§ 57-71-1. Short title
This act shall be known and may be cited as the Mississippi Small Enterprise Development Finance Act.
§ 57-71-11. Terms and conditions of loans
No loan made under the provisions of this act shall be in an amount exceeding Four Million Dollars ($4,000,000.00) principal. The maximum loan term shall not exceed twenty (20) years. All loans made pursuant to this act shall be guaranteed by a letter of credit in a form acceptable to the Mississippi Business Finance Corporation […]
§ 57-71-13. Lending guidelines, rules and regulations; identifying eligible projects; requirement of job creation; purchases exempt from taxation
The Mississippi Business Finance Corporation shall promulgate lending guidelines, rules and regulations as may be necessary to carry out the provisions of this act. The Mississippi Business Finance Corporation may work closely with the planning and development districts in identifying eligible projects and making the program available in all areas of the state. As part […]
§ 57-71-15. Authorization to hire attorneys, accountants, and others to review and close loans
The Certified Development Company of Mississippi, Inc., is hereby authorized to engage legal services, financial advisors, appraisers and consultants if needed to review and close loans made pursuant to this act. The costs of such professionals shall be paid by the borrower or from loan proceeds as determined and approved by the company.
§ 57-71-17. Default on loan; penalty
In the event of a default, the Certified Development Company shall call upon the letter of credit guaranteeing the principal amount of the loan plus interest due. Failure to comply with lending criteria shall result in a penalty which the company may establish by regulation, and penalties shall not be treated as interest income for […]
§ 57-71-19. Certification of nondiscrimination as condition of loan
No loan shall be made to a private company under this act unless the private company certifies to the Certified Development Company of Mississippi, Inc., in a form satisfactory to the company, that it will not discriminate against any employee or against any applicant for employment because of race, religion, color, national origin, sex or […]
§ 57-71-21. Mississippi Small Enterprise Development Finance Fund; Mississippi Small Enterprise Development Finance Sinking Fund
There is hereby created a special fund in the State Treasury to be known as the Mississippi Small Enterprise Development Finance Fund out of which the Certified Development Company of Mississippi, Inc., shall provide loans authorized by this act. All monies received by the company to carry out the purposes of this act by issuance […]
§ 57-71-23. Redemption of and payment of interest on bonds; cancellation of bonds; report to state on amount of annual payments due on bonds; rate of interest on loans
All bonds issued under the authority of this act 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 Mississippi Small Enterprise Development Finance Sinking Fund. All monies paid into the Mississippi Small Enterprise Development Finance Sinking […]
§ 57-71-25. Authorization for seller to borrow funds to carry out purposes of act; issuance of bonds
The seller is authorized to borrow, on the credit of the state, upon receipt of a resolution from the company requesting the same, money not exceeding the aggregate sum of One Hundred Forty Million Dollars ($140,000,000.00), outstanding at any one time, not including money borrowed to refund outstanding bonds, notes or replacement notes, as may […]
§ 57-71-27. Bond offerings; temporary bonds; deposit of proceeds of sale; registration of bonds; cost and expenses of bond offerings
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 […]
§ 57-71-29. Temporary borrowings in anticipation of bond offering; replacement notes
Pending the issuance of bonds of the state as authorized under this act, the seller is hereby authorized in accordance with the provisions of this act 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 […]
§ 57-71-3. Purpose
It is the purpose of this act to promote business and economic development in the State of Mississippi through job producing programs and by providing loans to the Certified Development Company of Mississippi, Inc., as defined in this act; to assist in securing investment in small communities by private companies locating or expanding in the […]
§ 57-71-31. Disposition of proceeds realized from sale of bonds and notes
The proceeds realized from the sale of bonds and notes under this act, other than refunding bonds and replacement notes, shall be paid to the State Treasurer and deposited into the Mississippi Small Enterprise Development Finance Fund or funds and specifically dedicated to the purposes enumerated in this act. All nonfederal funds which may become […]
§ 57-71-33. State Attorney General to represent seller in issuing, selling and validating bonds or notes; seller authorized to use proceeds to pay 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 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 […]
§ 57-71-35. Term “this act” defined
The term “this act” referred to in Sections 57-71-1 through 57-71-33 hereof shall mean the Mississippi Small Enterprise Development Finance Act unless the context clearly indicates otherwise.
§ 57-71-5. Definitions
The following words and phrases when used in this act shall have the meaning given to them in this section unless the context clearly indicates otherwise: “MBFC” or “company” means the Mississippi Business Finance Corporation. “Private company” means any agricultural, aquacultural, horticultural, industrial, manufacturing or research and development enterprise or enterprises, or the lessor thereof, […]
§ 57-71-7. Small enterprise development finance program
There is hereby established, under the direction of the Certified Development Company of Mississippi, Inc., a program to be known as the Mississippi Small Enterprise Development Finance Program for the purpose of making loans to qualified private companies in order to provide financing to small businesses which will increase employment and investment in small communities.
§ 57-71-9. Application for loan
Any private company desiring to borrow from the program shall make application to the company. The company shall define and publish criteria for eligibility for the program and timetable for review. All loan applications shall identify a qualified financial institution which will issue a letter of credit to the Certified Development Company guaranteeing the loan […]