§ 57-61-1. Short title
This chapter shall be known and may be cited as the Mississippi Business Investment Act.
§ 57-61-11. Guidelines, rules, and regulations for repayment of funds
The Mississippi Development Authority shall establish such guidelines, rules and regulations for the repayment of funds loaned pursuant to this chapter as may be necessary. These provisions shall include, but not be limited to, the following: Funds may be loaned for a maximum of ten (10) years or the estimated useful life of the property […]
§ 57-61-13. Preferences in grants with respect to enterprise zones and certain municipalities
Grants for improvements on publicly owned property necessary to complete eligible projects, consistent with the criteria set forth in this chapter, shall be given preference in enterprise zones designated as such by the board in the case of a strategic investment or in those municipalities which are experiencing three (3) or more of the following […]
§ 57-61-14. Purchase of tangible personal property or services by private company with proceeds of bonds exempt from sales tax
In accordance with Section 27-65-111, purchases of tangible personal property or services by a private company, as defined in this chapter, with proceeds of bonds issued under this chapter, shall be exempt from sales tax.
§ 57-61-15. Allocation of bond proceeds; lien requirements; effect of failure to create predicted jobs; effect of failure to meet repayment obligations; assistance for firms currently operating elsewhere in state
Except for grants authorized for state-owned ports and for grants authorized under Section 57-61-32, Section 57-61-33 and Section 57-61-36, Mississippi Code of 1972, no more than Seven Million Five Hundred Thousand Dollars ($7,500,000.00) of the proceeds of bonds authorized to be issued under this chapter shall be made available for grants to municipalities; however, Two […]
§ 57-61-17. Rulemaking authority of board; employment of professionals; annual reports; recordkeeping
The board may prescribe such application forms and promulgate such guidelines, rules and regulations as may be necessary to carry out the provisions of this chapter with respect to loan and grant conditions and criteria for evaluation of the economic benefit of proposed loans and grants and for determining and evaluating compliance with all the […]
§ 57-61-19. Certification of nondiscrimination as condition to loan
No loan shall be made to a municipality under this chapter unless the municipality certifies to the department, in a form satisfactory to the department, that it shall not discriminate against any employee or against any applicant for employment because of race, religion, color, national origin, sex or age.
§ 57-61-21. Creation of Mississippi Business Investment Fund and Mississippi Business Investment Sinking Fund; deposits and expenditures
There is hereby created a special fund in the State Treasury to be known as the Mississippi Business Investment Fund dedicated to the purpose of providing grants and/or loans to municipalities for the purpose of providing for improvements authorized by this chapter. All monies received by the board to carry out the purposes of this […]
§ 57-61-23. Payment of principal and interest on bonds and notes; cancellation of bonds and notes; annual reporting by State Treasurer; information to be included in executive budget; interest rate on loans
All bonds issued under the authority of this chapter 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 by appropriation from the Mississippi Business Investment Sinking Fund, and/or the State General Fund. All moneys paid into the Mississippi […]
§ 57-61-25. Authorization of indebtedness; issuance of bonds; form of bonds; exemption from taxation by state; issuance of refunding bonds; taxable bonds
The seller is authorized to borrow, on the credit of the state upon receipt of a resolution from the Mississippi Development Authority requesting the same, monies not exceeding the aggregate sum of Three Hundred Eighty-two Million Five Hundred Thousand Dollars ($382,500,000.00), not including monies borrowed to refund outstanding bonds, notes or replacement notes, as may […]
§ 57-61-27. Sale of bonds; issuance of temporary bonds; investment of bond proceeds; registration of bonds; payment of costs and expenses
Whenever bonds are issued, they shall be sold by the seller at a competitive or negotiated sale, from time to time, in such manner and at such price as may be determined by the seller to be most advantageous. When bonds are issued from time to time, the bonds of each issue shall constitute a […]
§ 57-61-29. Authorization of temporary borrowing; issuance of replacement notes and refunding bonds; payment of proceeds to State Treasurer; exemption from taxation
Pending the issuance of bonds of the state as authorized under this chapter, the seller is hereby authorized in accordance with the provisions of this chapter 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 […]
§ 57-61-3. Purpose of chapter
It is the purpose of this chapter to promote business and economic development in the State of Mississippi through job producing programs and by providing loans to municipalities as defined in this chapter; to assist in securing strategic investments and/or investments in small communities by private companies locating or expanding in the state; to promote […]
§ 57-61-31. Disposition of proceeds from bond sales and other funds
The proceeds realized from the sale of bonds and notes under this chapter, other than refunding bonds and replacement notes, shall be paid to the State Treasurer and deposited into the Mississippi Business Investment Fund and specifically dedicated to the purposes enumerated in this chapter. All nonfederal funds which may become available for the purposes […]
§ 57-61-32. Funds to defray costs of state’s share in North Mississippi fish hatchery
Notwithstanding any provision of this chapter to the contrary, the Commission on Wildlife, Fisheries and Parks shall certify to the department the amount of money necessary to defray the cost of the state’s share in constructing the North Mississippi fish hatchery, which amount shall not be more than Four Million Dollars ($4,000,000.00); and the department […]
§ 57-61-33. Grant for completion of Technology Transfer Center at National Space Technology Laboratory
Notwithstanding any provision of this chapter to the contrary, the Bureau of Building, Grounds and Real Property Management of the Governor’s Office of General Services shall certify to the Board of Economic Development the amount of money necessary to complete the construction, furnishing and equipping of the Technology Transfer Center at the National Space Technology […]
§ 57-61-34. Loans for business incubation centers
Notwithstanding any provision of this chapter to the contrary, the Mississippi Development Authority shall utilize not more than Sixteen Million Dollars ($16,000,000.00) out of the proceeds of bonds authorized to be issued in this chapter to be made available as interest-bearing loans to municipalities or private companies to aid in the establishment of business incubation […]
§ 57-61-35. Representation of seller by Attorney General; payment of administrative, legal, and other expenses
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 herein provided for, and the seller is hereby authorized and empowered to expend from the proceeds derived from the sale of the bonds authorized hereunder all necessary administrative, legal and […]
§ 57-61-36. Development infrastructure grant fund; housing development revolving loan fund; equipment and public facilities grant and loan fund; capital access program
Notwithstanding any provision of this chapter to the contrary, the Mississippi Development Authority shall utilize not more than Fourteen Million Five Hundred Thousand Dollars ($14,500,000.00) out of the proceeds of bonds authorized to be issued in this chapter for the purpose of making grants to municipalities through a Development Infrastructure Grant Fund to complete infrastructure […]
§ 57-61-37. Authorization for municipalities to borrow; terms; evidence of indebtedness
Each municipality is hereby authorized and empowered to borrow money from the board pursuant to the terms and provisions of this chapter. Each municipality is further authorized and empowered to pay to the board such fees and charges for services hereunder as the board may prescribe. Each municipality is hereby authorized to evidence the borrowing […]