-10-215. Insurance or guaranty fund.

There is hereby created an insurance or guaranty fund of the company which may be used for any of the following purposes:

To insure the payment or repayment of all or any part of the principal of, redemption or prepayment premiums or penalties on, and interest on its bonds;

To insure the payment or repayment of all or any part of the principal of, redemption or prepayment premiums or penalties on, and interest on any instrument executed, obtained or delivered in connection with the issuance and sale of its bonds; and

To pay or insure the payment of any fees or premiums necessary to obtain insurance, guarantees or other instruments or enhancement of credit for or support from any person in connection with financing assistance provided by the company under this article including but not limited to working capital loans made by a lender.

HISTORY: Laws, 1985, ch. 450, § 8, eff from and after July 1, 1985.

§ 57-10-217. Security for bonds or instruments.

The bonds or instruments with respect to which financial assistance is provided by the company shall be secured or unsecured in a manner approved by the company.

HISTORY: Laws, 1985, ch. 450, § 9, eff from and after July 1, 1985.

§ 57-10-219. Premiums and fees for financial assistance.

The company may, in its discretion, set the premiums and fees to be paid to it for providing financial assistance under this article. The premiums and fees and expenses set by the company shall be payable in the amounts, at the time and in the manner that the company, in its discretion, requires. The premiums and fees need not be uniform among transactions and may vary in amount among transactions and at different stages during the terms of the transactions.

HISTORY: Laws, 1985, ch. 450, § 10, eff from and after July 1, 1985.

§ 57-10-221. Applicability of debt limitation or restriction.

Bonds issued pursuant to the provisions of this article shall not constitute an indebtedness within the meaning of any debt limitation or restriction.

HISTORY: Laws, 1985, ch. 450, § 11, eff from and after July 1, 1985.

§ 57-10-223. Procedure for public hearings and approval.

Whenever federal law requires public hearings and public approval as a prerequisite to obtaining federal tax exemption for the interest paid on industrial development bonds under Section 141 of the Revenue Code, unless otherwise specified by federal law or regulation, the public hearing for industrial development bonds of the company shall be conducted by the company and the procedure for the public hearing and public approvals shall be as follows:

For a public hearing by the company;

Notice of the hearing shall be published at least once in a newspaper published or having general circulation in the municipality in which the facility to be financed is to be located, or having general circulation in the state, of intention to provide financing for a named applicant. The applicant shall pay the cost of notification. The notice shall specify the time and place of hearing at which persons may appear and present their views. The hearing shall be held not less than fourteen (14) days after the notice shall appear in such newspaper. The hearing may be held at any place within the state determined by the company;

The notice shall contain (A) the name and address of the company; (B) the name and address of the principal place of business, if any, of the applicant seeking financing; (C) the maximum dollar amount of financing sought; and (D) the type of business and purpose and specific location of the facility to be financed.

For public approval, the Governor or State Treasurer is appointed by this article as the applicable elected representative within the meaning of Section 147(f) of the Revenue Code.

HISTORY: Laws, 1985, ch. 450, § 12; Laws, 1992, ch. 548 § 3, eff from and after passage (approved May 14, 1992).

§ 57-10-225. Loans to lenders.

The company may make, and undertake commitments to make, loans to lenders under terms and conditions requiring the proceeds thereof to be used by such lenders to make loans to eligible businesses. Loan commitments or actual loans may be originated through and serviced by any such lender. As a condition to a lender’s participating in such loan, such lender shall agree to use the proceeds of such loan within a reasonable period of time to make loans or purchase loans to provide eligible businesses, or finance the projects of eligible businesses, in the state or, if such lender has made a commitment to make loans to provide eligible businesses on the basis of a commitment from the company to purchase such loans, such lender will make such loans within a reasonable period of time.

HISTORY: Laws, 1985, ch. 450, § 13; Laws, 1990 Ex Sess, ch. 71, § 12, eff from and after passage (approved June 30, 1990).

§ 57-10-227. Investment in, purchase and assignment of loans made by lenders.

The company may invest in, purchase or make commitments to invest in or purchase, and take assignments or make commitments to take assignments, of loans made by lenders for the acquisition, construction, rehabilitation, expansion or purchase of a project or projects for eligible business.

HISTORY: Laws, 1985, ch. 450, § 14; Laws, 1990 Ex Sess, ch. 71, § 13, eff from and after passage (approved June 30, 1990).

§ 57-10-229. Promulgation of regulations relating to §§ 57-10-225 and 57-10-227.

Prior to carrying out the powers granted under Sections 57-10-225 and 57-10-227, the company shall promulgate rules and regulations governing its activities authorized thereunder, including but not limited to rules and regulations relating to the following:

Procedures for the submission of requests or invitations and proposals for making loans to lenders and the investment in, purchase, assignment and sale of loans;

The reinvestment by a lender of the proceeds, or an equivalent amount, from any loan to a lender in loans to provide financing for eligible business in the state;

Assurances that the eligible business to be financed will improve employment conditions or otherwise improve industrial development in the state;

Rates, fees, charges and other terms and conditions for originating or servicing loans in order to protect against realization of an excessive financial return or benefit by the originator or servicer;

The type and amount of collateral or security to be provided to assure repayment of loans to lenders made by the company;

The type of collateral, payment bonds, performance bonds or other security to be provided for any loans made by a lender for construction loans;

The nature and amount of fees to be charged by the company to provide for expenses and reserves of the company;

Standards and requirements for the allocation of available money among lenders and the determination of the maturities, terms, conditions and interest rates for loans made, purchased, sold, assigned or committed pursuant hereto;

Commitment requirements for financing by lenders involving money provided, directly or indirectly, by the company; or

Any other appropriate matters related to the duties or exercise of the company’s powers hereunder.

HISTORY: Laws, 1985, ch. 450, § 15; Laws, 1990 Ex Sess, ch. 71, § 14, eff from and after passage (approved June 30, 1990).

§ 57-10-231. Payment of bonds; additional security.

Except as may otherwise be expressly provided by the company in proceedings relating to a particular issue of bonds, every issue of its bonds shall be payable solely out of any revenues of the company. The bonds additionally may be secured by a pledge of any grant, contribution or guarantee from the federal government or any person or a pledge by the company of any revenues from any source.

HISTORY: Laws, 1985, ch. 450, § 16, eff from and after July 1, 1985.

§ 57-10-233. Liability of state or subdivisions on bonds; personal liability of directors; statement required on face of bond.

No bonds issued by the company under this article shall constitute a debt, liability or general obligation of the state or any political subdivision thereof (other than the company), or a pledge of the faith and credit of the state or any political subdivision thereof (other than the company), but shall be payable solely as provided by the company. No member or officer of the board of directors of the company nor any person executing the bonds shall be liable personally on the bonds by reason of the issuance thereof. Each bond issued under this article shall contain on the face thereof a statement that neither the state, nor any other political subdivision thereof, shall be obligated to pay the same or the interest thereon or other costs incident thereto except from the revenue or money pledged by the company and that neither the faith and credit nor the taxing power of the state or any political subdivision thereof is pledged to the payment of the principal of, or the interest on, such bond.

HISTORY: Laws, 1985, ch. 450, § 17, eff from and after July 1, 1985.

§ 57-10-235. Term, interest rate, denominations, etc. of bonds; use of proceeds; rules and regulations.

1. The bonds shall be authorized by a resolution of the company, shall bear such date or dates, and shall mature at such time or times as such resolution may provide, except that no bond shall mature more than thirty (30) years from the date of issue. Bonds which are not subject to taxation shall bear interest at such rate or rates, be in such denominations, be in such form, carry such registration privileges, be executed in such manner, be payable in such medium of payment, at such place or places, and be subject to such terms of redemption, including redemption prior to maturity, as such resolution may provide. Except as expressly provided otherwise in this article, the provisions of other laws of the state relating to the issuance of revenue bonds shall not apply to bonds issued by the company. As to bonds issued hereunder and designated as taxable bonds by the company, any immunity to taxation by the United States Government of interest on such bonds or notes is hereby waived. Bonds of the company may be sold by the company at public or private sale, from time to time, and at such price or prices as the company shall determine.
2. 1. The company shall make available from the proceeds of bonds issued the amount of One Million Dollars ($1,000,000.00) to every certified development company created by a planning and development district in this state, which monies shall be used by such certified development companies to assist businesses within the planning and development districts in a manner consistent with the provisions of this chapter and with the provisions of the federal act.
   2. The company shall promulgate rules and regulations governing the activities authorized herein, including but not limited to:
      1. Procedures for the submission of requests or proposals by the certified development companies;
      2. The reinvestment by the certified development companies of bond proceeds;
      3. Assurance that the eligible business to be financed will improve employment or otherwise improve industrial development in the state;
      4. Rates, fees, charges and other terms and conditions of loans between the certified development companies and the borrowers;
      5. The type and amount of collateral or security to be provided to assure repayment of bond proceeds and interest;
      6. Standards and requirements for the allocation of available money among the certified development companies; and
      7. Any other appropriate matters related to the duties or exercise of the company’s power hereunder.

HISTORY: Laws, 1985, ch. 450, § 18; Laws, 1987, ch. 464, § 4; Laws, 1990, ch. 570, § 6; Laws, 1990 Ex Sess, ch. 71, § 15; Laws, 1993, ch. 548, § 10, eff from and after passage (approved April 19, 1993).

§ 57-10-237. Miscellaneous provisions of resolution authorizing issuance of bonds.

Any resolution authorizing the issuance of bonds may contain provisions as to:

Pledging all or any part of the revenues of the company to secure the payment of the bonds subject to the terms of the proceedings relating to other bonds of the company as may then exist;

Pledging all or any part of the assets of the company, including loans and obligations securing the same, to secure the payment of the bonds, subject to the terms of the proceedings relating to other bonds of the company as may then exist;

The use and disposition of the gross income from loans owned by the company and payment of the principal of loans owned by the company;

The setting aside of reserves or sinking funds and the regulations and disposition thereof;

Limitations on the purposes to which the proceeds from the sale of bonds may be applied and pledging the proceeds to secure the payment of the bonds;

Limitations on the issuance of additional bonds, the terms upon which additional bonds may be issued and secured, and the refunding of outstanding or other bonds;

The procedure, if any, by which the terms of any of the proceedings under which the bonds are being issued may be amended or abrogated, the number or percentage of bondholders who or which must consent thereto, and the manner in which the consent may be given;

The vesting in a trustee or trustees of such property, rights, powers and duties in trust as the company may determine, and limiting or abrogating the right of bondholders to appoint a trustee or limiting the rights, powers and duties of the trustee;

Defining the act or omissions to act which shall constitute a default and the obligations or duties of the company to the holders of the bonds, and providing for the rights and remedies of the holders of the bonds in the event of default, which rights and remedies may include the general laws of the state and other provisions of this article; or

Any other matter, of like or different character, which in any way affects the security or protection of the holders of the bonds.

HISTORY: Laws, 1985, ch. 450, § 19, eff from and after July 1, 1985.

§ 57-10-239. Effect of pledge; recording of resolution or other instruments.

Any pledge made by the company shall be valid and binding from the time when the pledge was made. The revenues or properties so pledged and thereafter received by the company shall immediately be subject to the lien of such pledge without any physical delivery thereof or further act, and the lien of any such pledge shall be valid and binding as against all parties having claims of any kind in tort, contract or otherwise against the company, irrespective of whether the parties have notice thereof. Neither the resolution nor any other instrument by which a pledge is created need be recorded.

HISTORY: Laws, 1985, ch. 450, § 20, eff from and after July 1, 1985.

§ 57-10-241. Cancellation and redemption of bonds.

The company, subject to the provisions in proceedings relating to outstanding bonds as may then exist, may purchase bonds out of any funds available therefor, which shall thereupon be cancelled, at any reasonable price which, if the bonds are then redeemable, shall not exceed the redemption price (and premium, if any) then applicable plus accrued interest to the redemption date thereof.

HISTORY: Laws, 1985, ch. 450, § 21, eff from and after July 1, 1985.

§ 57-10-243. Trust indenture.

The bonds may be secured by an indenture by and between the company and a corporate trustee which may be any bank or other corporation having the power of a trust company or any trust company within or without this state. Such indenture may contain such provisions for protecting and enforcing the rights and remedies of the bondholders as may be reasonable and proper and not in violation of law, including covenants setting forth the duties of the company in relation to the exercise of its powers and the custody, safekeeping and application of all money. The company may provide by the indenture for the payment of the proceeds of the bonds and revenues to the trustee under the indenture or other depository, and for the method of disbursement thereof, with such safeguards and restrictions as the company may determine. If the bonds shall be secured by an indenture, the bondholders shall have no authority to appoint a separate trustee to represent them.

HISTORY: Laws, 1985, ch. 450, § 22, eff from and after July 1, 1985.

§ 57-10-245. Signatures on bonds.

In the event that any of the members or officers of the board of directors of the company shall cease to be members or officers of the board prior to the delivery of any bonds signed by them, their signatures or facsimiles thereof shall nevertheless be valid and sufficient for all purposes, the same as if such members or officers had remained in office until such delivery.

HISTORY: Laws, 1985, ch. 450, § 23, eff from and after July 1, 1985.

§ 57-10-247. Establishment of funds and accounts.

The company may create and establish such funds and accounts as may be necessary or desirable for its purposes.

HISTORY: Laws, 1985, ch. 450, § 24, eff from and after July 1, 1985.

§ 57-10-249. Contracts with bondholders.

The company shall have the power to contract with the holders of any of its bonds as to the custody, collection, securing, investment and payment of any money of the company, and of any money held in trust or otherwise for the payment of bonds, and to carry out such contract. Money held in trust or otherwise for the payment of bonds or in any way to secure bonds and deposits of money may be secured in the same manner as money of the company, and all banks and trust companies are authorized to give security for the deposits.

HISTORY: Laws, 1985, ch. 450, § 25, eff from and after July 1, 1985.

§ 57-10-251. Effect of future amendments to article.

Subsequent amendments to this article shall not limit the rights vested in the company with respect to any agreements made with, or remedies available to, the holders of bonds issued under this article prior to the enactment of the amendments until the bonds, together with all interest thereon, and all costs and expenses in connection with any proceeding by or on behalf of the holders, are fully met and discharged.

HISTORY: Laws, 1985, ch. 450, § 26, eff from and after July 1, 1985.

§ 57-10-253. Expenses.

All expenses incurred by the company in carrying out the provisions of this article shall be payable solely from funds provided under this article, and nothing in this article shall be construed to authorize the company to incur indebtedness or liability on behalf of or payable by the state or any other political subdivision thereof.

HISTORY: Laws, 1985, ch. 450, § 27, eff from and after July 1, 1985.

§ 57-10-255. Tax-exempt status of company; state’s right to remaining assets upon dissolution; mortgages, leases, etc., tax-exempt; time limit on ad valorem tax exemption; new ad valorem tax exemptions where tax levied for school district purposes.

1. The company is hereby declared to be performing a public function and to be a public body corporate and a political subdivision of the state. Accordingly, the income, including any profit made on the sale thereof from all bonds issued by the company, shall at all times be exempt from all taxation by the state or any public subdivision thereof. If, after all indebtedness and other obligations of the company are discharged the company is dissolved, its remaining assets shall inure to the benefit of the state.
2. All mortgages or deeds of trust executed as security therefor, all lease, loan or purchase agreements made pursuant to the provisions hereof, all purchases required to establish the enterprise and financed by proceeds from bonds issued pursuant to Chapter 10, Title 57, Mississippi Code of 1972, shall likewise be exempt from all taxation in the State of Mississippi except the contractors’ tax imposed by Section 27-65-21 and the taxes levied by Section 27-65-24(1)(b), and all projects financed by the proceeds from such bonds and the revenue derived from any lease thereof shall be exempt from all taxation in the State of Mississippi, except the tax levied by Sections 27-65-21 and 27-65-24(1)(b), and except the tax levied under Chapter 7, Title 27, Mississippi Code of 1972. From and after July 1, 2002, there shall be no new ad valorem tax exemption authorized under this section unless approved by the appropriate local taxing authority.
3. The time of any ad valorem tax exemption provided for hereunder shall not exceed a total of ten (10) years, which shall run from the date of the completion of the project. In no event shall the term of the ad valorem tax exemption provided for hereunder be limited, terminated or otherwise affected by payment in full of the bonds issued under this chapter or by the change from a leasehold to a fee title in the enterprise financed with bonds issued under this chapter.
4. From and after July 1, 1990, there shall be no new exemption under this section from ad valorem taxes levied for school district purposes.

HISTORY: Laws, 1985, ch. 450, § 28; Laws, 1987, ch. 464, § 5; Laws, 1990 Ex Sess, ch. 71, § 16; Laws, 1992, ch. 518, § 5; Laws, 1995, ch. 355, § 3; Laws, 2002, ch. 498, § 1; Laws, 2010, ch. 449, § 7, eff from and after July 1, 2010.

§ 57-10-257. Investment in bonds; bonds as security for deposits.

The bonds issued by and under the authority of this article by the company are declared to be legal investments in which all public officers or public bodies of the state, its political subdivisions, all municipalities and municipal subdivisions, all insurance companies and associations, and other persons carrying on insurance business, all banks, bankers, banking associations, trust companies, savings associations, including savings and loan associations, building and loan associations, investment companies, and other persons carrying on a banking business, all administrators, guardians, executors, trustees and other fiduciaries, and all other persons who are now or may later be authorized to invest in bonds or in other obligations of the state, may invest funds, including capital, in their control or belonging to them. Such bonds are also hereby made securities which may be deposited with and received by all public officers and bodies of the state or any agency or political subdivision of the state and all municipalities and public corporations for any purpose for which the deposit of bonds or other obligations of the state is now or may be later authorized by law.

HISTORY: Laws, 1985, ch. 450, § 29, eff from and after July 1, 1985.

§ 57-10-259. Annual report.

The company shall, within one hundred twenty (120) days of the close of each fiscal year, submit an annual report of its activities for the preceding year to the Governor. The clerk of each house of the Legislature shall receive a copy of the report by making a request for it to the company. Each report shall set forth a complete operating and financial statement for the company during the fiscal year it covers.

HISTORY: Laws, 1985, ch. 450, § 30, eff from and after July 1, 1985.

§ 57-10-261. Construction of article.

Nothing contained in this article is to be construed as a restriction or limitation upon any powers which the company might otherwise have under any other law of the state. Insofar as the provisions of this article are inconsistent with the provisions of any other law, the provisions of this article shall be controlling, and the powers conferred by this article shall be regarded as supplemental and additional to powers conferred by any other laws. No proceedings, notice or approval shall be required for the issuance of any bonds or any instrument or the security therefor, except as provided in this article.

The provisions of this article shall be liberally construed to accomplish the purposes of this article.

The powers granted and the duties imposed in this article shall be construed to be independent and severable. If any one or more sections, subsections, sentences or parts of any of this article shall be adjudged unconstitutional or invalid, such adjudication shall not affect, impair or invalidate the remaining provisions thereof, but shall be confined in its operation to the specific provisions so held unconstitutional or invalid.

HISTORY: Laws, 1985, ch. 450, § 31, eff from and after July 1, 1985.

§ 57-10-301. Short title.

This article shall be entitled the “Mississippi Business Finance Corporation Beginning Farmer Program.”

HISTORY: Laws, 1992, ch. 461, § 1, eff from and after passage (approved May 5, 1992).

§ 57-10-303. Definitions.

For the purposes of this article, the following words shall have the meanings ascribed herein, unless the context otherwise requires:

“Act” means the Mississippi Business Financing Act being Title 57, Chapter 10, Article 7, Mississippi Code of 1972.

“Agricultural land” means land suitable for use in farming.

“Agricultural improvements” means any improvements, buildings, structures or fixtures suitable for use in farming which are located on agricultural land. “Agricultural improvements” includes a single-family dwelling located on agricultural land which is or will be occupied by the beginning farmer and structures attached to or incidental to the use of the dwelling.

“Corporation” means the Mississippi Business Finance Corporation.

“Beginning farmer” means an individual or partnership with a low or moderate net worth that engages in farming or wishes to engage in farming.

“Bonds” means bonds issued by the corporation pursuant to the provisions of the Mississippi Business Financing Act.

“Depreciable agricultural property” means personal property suitable for use in farming for which an income tax deduction for depreciation is allowable in computing federal income tax under the Internal Revenue Code of 1986, as amended.

“Farming” means the cultivation of land for the production of agricultural crops, the raising of poultry, the production of eggs, the production of milk, the production of fruit or other horticultural crops, grazing, the production of livestock, aquaculture, hydroponics, the production of forest products or other activities designated by the corporation.

“Mortgage” means a mortgage, mortgage deed, deed of trust, or other instrument creating a first lien, subject only to title exceptions and encumbrances acceptable to the corporation, including any other mortgage liens of equal standing with or subordinate to the mortgage loan retained by a seller or conveyed to a mortgage lender, on a fee interest in agricultural land and agricultural improvements.

“Mortgage lender” means a bank, trust company, mortgage company, national banking association, savings and loan association, life insurance company, any state or federal governmental agency or instrumentality, including without limitation the Federal Land Bank or any of its local associations, or any other financial institution or entity authorized to make mortgage loans or secured loans in this state.

“Mortgage loan” means a financial obligation secured by a mortgage.

“Note” means a bond anticipation note or other obligation or evidence of indebtedness issued by the corporation pursuant to this article.

“Secured loan” means a financial obligation secured by a chattel mortgage, security agreement or other instrument creating a lien on an interest in depreciable agricultural property.

“State agency” means any board, commission, department, public officer or other agency or authority of the State of Mississippi.

HISTORY: Laws, 1992, ch. 461, § 2; Laws, 1993, ch. 548, § 11, eff from and after passage (approved April 19, 1993).

§ 57-10-305. Legislative findings and determinations.

The Legislature finds and determines as follows:

There exists a serious problem in the state regarding the ability of nonestablished farmers to acquire agricultural land and agricultural improvements and depreciable agricultural property in order to enter farming.

This barrier to entry into farming is conducive to consolidation of acreage of agricultural land with fewer individuals resulting in a grave threat to the traditional family farm.

These conditions result in a loss in population, unemployment and a movement of persons from rural communities to urban areas accompanied by added costs to communities for creation of new public facilities and services.

One major cause of this condition has been recurrent shortages of funds in private channels and the high interest cost of borrowing.

