Miss. Code Ann. § 57-49-19 — MS Code / Title 57 / Chapter 32 / Section 49-19
Miss. Code Ann. § 57-49-19
Status: in_force

The board, in consultation with the council and the committee, shall review any application to the federal department of energy, other federal agency, or contractor thereof, by a state agency, including the state institutions of higher learning, a local unit of government, or a regional planning and development district for funds for any program related to the long-term or temporary storage and/or permanent disposal of high-level radioactive waste or transuranic waste. If the board finds that the application is not consistent with the state's nuclear waste policy or that the application is not in the best interests of the state, the board, in accordance with the council and the committee, shall forward its findings to the governor, the legislative committees on conservation and water resources in the house of representatives and on public health and welfare in the senate, and the federal agency to which the application for funds is being made. If the board finds that the application of a state agency is not consistent with the state's nuclear waste policy or that the application of a state agency is not in the best interests of the state, the findings forwarded to the governor shall include a recommendation that the governor take action necessary to safeguard the interests of the state by stipulating certain conditions for the acceptance of the funds.
Miss. Code Ann. § 57-123-5 — MS Code / Title 57 / Chapter 78 / Section 123-5
Miss. Code Ann. § 57-123-5
Status: in_force

(1) There is hereby created in the State Treasury a special fund to be designated as the “Mississippi Nonprofit Museums Recovery Fund,” which shall consist of funds made available by the Legislature in any manner and funds from any other source designated for deposit into such fund. The fund shall be maintained by the State Treasurer as a separate and special fund, separate and apart from the General Fund of the state. Unexpended amounts remaining in the fund at the end of a fiscal year shall not lapse into the State General Fund, and any investment earnings or interest earned on amounts in the fund shall be deposited to the credit of the fund. Monies in the fund shall be used by the Department of Finance and Administration, upon appropriation by the Legislature, for the purposes provided in this section. Monies in the fund shall be disbursed in compliance with the guidelines, guidance, rules, regulations and/or other criteria, as may be amended from time to time, by the United States Department of the Treasury regarding the use of monies from the Coronavirus Relief Fund established by the Coronavirus Aid, Relief, and Economic Security Act. If on December 1, 2020, there are unexpended monies in the fund, those monies shall be transferred to the Unemployment Compensation Fund. Monies in the fund shall be disbursed by the Department of Finance and Administration to assist nonprofit museums in paying costs associated with cleaning, disinfection, social distancing measures and/or other health and safety measures necessary in order to reopen to the public due to the Coronavirus 2019. The Department of Finance and Administration shall take into consideration the attendance, annual revenue and operating expenses when allocating such monies under this section.

(2) The Department of Finance and Administration shall have all powers necessary for the implementation of this section.
Miss. Code Ann. § 57-32-5 — MS Code / Title 57 / Chapter 28 / Section 32-5
Miss. Code Ann. § 57-32-5
Status: in_force

(1) The council may do anything within its power, not inconsistent with this chapter, to secure and further industrial and economic development of said counties, to advertise the natural resources and possibilities of the same, and to maintain and support the same.

(2) The council is hereby expressly authorized and empowered to acquire by gift, purchase or otherwise, and to own, hold, maintain, control and develop real estate situated within the participating counties, either within or without the corporate limits of a municipality, for development, use and operation of one or more industrial park complexes referred to herein as “project”; and is further authorized and empowered to engage in works of internal improvement therefor, including, but not limited to, construction or contracting for the construction of railroad spur tracks, site improvements, water, sewerage, drainage, pollution control and other related facilities necessary or required for industrial use and development of said park complexes; and to acquire, purchase, install, lease, construct, own, hold, equip, control, maintain, use, operate and repair other structures and facilities necessary and convenient for the planning, development, use, operation and maintenance of said parks for industrial purposes, including, but not limited to, utility installations, except those communications and electric power utilities already certificated in the area by the Mississippi Public Service Commission, elevators, compressors, warehouses, and air, rail and other transportation terminals and pollution control facilities. For the development of such projects, the council, in its own name, is authorized and empowered to borrow money and contract for the borrowing of money, from time to time, as it may deem appropriate, and to pay interest upon such borrowed funds in such amount as it may negotiate, however, not exceeding such amount of interest as may be allowed to be paid under the provisions of Section 19-9-19 , and to give as security for the payment of such indebtednesses deeds of trust or mortgages on all or any part of the real estate purchased, improved or benefited by the funds so borrowed. The council may, likewise, pledge the proceeds and revenues from any such project for the repayment of funds so borrowed. The pledge of any real estate or income from real estate held by the council shall be done only by order spread upon the minutes of said council after the affirmative vote of not less than two-thirds ( 2 / 3 ) of the members of the council. There shall be no personal liability of any member of said council for failure in the repayment of funds so borrowed.

