§ 57-10-501. Short title
This article shall be known and may be cited as the Mississippi Small Business Assistance Act.
§ 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.
§ 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 […]
§ 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 […]
§ 57-10-509. Submission of grant applications to DECD
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. 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 […]
§ 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 […]
§ 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 […]
§ 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 […]
§ 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
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 […]
§ 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 […]
§ 57-10-521. Creation of Mississippi Small Business Assistance Fund; deposits; funds to be deposited in General Fund
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 […]
§ 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
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. In the event that all or any part of the bonds and notes are purchased, they […]
§ 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
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 […]
§ 57-10-527. Sale of bonds; registration
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 […]
§ 57-10-529. Temporary borrowings by seller pending issuance of bonds of state
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 […]
§ 57-10-531. Disposition of proceeds from sale of bonds and notes and available nonfederal funds
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. All nonfederal funds which may become available for the […]
§ 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 […]