These shortages and costs have made the sale and purchase of agricultural land to beginning farmers a virtual impossibility in many parts of the state.

The ordinary operations of private enterprise have not in the past corrected these conditions.

A stable supply of adequate funds for agricultural financing is required to encourage beginning farmers in an orderly and sustained manner and to reduce the problems described in this section.

It is necessary that the corporation be given the authority to encourage ownership of farms by beginning farmers by providing purchase money loans to beginning farmers who are not able to obtain adequate capital elsewhere to provide such funds and to lower costs through the use of public financing.

HISTORY: Laws, 1992, ch. 461, § 3, eff from and after passage (approved May 5, 1992).

§ 57-10-307. Development of program; general powers of corporation; rules and regulations.

1. The corporation shall develop a beginning farmer loan program to facilitate the acquisition of agricultural land and improvements and depreciable agricultural property by beginning farmers. The corporation shall exercise the powers granted to it in Title 57, Chapter 10, Article 9 and Title 57, Chapter 10, Article 7, Mississippi Code of 1972, in order to fulfill the goal of providing financial assistance to beginning farmers in the acquisition of agricultural land and agricultural improvements and depreciable agricultural property. The corporation may participate in and cooperate with programs of the Farmers Home Administration, Federal Land Bank or any other agency or instrumentality of the federal government or with any program of any other state agency in the administration of the beginning farmer loan program and in the making or purchasing of mortgage or secured loans pursuant to this article.
2. The corporation may participate in any federal programs designed to assist beginning farmers or in any related federal or state programs.
3. Prior to carrying out the powers granted under Sections 57-10-301 through 57-10-305, the corporation shall promulgate rules and regulations governing activities authorized hereunder, including but not limited to rules and regulations including the following:
   1. The beginning farmer is a resident of the state. If the beginning farmer is a partnership, all partners shall be residents of the state.
   2. The agricultural land and agricultural improvements or depreciable agricultural property the beginning farmer proposes to purchase will be located in the state.
   3. The beginning farmer has sufficient education, training or experience in the type of farming for which the beginning farmer requests the mortgage or secured loan. If the beginning farmer is a partnership, all partners shall have sufficient education, training or experience in the type of farming for which the beginning farmer requests the mortgage or secured loan.
   4. A loan to a beginning farmer for the acquisition of agricultural land and agricultural improvements does not exceed Two Hundred Fifty Thousand Dollars ($250,000.00). A loan to a beginning farmer for the acquisition of depreciable agricultural property does not exceed One Hundred Twenty-five Thousand Dollars ($125,000.00).
   5. If the loan is for the acquisition of agricultural land, the beginning farmer has or will have access to adequate working capital, farm equipment, machinery or livestock. If the loan is for the acquisition of depreciable agricultural property, the beginning farmer has or will have access to adequate working capital or agricultural land.
   6. The beginning farmer will materially and substantially participate in farming. If the beginning farmer is a partnership, each partner shall materially and substantially participate in farming.
   7. If the beginning farmer is an individual, the agricultural land and agricultural improvements shall only be used for farming by the individual, the individual’s spouse, the individual’s minor children, or any of them. If the beginning farmer is a partnership, the agricultural land and agricultural improvements shall only be used for farming by the partners, each partner’s spouse, each partner’s minor children, or any of them.
   8. The beginning farmer has not previously received financing under this article for the acquisition of property similar in nature to the property for which the loan is sought. However, this restriction shall not apply if the amount previously received plus the amount of the loan does not exceed Two Hundred Fifty Thousand Dollars ($250,000.00) in the case of agricultural land and improvements or One Hundred Twenty-five Thousand Dollars ($125,000.00) in the case of depreciable agricultural property.
4. The corporation may provide in a mortgage or secured loan made or purchased pursuant to this article that the loan may not be assumed or any interest in the agricultural land or improvements or depreciable agricultural property may not be leased, sold or otherwise conveyed without its prior written consent and may provide a due-on-sale clause with respect to the occurrence of any of the foregoing events without its prior written consent. The corporation may provide by rule the grounds for permitted assumptions of a mortgage or for the leasing, sale or other conveyance of any interest in the agricultural land or improvements. However, the corporation shall provide and state in a mortgage or secured loan that the corporation has the power to raise the interest rate of the loan to the prevailing market rate if the mortgage or secured loan is assumed by a farmer who is already established in that field at the time of the assumption of the loan.
5. The corporation may participate in any interest in any mortgage or secured loan made or purchased pursuant to this article with a mortgage lender. The participation interest may be on a parity with the interest in the mortgage or secured loan retained by the corporation, equally and ratably secured by the mortgage or securing agreement securing the mortgage or secured loan.

HISTORY: Laws, 1992, ch. 461, § 4, eff from and after passage (approved May 5, 1992).

§ 57-10-309. Mortgage or secured loans; issuance of bonds or notes.

1. The corporation may make mortgage or secured loans, including, but not limited to, mortgage or secured loans insured, guaranteed or otherwise secured by the federal government or a federal governmental agency or instrumentality, a state agency or private mortgage insurers, to beginning farmers to provide financing for agricultural land and agricultural improvements or depreciable agricultural property.
2. Mortgage or secured loans shall contain terms and provisions, including interest rates, and be in a form established by rules of the corporation. The corporation may require the beginning farmer to execute a note, loan agreement or other evidence of indebtedness and furnish additional assurances and guarantees, including insurance, reasonably related to protecting the security of the mortgage or secured loan, as the corporation deems necessary.
3. The corporation may enter into a loan agreement with a beginning farmer to finance in whole or in part the acquisition by construction or purchase of agricultural land, agricultural improvements or depreciable agricultural property. The repayment obligation of the beginning farmer may be unsecured, or may be secured by a mortgage or security agreement or by other security as the corporation deems advisable, and may be evidenced by one or more notes of the beginning farmer. The loan agreement may contain terms and conditions as the corporation deems advisable.
4. The corporation may issue its bonds and notes for the purposes set forth in this article and Title 57, Chapter 10, Article 7, Mississippi Code of 1972, relating to the issuance of bonds and notes by the corporation and may enter into a lending agreement or purchase agreement with one or more bondholders or noteholders containing the terms and conditions of the repayment of and the security for the bonds or notes. Bonds and notes must be authorized by a resolution of the corporation. The corporation and the bondholders or noteholders may enter into an agreement to provide for any of the following:
   1. That the proceeds of the bonds and notes and investments thereon may be received, held and disbursed by the bondholders or noteholders, or by a trustee or agent designated by the corporation.
   2. That the bondholders or noteholders or a trustee or agent designated by the corporation may collect, invest and apply the amounts payable under the loan agreement or any other security instrument securing the debt obligation of the beginning farmer.
   3. That the bondholders or noteholders may enforce the remedies provided in the loan agreement or security instrument on their own behalf without the appointment or designation of a trustee and if there is a default in the principal of or interest on the bonds or notes or in the performance of any agreement contained therein, the payment or performance may be enforced in accordance with the provisions contained therein.
   4. That if there is a default in the payment of the principal or interest on a mortgage or security instrument or a violation of an agreement contained in the mortgage or security instrument, the mortgage or security instrument may be foreclosed or enforced and any collateral sold under proceedings or actions permitted by law and a trustee under the mortgage or security agreement or the holder of any bonds or notes secured thereby may become a purchaser if it is the highest bidder.
   5. Other terms and conditions.
5. The corporation shall provide in the resolution authorizing the issuance of the bonds or notes that the principal and interest shall be limited obligations payable solely out of the revenues derived from the debt obligation, collateral or other security furnished by or on behalf of the beginning farmer, and that the principal and interest does not constitute an indebtedness of the corporation, the state or any political subdivision thereof.

HISTORY: Laws, 1992, ch. 461, § 5, eff from and after passage (approved May 5, 1992).

§ 57-10-401. Definitions [Repealed effective October 1, 2022].

[In cases involving an economic development project for which the Mississippi Business Finance Corporation has issued bonds for the purpose of financing the approved costs of such project prior to July 1, 1994, this section shall read as follows:]

As used in Sections 57-10-401 through 57-10-445, the following terms shall have the meanings ascribed to them herein unless the context clearly indicates otherwise:

“Approved company” means any eligible company seeking to locate an economic development project in a county, which eligible company is approved by the corporation.

“Approved costs” means:

Obligations incurred for equipment and labor and to contractors, subcontractors, builders and materialmen in connection with the acquisition, construction and installation of an economic development project;

The cost of acquiring land or rights in land and any cost incidental thereto, including recording fees;

The cost of contract bonds and of insurance of all kinds that may be required or necessary during the course of acquisition, construction and installation of an economic development project which is not paid by the contractor or contractors or otherwise provided for;

All costs of architectural and engineering services, including test borings, surveys, estimates, plans and specifications, preliminary investigations, and supervision of construction, as well as for the performance of all the duties required by or consequent upon the acquisition, construction and installation of an economic development project;

All costs which shall be required to be paid under the terms of any contract or contracts for the acquisition, construction and installation of an economic development project;

All costs, expenses and fees incurred in connection with the issuance of bonds pursuant to Sections 57-10-401 through 57-10-445;

All costs funded by a loan made under the Mississippi Small Enterprise Development Finance Act; and

All costs of professionals permitted to be engaged under the Mississippi Small Enterprise Development Finance Act for a loan made under such act.

“Assessment” means the job development assessment fee authorized in Section 57-10-413.

“Bonds” means the revenue bonds, notes or other debt obligations of the corporation authorized to be issued by the corporation on behalf of an eligible company or other state agency.

“Corporation” means the Mississippi Business Finance Corporation created under Section 57-10-167, Mississippi Code of 1972.

“Economic development project” means and includes the acquisition of any equipment or real estate in a county and the construction and installation thereon, and with respect thereto, of improvements and facilities necessary or desirable for improvement of the real estate, including surveys, site tests and inspections, subsurface site work, excavation, removal of structures, roadways, cemeteries and other surface obstructions, filling, grading and provision of drainage, storm water detention, installation of utilities such as water, sewer, sewage treatment, gas, electricity, communications and similar facilities, off-site construction of utility extensions to the boundaries of the real estate, and the acquisition, construction and installation of manufacturing, telecommunications, data processing, distribution or warehouse facilities on the real estate, for lease or financial arrangement by the corporation to an approved company for use and occupancy by the approved company or its affiliates for manufacturing, telecommunications, data processing, distribution or warehouse purposes. Such term also includes, without limitation, any project the financing of which has been approved under the Mississippi Small Enterprise Development Finance Act. From and after January 1, 2014, such term also includes the economic development project of a related approved company that is merged into or consolidated with another approved company where the approved companies are engaged in a vertically integrated manufacturing or warehouse operation.

“Eligible company” means any corporation, partnership, sole proprietorship, business trust, or other entity which is:

Engaged in manufacturing which meets the standards promulgated by the corporation under Sections 57-10-401 through 57-10-445;

A private company approved by the corporation for a loan under the Mississippi Small Enterprise Development Finance Act;

A distribution or warehouse facility employing a minimum of fifty (50) people or employing a minimum of twenty (20) people and having a capital investment in such facility of at least Five Million Dollars ($5,000,000.00); or

A telecommunications or data processing business.

“Executive director” means the Executive Director of the Mississippi Business Finance Corporation.

“Financing agreement” means any financing documents and agreements, indentures, loan agreements, lease agreements, security agreements and the like, entered into by and among the corporation, private lenders and an approved company with respect to an economic development project.

“Manufacturing” means any activity involving the manufacturing, processing, assembling or production of any property, including the processing resulting in a change in the conditions of the property and any activity functionally related thereto, together with the storage, warehousing, distribution and related office facilities in respect thereof as determined by the Mississippi Business Finance Corporation; however, in no event shall “manufacturing” include mining, coal or mineral processing, or extraction of Mississippi minerals.

“State agency” means any state board, commission, committee, council, university, department or unit thereof created by the Constitution or laws of this state.

“Revenues” shall not be considered state funds.

“State” means the State of Mississippi.

“Mississippi Small Enterprise Development Finance Act” means the provisions of law contained in Section 57-71-1 et seq.

HISTORY: reenacted without change, Laws, 2017, ch. 325, § 1, eff from and after July 1, 2017; Laws, 1993, ch. 565, § 1; Laws, 1994, ch. 525, § 2; reenacted without change, Laws, 1997, ch. 576, § 1; Laws, 1998, ch. 397, § 1; reenacted without change, Laws, 2000, ch. 425, § 1; reenacted without change, Laws, 2001, ch. 337, § 1; reenacted without change, Laws, 2005, ch. 399, § 1; Laws, 2005, 3rd Ex Sess, ch. 1, § 68; reenacted without change, Laws, 2007, ch. 389, § 1; reenacted without change, Laws, 2011, ch. 519, § 1; Laws, 2014, ch. 454, § 1; reenacted without change, Laws, 2015, ch. 398, § 1; reenacted without change, Laws, 2017, ch. 325, § 1, eff from and after July 1, 2017.

§ 57-10-401. Definitions [Repealed effective October 1, 2022].

[In cases involving an economic development project for which the Mississippi Business Finance Corporation has not issued bonds for the purpose of financing the approved costs of such project prior to July 1, 1994, this section shall read as follows: ]

As used in Sections 57-10-401 through 57-10-445, the following terms shall have the meanings ascribed to them herein unless the context clearly indicates otherwise:

“Approved company” means any eligible company seeking to locate an economic development project in a county, which eligible company is approved by the corporation.

“Approved costs” means:

Obligations incurred for equipment and labor and to contractors, subcontractors, builders and materialmen in connection with the acquisition, construction and installation of an economic development project;

The cost of acquiring land or rights in land and any cost incidental thereto, including recording fees;

The cost of contract bonds and of insurance of all kinds that may be required or necessary during the course of acquisition, construction and installation of an economic development project which is not paid by the contractor or contractors or otherwise provided for;

All costs of architectural and engineering services, including test borings, surveys, estimates, plans and specifications, preliminary investigations, and supervision of construction, as well as for the performance of all the duties required by or consequent upon the acquisition, construction and installation of an economic development project;

All costs which shall be required to be paid under the terms of any contract or contracts for the acquisition, construction and installation of an economic development project;

All costs, expenses and fees incurred in connection with the issuance of bonds pursuant to Sections 57-10-401 through 57-10-445;

All costs funded by a loan made under the Mississippi Small Enterprise Development Finance Act; and

All costs of professionals permitted to be engaged under the Mississippi Small Enterprise Development Finance Act for a loan made under such act.

“Assessment” means the job development assessment fee authorized in Section 57-10-413.

“Bonds” means the revenue bonds, notes or other debt obligations of the corporation authorized to be issued by the corporation on behalf of an eligible company or other state agency.

“Corporation” means the Mississippi Business Finance Corporation created under Section 57-10-167, Mississippi Code of 1972.

“Economic development project” means and includes the acquisition of any equipment or real estate in a county and the construction and installation thereon, and with respect thereto, of improvements and facilities necessary or desirable for improvement of the real estate, including surveys, site tests and inspections, subsurface site work, excavation, removal of structures, roadways, cemeteries and other surface obstructions, filling, grading and provision of drainage, storm water detention, installation of utilities such as water, sewer, sewage treatment, gas, electricity, communications and similar facilities, off-site construction of utility extensions to the boundaries of the real estate, and the acquisition, construction and installation of manufacturing, telecommunications, data processing, distribution or warehouse facilities on the real estate, for lease or financial arrangement by the corporation to an approved company for use and occupancy by the approved company or its affiliates for manufacturing, telecommunications, data processing, distribution or warehouse purposes. Such term also includes, without limitation, any project the financing of which has been approved under the Mississippi Small Enterprise Development Finance Act.

If an eligible company closes a facility in this state and becomes an approved company under the provisions of Sections 57-10-401 through 57-10-449, only that portion of the project for which such company is attempting to obtain financing that is in excess of the value of the closed facility shall be included within the definition of the term “economic development project.” The Mississippi Business Finance Corporation shall promulgate rules and regulations to govern the determination of the difference between the value of the closed facility and the new facility.

“Eligible company” means any corporation, partnership, sole proprietorship, business trust, or other entity which:

Engaged in manufacturing which meets the standards promulgated by the corporation under Sections 57-10-401 through 57-10-445;

A private company approved by the corporation for a loan under the Mississippi Small Enterprise Development Finance Act;

A distribution or warehouse facility employing a minimum of fifty (50) people or employing a minimum of twenty (20) people and having a capital investment in such facility of at least Five Million Dollars ($5,000,000.00);

A telecommunications or data/information processing business meeting criteria established by the Mississippi Business Finance Corporation;

National or regional headquarters meeting criteria established by the Mississippi Business Finance Corporation;

Research and development facilities meeting criteria established by the Mississippi Business Finance Corporation; or

Technology intensive enterprises or facilities meeting criteria established by the Mississippi Business Finance Corporation.

“Executive director” means the Executive Director of the Mississippi Business Finance Corporation.

“Financing agreement” means any financing documents and agreements, indentures, loan agreements, lease agreements, security agreements and the like, entered into by and among the corporation, private lenders and an approved company with respect to an economic development project.

“Manufacturing” means any activity involving the manufacturing, processing, assembling or production of any property, including the processing resulting in a change in the conditions of the property and any activity functionally related thereto, together with the storage, warehousing, distribution and related office facilities in respect thereof as determined by the Mississippi Business Finance Corporation; however, in no event shall “manufacturing” include mining, coal or mineral processing, or extraction of Mississippi minerals.

“State agency” means any state board, commission, committee, council, university, department or unit thereof created by the Constitution or laws of this state.

“Revenues” shall not be considered state funds.

“State” means the State of Mississippi.

“Mississippi Small Enterprise Development Finance Act” means the provisions of law contained in Section 57-71-1 et seq.

HISTORY: reenacted without change, Laws, 2017, ch. 325, § 1, eff from and after July 1, 2017.

§57-10-401. Laws, 1993, ch. 565, § 1; Laws, 1994, ch. 525, § 2; reenacted without change, Laws, 1997, ch. 576, § 1; Laws, 1998, ch. 397, § 1; reenacted without change, Laws, 2000, ch. 425, § 1; reenacted without change, Laws, 2001, ch. 337, § 1; reenacted without change, Laws, 2005, ch. 399, § 1; Laws, 2005, 3rd Ex Sess, ch. 1, § 68; reenacted without change, Laws, 2007, ch. 389, § 1; reenacted without change, Laws, 2011, ch. 519, § 1; Laws, 2014, ch. 454, § 1; reenacted without change, Laws, 2015, ch. 398, § 1.

§ 57-10-403. Legislative findings and declarations [Repealed effective October 1, 2022].

1. The Legislature finds and declares that the general welfare and material well-being of citizens of the state depend in large measure upon the development and growth of industry in the state.
2. The Legislature finds and declares further that it is in the best interest of the state to induce the location or expansion of manufacturing facilities within this state in order to advance the public purposes of relieving unemployment by creating new jobs within this state that, but for the inducements to be offered by the corporation to approved companies as herein provided, would not exist, and of creating new sources of tax revenues for the support of the public services provided by this state and country.
3. The Legislature finds and declares further that the authority granted by this article and the purposes to be accomplished hereby are proper governmental and public purposes for which public monies may be expended, and that the inducement of the location or expansion of manufacturing facilities within the state is of paramount importance, mandating that the provisions of this article be liberally construed and applied in order to advance the public purposes.

HISTORY: Laws, 1993, ch. 565, § 2; reenacted without change, Laws, 1997, ch. 576, § 2; reenacted without change, Laws, 2000, ch. 425, § 2; reenacted without change, Laws, 2001, ch. 337, § 2; reenacted without change, Laws, 2005, ch. 399, § 2; reenacted without change, Laws, 2007, ch. 389, § 2; reenacted without change, Laws, 2011, ch. 519, § 2; reenacted without change, Laws, 2015, ch. 398, § 2; reenacted without change, Laws, 2017, ch. 325, § 2, eff from and after July 1, 2017.

§ 57-10-405. General powers and duties of corporation [Repealed effective October 1, 2022].

In addition to its other powers and duties, the corporation shall have all the powers necessary or convenient to carry out and effectuate the purposes and provisions of Sections 57-10-401 through 57-10-445, including, but without limiting the generality of the foregoing, the power:

To provide and finance economic development projects under the provisions of Sections 57-10-401 through 57-10-445, and cooperate with counties, municipalities and eligible companies in order to promote, foster and support economic development within the counties and municipalities;

To conduct hearings and inquiries, in the manner and by the methods as it deems desirable, including, without limitation, appointment of special committees, for the purpose of gathering information with respect to counties, municipalities, eligible companies and economic development projects, for the purpose of making any determinations necessary or desirable in the furtherance of Sections 57-10-401 through 57-10-445;

To negotiate the terms of, and enter into financing agreements with, approved companies, and in connection therewith to acquire, convey, sell, own, lease, mortgage, finance, foreclose or otherwise dispose of any property, real or personal, in connection with an economic development project, and to pay, or cause to be paid, in accordance with the provisions of a financing agreement, the approved costs of an economic development project from any funds available therefor, including, without limitation, funds available as the result of the issuance of bonds under the Mississippi Small Enterprise Development Finance Act;

To delegate to the executive director the rights and powers of the corporation required for the proper and desirable execution of the purposes of this article;

To consent, if it deems it necessary or desirable in the fulfillment of its purposes, to the modification of the terms of any financing agreements of any kind to which the corporation is a party;

To include in any borrowing the amounts deemed necessary by the corporation to pay financing charges, consultant, advisory and legal fees, fees for bond insurance, letters of credit or other forms of credit enhancement, investment advisory fees, trustees’ fees and other expenses necessary or incident to the borrowing;

To make and publish administrative regulations respecting its programs and other administrative regulations necessary or appropriate to effectuate the purposes of Sections 57-10-401 through 57-10-445, and necessary to administer the procedures and program as provided for in Sections 57-10-401 through 57-10-445;

To make, execute and effectuate any and all agreements or other documents with any governmental agency or any person, corporation, association, partnership, or other organization or entity, necessary or appropriate to accomplish the purposes of Sections 57-10-401 through 57-10-445, including any financing agreements with state agencies or any political subdivisions of the state under which funds may be pledged by or to the corporation for the payment of its bonds;

To accept gifts, devises, bequests, grants, loans, appropriations, revenue sharing, other financing and assistance and any other aid from any source and to agree to, and to comply with, conditions attached thereto;

To sue and be sued in its own name, plead and be impleaded; and

To invest any funds held by the corporation or its agents or trustees, under Sections 57-10-401 through 57-10-445, including, but not limited to, the proceeds of bonds issued under Sections 57-10-401 through 57-10-445, reserve or other funds, or any monies not required for immediate disbursement, and the investment income on any of the foregoing, in obligations authorized by Sections 57-10-401 through 57-10-445.