(3) The council is authorized and empowered to sell, lease, trade, exchange or otherwise dispose of industrial sites situated within any of such projects to individuals, firms or corporations, public or private, for industrial and warehouse use upon such terms and conditions, for such consideration, and with such safeguards as will best promote and protect the public interest, convenience and necessity, and to execute deeds, leases, contracts, easements and other legal instruments necessary or convenient therefor. The council is granted the power to sue and be sued in its own name.

(4) Any industrial lease may be executed upon such terms and conditions and for such monetary rental or other consideration as may be found to be in the best interest of the public by the council by order or resolution spread upon its minutes authorizing the same. Any covenants and obligations of the lessee to make expenditures in determined amounts, and within such time or times, for improvements to be erected on the land by such lessee and to conduct thereon industrial or warehouse operations in such aggregate payroll amounts and for such period of time or times as may be determined and defined in such lease, and to give preference in employment where practicable to qualified residents of the counties constituting the council may, when included in such lease, constitute and be deemed sufficient consideration for the execution of any such lease in the absence of a monetary rental or other considerations, if found by the council and the board of supervisors of the affected county to be sufficient consideration and in the best interest of the public; any such instrument may contain reasonable provisions giving the lessee the right to remove its or his improvements upon termination of the lease.

(5) The council is authorized and empowered to fix and prescribe fees, charges and rates for the use of any water, sewerage, pollution control or other facilities constructed and operated in connection with said industrial parks and to collect the same from persons, firms and corporations using the same for industrial, warehouse and related purposes.

(6) Upon organization, the council is authorized and empowered to employ engineers, attorneys, accountants, technicians and consultants upon a fee or retainer basis, and such executive and administrative personnel and other employees as shall be reasonably necessary to carry out the duties and authority authorized by this chapter, and to determine their qualifications and duties and to establish compensation and other employment benefits as may be advisable to attract and retain proficient personnel. The council, in addition to all other authority, is authorized and empowered to purchase, sell and trade office equipment, to purchase necessary supplies, to purchase such equipment and vehicles as the council deems necessary for the economic and industrial development of the member counties and to carry out the purposes of this chapter.

(7) The enumeration of any specific rights and powers contained herein, and elsewhere in this chapter, where followed by general powers, shall not be construed in a restrictive sense, but rather in as broad and comprehensive a sense as possible to effectuate the purposes of this chapter.
Miss. Code Ann. § 57-77-3 — MS Code / Title 57 / Chapter 77 / Section 77-3
Miss. Code Ann. § 57-77-3
Status: in_force

