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: “Municipality” means any county or incorporated city, town or village in the State of Mississippi; “Project” means land, buildings, improvements, fixtures, machinery, equipment and […]
Notes issued under the provisions of this chapter shall be legal investments for commercial banks, savings and loan associations and insurance companies organized under the laws of this state.
The notes authorized by this chapter and the income therefrom shall be exempt from all taxation in the State of Mississippi, and the revenue derived by the issuer from the project shall be exempt from all taxation in the State of Mississippi. Any industrial enterprise shall not be exempt from ad valorem taxes on the […]
This chapter, without reference to any other statute, shall be deemed to be full and complete authority for the issuance of the aforesaid notes, and shall be construed as an additional and alternative method therefor, and none of the present restrictions, requirements, conditions or limitations of law applicable to the issuance or sale of bonds, […]
The Mississippi Board of Economic Development is 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, including, but not limited to, eligible costs of a project and the financing thereof.
The governing body is hereby granted the following powers, together with all powers incidental thereto or necessary for the performance of those hereinafter stated, in order to effectuate the purposes of this chapter: To enter into loan agreements with an industrial enterprise with respect to one or more projects for such payments and upon such […]
The principal of, redemption premium, if any, and interest on the notes of the municipality shall be payable solely out of, and shall be secured by a pledge of the revenues and receipts derived from the industrial enterprise as designated in the proceedings of the governing body under which the notes shall be authorized to […]
The notes may be secured by a trust agreement by and between the municipality and a corporate trustee, which may be any trust company or bank incorporated under the laws of the United States or the laws of any state in the United States. Any such trust agreement may pledge or assign income, contract payments, […]
All notes issued by a municipality under authority of this chapter shall be limited obligations of the municipality, the principal of, redemption premium, if any, and interest on which shall be payable solely from revenues received by the municipality pursuant to the loan agreement or pursuant to notes and deeds of trust delivered to the […]