HISTORY: Laws, 1993, ch. 565, § 3; reenacted without change, Laws, 1997, ch. 576, § 3; reenacted without change, Laws, 2000, ch. 425, § 3; reenacted without change, Laws, 2001, ch. 337, § 3; reenacted without change, Laws, 2005, ch. 399, § 3; reenacted without change, Laws, 2007, ch. 389, § 3; reenacted without change, Laws, 2011, ch. 519, § 3; reenacted without change, Laws, 2015, ch. 398, § 3; reenacted without change, Laws, 2017, ch. 325, § 3, eff from and after July 1, 2017.

§ 57-10-407. Power of corporation to accept and expend monies [Repealed effective October 1, 2022].

The corporation may accept and expend: (a) monies which may be appropriated from time to time by the Legislature; (b) monies which may be available under the Mississippi Small Enterprise Development Finance Act; or (c) monies which may be received from any source, including income from the corporation’s operations, under Sections 57-10-401 through 57-10-445, for effectuating the purposes of Sections 57-10-401 through 57-10-445, including, without limitation, the payment of the expenses of administration and operation incurred pursuant to Sections 57-10-401 through 57-10-445 and the establishment and, if deemed desirable, maintenance of a reserve or contingency fund for the administration of Sections 57-10-401 through 57-10-445.

HISTORY: Laws, 1993, ch. 565, § 4; reenacted without change, Laws, 1997, ch. 576, § 4; reenacted without change, Laws, 2000, ch. 425, § 4; reenacted without change, Laws, 2001, ch. 337, § 4; reenacted without change, Laws, 2005, ch. 399, § 4; reenacted without change, Laws, 2007, ch. 389, § 4; reenacted without change, Laws, 2011, ch. 519, § 4; reenacted without change, Laws, 2015, ch. 398, § 4; reenacted without change, Laws, 2017, ch. 325, § 4, eff from and after July 1, 2017.

§ 57-10-409. Financing agreements [Repealed effective October 1, 2022].

[In cases involving an economic development project for which the Mississippi Business Finance Corporation has issued bonds for the purpose of financing the approved costs of such project prior to July 1, 1994, this section shall read as follows:]

The corporation may enter into, with any approved company, a financing agreement with respect to its economic development project. The terms and provisions of each financing agreement shall be determined by negotiations between the corporation and the approved company, except that each financing agreement shall include the following provisions:

If the corporation issues any bonds in connection with an economic development project, the term of the financing agreement shall not be less than the last maturity of the bonds issued with respect to the economic development project, except that the financing agreement may terminate upon the earlier redemption of all of the bonds issued with respect to the economic development project and may grant to the approved company an option to purchase the economic development project from the corporation upon the termination of the financing agreement for such consideration and under such terms and conditions the corporation may approve. Nothing in this paragraph shall limit the extension of the term of a financing agreement if there is a refunding of the correlative bonds or otherwise.

If the corporation issues any bonds in connection with an economic development project, the financing agreement shall specify that the annual obligations of the approved company under Sections 57-10-401 through 57-10-445 shall equal in each year at least the annual debt service for that year on the bonds issued with respect to the economic development project; and the approved company shall pay such obligation of the financing agreement to the trustee for bonds issued for the benefit of the approved company, at such time and in such amounts sufficient to amortize such bonds.

If the corporation loans funds to an approved company that is a private company under the Mississippi Small Enterprise Development Finance Act, the financing agreement shall include the terms and conditions of the loan required by Section 57-71-1 et seq.

(i) In consideration for financing agreement payment, the approved company may be permitted the following during the period of time in which the financing agreement is in effect, not to exceed twenty-five (25) years:

1. A tax credit on the amount provided for in Section 27-7-22.3(2), Mississippi Code of 1972; plus

2. The aggregate assessment withheld by the approved company in each year.

The income tax credited to the approved company referred to herein shall be credited in the fiscal year of the financing agreement in which the tax return of the approved company is filed. The approved company shall not be required to pay estimated tax payments under Section 27-7-319, Mississippi Code of 1972.

(i) The financing agreement shall provide that the assessments, when added to the credit for the state corporate income tax herein granted, shall not exceed the total financing agreement annual payment by the approved company in any year; however, to the extent that financing agreement annual payments exceed credits received and assessments collected in any year, the excess payment may be recouped from excess credits or assessment collections in succeeding years.

If during any fiscal year of the financing agreement the total of the income tax credit granted to the approved company plus the assessment collected from the wages of the employees equals the annual payment pursuant to the financing agreement, and if all excess payments pursuant to the financing agreement accumulated in prior years have been recouped, the assessment collected from the wages of the employees shall cease for the remainder of the fiscal year of the financing agreement.

The financing agreement shall provide that:

It may be assigned by the approved company only upon the prior written consent of the corporation following the adoption of a resolution by the corporation to such effect; and

Upon the default by the approved company in the obligation to render its annual payment, the corporation shall have the right, at its option, to declare the financing agreement in default and to accelerate the total of all annual payments that are to be made or to terminate the financing agreement and cause to be sold the economic development project at public or private sale, or to pursue any other remedies available under the Uniform Commercial Code, as from time to time amended, or otherwise available in law or equity.

HISTORY: reenacted without change, Laws, 2017, ch. 325, § 5, eff from and after July 1, 2017; Laws, 1993, ch. 565, § 5; Laws, 1994, ch. 340, § 3; Laws, 1994, ch. 525, § 3; Laws, 1997, ch. 576, § 5; reenacted without change, Laws, 2000, ch. 425, § 5; reenacted without change, Laws, 2001, ch. 337, § 5; reenacted without change, Laws, 2005, ch. 399, § 5; reenacted without change, Laws, 2007, ch. 389, § 5; reenacted without change, Laws, 2011, ch. 519, § 5; reenacted without change, Laws, 2015, ch. 398, § 5; reenacted without change, Laws, 2017, ch. 325, § 5, eff from and after July 1, 2017.

§ 57-10-409. Financing agreements [Repealed effective October 1, 2022].

[In cases involving an economic development project for which the Mississippi Business Finance Corporation has not issued bonds for the purpose of financing the approved costs of such project prior to July 1, 1994, but has issued bonds for such project prior to July 1, 1997, or in cases involving an economic development project which has been induced by a resolution of the Board of Directors of the Mississippi Business Finance Corporation that has been filed with the State Tax Commission prior to July 1, 1997, this section shall read as follows:]

The corporation may enter into, with any approved company, a financing agreement with respect to its economic development project. The terms and provisions of each financing agreement shall be determined by negotiations between the corporation and the approved company, except that each financing agreement shall include the following provisions:

If the corporation issues any bonds in connection with an economic development project, the term of the financing agreement shall not be less than the last maturity of the bonds issued with respect to the economic development project, except that the financing agreement may terminate upon the earlier redemption of all of the bonds issued with respect to the economic development project and may grant to the approved company an option to purchase the economic development project from the corporation upon the termination of the financing agreement for such consideration and under such terms and conditions the corporation may approve. Nothing in this paragraph shall limit the extension of the term of a financing agreement if there is a refunding of the correlative bonds or otherwise.

If the corporation issues any bonds in connection with an economic development project, the financing agreement shall specify that the annual obligations of the approved company under Sections 57-10-401 through 57-10-445 shall equal in each year at least the annual debt service for that year on the bonds issued with respect to the economic development project; and the approved company shall pay such obligation of the financing agreement to the trustee for bonds issued for the benefit of the approved company, at such time and in such amounts sufficient to amortize such bonds.

If the corporation loans funds to an approved company that is a private company under the Mississippi Small Enterprise Development Finance Act, the financing agreement shall include the terms and conditions of the loan required by Section 57-71-1 et seq.

(i) In consideration for financing agreement payment, the approved company may be permitted the following during the period of time in which the financing agreement is in effect, not to exceed twenty-five (25) years:

1. A tax credit on the amount provided for in Section 27-7-22.3(2), Mississippi Code of 1972; plus

2. The aggregate assessment withheld by the approved company in each year.

The income tax credited to the approved company referred to herein shall be credited in the fiscal year of the financing agreement in which the tax return of the approved company is filed. The approved company shall not be required to pay estimated tax payments under Section 27-7-319, Mississippi Code of 1972.

(i) The financing agreement shall provide that the assessments, when added to the credit for the state corporate income tax herein granted, shall not exceed the total financing agreement annual payment by the approved company in any year; however, to the extent that financing agreement annual payments exceed credits received and assessments collected in any year, the excess payment may be recouped from excess credits or assessment collections in succeeding years not to exceed three (3) years following the termination of the period of time during which the financing agreement is in effect.

If during any fiscal year of the financing agreement the total of the income tax credit granted to the approved company plus the assessment collected from the wages of the employees equals the annual payment pursuant to the financing agreement, and if all excess payments pursuant to the financing agreement accumulated in prior years have been recouped, the assessment collected from the wages of the employees shall cease for the remainder of the fiscal year of the financing agreement.

The financing agreement shall provide that:

It may be assigned by the approved company only upon the prior written consent of the corporation following the adoption of a resolution by the corporation to such effect; and

Upon the default by the approved company in the obligation to render its annual payment, the corporation shall have the right, at its option, to declare the financing agreement in default and to accelerate the total of all annual payments that are to be made or to terminate the financing agreement and cause to be sold the economic development project at public or private sale, or to pursue any other remedies available under the Uniform Commercial Code, as from time to time amended, or otherwise available in law or equity.

HISTORY: reenacted without change, Laws, 2017, ch. 325, § 5, eff from and after July 1, 2017.

§57-10-409. Laws, 1993, ch. 565, § 5; Laws, 1994, ch. 340, § 3; Laws, 1994, ch. 525, § 3; Laws, 1997, ch. 576, § 5; reenacted without change, Laws, 2000, ch. 425, § 5; reenacted without change, Laws, 2001, ch. 337, § 5; reenacted without change, Laws, 2005, ch. 399, § 5; reenacted without change, Laws, 2007, ch. 389, § 5; reenacted without change, Laws, 2011, ch. 519, § 5; reenacted without change, Laws, 2015, ch. 398, § 5.

§ 57-10-409. Financing agreements [Repealed effective October 1, 2022].

[In cases involving an economic development project for which the Mississippi Business Finance Corporation has not issued bonds for the purpose of financing the approved costs of such project prior to July 1, 1997, or in cases involving an economic development project which has not been induced by a resolution of the Board of Directors of the Mississippi Business Finance Corporation that has been filed with the State Tax Commission prior to July 1, 1997, this section shall read as follows:]

The corporation may enter into, with any approved company, a financing agreement with respect to its economic development project. The terms and provisions of each financing agreement shall be determined by negotiations between the corporation and the approved company, except that each financing agreement shall include the following provisions:

If the corporation issues any bonds in connection with an economic development project, the term of the financing agreement shall not be less than the last maturity of the bonds issued with respect to the economic development project, except that the financing agreement may terminate upon the earlier redemption of all of the bonds issued with respect to the economic development project and may grant to the approved company an option to purchase the economic development project from the corporation upon the termination of the financing agreement for such consideration and under such terms and conditions the corporation may approve. Nothing in this paragraph shall limit the extension of the term of a financing agreement if there is a refunding of the correlative bonds or otherwise.

If the corporation issues any bonds in connection with an economic development project, the financing agreement shall specify that the annual obligations of the approved company under Sections 57-10-401 through 57-10-445 shall equal in each year at least the annual debt service for that year on the bonds issued with respect to the economic development project; and the approved company shall pay such obligation of the financing agreement to the trustee for bonds issued for the benefit of the approved company, at such time and in such amounts sufficient to amortize such bonds.

If the corporation loans funds to an approved company that is a private company under the Mississippi Small Enterprise Development Finance Act, the financing agreement shall include the terms and conditions of the loan required by Section 57-71-1 et seq.

(i) In consideration for financing agreement payment, the approved company may be permitted a tax credit on the amount provided for in Section 27-7-22.3(2), Mississippi Code of 1972, during the period of time in which the financing agreement is in effect, not to exceed twenty-five (25) years.

The income tax credited to the approved company referred to herein shall be credited in the fiscal year of the financing agreement in which the tax return of the approved company is filed. The approved company shall not be required to pay estimated tax payments under Section 27-7-319, Mississippi Code of 1972.

The financing agreement shall provide that:

It may be assigned by the approved company only upon the prior written consent of the corporation following the adoption of a resolution by the corporation to such effect; and

Upon the default by the approved company in the obligation to render its annual payment, the corporation shall have the right, at its option, to declare the financing agreement in default and to accelerate the total of all annual payments that are to be made or to terminate the financing agreement and cause to be sold the economic development project at public or private sale, or to pursue any other remedies available under the Uniform Commercial Code, as from time to time amended, or otherwise available in law or equity.

HISTORY: reenacted without change, Laws, 2017, ch. 325, § 5, eff from and after July 1, 2017.

HISTORY: reenacted without change, Laws, 2017, ch. 325, § 5, eff from and after July 1, 2017.

§57-10-409. Laws, 1993, ch. 565, § 5; Laws, 1994, ch. 340, § 3; Laws, 1994, ch. 525, § 3; Laws, 1997, ch. 576, § 5; reenacted without change, Laws, 2000, ch. 425, § 5; reenacted without change, Laws, 2001, ch. 337, § 5; reenacted without change, Laws, 2005, ch. 399, § 5; reenacted without change, Laws, 2007, ch. 389, § 5; reenacted without change, Laws, 2011, ch. 519, § 5; reenacted without change, Laws, 2015, ch. 398, § 5.

§ 57-10-411. Certification of company’s state income tax liability and amount of tax credits [Repealed effective October 1, 2022].

Ninety (90) days after the filing of the tax return of the approved company, the Department of Revenue shall certify to the corporation the state income tax liability for the preceding year of each approved company with respect to an economic development project financed under Sections 57-10-401 through 57-10-445, and the amounts of any tax credits taken under Sections 57-10-401 through 57-10-445.

HISTORY: Laws, 1993, ch. 565, § 6; reenacted without change, Laws, 1997, ch. 576, § 6; reenacted without change, Laws, 2000, ch. 425, § 6; reenacted without change, Laws, 2001, ch. 337, § 6; reenacted without change, Laws, 2005, ch. 399, § 6; reenacted without change, Laws, 2007, ch. 389, § 6; reenacted without change, Laws, 2011, ch. 519, § 6; reenacted and amended, Laws, 2015, ch. 398, § 6; reenacted without change, Laws, 2017, ch. 325, § 6, eff from and after July 1, 2017.

§ 57-10-413. Job development assessment fee [Repealed effective October 1, 2022].

[In cases involving an economic development project for which the Mississippi Business Finance Corporation has issued bonds for the purpose of financing the approved costs of such project prior to July 1, 1994, this section shall read as follows:]

1. The approved company may require that each employee whose gross wages are equivalent to Five Dollars ($5.00) or more per hour, as a condition of employment, agrees to pay a job development assessment fee not to exceed a certain percentage of the gross wages of each such employee whose job was created as a result of the economic development project, for the purpose of retiring the bonds which fund the economic development project or other indebtedness. The job development assessment fee shall not exceed the following percentages of the gross wages of the employee:
   1. Two percent (2%), if the gross wages of the employee are equivalent to Five Dollars ($5.00) or more per hour but less than Seven Dollars ($7.00) per hour;
   2. Four percent (4%), if the gross wages of the employee are equivalent to Seven Dollars ($7.00) or more per hour but less than Nine Dollars ($9.00) per hour; and
   3. Six percent (6%), if the gross wages of the employee are equivalent to Nine Dollars ($9.00) or more per hour.
2. Each employee so assessed shall be entitled to credits against Mississippi income taxes as provided in Section 27-7-22.3.
3. If an approved company shall elect to impose the assessment as a condition of employment, it shall deduct the assessment from each paycheck of each employee.
4. Any approved company collecting an assessment as provided in subsection (1) of this section shall make its payroll books and records available to the corporation at such reasonable times as the corporation shall request and shall file with the corporation documentation respecting the assessment as the corporation may require.
5. Any assessment of the wages of employees of an approved company in connection with their employment at an economic development project under subsection (1) of this section shall lapse on the date the bonds are retired.

HISTORY: reenacted without change, Laws, 2017, ch. 325, § 7, eff from and after July 1, 2017; Laws, 1993, ch. 565, § 7; Laws, 1994, ch. 525, § 4; Laws, 1997, ch. 576, § 7; reenacted without change, Laws, 2000, ch. 425, § 7; reenacted without change, Laws, 2001, ch. 337, § 7; reenacted without change, Laws, 2005, ch. 399, § 7; reenacted without change, Laws, 2007, ch. 389, § 7; reenacted without change, Laws, 2011, ch. 519, § 7; reenacted without change, Laws, 2015, ch. 398, § 7; reenacted without change, Laws, 2017, ch. 325, § 7, eff from and after July 1, 2017.

§ 57-10-413. Job development assessment fee [Repealed effective October 1, 2022].

[In cases involving an economic development project for which the Mississippi Business Finance Corporation has not issued bonds for the purpose of financing the approved costs of such project prior to July 1, 1994, but has issued bonds for such project prior to July 1, 1997, or in cases involving an economic development project which has been induced by a resolution of the Board of Directors of the Mississippi Business Finance Corporation that has been filed with the State Tax Commission prior to July 1, 1997, this section shall read as follows: ]

1. Except as otherwise provided for in subsection (6) of this section, the approved company may require that each employee whose gross wages are equivalent to Five Dollars ($5.00) or more per hour, as a condition of employment, agrees to pay a job development assessment fee not to exceed a certain percentage of the gross wages of each such employee whose job was created as a result of the economic development project, for the purpose of retiring the bonds which fund the economic development project or other indebtedness. The job development assessment fee shall not exceed the following percentages of the gross wages of the employee:
   1. Two percent (2%), if the gross wages of the employee are equivalent to Five Dollars ($5.00) or more per hour but less than Seven Dollars ($7.00) per hour;
   2. Four percent (4%), if the gross wages of the employee are equivalent to Seven Dollars ($7.00) or more per hour but less than Nine Dollars ($9.00) per hour; and
   3. Six percent (6%), if the gross wages of the employee are equivalent to Nine Dollars ($9.00) or more per hour.
2. Each employee so assessed shall be entitled to credits against Mississippi income taxes as provided in Section 27-7-22.3.
3. If an approved company shall elect to impose the assessment as a condition of employment, it shall deduct the assessment from each paycheck of each employee.
4. Any approved company collecting an assessment as provided in subsection (1) of this section shall make its payroll books and records available to the corporation at such reasonable times as the corporation shall request and shall file with the corporation documentation respecting the assessment as the corporation may require.
5. Any assessment of the wages of employees of an approved company in connection with their employment at an economic development project under subsection (1) of this section shall lapse on the date the bonds are retired.
6. If an eligible company closes a facility in this state and becomes an approved company under the provisions of Sections 57-10-401 through 57-10-449, only those jobs created in excess of those that existed at the closed facility at the time of the closure shall be eligible for the imposition of the job development assessment fee. The Mississippi Business Finance Corporation shall promulgate rules and regulations to govern the determination of the number of jobs upon which the job development assessment fee may be imposed.

HISTORY: reenacted without change, Laws, 2017, ch. 325, § 7, eff from and after July 1, 2017.

§57-10-413. Laws, 1993, ch. 565, § 7; Laws, 1994, ch. 525, § 4; Laws, 1997, ch. 576, § 7; reenacted without change, Laws, 2000, ch. 425, § 7; reenacted without change, Laws, 2001, ch. 337, § 7; reenacted without change, Laws, 2005, ch. 399, § 7; reenacted without change, Laws, 2007, ch. 389, § 7; reenacted without change, Laws, 2011, ch. 519, § 7; reenacted without change, Laws, 2015, ch. 398, § 7.

§ 57-10-415. Payment of revenue bonds; security [Repealed effective October 1, 2022].

Every issue of bonds under Sections 57-10-401 through 57-10-445 shall be payable solely out of any revenues of the corporation as provided in Sections 57-10-401 through 57-10-445. The bonds additionally may be secured by a pledge of any grant, contribution or guarantee from the federal government or any person or a pledge by the corporation of any revenues from any source.

HISTORY: Laws, 1993, ch. 565, § 8; reenacted without change, Laws, 1997, ch. 576, § 8; reenacted without change, Laws, 2000, ch. 425, § 8; reenacted without change, Laws, 2001, ch. 337, § 8; reenacted without change, Laws, 2005, ch. 399, § 8; reenacted without change, Laws, 2007, ch. 389, § 8; reenacted without change, Laws, 2011, ch. 519, § 8; reenacted without change, Laws, 2015, ch. 398, § 8; reenacted without change, Laws, 2017, ch. 325, § 8, eff from and after July 1, 2017.

§ 57-10-417. Bonds as limited obligation of corporation; personal liability of member or officer of corporate board [Repealed effective October 1, 2022].

The bonds issued by the corporation under Sections 57-10-401 through 57-10-445 shall be limited obligations of the corporation and shall not constitute a debt, liability or general obligation of the state or any political subdivision thereof (other than the corporation), or a pledge of the faith and credit of the state or any political subdivision thereof (other than the corporation), but shall be payable solely as provided by the corporation under Sections 57-10-401 through 57-10-445. No member or officer of the board of directors of the corporation nor any person executing the bonds shall be liable personally on the bonds by reason of the issuance thereof. Each bond issued under Sections 57-10-401 through 57-10-445 shall contain on the face thereof a statement that neither the state, nor any other political subdivision thereof, shall be obligated to pay the same or the interest thereon or other costs incident thereto except from the revenue or money pledged by the corporation and that neither the faith and credit nor the taxing power of the state or any political subdivision thereof is pledged to the payment of the principal of, or the interest on, such bond.