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; and supplementing conventional business financing. The Magnolia Capital Corporation, the Magnolia Venture Capital Corporation, and the Magnolia Venture Capital Fund Limited Partnership shall be instrumentalities of the State of Mississippi and their operations and activities shall be subject to review by the State Auditor of Public Accounts, the Attorney General of Mississippi, the Mississippi Ethics Commission, the Joint Legislative Committee on Performance Evaluation and Expenditure Review, and any other state officer or agency as provided by law. Funds obtained from the special fund in the State Treasury known as the Venture Capital Fund and any earnings on such amounts, which are held and disbursed by the Magnolia Capital Corporation, the Magnolia Venture Capital Corporation and/or the Magnolia Venture Capital Fund Limited Partnership, except funds invested by private limited partners, shall remain, and shall be considered to be, public funds. Funds loaned by the department pursuant to Section 57-77-17 , and all earnings on such funds shall remain, and shall be considered to be, public funds. Except as provided in Section 57-77-33(7) , it is, and has always been, the intent of the Legislature that nothing in this chapter shall be construed to waive the sovereign immunity of the State of Mississippi or the department pursuant to either state law or the Eleventh Amendment to the United States Constitution. It is, and has always been, the intent of the Legislature that no action by the State of Mississippi or by the department, or by any officer or agent of the State of Mississippi or of the department, shall be considered a waiver of the sovereign immunity of the State of Mississippi or the department pursuant to either state law or the Eleventh Amendment to the United States Constitution. It is, and has always been, the intent of the Legislature that the entering into of any contract, loan agreement, pledge agreement, or other instrument by the State of Mississippi or the department shall not be considered a waiver of the sovereign immunity of the State of Mississippi pursuant to either state law or the Eleventh Amendment to the United States Constitution. It is, and has always been, the intent of the Legislature that the sovereign immunity of the State of Mississippi pursuant to either state law or the Eleventh Amendment to the United States Constitution may only be waived by express authorization set forth in an enactment of the Mississippi Legislature.
Miss. Code Ann. § 57-30-3 — MS Code / Title 57 / Chapter 26 / Section 30-3
Miss. Code Ann. § 57-30-3
Status: in_force

(1)(a) There is created in the State Treasury a special fund to be known as the “Sales Tax Incentive Fund,” into which shall be deposited such money as provided in Section 27-65-75(16) . The monies in the fund shall be used for the purpose of making the incentive payments authorized in this section. The fund shall be administered by the MDA. Unexpended amounts remaining in the fund at the end of a fiscal year shall not lapse into the General Fund, and any interest earned on or investment earnings on the amounts in the fund shall be deposited to the credit of the fund. The MDA may use not more than one percent (1%) of interest earned or investment earnings, or both, on amounts in the fund for administration and management of the incentive program.

(b) Subject to the provisions of this section, incentive payments may be made by the MDA to an approved participant that incurs indebtedness or incurs capital costs, or both, to locate a project in the state. The payments to an approved participant shall be for the amount of sales tax revenue collected on the gross proceeds of sales of a project, after making the diversions required in Section 27-65-75 , except the diversion provided for in Section 27-65-75(1) . The MDA shall ensure that payments made pursuant to this section are utilized to pay the debt service incurred by the approved participant for the project as approved by the MDA or any project capital cost incurred by the approved participant for the project as approved by the MDA, or both. The MDA shall make payments to an approved participant on a semiannual basis with payments being made in the months of January and July. For the purposes of determining the amount of indebtedness or project capital costs, or both, incurred for any ancillary business, as described in Section 57-30-1(c) , which is eligible for incentive payments under this section, the amount of such indebtedness or project capital costs, or both, shall be limited to an amount not greater than the indebtedness or project capital costs, or both, incurred for the primary project. The aggregate amount that an approved participant may receive shall not exceed thirty-five percent (35%) of the portion of the original indebtedness that is funded from private sources or project capital cost that is funded from private sources, or both, incurred by such participant for the project. The MDA shall make the calculations necessary to make the payments provided for in this section. The MDA shall cease making incentive payments to an approved participant on the occurrence of the earlier of (i) the date thirty-five percent (35%) of the portion of the original indebtedness that is funded from private sources, or any refinancing of the portion of the original indebtedness that is funded from private sources, incurred for the project or the portion of the original project capital cost that is funded from private sources incurred for the project, or both, is satisfied, (ii) ten (10) years from the date the original indebtedness for the project was incurred, without regard to any refinancing or additional financing for any addition to or expansion of the project, or (iii) the project ceases operations.

(2) At such time as payments are no longer required to be made to an approved participant, the MDA shall notify the State Tax Commission and the sales tax revenue collected from such project shall no longer be deposited into the Sales Tax Incentive Fund, and any amounts remaining in the fund that were collected from such participant shall be transferred to the State General Fund; however, if the project is located in a municipality, a portion of such amount shall be paid to such municipality in the same manner and amounts as provided for in Section 27-65-75(1) .
Miss. Code Ann. § 57-13-105 — MS Code / Title 57 / Chapter 1 / Section 13-105
Miss. Code Ann. § 57-13-105
Status: in_force

(1) As used in Sections 57-13-101 through 57-13-109 :

(a) “ Economic development tax incentive ” includes those tax credits, deductions, exemptions, exclusions, and other preferential tax benefits or incentives enacted before or after July 1, 2014, for the purpose of recruitment or retention of businesses in the State of Mississippi.

