§ 57-77-1. Short title
This chapter shall be known, and may be cited, as the “Venture Capital Act of 1994.”
§ 57-77-11. Formation of Magnolia Venture Capital Corporation; officers and directors; bylaws and articles of incorporation; general powers and duties; replacement of directors; dissolution of Magnolia Venture Capital Corporation and fund
The Magnolia Venture Capital Corporation shall be formed and operated pursuant to the laws of this state. The articles of incorporation, bylaws and any other agreement relating to the organization or operation of the Magnolia Venture Capital Corporation must comply with the provisions set forth in this section. The Magnolia Venture Capital Corporation will be […]
§ 57-77-13. Exemption from taxation and license fees of Magnolia Venture Capital Corporation
Magnolia Venture Capital Corporation, but not the shareholders thereof, is exempt from all state income taxes and corporate license fees.
§ 57-77-15. Magnolia Capital Corporation to apply to department for loan
The Magnolia Capital Corporation shall make application for a loan to the department in a form satisfactory to the department.
§ 57-77-17. Terms and conditions of loan to Magnolia Capital Corporation
The department shall lend funds under this chapter to Magnolia Capital Corporation in accordance with the following terms and conditions: Loan funds received by Magnolia Capital Corporation in accordance with this chapter shall remain, and shall be considered to be, public funds and shall be used for the purpose of providing venture capital to Mississippi […]
§ 57-77-19. Assistance of Magnolia Capital Corporation with program compliance
The department shall assist the Magnolia Capital Corporation with such corporation’s compliance with the program provided for in this chapter.
§ 57-77-2. Legislative intent
The Legislature finds that the Venture Capital Act of 1994, Sections 57-77-1 through 57-77-39, Mississippi Code of 1972, has not been implemented in accordance with the legislative intent. The Legislature finds that the Venture Capital Act of 1994 needs to be amended for the purpose of clarifying the legislative intent and for the further purpose […]
§ 57-77-21. Reports by Magnolia Capital Corporation
Magnolia Capital Corporation shall submit the following reports to the department: An annual audit of loan funds received in connection with the program; Quarterly reports describing all venture capital assistance provided to businesses by Magnolia Venture Capital Corporation and the fund, such reports to include at least the following: a description of the business receiving […]
§ 57-77-23. Authority of corporations to engage professional services
Subject to the provisions of this section, Magnolia Capital Corporation and Magnolia Venture Capital Corporation are hereby authorized to engage legal counsel, accountants, financial advisors, appraisers, consultants and others as needed in connection with providing venture capital to businesses pursuant to this chapter, and to charge the costs of these services to the businesses receiving […]
§ 57-77-25. Adoption of eligibility criteria, timetable and report forms governing Magnolia Capital Corporation participation in venture capital loan program; adoption of applications, forms, procedures and requirements by Magnolia Venture Capital Corporation
The department shall adopt and publish the eligibility criteria for Magnolia Capital Corporation to participate in the program as set forth in this chapter, a timetable and process for review of applications from Magnolia Capital Corporation, and program report forms, all in accordance with this chapter; provided, however, that Magnolia Venture Capital Corporation shall recommend […]
§ 57-77-27. Certification of nondiscrimination as condition to assistance to business
No assistance shall be provided to a business under this chapter unless the business certifies to the Magnolia Venture Capital Corporation, in a form satisfactory to the department, that it will not discriminate against any employee or against any applicant for employment because of race, religion, color, national origin, sex or age.
§ 57-77-29. Creation of Venture Capital Fund; deposits and disbursements; disposition of funds for repayment of bonds; use of remaining monies; receipt and use of monetary and nonmonetary assets
There is hereby created a special fund in the State Treasury, to be known as the Venture Capital Fund, out of which loans to Magnolia Capital Corporation authorized in connection with the program shall be disbursed. All monies received by issuance of bonds to carry out the purposes of this chapter shall be deposited into […]
§ 57-77-3. Purpose of chapter; entities as instrumentalities of the state; sovereign immunity
It is the purpose of this chapter to establish the Magnolia Capital Corporation, the Magnolia Venture Capital Corporation and the Magnolia Venture Capital Fund Limited Partnership for the purposes of increasing the rate of capital formation; stimulating new growth-oriented business formations; creating new jobs for Mississippi; developing new technology; enhancing tax revenue for the state; […]
§ 57-77-31. Redemption, repayment, purchase or cancellation of bonds and notes; appropriations for payment of principal and interest on bonds and notes; rate of interest on loans made using funds from Venture Capital Fund
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 from the general fund. In the event that all or any part of the bonds and notes are purchased, they […]
§ 57-77-33. Issuance of bonds and notes generally; terms, form, execution, etc., of bonds and notes
The seller is authorized to borrow, on the credit of the state, money not exceeding the aggregate sum of Twenty Million Dollars ($20,000,000.00). Such borrowing may be evidenced by the issuance of bonds or notes, and the rate of interest on any such bonds or notes which are not subject to taxation shall not exceed […]
§ 57-77-35. Sale of bonds; temporary bonds; investment of bond proceeds; registration of bond sales; payment of costs and expenses
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. Any portion […]
§ 57-77-37. Disposition of proceeds of sale of bonds; allocation of nonfederal funds
The proceeds realized from the sale of bonds and notes under this chapter shall be paid to the State Treasurer and deposited into the Venture Capital Fund and specifically dedicated to the purposes enumerated in this chapter. All nonfederal funds which may become available for the purposes of this chapter shall be deposited in the […]
§ 57-77-39. Representation of seller by Attorney General with respect to issuing, selling and validating bonds or notes; payment of expenses relating to issuance of 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 […]
§ 57-77-5. Definitions
The following words shall have the meaning ascribed herein unless the context clearly requires otherwise: “Fund” means the Magnolia Venture Capital Fund Limited Partnership, a limited partnership, established and operated as described in this chapter. “Corporation” means the Magnolia Capital Corporation. “Qualified investment” means a qualified interest, which interest is purchased solely for cash in […]
§ 57-77-7. Taxpayer entitlement to credit against state tax liability
A taxpayer is entitled to a credit, determined in accordance with Section 27-7-22.11, which must be applied against the state tax liability which may be imposed on the taxpayer.