HISTORY: Laws, 1993, ch. 565, § 9; reenacted without change, Laws, 1997, ch. 576, § 9; reenacted without change, Laws, 2000, ch. 425, § 9; reenacted without change, Laws, 2001, ch. 337, § 9; reenacted without change, Laws, 2005, ch. 399, § 9; reenacted without change, Laws, 2007, ch. 389, § 9; reenacted without change, Laws, 2011, ch. 519, § 9; reenacted without change, Laws, 2015, ch. 398, § 9; reenacted without change, Laws, 2017, ch. 325, § 9, eff from and after July 1, 2017.

§ 57-10-419. Issuance of bonds generally; use of proceeds; interim receipts, temporary certificates, replacement certificates [Repealed effective October 1, 2022].

1. The corporation may issue in its own name, from time to time, for the purpose of financing the approved costs of an economic development project, its bonds and may pledge for the payment thereof funds derived in respect of any financing agreement or other arrangement entered into by the corporation and an approved company under Sections 57-10-401 through 57-10-445.
2. In anticipation of the issuance of bonds, the corporation may provide for the issuance, at one time or from time to time, of bond anticipation notes. The principal of and the interest on the notes shall be payable solely from the funds herein provided for the payment. Any notes may be made payable from the proceeds of bonds or renewal notes; or, if bond or renewal note proceeds are not available, the notes may be paid from any available revenues or assets of the corporation.
3. The bonds issued under Sections 57-10-401 through 57-10-445 shall be authorized by a resolution of the corporation, shall bear such date or dates, and shall mature at such time or times as such resolution may provide, except that no bond shall mature more than twenty-five (25) years from the date of issue. Bonds which are not subject to taxation shall bear interest at such rate or rates, be in such denominations, be in such form, carry such registration privileges, be executed in such manner, be payable in such medium of payment, at such place or places, and be subject to such terms of redemption, including redemption before maturity, as such resolution may provide. Except as expressly provided otherwise in Sections 57-10-401 through 57-10-445, the provisions of other laws of the state relating to the issuance of revenue bonds shall not apply to bonds issued by the corporation. As to bonds issued hereunder and designated as taxable bonds by the corporation, any immunity to taxation by the United States government of interest on such bonds or notes is hereby waived. Bonds of the corporation may be sold by the corporation at public or private sale, from time to time, and at such price or prices as the corporation shall determine.
4. The proceeds of any bonds shall be used solely for the purposes for which issued and shall be disbursed in the manner and under the restrictions, if any, that the corporation may provide in the resolution authorizing the issuance of the bonds or in a trust indenture securing the same.
5. The principal and interest on the bonds issued by the corporation shall be payable solely and only from proceeds derived under a financing agreement and shall be secured solely by the economic development project, the proceeds of the financing agreement, and such other assets as may be available, but not including revenues of the state.
6. Before the preparation of definitive certificates evidencing the bonds, the corporation may issue, under like restrictions, interim receipts or temporary certificates, with or without coupons, exchangeable for definitive certificates when the certificates have been executed and are available for delivery. The corporation may also provide for the replacement of any certificates which become mutilated or are destroyed or lost.

HISTORY: Laws, 1993, ch. 565, § 10; reenacted without change, Laws, 1997, ch. 576, § 10; reenacted without change, Laws, 2000, ch. 425, § 10; reenacted without change, Laws, 2001, ch. 337, § 10; reenacted without change, Laws, 2005, ch. 399, § 10; reenacted without change, Laws, 2007, ch. 389, § 10; reenacted without change, Laws, 2011, ch. 519, § 10; reenacted without change, Laws, 2015, ch. 398, § 10; reenacted without change, Laws, 2017, ch. 325, § 10, eff from and after July 1, 2017.

§ 57-10-421. Additional provisions in bond issue resolution [Repealed effective October 1, 2022].

In addition to the requirements provided for in Section 57-10-419, any resolution authorizing the issuance of bonds under Sections 57-10-401 through 57-10-445 may contain provisions as to:

The setting aside of reserves or sinking funds and the regulations and disposition thereof;

Limitations on the issuance of additional bonds, the terms upon which additional bonds may be issued and secured, and the refunding of outstanding or other bonds;

The procedure, if any, by which the terms of any of the proceedings under which the bonds are being issued may be amended or abrogated, the number or percentage of bondholders who or which must consent thereto, and the manner in which the consent may be given;

The vesting in a trustee or trustees of such property, rights, powers and duties in trust as the company may determine, and limiting or abrogating the right of bondholders to appoint a trustee or limiting the rights, powers and duties of the trustee;

Defining the act or omissions to act which shall constitute a default and the obligations or duties of the corporation to the holders of the bonds, and providing for the rights and remedies of the holders of the bonds in the event of default, which rights and remedies may include the general laws of the state and other provisions of Sections 57-10-401 through 57-10-445; or

Any other matter, of like or different character, which in any way affects the security or protection of the holders of the bonds.

HISTORY: Laws, 1993, ch. 565, § 11; reenacted without change, Laws, 1997, ch. 576, § 11; reenacted without change, Laws, 2000, ch. 425, § 11; reenacted without change, Laws, 2001, ch. 337, § 11; reenacted without change, Laws, 2005, ch. 399, § 11; reenacted without change, Laws, 2007, ch. 389, § 11; reenacted without change, Laws, 2011, ch. 519, § 11; reenacted without change, Laws, 2015, ch. 398, § 11; reenacted without change, Laws, 2017, ch. 325, § 11, eff from and after July 1, 2017.

§ 57-10-423. Pledge made by corporation; recording of resolution or other instrument [Repealed effective October 1, 2022].

Any pledge made by the corporation shall be valid and binding from the time when the pledge was made. The revenues or properties so pledged and thereafter received by the corporation shall immediately be subject to the lien of such pledge without any physical delivery thereof or further act, and the lien of any such pledge shall be valid and binding as against all parties having claims of any kind in tort, contract or otherwise against the corporation, irrespective of whether the parties have notice thereof. Neither the resolution nor any other instrument by which a pledge is created need be recorded.

HISTORY: Laws, 1993, ch. 565, § 12; reenacted without change, Laws, 1997, ch. 576, § 12; reenacted without change, Laws, 2000, ch. 425, § 12; reenacted without change, Laws, 2001, ch. 337, § 12; reenacted without change, Laws, 2005, ch. 399, § 12; reenacted without change, Laws, 2007, ch. 389, § 12; reenacted without change, Laws, 2011, ch. 519, § 12; reenacted without change, Laws, 2015, ch. 398, § 12; reenacted without change, Laws, 2017, ch. 325, § 12, eff from and after July 1, 2017.

§ 57-10-425. Purchase of bonds by corporation [Repealed effective October 1, 2022].

The corporation, subject to the provisions in proceedings relating to outstanding bonds as may then exist, may purchase bonds out of any funds available therefor, which shall thereupon be canceled, at any reasonable price which, if the bonds are then redeemable, shall not exceed the redemption price (and premium, if any) then applicable plus accrued interest to the redemption date thereof.

HISTORY: Laws, 1993, ch. 565, § 13; reenacted without change, Laws, 1997, ch. 576, § 13; reenacted without change, Laws, 2000, ch. 425, § 13; reenacted without change, Laws, 2001, ch. 337, § 13; reenacted without change, Laws, 2005, ch. 399, § 13; reenacted without change, Laws, 2007, ch. 389, § 13; reenacted without change, Laws, 2011, ch. 519, § 13; reenacted without change, Laws, 2015, ch. 398, § 13; reenacted without change, Laws, 2017, ch. 325, § 13, eff from and after July 1, 2017.

§ 57-10-427. Trust indentures [Repealed effective October 1, 2022].

The bonds may be secured by an indenture by and between the corporation and a corporate trustee which may be any bank or other corporation having the power of a trust company or any trust company within or without this state. Such indenture may contain such provisions for protecting and enforcing the rights and remedies of the bondholders as may be reasonable and proper and not in violation of law, including covenants setting forth the duties of the corporation in relation to the exercise of its powers and the custody, safekeeping and application of all money. The corporation may provide by the indenture for the payment of the proceeds of the bonds and revenues to the trustee under the indenture or other depository, and for the method of disbursement thereof, with such safeguards and restrictions as the corporation may determine. If the bonds shall be secured by an indenture, the bondholders shall have no authority to appoint a separate trustee to represent them.

HISTORY: Laws, 1993, ch. 565, § 14; reenacted without change, Laws, 1997, ch. 576, § 14; reenacted without change, Laws, 2000, ch. 425, § 14; reenacted without change, Laws, 2001, ch. 337, § 14; reenacted without change, Laws, 2005, ch. 399, § 14; reenacted without change, Laws, 2007, ch. 389, § 14; reenacted without change, Laws, 2011, ch. 519, § 14; reenacted without change, Laws, 2015, ch. 398, § 14; reenacted without change, Laws, 2017, ch. 325, § 14, eff from and after July 1, 2017.

§ 57-10-429. Signatures on bonds [Repealed effective October 1, 2022].

In the event that any of the members or officers of the board of directors of the corporation shall cease to be members or officers of the board prior to the delivery of any bonds signed by them, their signatures or facsimiles thereof shall nevertheless be valid and sufficient for all purposes, the same as if such members or officers had remained in office until such delivery.

HISTORY: Laws, 1993, ch. 565, § 15; reenacted without change, Laws, 1997, ch. 576, § 15; reenacted without change, Laws, 2000, ch. 425, § 15; reenacted without change, Laws, 2001, ch. 337, § 15; reenacted without change, Laws, 2005, ch. 399, § 15; reenacted without change, Laws, 2007, ch. 389, § 15; reenacted without change, Laws, 2011, ch. 519, § 15; reenacted without change, Laws, 2015, ch. 398, § 15; reenacted without change, Laws, 2017, ch. 325, § 15, eff from and after July 1, 2017.

§ 57-10-431. Establishment of funds and accounts [Repealed effective October 1, 2022].

The corporation may create and establish such funds and accounts as may be necessary or desirable for its purposes under Sections 57-10-401 through 57-10-445.

HISTORY: Laws, 1993, ch. 565, § 16; reenacted without change, Laws, 1997, ch. 576, § 16; reenacted without change, Laws, 2000, ch. 425, § 16; reenacted without change, Laws, 2001, ch. 337, § 16; reenacted without change, Laws, 2005, ch. 399, § 16; reenacted without change, Laws, 2007, ch. 389, § 16; reenacted without change, Laws, 2011, ch. 519, § 16; reenacted without change, Laws, 2015, ch. 398, § 16; reenacted without change, Laws, 2017, ch. 325, § 16, eff from and after July 1, 2017.

§ 57-10-433. Contracts with bondholders; securing of moneys held for payment of bonds [Repealed effective October 1, 2022].

The corporation shall have the power to contract with the holders of any of its bonds issued under Sections 57-10-401 through 57-10-445 as to the custody, collection, securing, investment and payment of any money of the corporation, and of any money held in trust or otherwise for the payment of bonds, and to carry out such contract. Money held in trust or otherwise for the payment of bonds or in any way to secure bonds and deposits of money may be secured in the same manner as money of the corporation, and all banks and trust companies are authorized to give security for the deposits.

HISTORY: Laws, 1993, ch. 565, § 17; reenacted without change, Laws, 1997, ch. 576, § 17; reenacted without change, Laws, 2000, ch. 425, § 17; reenacted without change, Laws, 2001, ch. 337, § 17; reenacted without change, Laws, 2005, ch. 399, § 17; reenacted without change, Laws, 2007, ch. 389, § 17; reenacted without change, Laws, 2011, ch. 519, § 17; reenacted without change, Laws, 2015, ch. 398, § 17; reenacted without change, Laws, 2017, ch. 325, § 17, eff from and after July 1, 2017.

§ 57-10-435. Effect of amendments to Sections 57-10-401 through 57-10-445 enacted after July 1, 1993 [Repealed effective October 1, 2022].

Amendments to Sections 57-10-401 through 57-10-445, enacted after July 1, 1993, shall not limit the rights vested in the corporation with respect to any agreements made with, or remedies available to, the holders of bonds issued under this article or Section 27-7-22.3 prior to the enactment of the amendments until the bonds, together with all interest thereon, and all costs and expenses in connection with any proceeding by or on behalf of the holders, are fully met and discharged.

HISTORY: Laws, 1993, ch. 565, § 18; reenacted without change, Laws, 1997, ch. 576, § 18; reenacted without change, Laws, 2000, ch. 425, § 18; reenacted without change, Laws, 2001, ch. 337, § 18; reenacted without change, Laws, 2005, ch. 399, § 18; reenacted without change, Laws, 2007, ch. 389, § 18; reenacted without change, Laws, 2011, ch. 519, § 18; reenacted without change, Laws, 2015, ch. 398, § 18; reenacted without change, Laws, 2017, ch. 325, § 18, eff from and after July 1, 2017.

§ 57-10-437. Payment of expenses of corporation; limitation on liability [Repealed effective October 1, 2022].

All expenses incurred by the corporation in carrying out the provisions of Sections 57-10-401 through 57-10-445 shall be payable solely from funds provided under Sections 57-10-401 through 57-10-445, or other funds of the corporation. Nothing in Sections 57-10-401 through 57-10-445 shall be construed to authorize the corporation to incur indebtedness or liability on behalf of or payable by the state or any other political subdivision thereof.

HISTORY: Laws, 1993, ch. 565, § 19; reenacted without change, Laws, 1997, ch. 576, § 19; reenacted without change, Laws, 2000, ch. 425, § 19; reenacted without change, Laws, 2001, ch. 337, § 19; reenacted without change, Laws, 2005, ch. 399, § 19; reenacted without change, Laws, 2007, ch. 389, § 19; reenacted without change, Laws, 2011, ch. 519, § 19; reenacted without change, Laws, 2015, ch. 398, § 19; reenacted without change, Laws, 2017, ch. 325, § 19, eff from and after July 1, 2017.

§ 57-10-439. Exemption from taxation of income, profits, revenues, bonds, mortgages, deeds of trust and other agreements of corporation [Repealed effective October 1, 2022].

1. The corporation is hereby declared to be performing a public function and to be a public body corporate and a political subdivision of the state. Accordingly, the income, including any profit made on the sale thereof from all bonds issued by the corporation, shall at all times be exempt from all taxation by the state or any political subdivision thereof. If, after all indebtedness and other obligations of the corporation are discharged, the corporation is dissolved, its remaining assets shall inure to the benefit of the state.
2. With the approval of the appropriate local taxing authority, all mortgages or deeds of trust executed as security therefor, all lease or purchase agreements made pursuant to the provisions hereof, and all purchases required to establish the industrial enterprise and financed by proceeds from bonds issued under Sections 57-10-401 through 57-10-445, shall likewise be exempt from all taxation in the State of Mississippi except the contractors’ tax imposed by Section 27-65-21 and the tax levied by Section 27-65-24(1)(b), and except ad valorem taxes levied for school district purposes. All projects and the revenue derived therefrom from any lease thereof shall be exempt from all taxation in the State of Mississippi, except the tax levied by Sections 27-65-21 and 27-65-24(1)(b), except the tax levied under Chapter 7, Title 27, Mississippi Code of 1972, and except ad valorem taxes levied for school district purposes.

HISTORY: Laws, 1993, ch. 565, § 20; Laws, 1994, ch. 525, § 5; reenacted without change, Laws, 1997, ch. 576, § 20; reenacted without change, Laws, 2000, ch. 425, § 20; reenacted without change, Laws, 2001, ch. 337, § 20; reenacted without change, Laws, 2005, ch. 399, § 20; reenacted without change, Laws, 2007, ch. 389, § 20; Laws, 2010, ch. 449, § 8; reenacted without change, Laws, 2011, ch. 519, § 20; reenacted without change, Laws, 2015, ch. 398, § 20; reenacted without change, Laws, 2017, ch. 325, § 20, eff from and after July 1, 2017.

§ 57-10-441. Investment in bonds; bonds as security for deposits [Repealed effective October 1, 2022].

The bonds issued by and under the authority of Sections 57-10-401 through 57-10-445 by the corporation are declared to be legal investments in which all public officers or public bodies of the state, its political subdivisions, all municipalities and municipal subdivisions, all insurance companies and associations, and other persons carrying on insurance business, all banks, bankers, banking associations, trust companies, savings associations, including savings and loan associations, building and loan associations, investment companies, and other persons carrying on a banking business, all administrators, guardians, executors, trustees and other fiduciaries, and all other persons who are now or may later be authorized to invest in bonds or in other obligations of the state, may invest funds, including capital, in their control or belonging to them. Such bonds are also hereby made securities which may be deposited with and received by all public officers and bodies of the state or any agency or political subdivision of the state and all municipalities and public corporations for any purpose for which the deposit of bonds or other obligations of the state is now or may be later authorized by law.

HISTORY: Laws, 1993, ch. 565, § 21; reenacted without change, Laws, 1997, ch. 576, § 21; reenacted without change, Laws, 2000, ch. 425, § 21; reenacted without change, Laws, 2001, ch. 337, § 21; reenacted without change, Laws, 2005, ch. 399, § 21; reenacted without change, Laws, 2007, ch. 389, § 21; reenacted without change, Laws, 2011, ch. 519, § 21; reenacted without change, Laws, 2015, ch. 398, § 21; reenacted without change, Laws, 2017, ch. 325, § 21, eff from and after July 1, 2017.

§ 57-10-443. Annual report of corporation [Repealed effective October 1, 2022].

The corporation, within one hundred twenty (120) days of the close of each fiscal year, shall submit an annual report of its activities in regard to Sections 57-10-401 through 57-10-445 for the preceding year to the Governor. The Clerk of the House of Representatives and the Secretary of the Senate each shall receive a copy of the report by making a request for it to the corporation. Each report shall set forth a complete operating and financial statement in regard to Sections 57-10-401 through 57-10-445 for the corporation during the fiscal year it covers.

HISTORY: Laws, 1993, ch. 565, § 22; reenacted without change, Laws, 1997, ch. 576, § 22; reenacted without change, Laws, 2000, ch. 425, § 22; reenacted without change, Laws, 2001, ch. 337, § 22; reenacted without change, Laws, 2005, ch. 399, § 22; reenacted without change, Laws, 2007, ch. 389, § 22; reenacted without change, Laws, 2011, ch. 519, § 22; reenacted without change, Laws, 2015, ch. 398, § 22; reenacted without change, Laws, 2017, ch. 325, § 22, eff from and after July 1, 2017.

§ 57-10-445. Construction of Sections 57-10-401 through 57-10-445 [Repealed effective October 1, 2022].

Nothing contained in Sections 57-10-401 through 57-10-445 is to be construed as a restriction or limitation upon any powers which the corporation might otherwise have under any other law of the state. Insofar as the provisions of Sections 57-10-401 through 57-10-445 are inconsistent with the provisions of any other law, the provisions of Sections 57-10-401 through 57-10-445 shall be controlling, and the powers conferred by Sections 57-10-401 through 57-10-445 shall be regarded as supplemental and additional to powers conferred by any other laws. No proceedings, notice or approval shall be required for the issuance of any bonds or any instrument or the security therefor, except as provided in Sections 57-10-401 through 57-10-445.

The provisions of Sections 57-10-401 through 57-10-445 shall be liberally construed to accomplish the purposes of Sections 57-10-401 through 57-10-445.

The powers granted and the duties imposed in Sections 57-10-401 through 57-10-445 shall be construed to be independent and severable. If any one or more sections, subsections, sentences or parts of any of Sections 57-10-401 through 57-10-445 shall be adjudged unconstitutional or invalid, such adjudication shall not affect, impair or invalidate the remaining provisions thereof, but shall be confined in its operation to the specific provisions so held unconstitutional or invalid.

HISTORY: Laws, 1993, ch. 565, § 23; reenacted without change, Laws, 1997, ch. 576, § 23; reenacted without change, Laws, 2000, ch. 425, § 23; reenacted without change, Laws, 2001, ch. 337, § 23; reenacted without change, Laws, 2005, ch. 399, § 23; reenacted without change, Laws, 2007, ch. 389, § 23; reenacted without change, Laws, 2011, ch. 519, § 23; reenacted without change, Laws, 2015, ch. 398, § 23; reenacted without change, Laws, 2017, ch. 325, § 23, eff from and after July 1, 2017.

§ 57-10-447. Deriving of pecuniary benefit or income by public official, member of Legislature, or partner or associate or family member of legislator.

No elected or appointed official shall derive any pecuniary benefit, directly or indirectly, as a result of such elected or appointed official’s duties under Sections 57-10-401 through 57-10-445. Any member of the Legislature, any elected or appointed official, any member of the immediate family of a member of the Legislature, or any partner or associate of such a member of the Legislature or elected or appointed official, shall not derive any income from the issuance of any bonds under Sections 57-10-401 through 57-10-445, contrary to the provisions of Section 109, Mississippi Constitution of 1890, or Article 3, Chapter 4, Title 25, Mississippi Code of 1972. The provisions of this section shall not apply to any person performing clerical or administrative functions, which are other than legal services provided by an attorney, that are associated with the issuance of any bonds under Sections 57-10-401 through 57-10-445, such as the printing of bonds or other materials. Any person convicted of a violation of this section shall be punished by imprisonment for not less than one (1) year and not more than five (5) years and a fine of not less than Two Thousand Five Hundred Dollars ($2,500.00) and not more than Ten Thousand Dollars ($10,000.00).

HISTORY: Laws, 1993, ch. 565, § 28; reenacted without change, Laws, 2015, ch. 398, § 24; reenacted without change, Laws, 2017, ch. 325, § 24, eff from and after July 1, 2017.

§ 57-10-449. Repeal of Sections 57-10-401 through 57-10-445 and 27-7-22.3.

Sections 57-10-401 through 57-10-445 and 27-7-22.3 shall be repealed from and after October 1, 2022.

HISTORY: Laws, 1993, ch. 565, § 29; Laws, 1996, ch. 553, § 7; Laws, 1997, ch. 576, § 26; Laws, 2000, ch. 425, § 25; Laws, 2001, ch. 337, § 25; reenacted and amended, Laws, 2005, ch. 399, § 25; Laws, 2007, ch. 389, § 25; Laws, 2011, ch. 519, § 25; Laws, 2015, ch. 398, § 26; Laws, 2017, ch. 325, § 26, eff from and after July 1, 2017.

§ 57-10-501. Short title.

This article shall be known and may be cited as the Mississippi Small Business Assistance Act.

HISTORY: Laws, 1993, ch. 566, § 1, eff from and after passage (approved April 19, 1993).

