§ 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 […]
§ 57-77-13. 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.
§ 57-77-21. 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 […]