§ 57-10-503. Purpose.

It is the purpose of this article to promote economic and community development in the State of Mississippi through the planning and development districts in Mississippi by providing assistance for job creation and retention and small business development and to authorize the issuance of state bonds or notes for funding such assistance.

HISTORY: Laws, 1993, ch. 566, § 2, eff from and after passage (approved April 19, 1993).

§ 57-10-505. Definitions.

The following words and phrases when used in this article shall have the meaning given to them in this section unless the context clearly indicates otherwise:

“Assistance” means a loan to a small business or an equity investment in a small business by a planning and development district in accordance with this article.

“DECD” means the Mississippi Development Authority.

“Equity investment” means an investment in the ownership of a small business incorporated in Mississippi by a planning and development district in accordance with this article.

“General Fund” means the General Fund of the State of Mississippi.

“Loan” means a loan by a planning and development district to a small business in accordance with this article.

“MDA” means the Mississippi Development Authority.

“Planning and development districts” means an organized planning and development district in Mississippi.

“Program” means the Mississippi Small Business Assistance Program established in this article.

“Qualified entities” means small business investment corporations, community development corporations and other similar entities approved by the Mississippi Business Finance Corporation to participate in the program.

“Seller” means the State Bond Commission.

“Small business” means any commercial enterprise with less than one hundred (100) full-time employees, less than Seven Million Dollars ($7,000,000.00) in net worth or less than Seven Hundred Fifty Thousand Dollars ($750,000.00) in net annual profit after taxes.

HISTORY: Laws, 1993, ch. 566, § 3; Laws, 2001, ch. 428, § 2; Laws, 2001, ch. 537, § 2; Laws, 2010, ch. 533, § 10, eff from and after passage (approved April 16, 2010.).

§ 57-10-507. Mississippi Small Business Assistance Program established; purpose.

There is hereby established, under the direction of DECD, a program to be known as the Mississippi Small Business Assistance Program for the purpose of making grants to the planning and development districts and qualified entities for their use in providing assistance to small businesses in accordance with this article for the purpose of creating and retaining jobs and small business development.

HISTORY: Laws, 1993, ch. 566, § 4, eff from and after passage (approved April 19, 1993).

§ 57-10-509. Submission of grant applications to DECD.

1. Any planning and development district or qualified entity desiring to participate in the program shall make application for a grant to DECD in a form satisfactory to DECD.
2. The application must indicate that the planning and development district or qualified entity has established a small business assistance review board to review applications for assistance under the program and make recommendations thereon to the board of directors of the planning and development district or governing board of a qualified entity in accordance with this article. The planning and development district or qualified entity shall provide such other assurances of their ability to administer and manage the program in accordance with this article as may be reasonably required by DECD. An eligible community development corporation shall execute a memorandum of agreement with the planning and development district(s) having such jurisdiction as may be concurrent with that of the community development corporation.

HISTORY: Laws, 1993, ch. 566, § 5, eff from and after passage (approved April 19, 1993).

§ 57-10-511. Grants of funds by MDA.

MDA shall grant funds under this article to a planning and development district or qualified entity in accordance with the following terms and conditions:

Grant funds received by a planning and development district or qualified entity in accordance with this article shall be used by the planning and development district or qualified entity to establish a revolving assistance fund for the purpose of providing assistance to small businesses in accordance with this article. Except as otherwise allowed in this article, all principal and interest payments by small businesses in repayment of such assistance shall be eligible for and used by the planning and development district or qualified entity for additional assistance to small businesses in accordance with this article.

Each planning and development district meeting the criteria set forth in this article shall receive an initial grant of not to exceed One Million Dollars ($1,000,000.00) for the purpose of establishing the program within its area in accordance with this article. Each qualified entity meeting the criteria set forth in this article shall be eligible to receive an initial grant of Five Hundred Thousand Dollars ($500,000.00) for the purpose of establishing the program within the area it serves in accordance with this article. The total amount of initial grants to planning and development districts shall not exceed Ten Million Dollars ($10,000,000.00) and the total amount of initial grants for qualified entities shall not exceed Two Million Dollars ($2,000,000.00). Each planning and development district or qualified entity receiving an initial grant shall have twelve (12) months in which to make binding commitments to provide assistance to small businesses in the principal amount of the initial grant in accordance with this article. Grant funds not committed to provide assistance to small businesses at the end of twelve (12) months after receipt thereof by the planning and development district or qualified entity shall be returned to MDA for placement in a pool to be redistributed by MDA to planning and development districts or qualified entities which have binding commitments to distribute as assistance all their initial grant funds and have pending applications for additional assistance in accordance with this article. Any planning and development district or qualified entity returning any such grant funds to MDA shall be required at the time such initial grant funds are returned to deliver to the State Treasury, for deposit in the General Fund, interest on the amount of such returned funds at the same rate as any bonds or notes of the State of Mississippi issued pursuant to this article to provide such grant funds.

After all of the initial grant funds have been provided as assistance to small businesses in accordance with this article, MDA shall distribute additional grant funds to each planning and development district or qualified entity qualified under this article to receive and requesting such funds in whatever amounts MDA deems appropriate and when needed by such planning and development districts or qualified entities to provide additional assistance to small businesses in accordance with this article. The schedule for distributing such funds shall be determined by MDA. Funds distributed to planning and development districts and qualified entities pursuant to this paragraph shall be in addition to funds distributed to planning and development districts and qualified entities pursuant to paragraph (b) of this section. The total amount of grants issued pursuant to this paragraph shall not exceed Twenty Million Dollars ($20,000,000.00) for planning and development districts or qualified entities. Grant funds not committed to provide assistance to small businesses at the end of twelve (12) months after receipt thereof by the planning and development district or qualified entity shall be returned to MDA for placement in a pool to be redistributed by MDA to planning and development districts or qualified entities which have binding commitments to distribute as assistance all their initial grant funds and have pending applications for additional assistance in accordance with this article. Any planning and development district or qualified entity returning any such grant funds to MDA shall be required at the time such grant funds are returned to deliver to the State Treasury, for deposit in the General Fund, interest on the amount of such returned funds at the same rate as any bonds or notes of the State of Mississippi issued pursuant to this article to provide such grant funds.

A planning and development district or qualified entity participating in the program may utilize an amount equal to not more than fifty percent (50%) of interest earned on assistance provided to small businesses in accordance with this article or three percent (3%) of the current annual loans disbursed, whichever is the lesser amount, for administration and management of the program, unless specifically authorized to utilize more by MDA; however, any interest earned on grant funds held by a planning and development district or qualified entity prior to the utilization of such grant funds to provide assistance to small businesses shall be placed in the revolving assistance fund of the planning and development district or qualified entity and shall not be expended for administration or management costs. Planning and development districts and qualified entities may retain an amount equal to fifty percent (50%) of the interest earned on repayment funds that are being held on deposit in anticipation of relending, or three percent (3%) of the current annual loans disbursed, whichever is the lesser amount, to aid in the administration and management of the program. Each planning and development district and qualified entity shall file annually with the Secretary of the Senate and the Clerk of the House of Representatives not later than the first day of each regular legislative session a report which details any interest retained or utilized by the planning and development district or qualified entity pursuant to this paragraph (d).

If a planning and development district or qualified entity participating in the program experiences losses from assistance provided pursuant to the program in excess of sixty percent (60%) of the amount of grant funds received by the planning and development district or qualified entity, the planning and development district or qualified entity shall repay the State of Mississippi the amount of such losses in excess of sixty percent (60%) by delivering that amount to the State Treasury for deposit in the General Fund.

MDA shall assist each planning and development district or qualified entity participating in the program in connection with such planning and development district’s or qualified entity’s compliance with this article.

Each planning and development district or qualified entity participating in the program shall submit the following reports to the MDA:

An annual audit of grant funds received in connection with the program; and

A semiannual report on July 30 and January 30 of each year, describing all assistance provided to small businesses pursuant to the program, such reports to include without limitation the following: a description of each small business receiving assistance; the project to be assisted and purpose of assistance; a description of each loan and equity investment, including the terms and conditions thereof and use of the assistance funds by the small business; history of the assistance pool, including principal amount loaned, interest earned, interest expended for administration and management, principal amount of equity investments, assistance funds available, and losses; and a statement of jobs created or retained as a result of the assistance program.

If MDA determines that a district or entity has provided assistance to small businesses in a manner inconsistent with the provisions of this article, then the amount of such assistance so provided shall be withheld by MDA from any additional grant funds to which the district or entity becomes entitled under this article. If MDA determines, after notifying such district or entity twice in writing and providing such district or entity a reasonable opportunity to comply, that a planning and development district or qualified entity has consistently failed to comply with this article in connection with the program, MDA may declare such planning and development district or qualified entity in default under the program and, upon receipt of notice thereof from MDA, such planning and development district or qualified entity shall immediately cease providing assistance under the program, shall refund to MDA for distribution to other planning and development districts or qualified entities all funds held in its revolving assistance fund and, if required by MDA, shall convey to MDA all administrative and management control of assistance provided by it under the program.

If MDA determines, after notifying a planning and development district or qualified entity twice in writing and providing copies of such notification to each member of the Legislature in whose district or in a part of whose district such planning and development district or qualified entity is located and providing such district or entity a reasonable opportunity to take corrective action, that a planning and development district or a qualified entity administering a revolving assistance fund under the provisions of this article is not actively engaged in lending as defined by the rules and regulations of MDA, MDA may declare such planning and development district or qualified entity in default under the program and, upon receipt of notice thereof from MDA, such planning and development district or qualified entity shall immediately cease providing assistance under the program, shall refund to MDA for distribution to other planning and development districts or qualified entities all funds held in its revolving assistance fund and, if required by MDA, shall convey to MDA all administrative and management control of assistance provided by it under the program.

Notwithstanding any other provision of this article to the contrary, if federal funds are not available for commitments made by a planning and development district to provide assistance under any federal loan program administered by the planning and development district in coordination with the Appalachian Regional Commission or Economic Development Administration, or both, a planning and development district may use funds in its revolving assistance fund, which have not been committed otherwise to provide assistance, for the purpose of providing temporary funding for such commitments. If a planning and development district uses uncommitted funds in its revolving assistance fund to provide such temporary funding, the district shall use funds repaid to the district under the temporarily funded federal loan program to replenish the funds used to provide the temporary funding. Funds used by a planning and development district to provide temporary funding under this paragraph (j) must be repaid to the district’s revolving assistance fund no later than twelve (12) months after the date the district provides the temporary funding. A planning and development district may not use uncommitted funds in its revolving assistance fund to provide temporary funding under this paragraph (j) on more than two (2) occasions during a calendar year. A planning and development district may provide temporary funding for multiple commitments on each such occasion. The maximum aggregate amount of uncommitted funds in a revolving assistance fund that may be used for such purposes during a calendar year shall not exceed seventy percent (70%) of the uncommitted funds in the revolving assistance fund on the date the district first provides temporary funding during the calendar year.

HISTORY: Laws, 1993, ch. 566, § 6; Laws, 1995, ch. 602, § 1; Laws, 1996, ch. 528, § 1; Laws, 1997, ch. 573, § 1; Laws, 1998, ch. 597, § 1; Laws, 2000, ch. 398, § 1; Laws, 2000, ch. 607, § 1; Laws, 2001, ch. 428, § 1; Laws, 2001, ch. 537, § 1; Laws, 2003, ch. 373, § 1; Laws, 2010, ch. 533, § 11, eff from and after passage (approved April 16, 2010.).

§ 57-10-513. General powers and duties of planning and development districts and qualified entities.

The planning and development districts and qualified entities are authorized, empowered and directed to deposit all grant funds received pursuant to this article in a revolving assistance fund and to provide assistance therefrom to small businesses in accordance with this article and the following criteria, terms and conditions:

To be eligible for assistance under this article, the small business and the project to be assisted must meet the following criteria:

Assistance must be in connection with an identifiable project or business plan, and the principal amount of all assistance may not exceed fifty percent (50%) of the total cost of said project or business plan;

Assistance may be used in connection with the purchase or lease of land, buildings, equipment and inventory, and for working capital; provided, however, no more than one-third (1/3) of the total assistance to a small business pursuant to this article or Fifty Thousand Dollars ($50,000.00), whichever is less, may be used for working capital;

Assistance may not be provided for speculative land or real estate investments;

Assistance may not be provided under the program to finance or satisfy any existing debt;

Assistance may not be provided to a small business unless at least sixty percent (60%) of the small business is owned, directly or indirectly, by individuals who have been residents of the State of Mississippi for two (2) years immediately prior to the application for assistance; and

The project or business plan for which assistance is provided must create or retain full-time jobs, and the planning and development district or qualified entity must receive a certificate to that effect from the small business before any assistance is provided.

The interest rate on loans shall not be less than five percent (5%) per annum or more than four percent (4%) above the federal discount rate, plus the servicing fees established in this article.

As security for any loan under the program, the planning and development district or qualified entity shall take a security interest in assets of the small business and require personal guarantees of all persons and entities owning twenty percent (20%) or more of the small business. Such security interests may be subordinate to other security interests in such assets.

The maximum term of any loan under the program shall not exceed the following: fifteen (15) years if used to purchase or lease land or buildings, ten (10) years if used to purchase or lease equipment, five (5) years if used to provide working capital and three (3) years if used to purchase inventory.

In the event of a default by a small business on a loan under the program, the planning and development district or qualified entity shall foreclose and enforce its security interests and personal guarantees relating to such loan and take all necessary and appropriate action to recover all principal and interest owed, and all amounts so recovered shall be deposited in the revolving assistance fund administered by said planning and development district or qualified entity. Any small business which defaults on a loan under the program shall not be eligible for any other loan under the program.

A planning and development district or qualified entity may acquire, subscribe for, own, hold, sell, assign, transfer, mortgage or pledge an equity investment in a small business incorporated under the laws of the State of Mississippi, provided such equity investment constitutes less than fifty percent (50%) of the voting shares of the small business and does not exceed Fifty Thousand Dollars ($50,000.00), and while the owner or holder thereof, the planning and development district or qualified entity may exercise all the rights, powers and privileges of ownership, including the right to vote thereon. Any such equity investment in a small business may be redeemed by such small business upon payment to the planning and development district or qualified entity of the principal amount of such equity investment, plus six percent (6%) interest, compounded annually from the date of such equity investment, provided such repayment is tendered within seven (7) years of the date of such equity investment.

A planning and development district or qualified entity shall not utilize more than one-third (1/3) of all grant funds received for equity investments in small businesses.

No small business shall receive assistance under the program in excess of Two Hundred Fifty Thousand Dollars ($250,000.00).

All assistance applications must be reviewed by, and the terms and conditions of the assistance must be recommended to the planning and development district or qualified entity, by a small business assistance review board established by the planning and development district or qualified entity, consisting of the following members appointed by the planning and development district or qualified entity:

Two (2) individuals with current experience in banking or finance;

Two (2) principal or majority owners of private, for-profit commercial enterprises qualifying as small businesses under this article;

One (1) senior officer of a private, for-profit commercial enterprise not qualifying as a small business under this article or the executive director of an industrial or economic development foundation;

One (1) individual who is a minority and who has current experience in banking or finance or who is the principal or majority owner of a private, for-profit commercial enterprise qualifying as a small business under this article; and

One (1) individual who is female and who has current experience in banking or finance or who is the principal or majority owner of a private, for-profit commercial enterprise qualifying as a small business under this article.

As used in this paragraph, “minority” shall mean individuals who are Asian, Black, Hispanic or Native American as defined in Section 31-7-13(s), Mississippi Code of 1972.

All members of such small business assistance review boards shall be residents of the area served by the planning and development district or qualified entity. Small business assistance review boards shall meet at least quarterly and shall meet anytime there are at least two (2) assistance applications pending that require review.

If the small business assistance review board recommends that assistance be provided, the planning and development district or qualified entity may either approve and provide the assistance on the exact terms and conditions recommended by the small business assistance review board or determine not to provide such assistance. Under no circumstances may the planning and development district or qualified entity provide such assistance on any terms or conditions not approved and recommended by the small business assistance review board. If the planning and development district or qualified entity determines not to provide the assistance that the small business assistance review board has recommended to be provided, the board of directors of such district or the governing body of such entity shall place in its minutes an explanation of the reasons for such refusal.If the small business assistance review board recommends against providing the assistance, the board of directors of the planning and development district or the governing body of the qualified entity may not determine to provide such assistance under any terms and conditions.

HISTORY: Laws, 1993, ch. 566, § 7; Laws, 1996, ch. 528, § 2; Laws, 2000, ch. 398, § 2; Laws, 2004, ch. 348, § 1, eff from and after July 1, 2004.

§ 57-10-515. Engagement of professional services.

The planning and development districts and qualified entities are hereby authorized to engage legal counsel, accountants, financial advisors, appraisers, consultants and others as needed in connection with providing assistance to small businesses pursuant to this article, and to charge the costs of these services to the small businesses receiving such assistance or charge the proceeds of such assistance therefor. To the extent required by DECD, such professional services shall be engaged on a statewide program basis.

HISTORY: Laws, 1993, ch. 566, § 8, eff from and after passage (approved April 19, 1993).

§ 57-10-517. Adoption and publication of eligibility criteria for participation in program, timetable and process for review of applications, and other rules and regulations; adoption of uniform applications, forms, procedures, and requirements.

1. DECD shall adopt and publish the eligibility criteria for planning and development districts and qualified entities to participate in the program as set forth in this article, a timetable and process for review of applications from planning and development districts or qualified entities, and program report forms, all in accordance with this article, and such other rules and regulations as may be necessary and appropriate in carrying out its responsibilities under this article; provided, however, that planning and development districts or qualified entities shall have sole authority over the approval of assistance and the management of the assistance provided under this article.
2. The Mississippi Association of Planning and Development Districts shall prepare and adopt such uniform applications, forms, procedures and requirements for use in connection with the program as they deem necessary and appropriate.

HISTORY: Laws, 1993, ch. 566, § 9, eff from and after passage (approved April 19, 1993).

§ 57-10-519. Certification of nondiscrimination.

No assistance shall be provided to a small business under this article unless the small business certifies to the planning and development district or qualified entity, in a form satisfactory to DECD, that it will not discriminate against any employee or against any applicant for employment because of race, religion, color, national origin, sex or age.

HISTORY: Laws, 1993, ch. 566, § 10, eff from and after passage (approved April 19, 1993).

§ 57-10-521. Creation of Mississippi Small Business Assistance Fund; deposits; funds to be deposited in General Fund.

1. There is hereby created a special fund in the State Treasury to be known as the Mississippi Small Business Assistance Fund out of which grants and expenditures authorized in connection with the program shall be disbursed. All monies received by issuance of bonds to carry out the purposes of this article shall be deposited into the Mississippi Small Business Assistance Fund.
2. All funds repaid to the State Treasury under this article or designated hereunder for repayment of any bonds issued under this article shall be delivered to the State Treasurer for deposit in the General Fund.

HISTORY: Laws, 1993, ch. 566, § 11, eff from and after passage (approved April 19, 1993).

§ 57-10-523. Redemption and cancellation of bonds; determination by Treasurer as to bond payments for following year; inclusion of information in budget by Governor; interest rate on assistance.

1. All bonds issued under the authority of this article shall be redeemed at maturity, together with all interest due, from time to time, on the bonds, and these principal and interest payments shall be paid from the General Fund.
2. In the event that all or any part of the bonds and notes are purchased, they shall be canceled and returned to the loan and transfer agent as canceled and paid bonds and notes; and thereafter all payments of interest thereon shall cease and the canceled bonds, notes and coupons, together with any other canceled bonds, notes and coupons, shall be destroyed as promptly as possible after cancellation but not later than two (2) years after cancellation. A certificate evidencing the destruction of the canceled bonds, notes and coupons shall be provided by the loan and transfer agent to the seller.
3. The State Treasurer shall determine and report to the Department of Finance and Administration and Legislative Budget Office by September 1 of each year the amount of money necessary for the payment of the principal of and interest on outstanding obligations for the following fiscal year and the times and amounts of the payments. It shall be the duty of the Governor to include in every executive budget submitted to the Legislature full information relating to the issuance of bonds and notes under the provisions of this article and the status of the General Fund for the payment of the principal of and interest on the bonds and notes.
4. Except as otherwise provided by law, the rate of interest on any assistance made using funds from the Mississippi Small Business Assistance Fund shall be in accordance with Section 57-10-513. Notwithstanding the provisions of any other law to the contrary, the interest rate charged shall not be set such that the aggregate of the interest, penalties and other payments to the planning and development districts or qualified entities in connection with such assistance made using funds from the Mississippi Small Business Assistance Fund will cause the bonds issued pursuant to this article to be deemed arbitrage bonds pursuant to Section 148 of the Internal Revenue Code of 1986 and the regulations promulgated thereunder. In the case of assistance initially funded from the proceeds of notes and subsequently funded from renewal bonds and notes, the interest rate to be charged on the assistance shall be established in accordance with Section 57-10-513 upon the sale of bonds or notes, as the case may be, for such assistance.

HISTORY: Laws, 1993, ch. 566, § 12, eff from and after passage (approved April 19, 1993).

§ 57-10-525. Limitation on borrowing; rate of interest on nontaxable bonds or notes; issuance, terms, and execution of general or limited obligation bonds; payment of principal and interest on bonds; tax exempt status.

1. The seller is authorized to borrow, on the credit of the state, money not exceeding the aggregate sum of Thirty-two Million Dollars ($32,000,000.00), not including money borrowed to refund outstanding bonds, notes or replacement notes, as may be necessary to carry out the purposes of this article. The rate of interest on any such bonds or notes which are not subject to taxation shall not exceed the rates set forth in Section 75-17-101, Mississippi Code of 1972, for general obligation bonds.
2. As evidence of indebtedness authorized in this article, general or limited obligation bonds of the state shall be issued from time to time to provide monies necessary to carry out the purposes of this article for such total amount, in such form, in such denominations, payable in such currencies (either domestic or foreign or both), and subject to such terms and conditions of issue, redemption and maturity, rate of interest and time of payment of interest as the seller directs, except that such bonds shall mature or otherwise be retired in annual installments beginning not more than five (5) years from the date thereof and extending not more than twenty (20) years from the date thereof.
3. All bonds and notes issued under authority of this article shall be signed by the chairman of the seller, or by his facsimile signature, and the official seal of the seller shall be affixed thereto, attested by the secretary of the seller.
4. All bonds and notes issued under authority of this article may be general or limited obligations of the state, and the full faith and credit of the State of Mississippi as to general obligation bonds, or the revenue derived from projects assisted as to limited obligation bonds, are hereby pledged for the payment of the principal of and interest on such bonds and notes.
5. Such bonds and notes and the income therefrom shall be exempt from all taxation in the State of Mississippi.
6. The bonds may be issued as coupon bonds or registered as to both principal and interest as the seller may determine. If interest coupons are attached, they shall contain the facsimile signature of the chairman and the secretary of the seller.
7. As to bonds issued hereunder and designated as taxable bonds by the seller, any immunity of the state to taxation by the United States government of interest on bonds or notes issued by the state is hereby waived.

HISTORY: Laws, 1993, ch. 566, § 13; Laws, 2000, ch. 607, § 2, eff from and after July 1, 2000.

§ 57-10-527. Sale of bonds; registration.

1. Whenever bonds are issued, they shall be offered for sale at not less than par value and accrued interest and shall be sold by the seller at public or private sale, from time to time, in such manner and at such price as may be determined by the seller to be most advantageous.
2. Any portion of any bond issue so offered and not sold or subscribed for at public sale may be disposed of by private sale by the seller in such manner and at such prices not less than par and accrued interest, as the seller shall direct.
3. When bonds are issued from time to time, the bonds of each issue shall constitute a separate series to be designated by the seller or may be combined for sale as one (1) series with other general obligation bonds of the State of Mississippi.
4. Until permanent bonds can be prepared, the seller may in its discretion issue, in lieu of permanent bonds, temporary bonds in such form and with such privileges as to registration and exchange for permanent bonds as may be determined by the seller.
5. Pending their application to the purposes authorized, bond proceeds held or deposited by the State Treasurer may be invested or reinvested as are other funds in the custody of the State Treasurer in the manner provided by law. All earnings received from the investment or deposit of such funds shall be paid into the State Treasury to the credit of the Mississippi Small Business Assistance Fund.
6. The State Treasurer shall prepare the necessary registry book to be kept in the office of the duly authorized loan and transfer agent of the state for the registration of any bonds, at the request of owners thereof, according to the terms and conditions of issue directed by the seller.
7. All costs and expenses in connection with the issue of and sale and registration of the bonds and notes in connection with this article, and all costs and expenses in connection with implementation of the program and development of application forms, procedures and requirements for use in connection with the program may be paid from the proceeds of bonds and notes issued under this article.
8. The seller may provide in the resolution authorizing the issuance of such bonds for the employment of one or more persons or firms to assist in the sale of the bonds; to enter into contracts with financial institutions located either within or without the State of Mississippi to act as registrar, paying agents, transfer agents or otherwise; for rating of the bonds; and to purchase insurance.

HISTORY: Laws, 1993, ch. 566, § 14, eff from and after passage (approved April 19, 1993).

§ 57-10-529. Temporary borrowings by seller pending issuance of bonds of state.

1. Pending the issuance of bonds of the state as authorized under this article, the seller is hereby authorized in accordance with the provisions of this article and on the credit of the state, to make temporary borrowings not to exceed two (2) years in anticipation of the issue of bonds in order to provide funds in such amounts as may, from time to time, be deemed advisable prior to the issue of bonds. In order to provide for and in connection with such temporary borrowings, the seller is hereby authorized in the name and on behalf of the state to enter into any purchase, loan or credit agreement, or agreements, or other agreement or agreements with any financial institution or persons in the United States having power to enter into the same, which agreements may contain such provisions not inconsistent with the provisions of this article as may be authorized by the seller.
2. All temporary borrowings made under this section shall be evidenced by notes of the state which shall be issued, from time to time, for such amounts not exceeding in the aggregate the applicable statutory and constitutional debt limitation, in such form and in such denominations and subject to terms and conditions of sale and issue, prepayment or redemption and maturity, rate or rates of sale and time of payment of interest as the seller shall authorize and direct and in accordance with this article. Such authorization and direction may provide for the subsequent issuance of replacement notes to refund, upon issuance thereof, such notes, and may specify such other terms and conditions with respect to the notes and replacement notes thereby authorized for issuance as the seller may determine and direct.
3. When the authorization and direction of the seller provide for the issuance of replacement notes, the seller is hereby authorized in the name and on behalf of the state to enter into agreements with any financial institutions or persons in the United States having the power to enter into the same:
   1. To purchase or underwrite an issue or series of issues of notes.
   2. To enter into any purchase, loan or credit agreements, and to draw monies pursuant to any such agreements on the terms and conditions set forth therein and to issue notes as evidence of borrowings made under any such agreements.
   3. To appoint or act as issuing and paying agent or agents with respect to notes.
   4. To do such other acts as may be necessary or appropriate to provide for the payment, when due, of the principal of and interest on such notes.

      Such agreements may provide for the compensation of any purchasers or underwriters of notes or replacement notes by payment of a fixed fee or commission at the time of issuance thereof, and for all other costs and expenses, including fees for agreements related to the notes issuing and paying agent costs. Costs and expenses of issuance may be paid from the proceeds of the notes.

4. When the authorization and direction of the seller provides for the issuance of replacement notes, it shall, at or prior to the time of delivery of these notes or replacement notes, determine the principal amounts, dates of issue, interest rate or rates, rates of discount, denominations and all other terms and conditions relating to the issuance. The State Treasurer shall perform all acts and things necessary to pay or cause to be paid, when due, all principal of and interest on the notes being refunded by replacement notes and to assure that the same may draw upon any monies available for that purpose pursuant to any purchase loan or credit agreements established with respect thereto, all subject to the authorization and direction of the seller.
5. Outstanding notes evidencing such borrowings may be funded and retired by the issuance and sale of the bonds of the state as hereinafter authorized. The refunding bonds must be issued and sold not later than a date two (2) years after the date of issuance of the first notes evidencing such borrowings to the extent that payment of such notes has not otherwise been made or provided for by sources other than proceeds of replacement notes.
6. The proceeds of all such temporary borrowing shall be paid to the State Treasurer to be held and disposed of in accordance with the provisions of Section 57-10-521.

HISTORY: Laws, 1993, ch. 566, § 15, eff from and after passage (approved April 19, 1993).

§ 57-10-531. Disposition of proceeds from sale of bonds and notes and available nonfederal funds.

1. The proceeds realized from the sale of bonds and notes under this article, other than refunding bonds and replacement notes, shall be paid to the State Treasurer and deposited into the Mississippi Small Business Assistance Fund and specifically dedicated to the purposes enumerated in this article.
2. All nonfederal funds which may become available for the purposes of this article shall be deposited in the Mississippi Small Business Assistance Fund and shall be allocated for the purposes of this article.
3. The proceeds of the sale of refunding bonds and replacement notes shall be applied solely to the payment of the principal of and the accrued interest on and premium, if any, and costs of redemption of the bonds and notes for which such obligations have been issued.

HISTORY: Laws, 1993, ch. 566, § 16, eff from and after passage (approved April 19, 1993).

§ 57-10-533. Attorney General to represent seller in issuing, selling and validating bonds or notes.

Except as otherwise authorized in Section 7-5-39, the Attorney General of the State of Mississippi shall represent the seller in issuing, selling and validating bonds or notes herein provided for, and the seller is hereby authorized and empowered to expend from the proceeds derived from the sale of the bonds or notes authorized hereunder all necessary administrative, legal and other expenses incidental and related to the issuance of bonds or notes authorized under this article.

HISTORY: Laws, 1993, ch. 566, § 17; Laws, 2012, ch. 546, § 23, eff from and after July 1, 2012.

§ 57-10-601. Definitions; Mississippi Development Authority designated agency for implementation of state program and participation in federal initiative.

1. As used in this section:
   1. “Act” means the State Small Business Credit Initiative Act of 2010 (Public Law 111-240).
   2. “State program” has the meaning ascribed to such term in the State Small Business Credit Initiative Act of 2010 (Public Law 111-240).
   3. “MDA” means the Mississippi Development Authority.
2. The MDA is designated as the agency to implement a state program and participate in the State Small Business Credit Initiative established under the act.
3. The MDA is authorized and empowered to take any action necessary to establish and implement a state program that meets all the requirements of the act.
4. The MDA is authorized and empowered to administer funds transferred to the state under the act.
5. The Executive Director of MDA is authorized and empowered to promulgate and put into effect all reasonable rules and regulations that he may deem necessary to carry out the provisions of this section and comply with the act.

HISTORY: Laws, 2011, ch. 480, § 40, eff from and after passage (approved Apr. 6, 2011.).

§ 57-10-701. Short title [Repealed effective July 1, 2022].

This article shall be known as the “Small Business and Grocer Investment Act.”

HISTORY: Laws, 2014, ch. 514, § 1; reenacted without change, Laws, 2016, ch. 502, § 6, eff from and after July 1, 2016, Laws, 2019, ch. 347, § 1, eff from and after July 1, 2019, reenacted without change, Laws, 2019, ch. 347, §1, eff from and after July 1, 2019.; reenacted without change, § 1.

§ 57-10-703. Legislative intent [Repealed effective July 1, 2022].

The Legislature finds the following:

Developing quality retail food outlets creates jobs, expands markets for Mississippi farmers, and supports economic vitality in underserved communities.

Increasing access to retail food outlets that sell fresh fruits, vegetables and other healthy food is an important strategy for fighting the obesity epidemic and improving health. Studies have shown that people with better access to supermarkets and fresh produce tend to have healthier diets and lower levels of obesity.

The program established under this article is intended to provide a dedicated source of financing for healthy food retailers operating in underserved communities in Mississippi, in both urban and rural areas; to increase access to affordable healthy food so as to improve diets and health; to promote the sale and consumption of fresh fruits and vegetables, in natural and/or frozen form, particularly those that are Mississippi grown; and to support expanded economic opportunities in low-income and rural communities.

HISTORY: Laws, 2014, ch. 514, § 2; reenacted without change, Laws, 2016, ch. 502, § 7, eff from and after July 1, 2016; reenacted without change, Laws, 2019, ch. 347, § 2, eff from and after July 1, 2019.

§ 57-10-705. Definitions [Repealed effective July 1, 2022].

As used in this article:

“Agency” means the Mississippi Development Authority.

“Funding” means grants, loans, or a combination of grants and loans.

“Healthy food retailers” means retailers that sell quality fresh fruits and vegetables, in natural and/or frozen form, including, but not limited to, supermarkets, grocery stores, convenience stores and farmers’ markets.

“Program” means technical assistance and a public-private partnership established in the state by the Mississippi Development Authority to identify and/or provide a dedicated source of funding and other financing for food retailers that increase access to fresh fruits and vegetables, in natural and/or frozen form, and other affordable healthy food for Mississippi residents overseen by the Mississippi Development Authority.

“Underserved community” means a geographic area that has limited access to healthy food retailers, or an area that is otherwise determined to have serious healthy food access limitations, that is located in a county that has been designated by the Department of Revenue as a Tier Two or Tier Three area under the provisions of Section 57-73-21(1).

HISTORY: Laws, 2014, ch. 514, § 3; reenacted without change, Laws, 2016, ch. 502, § 8, eff from and after July 1, 2016; reenacted without change, Laws, 2019, ch. 347, § 3, eff from and after July 1, 2019.

§ 57-10-707. Establishment of program to provide grants and loans to food retailers to increase access to healthy foods in underserved communities; public-private partnerships; uses of funds; application for funding [Repealed effective July 1, 2022].

1. To the extent funds are available, the Mississippi Development Authority, in cooperation with public and private sector partners, is authorized to establish a program modeled on comparable initiatives throughout the nation that provides grants and loans and/or promotes access to healthy food retailers that increase access to fresh fruits and vegetables, in natural and/or frozen form, and other affordable healthy food in underserved communities.
2. The agency may contract with one or more qualified nonprofit organizations or community development financial institutions to administer the program described in this article through a public-private partnership, to raise matching funds, market the program statewide, evaluate applicants, make award decisions, underwrite loans and monitor compliance and impact. The agency and its partners shall coordinate with complementary nutrition assistance and education programs.
3. Any funding provided under the program shall be provided on a competitive, one-time basis as appropriate for the eligible project. No state funds shall be directly provided as a source of funding for any food retailer under this program, but may be used by the agency for its administrative duties in carrying out the provisions of this article.
4. 1. The program may provide technical assistance and/or funding for projects such as:
      1. New construction of healthy food retailers.
      2. Store renovations, expansion and infrastructure upgrades that improve the availability and quality of fresh produce.
      3. Farmers’ markets and public markets, food cooperatives, mobile markets and delivery projects and distribution projects that enable food retailers in underserved communities to regularly obtain fresh produce.
      4. Other projects that create or improve healthy food retail outlets that meet the intent of this article as determined by the agency.
   2. Funding made available for projects included in paragraph (a) of this subsection may be used for the following purposes:
      1. Site acquisition and preparation.
      2. Construction costs.
      3. Equipment and furnishings.
      4. Workforce training.
      5. Security.
      6. Certain predevelopment costs such as market studies and appraisals.
      7. Working capital for initial inventory and costs.
5. An applicant for funding may include, but not be limited to, a sole proprietorship, partnership, limited liability company, corporation or cooperative.
6. In order to be considered for funding, an applicant shall meet the following eligibility criteria:
   1. The project for which the applicant seeks funding shall benefit an underserved community.
   2. The applicant shall demonstrate a meaningful commitment to sell fresh fruits and vegetables, in natural and/or frozen form, according to a measurable standard established by the agency.
   3. The applicant shall not locate the project in an area where it would be directly competing against an existing food retailer.
7. Applicants shall be evaluated on the following financial criteria in order to determine the funding awarded:
   1. Demonstrated capacity to successfully implement the project, including the applicant’s relevant experience and the likelihood that the project will be economically self-sustaining.
   2. The ability of the applicant to repay debt.
   3. The degree to which the project requires an investment of public funding to move forward, create impact or be competitive, and the level of need in the area to be served. Additional factors that will improve or preserve retail access for low-income residents, such as proximity to public transit lines, also may be taken into account.
   4. The degree to which the project will promote sales of fresh produce, particularly Mississippi-grown fruits and vegetables.
   5. The degree to which the project will have a positive economic impact on the underserved community, including, creating or retaining jobs for local residents.
   6. Other criteria that the agency determines to be consistent with the purposes of this article.
8. The agency shall establish program benchmarks and reporting processes to make certain that the program benefits the communities in the program area. The agency shall likewise establish monitoring and accountability mechanisms for projects receiving grants or loans, such as tracking fruit and vegetable sales data.
9. The agency shall prepare and submit an annual report to the Legislature on any projects funded and outcome data.
10. The agency shall establish rules for the implementation of this article.

HISTORY: Laws, 2014, ch. 514, § 4; reenacted and amended, Laws, 2016, ch. 502, § 9, eff from and after July 1, 2016; reenacted without change, Laws, 2019, ch. 347, § 4, eff from and after July 1, 2019.

§ 57-10-709. Use of funding to leverage other sources of funds [Repealed effective July 1, 2022].

Funding described in this article, to the extent practicable, may be used to leverage other sources of funds, including, but not limited to, New Markets Tax Credits, federal and foundation grant programs, incentives available to designated Enterprise Zones or Renewal Communities, operator equity and funds from private sector financial institutions under the federal Community Reinvestment Act.

HISTORY: Laws, 2014, ch. 514, § 5; reenacted without change, Laws, 2016, ch. 502, § 10, eff from and after July 1, 2016; reenacted without change, Laws, 2019, ch. 347, § 5, eff from and after July 1, 2019.

§ 57-10-711. Repeal of Sections 57-10-701 through 57-10-709.

Sections 57-10-701 through 57-10-709 shall stand repealed on July 1, 2022.

HISTORY: Laws, 2014, ch. 514, § 6; Laws, 2016, ch. 502, § 11, eff from and after July 1, 2016; Laws, 2019, ch. 347, § 6, eff from and after July 1, 2019.

§ 57-11-1. Repealed.

Repealed by Laws, 1988, ch. 518, § 93, eff from and after July 1, 1988.

[Codes, 1942, § 8940-41; Laws, 1964, ch. 512, § 1; 1979, ch. 438, § 18]

§ 57-11-3. Duties and responsibilities of council.

The duties and responsibilities of the council shall be to advise the division of marketing of the Mississippi Department of Economic Development regarding the development and execution of programs designed to carry out the purposes hereinbefore stated and to advise the governor and the legislature regarding policies and laws bearing upon the marketing of products and services and the establishment of industries utilizing or otherwise relating to agricultural and forestry products.

HISTORY: Codes, 1942, § 8940-42; Laws, 1964, ch. 512, § 2; Laws, 1979, ch. 438, § 19, eff from and after February 1, 1980.

§ 57-11-5. Composition of council; terms of members; officers; quorum.

The council shall consist of fifteen (15) members from the state at large, representative of the various segments of agriculture and forestry, to be selected and appointed by the governor, and who shall serve for a term of not more than four (4) years under each appointment, which term of office shall expire at the expiration of the term of office for which the governor appointing the members was elected, without regard for the date of actual appointment of the members. Such members shall continue to serve until their successors have been appointed and duly qualified. The governor shall appoint a chairman and a vice-chairman of the council, and nine (9) members shall constitute a quorum of the members thereof.

HISTORY: Codes, 1942, § 8940-43; Laws, 1964, ch. 512, § 3, eff from and after passage (approved June 4, 1964).

§ 57-11-7. Repealed.

Repealed by Laws, 1988, ch. 518, § 93, eff from and after July 1, 1988.

[Codes, 1942, § 8940-44; Laws, 1964, ch. 512, § 4; Laws, 1979, ch. 438, § 20]

§ 57-11-9. Repealed.

Repealed by Laws, 1979, ch. 438, § 22, eff from and after February 1, 1980.

[Codes, 1942, § 8940-45; Laws, 1964, ch. 512, § 5]

§ 57-11-11. Repealed.

Repealed by Laws, 1988, ch. 518, § 93, eff from and after July 1, 1988.

[Codes, 1942, § 8940-46; Laws, 1964, ch. 512, § 6; Laws, 1979, ch. 438, § 21]

§ 57-11-13. Repealed.

Repealed by Laws, 1979, ch. 438, § 22, eff from and after February 1, 1980.

[Codes, 1942, § 8940-47; Laws, 1964, ch. 512, § 7]

§ 57-11-15. Establishment of Mississippi Craft Stores.

For the purpose of aiding, establishing and providing proper facilities for the efficient display and merchandising of crafts and arts in the interest of those individual citizens who are producing and are capable of producing various items of value and interest, the general public and the State of Mississippi, and to assist in the display, disposal and sale of such arts and crafts, there is hereby established under the supervision of the Mississippi Marketing Council the Mississippi Craft Stores.

HISTORY: Laws, 1973, ch. 419, § 1, eff from and after passage (approved April 2, 1973).

§ 57-11-17. Powers and authority of marketing council with respect to acquisition of facilities for craft stores.

The Mississippi Marketing Council is hereby authorized to acquire by donation or lease for and in the name of the State of Mississippi suitable and accessible facilities as may be necessary for the display, disposal and sale of those certain objects of crafts and arts set forth in Section 57-11-15. The marketing council is hereby authorized and empowered to lease, or rent, to any individual any part of the property under its jurisdiction acquired for such purposes. The funds derived from any lease, or rental contract, entered into under authority of this section shall be deposited in the state treasury to the credit of the general fund of the state.

HISTORY: Laws, 1973, ch. 419, § 2, eff from and after passage (approved April 2, 1973).

§ 57-11-19. Cooperation with marketing council by state agencies.

The Mississippi Department of Wildlife, Fisheries and Parks, the Mississippi Arts Commission, the Mississippi Department of Education, the Department of Human Services, the Mississippi Extension Service, the Mississippi Department of Agriculture and Commerce, the Mississippi Department of Economic and Community Development, and the Mississippi Fair Commission may cooperate with the marketing council in carrying out the purposes of Sections 57-11-15 through 57-11-21.

HISTORY: Laws, 1973, ch. 419, § 3; Laws, 1988, ch. 518, § 53; Laws, 2000, ch. 516, § 126, eff from and after passage (approved Apr. 30, 2000.).

§ 57-11-21. Restrictions on sales of merchandise by craft stores.

No craft store shall have on display, for sale, or otherwise handle any merchandise commercially manufactured except soft drinks or other items related to snacks.

HISTORY: Laws, 1973, ch. 419, § 4, eff from and after passage (approved April 2, 1973).

§ 57-11-31. Preparation of market studies, plant specifications, cost estimates, job estimates and operating statements.

The Mississippi Agricultural and Industrial Board is hereby authorized and empowered to employ such a firm or firms which are experienced, competent and qualified in the field of market research, industrial research, plant design and engineering as may be necessary to accomplish the following work in the shortest time possible:

1. To make a broad, preliminary market study to reveal a wide range of products, both agricultural and nonagricultural, that can be manufactured in Mississippi from materials and resources available in or to Mississippi.
2. To make detailed market studies in connection with the favorable products revealed by the preliminary study above referred to, in order to determine with reasonable certainty those products for which a profitable and growing market exists.
3. Lay out, design and prepare plans and specifications of the plants, machinery, equipment and other facilities necessary to produce in profitable volume those products selected as a result of the detailed study authorized in the foregoing paragraph.
4. Prepare detailed cost estimates of the necessary land, buildings, machinery, equipment and other facilities and determine the amount of investment capital required to build and equip each plant.
5. Prepare an estimate of the number of jobs to be created by each plant designed pursuant to Sections 57-11-31 through 57-11-39, the wage scale of the employees and the annual payroll of each plant.
6. Prepare a projected operating statement of each plant, showing the anticipated profits at the end of the first, third and fifth year of operation, based on maximum operating capacity. Prepare the same information based on the assumption that the plant will operate at minimum operating capacity. Provide the same information for such percentages of maximum operating capacity as the board may deem necessary to determine with reasonable certainty the capacity at which the plant must operate in order to show a profit and to attract investment capital. The aforesaid studies shall show the normal operating capital requirements of each plant for the first five (5) years.

HISTORY: Codes, 1942, § 8939-01; Laws, 1960, ch. 145, § 1, eff from and after passage (approved March 15, 1960).

§ 57-11-33. Contracts and expenditures for services.

The Mississippi Agricultural and Industrial Board is authorized and empowered to contract and pay for the services set out in the foregoing section, in such amount or amounts as may be necessary to attain the objectives of Sections 57-11-31 through 57-11-39, provided such commitments and expenditures are not to exceed the sum of one hundred fifty thousand dollars ($150,000.00) appropriated by the Mississippi Legislature for special market research and do not, at any time, exceed for plant design and engineering the amount or balance that may be available in a special “plant engineering revolving fund” maintained in the state treasury by an initial appropriation by the Mississippi Legislature in the amount of two hundred fifty thousand dollars ($250,000.00).

HISTORY: Codes, 1942, § 8939-02; Laws, 1960, ch. 145, § 2, eff from and after passage (approved March 15, 1960).

§ 57-11-35. Offering of plant designs, etc., to individuals or groups; repayment of plant engineering costs by users of designs, etc.

The Mississippi Agricultural and Industrial Board is authorized and empowered to offer the market research information and such plant designs, blueprints, estimates of operation and other information obtained as the result of the surveys and studies authorized by Sections 57-11-31 through 57-11-39 to any individual or group of individuals in Mississippi, including any governmental subdivision thereof. However, the Mississippi Agricultural and Industrial Board shall inform such individuals or group of individuals desiring to make use of such plans, specifications and other information that the cost of the actual design, engineering and other work connected with each proposed plant, but not the cost of the special market research, has come from a revolving fund established by the Mississippi Legislature under Sections 57-11-31 through 57-11-39, and that the cost of such plant engineering services must be included by such individuals or group of individuals in the total cost of the new plant and the amount repaid to the state treasurer, to be placed in the said revolving fund, and thereby made available to pay for the cost of additional engineering and other services in connection with the design of plants for the use by other individuals. The Mississippi Agricultural and Industrial Board, after having investigated and confirmed the financial responsibility of the applicant, shall require each individual or group of individuals building a plant by the plans and specifications so provided to enter into a valid, legal and binding obligation to repay the cost of such plant engineering to the “plant engineering revolving fund” maintained in the state treasury, in an amount each year and over a period of years to be fixed by the said board in its discretion. If the individual or group of individuals building a plant by the plans and specifications so provided shall enter into a contract with any municipality for the construction of a plant from the proceeds of bonds to be issued under the provisions of Sections 57-1-1 through 57-1-51, known as the “Balance Agriculture With Industry Law,” then the cost of such plant engineering shall be included as a part of the initial cost of the building and shall be repaid to the state treasurer from the proceeds of the sale of said bonds.

HISTORY: Codes, 1942, § 8939-03; Laws, 1960, ch. 145, § 3, eff from and after passage (approved March 15, 1960).

§ 57-11-37. Plant engineering revolving fund.

The term “revolving fund” means a “plant engineering revolving fund” maintained in the state treasury as a separate fund which can be expended by the Mississippi Agricultural and Industrial Board for costs incurred in connection with the design engineering and projected operating estimates of the proposed industrial plants so long as there is a balance in the fund provided by the Mississippi Legislature. All moneys repaid by individuals or groups of individuals in return payment for such plant engineering will be credited to the “plant engineering revolving fund” so that additional studies can be made on the same basis and under the same conditions as provided in Sections 57-11-31 through 57-11-39.

HISTORY: Codes, 1942, § 8939-04; Laws, 1960, ch. 145, § 4, eff from and after passage (approved March 15, 1960).

§ 57-11-39. Transfer of funds on termination of program.

If the program provided by Sections 57-11-31 through 57-11-39 is terminated or discontinued for any reason in the future, all moneys in the “plant engineering revolving fund,” after the payment by the Mississippi Agricultural and Industrial Board of any outstanding costs in connection with said plant engineering, shall be transferred to the general fund of the state treasury on written certification of the director of the Mississippi Agricultural and Industrial Board that this program has been so discontinued or terminated, citing the statutory authority therefor.

HISTORY: Codes, 1942, § 8939-05; Laws, 1960, ch. 145, § 5, eff from and after passage (approved March 15, 1960).

§ 57-11-61. Short title.

Sections 57-11-61 through 57-11-69 may be cited as “The Selected Industrial Feasibility Law of 1964.”

HISTORY: Codes, 1942, § 8939-21; Laws, 1964, ch. 218, § 1, eff from and after passage (approved March 24, 1964).

§ 57-11-63. Preparation of marketing, operating and financial feasibility studies of selected heavy industries.

The Mississippi Agricultural and Industrial Board is hereby authorized and empowered to contract with a firm or firms which are experienced, competent and qualified to make market, operating and financial feasibility studies as may be necessary to accomplish the following:

To make specific marketing, operating and financial feasibility studies of selected heavy industries in the chemical, petrochemical, mineral, wood and pulp-using, and related fields that can properly be constructed and operated in the State of Mississippi to preempt markets that now exist or may exist.

To contract with the firm or firms making such feasibility studies on the basis that they will recommend methods which will promptly cause to be constructed and/or operated, such manufacturing and industrial facilities, or either, as may prove by these studies to be feasible.

HISTORY: Codes, 1942, § 8939-22; Laws, 1964, ch. 218, § 2; Laws, 1966, ch. 236, § 1, eff from and after passage (approved June 16, 1966).

§ 57-11-65. Contracts and expenditures for feasibility studies; contributions.

1. The Mississippi Agricultural and Industrial Board is authorized and empowered to contract and pay for the feasibility studies as set out in Section 57-11-63, in such amount or amounts as may be necessary to attain the objectives of Sections 57-11-61 through 57-11-69, provided such commitments and expenditures do not at any time exceed the amount or balance that may be available in a special “selected industrial feasibility fund” maintained in the state treasury through such appropriation as may be subsequently made by the legislature for such purpose, or as received from contributions and funds from various political subdivisions, and area industrial development districts or organizations.
2. Cities, towns, municipalities, boards of supervisors, and any and all combinations thereof, and area industrial development districts or organizations, are hereby authorized, in the discretion of said political subdivisions and area industrial development districts and organizations, to make contributions to the Mississippi Agricultural and Industrial Board, such funds as said political subdivisions are authorized to use for advertising and industrial promotion purposes, to be deposited into the “selected industrial feasibility fund,” and which contributions will be used by the Mississippi Agricultural and Industrial Board for the purposes of making the hereinabove designated feasibility studies, and said studies shall be made available to said contributing political subdivisions, and area industrial development districts or organizations.

HISTORY: Codes, 1942, § 8939-23; Laws, 1964, ch. 218, § 3; Laws, 1966, ch. 236, §§ 2, 3, eff from and after passage (approved June 16, 1966).

§ 57-11-67. Progress reports; termination of study.

The firm or firms which are under contract to make such feasibility studies shall submit progress reports to the Mississippi Agricultural and Industrial Board on each stage of the study, and should any stage of the progress report reflect that the stage or feasibility study shall not be feasible, then the entire study shall be terminated.

HISTORY: Codes, 1942, § 8939-24; Laws, 1964, ch. 218, § 4, eff from and after passage (approved March 24, 1964).

§ 57-11-69. Selected industrial feasibility fund.

There shall be a “selected industrial feasibility fund,” which fund shall be maintained in the state treasury as a separate fund. The Mississippi Agricultural and Industrial Board is authorized to receive appropriated funds from the legislature of the State of Mississippi and contributions and funds from the different political subdivisions of this state and area industrial development districts or organizations, and shall deposit all of said funds and contributions into this “selected industrial feasibility fund,” and said Mississippi Agricultural and Industrial Board shall, in the manner now required by law, expend from said fund such sums of money necessary for the payment of feasibility studies required in connection with the provisions of Sections 57-11-61 through 57-11-69, so long as there is a balance in the said fund.

HISTORY: Codes, 1942, § 8939-25; Laws, 1964, ch. 218, § 5; Laws, 1966, ch. 236, §§ 4, 5, eff from and after passage (approved June 16, 1966).

§§ 57-13-1 through 57-13-21. Repealed.

Repealed by Laws, 1988, ch. 518, § 94, eff from and after July 1, 1988.

§§57-13-1,57-13-3. [Codes, 1942, §§ 8946-21 and -22; Laws, 1964, ch. 216, §§ 1, 2]

§57-13-5. [Codes, 1942, § 8946-23; Laws, 1964, ch. 216, § 3; Laws, 1984, ch. 495, § 24; Laws, 1984, ch. 488, § 327; Laws, 1985, ch. 474, § 53; Laws, 1986, ch. 438, § 37; Laws, 1986, ch. 500 § 45; Laws, 1987, ch. 483, § 38; Laws, 1988, ch. 442, § 35]

§57-13-6. [Laws, 1987, ch. 304]

§57-13-7. [Codes, 1942, § 8946-24; Laws, 1964, ch. 216, § 4; Laws, 1974, ch. 563, § 1; Laws, 1984, ch. 488, § 239; Laws, 1986, ch. 336, § 1]

§§57-13-9 through57-13-11. [Codes, 1942, § 8946-25; Laws, 1964, ch. 216, § 5; Laws, 1966, ch. 233, § 3]

§57-13-13. [Codes, 1942, § 8946-26; Laws, 1964, ch. 216, § 6; Laws, 1984, ch. 313; Laws, 1984, ch. 488, § 328; Laws, 1985, ch. 438; Laws, 1987, ch. 395]

§57-13-15. [Codes, 1942, § 8946-27; Laws, 1964, ch. 216, § 7]

§57-13-17. [Codes, 1942, § 8946-28; Laws, 1964, ch. 216, § 8; Laws, 1981, ch. 320, § 1; Laws, 1983, ch. 432; Laws, 1984, ch. 488, § 329; Laws, 1988, ch. 324, § 5]

§57-13-19. [Codes, 1942, § 8946-29; Laws, 1964, ch. 216, § 9; Laws, 1984, ch. 488, § 330]

§57-13-21. [Codes, 1942, § 8946-30; Laws, 1964, ch. 216, § 10]

§ 57-13-22. Abolition and transfer of functions, duties, personnel, records, etc., of Mississippi Research and Development Center.

1. The Mississippi Research and Development Center is hereby abolished from and after July 1, 1988. All of the functions of the center shall be transferred on that date to the Mississippi Department of Economic Development or to the University Research Center which is created in Section 37-141-3.
2. 1. From and after July 1, 1988, the duties and responsibilities of the Research and Development Center which are depicted organizationally in the 1989 fiscal year budget request of the Research and Development Center and which are performed by the Forecast and Analysis Division, the Administration Division, the Government Services Division and the Data Services Division except as provided in subsection 3(b) shall be transferred to the University Research Center.
   2. From and after July 1, 1988, the duties and responsibilities of the Research and Development Center not included in the transfer described in paragraph (a) except as provided in subsection (3)(c) of this section shall be transferred to the Mississippi Department of Economic Development.
3. 1. All personnel of the Mississippi Research and Development Center shall be transferred to the Department of Economic Development or to the University Research Center according to the transfer of their duties pursuant to this section.
   2. It is specifically provided that the positions identified in items (i), (ii) and (iii) below be transferred to the Department of Economic Development unless the Director of the Research and Development Center and the Executive Director of the Department of Economic Development make mutually agreeable substitutions:
      1. Position identification numbers 60, 174, 244, 98 and 177 of the Administration Unit shall be transferred June 1, 1988.
      2. Position identification numbers 156, 27, 194, 23, 307 and 308 of the Data Services Unit shall be transferred July 1, 1988.
      3. Position identification numbers 71, 104 and 148 of the Government Services Division shall be transferred July 1, 1988.
   3. It is specifically provided that position identification numbers 30 and 76 of the Office of the Director of the Research and Development Center be transferred to the University Research Center on July 1, 1988.
   4. It is the intention of the Legislature that there be a reduction in personnel where there is a duplication of effort as a result of the transfers required by this subsection. The Department of Economic Development in its reorganization pursuant to Chapter 518, Laws of 1988 may utilize savings realized from personnel attrition and other economies to reallocate and reclassify positions within the department, subject to the approval of the State Personnel Board.
   5. All personnel transferred to the University Research Center shall become subject to all personnel and compensation policies of the Board of Trustees of State Institutions of Higher Learning; however, anyone so transferred shall retain all of the protection and benefits to which they have been entitled under the state personnel system.
4. All records, property, unexpended balances of appropriations or other funds, and all other resources of the Mississippi Research and Development Center shall be transferred to the Department of Economic Development or to the University Research Center, as appropriate, pursuant to the transfer of duties and responsibilities in subsection (2) of this section.
5. 1. Each officer or agency subject to the provisions of Chapter 518, Laws of 1988 shall assist with the fullest degree of reasonable cooperation any other officer or agency in carrying out the intent and purpose of Chapter 518, Laws of 1988.
   2. Each officer or agency subject to the provisions of Chapter 518, Laws of 1988 is hereby authorized and empowered to promulgate all necessary rules and regulations not in conflict with Chapter 518, Laws of 1988 necessary to accomplish an orderly transition pursuant to Chapter 518, Laws of 1988.

HISTORY: Laws, 1988, ch. 518, § 1, eff from and after passage (approved May 16, 1988).

§ 57-13-23. Mississippi Automated Resource Information System (MARIS).

1. There is hereby created and established the Mississippi Automated Resource Information System (MARIS), (heretofore created by Executive Order No. 459, dated May 26, 1983, as amended by Executive Order No. 562, dated January 15, 1986), which shall be the mechanism within state government for the storing, processing, extracting and disseminating of useful data and information relating to the state’s resources.
2. The goal of MARIS shall be to facilitate the achievement of state agencies’ responsibilities as they relate to the development, management, conservation, protection and utilization of the resources of Mississippi by making usable resource data and information more readily available and in a format that is consistent throughout state departments, agencies and institutions, and, to the extent possible, with federal and privately generated resource data banks.
3. MARIS shall be under the supervision and general policy formulations of a policy committee as the cooperative effort of state departments, agencies and institutions for the sharing of useful data acquired and generated by state agencies in discharging their individual responsibilities.
4. There is hereby created and established the MARIS Policy Committee composed of the directors or their designees of the following departments, agencies and institutions:

   Center for Population Studies, University of Mississippi

   Central Data Processing Authority

   Department of Agriculture and Commerce

   Department of Archives and History

   Department of Economic and Community Development

   Department of Human Services

   Department of Environmental Quality

   Department of Wildlife, Fisheries and Parks

   Mississippi Department of Transportation

   Mississippi Emergency Management Agency

   Mississippi Mineral Resources Institute, University of Mississippi

   Department of Finance and Administration

   Office of the Secretary of State

   Public Service Commission

   Remote Sensing Center, Mississippi State University

   State Forestry Commission

   State Department of Health

   State Oil and Gas Board

   State Soil and Water Conservation Commission

   State Tax Commission

   University Research Center

   Water Management Council.

5. The MARIS Policy Committee shall elect a chairman, vice-chairman and secretary, and it shall elect an executive committee from the membership of the policy committee to be composed of not less than five (5) nor more than nine (9) members, including the aforesaid officers. The policy committee may elect to the executive committee one (1) person other than from its membership. The policy committee shall determine the authority and responsibility to be exercised by the executive committee.
6. There is hereby created and established the MARIS Task Force which shall be composed of at least one (1) representative from each of the aforesaid agencies with knowledge in computer applications to natural, cultural, industrial or economic resources to be appointed by the respective directors thereof, and any other persons deemed advisable by the policy committee.
7. The University Research Center shall house the MARIS equipment and staff and shall provide administrative support for the policy committee and technical support to all member agencies.
8. It shall be the duty of every department, agency, office and institution of the State of Mississippi, and the officers thereof, to cooperate with and assist the MARIS Policy Committee in every reasonable way.

HISTORY: Laws, 1986, ch. 336, § 2; Laws, 1988, ch. 518, § 54; Laws, 1992, ch. 496, § 38, eff from and after July 1, 1992.

§ 57-13-45. Short title.

This section and Section 57-13-47 shall be known as the “Tax Expenditure Annual Report Act.”

HISTORY: Laws, 1986, ch. 380, § 1, eff from and after July 1, 1986.

§ 57-13-47. Preparation of reports.

1. For the purposes of this section the term “tax expenditure provision” means any statutory provision or state agency regulation which exempts, in whole or in part, any specific class or classes of persons, income, goods, services or property from the impact of established state taxes, including, but not limited to, those provisions known as tax deductions, tax allowances, tax exclusions, tax credits and tax exemptions.
2. 1. The University Research Center shall annually prepare a report detailing the approximate costs in foregone revenue because of all state tax expenditure provisions, including those incorporated by conformance with the Federal Internal Revenue Code, in effect at the time of the report; however, the report to be submitted by November 1, 1986, may include tax expenditures only for sales taxes, use taxes and income taxes, and subsequent reports shall include tax expenditures for all taxes. The report shall also explain the policy purposes for each such tax expenditure provision and may show any indicators of effectiveness or ineffectiveness in achieving such policy purposes. If the Director of the University Research Center determines that preparation of such report shall adversely affect in a material manner any work or projects of the center which are being performed by staff persons preparing the report required by this section, the director may request the Legislative Budget Committee to reduce the requirements of this section as to the contents of the report for one (1) year, but in no event shall the report contain less than the dollar amount of each such tax expenditure required to be included therein.
   2. The report shall include the analyses required by Sections 57-13-101 through 57-13-109.
3. The University Research Center shall, on or before November 1 of each year, furnish five (5) copies of the report to the Secretary of the Senate and to the Clerk of the House of Representatives, two (2) copies to the Senate Finance and Appropriations Committees and to the House Ways and Means and Appropriations Committees, and a copy to each member of the State Fiscal Management Board and the Legislative Budget Committee. Each member of the Legislature shall be entitled to receive one (1) copy of the report upon request.
4. All state agencies and all political subdivisions of the State of Mississippi, and the officers and employees thereof, shall cooperate with the center in preparing such report and shall provide any and all information, documents and materials requested by the center.

HISTORY: Laws, 1986, ch. 380, § 2; Laws, 1988, ch. 518, § 55; Laws, 2014, ch. 517, § 6, eff from and after July 1, 2014.

§ 57-13-101. Short title.

Sections 57-13-101 through 57-13-109 shall be known and may be cited as the “Economic Development Programs and Tax Incentives Evaluation Act of 2014.”

HISTORY: Laws, 2014, ch. 517, § 1, eff from and after July 1, 2014.

§ 57-13-103. Legislative findings and declarations.

The Legislature finds and declares that:

The State of Mississippi relies on a number of tax incentives, including credits, exemptions, and deductions, and economic development programs that utilize the proceeds of state general obligation bonds to encourage businesses to locate, hire employees, expand, invest, and/or remain in the state;

These various tax incentives and economic development programs are intended as a tool for economic development, promoting new jobs and business growth in Mississippi;

The state needs a systematic approach for evaluating whether incentives are fulfilling their intended purposes in a cost-effective manner;

In order to improve state government’s effectiveness in serving the residents of this state, the Legislature finds it necessary to provide for the systematic and comprehensive analysis of economic development tax incentives and economic development programs, and for those analyses to be incorporated into the budget and policymaking processes.

HISTORY: Laws, 2014, ch. 517, § 2, eff from and after July 1, 2014.

§ 57-13-105. Definitions.

1. As used in Sections 57-13-101 through 57-13-109:
   1. “Economic development tax incentive” includes those tax credits, deductions, exemptions, exclusions, and other preferential tax benefits or incentives enacted before or after July 1, 2014, for the purpose of recruitment or retention of businesses in the State of Mississippi.
   2. “Economic development program” includes those statutory economic development programs that utilize the proceeds of state general obligation bonds for the purpose of recruitment or retention of businesses in the State of Mississippi.
2. In determining whether a tax incentive or economic development program is or was enacted for “the purpose of recruitment or retention of businesses,” the University Research Center shall consider legislative intent, including legislative statements of purpose and goals, and may also consider whether the tax incentive or program is promoted as a business incentive by the Mississippi Development Authority or other state agency.

HISTORY: Laws, 2014, ch. 517, § 3, eff from and after July 1, 2014.

§ 57-13-107. Schedule for analysis of economic development tax incentives and economic development programs.

1. In accordance with the following schedule, the tax expenditure report produced by the University Research Center pursuant to Section 57-13-47, shall include an additional component, consistent with Section 57-13-109 and produced in consultation with the Director of the Mississippi Development Authority containing the following:
   1. Analyses of economic development tax incentives and economic development programs as enacted prior to July 1, 2014, shall be completed by December 31, 2015, and no less than once every four (4) years thereafter;
   2. Analyses of any economic development tax incentives and economic development programs created after July 1, 2014, shall be completed within five (5) years of taking effect, and no less than once every four (4) years thereafter.
2. Not later than the first of February each year beginning with 2016, the Chairman of the Senate Finance Committee and the Chairman of the House Ways and Means Committee shall consider the tax expenditure report and hold at least one public hearing to deliberate the results of the analysis required in this section.

HISTORY: Laws, 2014, ch. 517, § 4, eff from and after July 1, 2014.

§ 57-13-109. Content of analyses of tax incentives and economic development programs.

1. The analysis of tax incentives as required by Section 57-13-107 shall include, but not be limited to:
   1. A baseline assessment of the tax incentive, including, if applicable, the number of aggregate jobs committed and created with the taxpayers receiving such tax incentive;
   2. The statutory and programmatic goals and intent of the tax incentive, if the goals and intentions are included in the incentive’s enabling legislation;
   3. The number of taxpayers granted the tax incentive during the previous twelve-month period;
   4. The value of the tax incentive granted, and ultimately claimed, listed by the North American Industrial Classification System (NAICS) Code associated with the taxpayers receiving the benefit, if the NAICS Code is available;
   5. An estimate of the number of jobs that were the direct and indirect result of the incentive;
   6. An estimate of the revenues that were the direct and indirect result of the incentive;
   7. In the case of economic development tax incentives where measuring the economic impact is significantly limited due to data constraints, provide a description of the limitations on the data used and whether any changes in statute would facilitate data collection in a way that would allow for better analysis;
   8. The methodology and assumptions used in carrying out the assessments, projections and analyses required pursuant to this subsection.
   9. When an incentive comparative analysis is conducted on behalf of the state, a final copy shall be submitted to the Chairman of the Senate Finance Committee and Chairman of the House Ways and Means Committee and also submitted with copies of this report.
2. The analysis of economic development programs as required by Section 57-13-107 shall include, but not be limited to, an analysis of the impact of the program which shall include a calculation of the costs related to the assistance provided under the program and corresponding benefits to the state derived from economic development related to the program, including, but not limited to, capital investment, job creation, job retention and/or increased tax revenue.
3. All departments, offices, boards, and agencies of the state shall cooperate with the University Research Center and shall provide to the University Research Center any records, information (documentary and otherwise), data and data analysis as may be necessary to complete the analysis required by this section.

HISTORY: Laws, 2014, ch. 517, § 5, eff from and after July 1, 2014.

§ 57-15-1. Legislative declaration.

The Legislature hereby declares that this chapter is being enacted under the state’s inherent general welfare and police power authority for the broad purposes hereinafter set forth in an effort to explore, develop, conserve and market the underwater natural resources of this state, particularly those lying offshore in the coastal waters of the State of Mississippi.

HISTORY: Codes, 1942, § 8946-160; Laws, 1970, ch. 293, § 10, eff from and after passage (approved April 3, 1970).

§ 57-15-3. Transfer of functions of Mississippi Marine Resources Council to Mississippi Commission on Marine Resources; office; construction of references.

1. The Mississippi Commission on Marine Resources, hereinafter referred to as the “council,” shall be the Mississippi Marine Resources Council, and shall function insofar as practicable under the provisions of Chapter 15 of Title 49, Mississippi Code of 1972, in cooperation with the Mississippi Department of Economic and Community Development and the Board of Trustees of State Institutions of Higher Learning, with particular reference to the Gulf Coast Research Laboratory, the Universities Marine Center, and the universities and colleges which are conducting oceanographic research. The offices of the commission shall be located in Hancock, Harrison or Jackson Counties.
2. The words “Mississippi Marine Resources Council,” wherever they may appear in the laws of the State of Mississippi, shall be construed to mean the Mississippi Commission on Marine Resources.

HISTORY: Codes, 1942, § 8946-151; Laws, 1970, ch. 293, § 1; Laws, 1978, ch. 484, § 25; Laws, 1988, ch. 518, § 56; Laws, 1994, ch. 578, § 63, eff from and after July 1, 1994.

§ 57-15-5. Purpose; general powers and duties.

1. It is hereby declared to be the intent of the Legislature by this chapter that the policy of the council hereby created shall be conducted according to the following guidelines: the council shall have the general purpose and policy of studying and developing plans, proposals, reports and recommendations for the development and utilization of the coastal and offshore lands, waters and marine resources of this state in order to insure that all future plans and/or programs of the State of Mississippi involving the field of marine resources and sciences, oceanographic research, and related studies, will be coordinated with comparable functions and programs of agencies of the United States government. The council shall further have the purpose and policy to help coordinate, as hereinabove provided, all plans of other agencies of this state engaged in similar activities and of the various states of the United States of America, and also with all private agencies whose purpose is marine science and resource development. The council is further authorized to enter into contract with any state or federal agency as may be necessary and requisite to carry out the purposes of this chapter. The council shall have the responsibility for the general management of the state’s wetlands.
2. The council is authorized and empowered to solicit and accept financial support from sources other than the state, including private or public sources or foundations. All funds received by or appropriated to the council shall be deposited upon receipt thereof into a special fund in the State Treasury to be known and designated as the “Mississippi Marine Resources Fund.” Expenditures from said fund shall be made in the following manner: expenditures by and for the council for the purpose of carrying out its functions as provided by law shall be made with the approval of the council at any meeting upon requisitions presented to the State Auditor in the manner provided by law, and paid by the State Treasurer. Full and complete accounting shall be kept and made by the council for all funds received and expended by it. Representatives of the office of the State Auditor of Public Accounts annually shall audit the expenditure of funds received by the council from all sources and the said auditor shall make a complete and detailed report of such audit to the Legislature. It is further provided that all state appropriated funds expended shall conform to all requirements of law as provided for expenditures.
3. The council may solicit, receive and expend contributions, matching funds, gifts, bequests and devises from any source, whether federal, state, public or private, as authorized by annual appropriations therefor.
4. The council may enter into agreements with federal, state, public or private agencies, departments, institutions, firms, corporations or persons to carry out its policies as provided for in this chapter. To accomplish these goals, the council may expend any such sums from any source as herein provided.

   The agreements provided for in this subsection shall include, but not be limited to, the following provisions:

   1. The duration of the agreement;
   2. The purpose of the agreement;
   3. A description of the procedures to be used in carrying out the purpose of the agreement; and
   4. Provisions for termination of the agreement.

      Any entity entering into such an agreement shall comply with the provisions therein.

5. The council is authorized and empowered to accept financial support from any federal outer continental shelf revenue sharing programs. All funds received from such programs shall be deposited upon receipt thereof into a special trust fund in the State Treasury to be known and designated as the “Outer Continental Shelf Trust Fund.” Expenditures from said fund shall be made for the benefit of any project affecting any county in the State of Mississippi which borders on the Gulf of Mexico with the approval of the Legislature.
6. The council may contract with other governmental agencies and third parties for the acquisition and management of lands and properties for inclusion in the “Coastal Preserve System.” For purposes of these contracts with other governmental agencies or third parties and the expenditure of funds pursuant to the contracts, the “Coastal Preserve System” as defined by the council shall be deemed to be a part of the ecosystems of the Public Trust Tidelands. Contracts authorized under this section may provide funds for the management of properties included in the “Coastal Preserve System.”
7. There is established a special account to be known as the “Coastal Preserve System Timber Account” within the Mississippi Marine Resources Fund. Any funds received from the salvage or harvesting of timber or sale of other forest products from lands included in or managed as a part of the Coastal Preserve System shall be credited to the account. Any unexpended funds remaining in the account at the end of the year shall not lapse, but shall remain in the account. The account shall be treated as a special trust fund and interest earned on the principal shall be credited to the account. Any funds in the account may be expended, subject to the approval of the Legislature, for the management and improvement of the Coastal Preserve System and for the acquisition of additional lands for inclusion in the Coastal Preserve System.

HISTORY: Codes, 1942, § 8946-152; Laws, 1970, ch. 293, § 2; Laws, 1978, ch. 420, § 1; Laws, 1979; ch. 492, § 4; Laws, 1984, ch. 488, § 240; Laws, 2003, ch. 398, § 1; Laws, 2007, ch. 346, § 1, eff from and after passage (approved Mar. 15, 2007.).

§ 57-15-6. Coastal program.

1. In recognition of the Coastal Zone Management Act of 1972, as amended, the council is directed to prepare and implement a coastal program that establishes guidelines and procedures pursuant to the following goals:
   1. To provide for reasonable industrial expansion in the coastal area and to insure the efficient utilization of waterfront industrial sites so that suitable sites are conserved for water dependent industry;
   2. To conserve the resources of the coastal area for this and succeeding generations in accordance with the public policies expressed in Sections 39-7-3, 49-15-1, 49-17-3, 49-27-3 and 51-3-1, Mississippi Code of 1972;
   3. To consider the national interest involved in planning for and in the siting of facilities in the coastal area;
   4. To encourage the preservation of natural scenic qualities in the coastal area;
   5. To assist local governments in the provisions of public facilities and services in a manner consistent with the coastal program; and
   6. To insure the effective, coordinated implementation of public policy in the coastal area of Mississippi comprised of Hancock, Harrison and Jackson Counties.
2. It is the intent of the Legislature that the coastal program described in subsection (1) of this section should comprise a statement of consolidated state policy in the coastal area, incorporating all applicable constitutional provisions, laws and regulations of the State of Mississippi. Where the coastal program includes provisions that are otherwise under the jurisdiction of another state agency, the coastal program shall not conflict with such agency’s jurisdiction.
3. In addition to the powers and duties now conferred upon them by law, all state agencies shall carry out their responsibilities in the coastal area in compliance with the coastal program described in subsection (1) of this section unless otherwise prohibited by law. The coastal program shall include procedures by which conflicts between state agencies concerning their compliance with the coastal program may be resolved. Further, the council shall establish in the program procedures to review and coordinate any decisions affecting the coastal area so that all state agencies and other interested parties will have the opportunity to participate in such decisions.
4. In cooperation with other agencies having responsibilities in the coastal area, the council shall seek to develop “one-stop permitting” to coordinate the processing and issuing of permits, licenses and other such instruments in the coastal area. It is the intent of the legislature that one-stop permitting shall expedite the decision making of all governmental entities having separate regulatory jurisdiction or authority over activities in the coastal area without impinging on the regulatory jurisdiction or authority of these governmental entities.

   One-stop permitting shall be implemented by means of the agreements authorized in subsection (4) of Section 57-15-5, and shall provide for the following:

   1. A single application form for all required permits or approvals from governmental entities in the coastal area; such application form shall contain sufficient information so that the necessary reviews of all affected governmental entities can be expeditiously carried out;
   2. Consolidated public hearings so that a single public hearing may serve to meet the requirements of the several public hearings as may now be provided by law for issuing a permit, license or other such instrument in the coastal area;
   3. The shortest practicable review period for applications, proper allowances being made for all interested parties to become informed and to make their opinions heard by the appropriate agencies; and
   4. Joint permitting procedures for state and federal agencies.

      The one-stop permitting provided for in this subsection shall not alter the powers, duties and responsibilities of any governmental entity, its expressed purpose being to improve the procedural operations of these entities.

5. After consultation with county port authorities, development commissions, and port and harbor commissions having jurisdiction in the coastal area, the council shall prepare as part of the coastal program a long-term plan for the development of suitable sites for water dependent industry. The council shall include in this plan provisions for the disposal of spoil material from dredging operations. In designating suitable sites for water dependent industry, the council shall consider the nature and extent of specific alterations that would serve a higher public interest pursuant to the development of these sites.
6. Where necessary to implement the coastal program described in subsection (1) of this section, the council may acquire real or personal property by purchase, condemnation, lease or agreement as authorized from time to time by the legislature.

HISTORY: Laws, 1979, ch. 492, § 5, eff from and after passage (approved April 18, 1979).

§ 57-15-7. Objectives.

The council exercising the prerogatives and functions as set out in Section 57-15-5, shall have as the aim for the State of Mississippi to provide for effective, efficient and economic development of marine resources available to the State of Mississippi, and to cause suitable skilled professionals and labor to harness the marine resources of this state’s coastal, offshore and water resources toward achieving the highest economic growth potential possible through modern concepts and technology in the oceanographic field and scientific discovery of underwater marine resources. To accomplish these goals, the council shall carry out or cause to be carried out continuing study of the science of oceanography as it relates to Mississippi, and the development of a long-range oceanographic program for the State of Mississippi.

HISTORY: Codes, 1942, § 8946-153; Laws, 1970, ch. 293, § 3, eff from and after passage (approved April 3, 1970).

§ 57-15-9. Advisory functions.

The council, exercising its duties and responsibilities, shall also act in an advisory capacity to the Governor and all related state agencies, including the Board of Trustees of State Institutions of Higher Learning, the Gulf Coast Research Laboratory and the Universities Marine Center which are conducting oceanographic research. All state boards and agencies engaged in activities in the field of marine resources and technology shall utilize this commission as a clearinghouse on all present and future joint federal-state programs whether presently administered by an existing agency or not; to advise on the best programs available to the State of Mississippi for the development of its marine resources, and how to apply for, receive or hold any and all such authorizations, licenses and grants necessary and proper therefor; to advise on the utilization of all facilities in the State of Mississippi for marine research and development, such as the future maximum utilization of the NASA-Mississippi Test Facility, but not limiting the provisions of this chapter exclusively thereto; and to advise on all in-depth studies necessary to carry out the provisions of this chapter. This chapter shall not, however, abrogate the authority of the Mississippi Commission on Marine Resources, the Board of Trustees of State Institutions of Higher Learning or the Gulf Coast Research Laboratory, the Universities Marine Center, or of the individual institutions under the board’s control to apply for grants, and to carry out oceanographic research. Said council is hereby authorized to receive services, gifts, contributions, property and equipment from public and private sources to be utilized in the discharge of the council’s functions, all to be done within the purview of this chapter.

HISTORY: Codes, 1942, § 8946-154; Laws, 1970, ch. 293, § 4; Laws, 2000, ch. 516, § 127, eff from and after passage (approved Apr. 30, 2000.).

§ 57-15-10. Adoption, etc., of regulations governing marine resources by Commission on Marine Resources; effect of regulations of Commission on Wildlife, Fisheries and Parks.

1. The Commission on Marine Resources may adopt, modify or repeal regulations to manage any matter pertaining to the marine resources of the state, unless the matter is governed by statute.
2. Regulations of the Commission on Marine Resources shall supersede like regulations adopted by the Commission on Wildlife, Fisheries and Parks under its former powers related to the management of marine resources.

HISTORY: Laws, 1995, ch. 458, § 1, eff from and after passage (approved March 21, 1995).

§§ 57-15-11 through 57-15-15. Repealed.

Repealed by Laws, 1978, ch. 484, § 26, eff from and after July 1, 1979.

[Codes, 1942, §§ 8946-155 to 157; Laws, 1970, ch. 293, §§ 5-7]

§ 57-15-17. Minutes of proceedings.

The executive director of the council shall keep regular and accurate minutes of the council’s proceedings in a minute book provided for that purpose which shall be a public record and all findings and recommendations and acts of the said council shall be entered upon its minutes as may be necessary for its official acts, deeds, expenditures and other major objectives to be in keeping with established state agencies.

HISTORY: Codes, 1942, § 8946-158; Laws, 1970, ch. 293, § 8, eff from and after passage (approved April 3, 1970).

§§ 57-17-1 through 57-17-15. Repealed.

Repealed by Laws, 1994, ch. 488, § 7, eff from and after July 1, 1994

[Codes, 1942, § 6699-41 to -48; Laws, 1964, ch. 244, §§ 1-8]

§ 57-18-1. Short title.

This chapter shall be known, and may be cited, as the Renewable Natural Resources Research Act of 1994.

HISTORY: Laws, 1994, ch. 488, § 1, eff from and after July 1, 1994.

§ 57-18-3. Legislative findings and declarations.

The Legislature finds and declares:

That the economic progress of Mississippi depends in large measure upon the development and wise use of the natural resources of this state;

That the forest, wildlife and fisheries resources in this state constitute a vital segment of the natural resources available in Mississippi;

That the forest, wildlife and fisheries resources, when properly managed and efficiently utilized, contribute significantly to the economic well being of Mississippi;

That forestry, wildlife and related natural resource research programs can be coordinated, integrated and strengthened in a more efficient and effective manner when funded and managed jointly within a single administrative unit;

That there is a present and increasing need for additional knowledge of natural resource management and utilization practices, the impact of such practices on the long-term viability of forest, wildlife and fishery resources, and the interrelationship between natural resource management and utilization practices and those aspects of environmental quality associated with the state’s forest and water resources; and

That this chapter is specifically designed to consolidate within a single administrative unit diverse programs of research which address the forest, wildlife and fisheries resources of the state and the management and utilization thereof.

HISTORY: Laws, 1994, ch. 488, § 2, eff from and after July 1, 1994.

§ 57-18-5. Establishment of Forest and Wildlife Research Center at Mississippi State University; purpose; transfer of research functions from other agencies; transfer of personnel and funds.

1. The Board of Trustees of State Institutions, of Higher Learning is authorized and directed to establish a Forest and Wildlife Research Center at Mississippi State University. The center will be an administrative unit within the Division of Agriculture, Forestry and Veterinary Medicine. The Dean of the School of Forest Resources shall serve as the director of the center.
2. The center shall conduct a program of research relevant to the efficient management and utilization of the forest, wildlife and fisheries resources of this state and to the protection and enhancement of the natural environment associated with those resources. The center shall disseminate results of such research programs to the public and to individuals and organizations for whom such information will be useful. The center shall conduct research that will encourage the growth and development of the furniture manufacturing industry and allied industries in this state and shall work closely with the Mississippi Cooperative Extension Service, the University Research Center, the Mississippi Department of Economic and Community Development and other agencies, both public and private, in the dissemination of its research findings.
3. From and after the creation of the Forest and Wildlife Research Center, the center shall assume all research functions which are being exercised within the Division of Agriculture, Forestry and Veterinary Medicine by the Forest Products Utilization Laboratory, by the Department of Forestry, by the Department of Wildlife and Fisheries, by the Furniture Research Unit and, upon the recommendation of the President of Mississippi State University to the Board of Trustees of State Institutions of Higher Learning, by other departments and units of the university.
4. All records, personnel, property and unexpended balances of appropriations, allocations or other funds relating to those research functions which are being assumed by the center shall be transferred to the center. The transfer of segregated or special funds shall be made in such a manner that the relation between program and revenue source is retained.

HISTORY: Laws, 1994, ch. 488, § 3, eff from and after July 1, 1994.

§ 57-18-7. Provision of buildings, equipment, personnel, supplies and services for Center.

The Board of Trustees of State Institutions of Higher Learning shall provide for the Forest and Wildlife Research Center such buildings, equipment, personnel, supplies and services as it shall determine to be necessary for the proper operation and maintenance of the center, having due regard for the contributory facilities and programs already existing at Mississippi State University.

HISTORY: Laws, 1994, ch. 488, § 4, eff from and after July 1, 1994.

§ 57-18-9. Authority for Center to receive contributions, donations, gifts and grants of money and/or property, equipment, materials and manpower.

In addition to appropriations made by the Legislature from the State General Fund, the Forest and Wildlife Research Center is authorized and empowered, subject to the approval of the Board of Trustees of State Institutions of Higher Learning upon recommendation by the President of Mississippi State University, to receive contributions, donations, gifts and grants of money and/or property, equipment, materials and manpower from persons, foundations, trust funds, corporations, organizations, and state and federal agencies for use in carrying out the purposes and objectives of this chapter.

HISTORY: Laws, 1994, ch. 488, § 5, eff from and after July 1, 1994.

§ 57-18-11. Authority of Center to conduct research on contractual basis for public or private entities or persons for fee; cooperation between Center and state agencies and departments.

1. Personnel of the Forest and Wildlife Research Center are also authorized, subject to policies and procedures in force at Mississippi State University, to conduct research on a contractual basis for industries, governmental agencies, public or private organizations or corporations, and individuals at a price and on a basis to be determined by such personnel. Proceeds derived from such research shall be used, in addition to other funds provided from the State General Fund, for the operation and support of the center.
2. The personnel of the center shall cooperate fully with the various departments of state government, with the colleges and universities of the state, with the Mississippi Agriculture and Forestry Experiment Station, with the University Research Center and with the Mississippi Department of Economic and Community Development in an effort to fully effectuate the purposes of this chapter. All state agencies and departments are authorized and directed to give the center and its personnel their full cooperation in every possible manner.

HISTORY: Laws, 1994, ch. 488, § 6, eff from and after July 1, 1994.

§ 57-19-1. Short title.

This chapter may be cited as the “Food Technology Laboratory Law of 1968.”

HISTORY: Codes, 1942, § 6699-61; Laws, 1968, ch. 239, § 1, eff from and after passage (approved May 29, 1968).

§ 57-19-3. Legislative findings and declarations.

The Legislature hereby finds and declares:

That the economic progress of Mississippi depends in large measure upon the wise and most feasible use of our agricultural land, and other natural resources of the state;

That food and food products grown and produced in this state substantially utilize a portion of our agricultural lands and other natural resources;

That food and food products when continually improved and more effectively utilized can contribute substantially to the total economic development of Mississippi;

That there is a tremendous need for additional knowledge about the production, harvesting, handling, grading, preparing, processing, storing, shipping and merchandising of food and food products; and

That this chapter is specifically designed to establish a program for the discovery and dissemination of knowledge concerning food and food products and the uses thereof.

HISTORY: Codes, 1942, § 6699-62; Laws, 1968, ch. 239, § 2, eff from and after passage (approved May 29, 1968).

§ 57-19-5. Establishment of laboratory.

The board of trustees of state institutions of higher learning is hereby authorized and directed to establish a food technology program at Mississippi State University of Agriculture and Applied Science under the direction of the president and such other administrative authorities within the university as said board of trustees may determine.

HISTORY: Codes, 1942, § 6699-63; Laws, 1968, ch. 239, § 3, eff from and after passage (approved May 29, 1968).

§ 57-19-7. Provisions of buildings, personnel, supplies, etc., for laboratory.

The board of trustees of state institutions of higher learning shall provide for such food technology laboratory, such building, pilot processing facilities, personnel, supplies, and services as it shall determine to be necessary for the proper operation and maintenance of the food technology program, having due regard for the contributory facilities and programs already existing at Mississippi State University of Agriculture and Applied Science.

HISTORY: Codes, 1942, § 6699-64; Laws, 1968, ch. 239, § 4, eff from and after passage (approved May 29, 1968).

§ 57-19-9. Functions.

It shall be the function of the laboratory to conduct a program of research which will provide solutions to problems of the food industry in Mississippi as well as some basic research which is primarily concerned with the development of new knowledge in food science, and to disseminate its findings to the public through classroom teaching and through an active extension program which will be available to all individuals and agencies for whom such knowledge will be helpful and useful.

HISTORY: Codes, 1942, § 6699-65; Laws, 1968, ch. 239, § 5, eff from and after passage (approved May 29, 1968).

§ 57-19-11. Acceptance of contributions, donations, gifts and grants.

In addition to appropriations made by the Mississippi Legislature for the operation and support of the laboratory, the board of trustees of state institutions of higher learning is authorized and empowered to receive contributions, donations, gifts and grants of money and/or property, equipment, materials or manpower from persons, foundations, trust funds, corporations, organizations, the federal government or any subdivision thereof, the state government or any subdivision thereof, to be expended by said board in carrying out the purposes and objectives of this chapter.

HISTORY: Codes, 1942, § 6699-66; Laws, 1968, ch. 239, § 6, eff from and after passage (approved May 29, 1968).

§ 57-19-13. Cooperation with other state agencies.

The laboratory personnel shall fully cooperate with the State Department of Agriculture, with the Mississippi Department of Economic Development, with the University Research Center, with the colleges and universities of the state, and with other various departments of state government in an effort to fully effectuate the purposes of this chapter. All state agencies and departments are hereby authorized and directed to give the laboratory and its personnel their full cooperation in every possible manner.

HISTORY: Codes, 1942, § 6699-67; Laws, 1968, ch. 239, § 7; Laws, 1988, ch. 518, § 58, eff from and after July 1, 1988.