(b) “ Economic development program ” includes those statutory economic development programs that utilize the proceeds of state general obligation bonds for the purpose of recruitment or retention of businesses in the State of Mississippi.

(2) In determining whether a tax incentive or economic development program is or was enacted for “the purpose of recruitment or retention of businesses,” the University Research Center shall consider legislative intent, including legislative statements of purpose and goals, and may also consider whether the tax incentive or program is promoted as a business incentive by the Mississippi Development Authority or other state agency.
Miss. Code Ann. § 57-77-15 — MS Code / Title 57 / Chapter 69 / Section 77-15
Miss. Code Ann. § 57-77-15
Status: in_force

The Magnolia Capital Corporation shall make application for a loan to the department in a form satisfactory to the department.
Miss. Code Ann. § 57-57-5 — MS Code / Title 57 / Chapter 34 / Section 57-5
Miss. Code Ann. § 57-57-5
Status: in_force

For the purposes of this chapter, the following terms shall have the meanings ascribed to them in this section, unless the context clearly indicates otherwise:

(a) “Committee” means a committee, consisting of the chairman of the Certified Development Company of Mississippi, Inc., or his designee, two (2) bankers and two (2) Mississippi businessmen who are members of the Certified Development Company of Mississippi, Inc., created pursuant to Section 57-10-167 , and actively involved in exporting.

(b) “Company” means the Certified Development Company of Mississippi, Inc., created pursuant to Section 57-10-167 .

(c) “Bank” means any state or national bank doing business in Mississippi, which is approved by the company.

(d) “Eligible export trade transaction” means a transaction consisting of a loan from any Mississippi bank to finance an international pre-export or export, which in the judgment of the company will create or maintain employment in Mississippi and shall contain at least fifty percent (50%) of value added in goods or services at a location in Mississippi.

(e) “Guarantee” means additional security by the State of Mississippi for the eligible export trade transaction of any Mississippi business.

(f) “Business” means any person, corporation, partnership, proprietorship, association, organization or agency domiciled in the State of Mississippi.

(g) “Guarantee fee” means a fee charged by the Certified Development Company of Mississippi, Inc., for processing the guarantee.

(h) “Board” means the Mississippi Department of Economic Development operating through its executive director.

(i) “Commercial loss” means failure of the buyer to pay to the Mississippi business when due all or part of the gross invoice value of an eligible export trade transaction due to the insolvency of the buyer.

(j) “Political loss” means failure of the buyer to pay to the Mississippi business when due all or part of the gross invoice value of an eligible export trade transaction due to dollar transfer delays, war, revolution, license revocation or diversion of goods.
Miss. Code Ann. § 57-117-9 — MS Code / Title 57 / Chapter 71 / Section 117-9
Miss. Code Ann. § 57-117-9
Status: in_force

If the qualified business has not created the requisite number of jobs required by this chapter, the health care industry zone certification may be revoked by MDA after five (5) years have elapsed from the effective date of certification. A revocation under this section shall not act retroactively to remove any incentives granted by this chapter.
Miss. Code Ann. § 57-85-3 — MS Code / Title 57 / Chapter 77 / Section 85-3
Miss. Code Ann. § 57-85-3
Status: in_force

The Legislature finds and determines that:

(a) There exists in the State of Mississippi a continuing need for gainful employment for the citizens of the rural areas of the state.

(b) To help provide employment opportunities and to impact the quality of life in these rural areas, a division within the Mississippi Development Authority should be created with power to promote business and economic development through job producing programs and by providing financial assistance to communities and businesses.

(c) In accomplishing this purpose, such division will be acting in all respects for the benefit of the people of the state in the performance of essential public functions and serving a valid purpose in improving or otherwise promoting their health, welfare and prosperity, and the enactment of the provisions hereinafter set forth is for a valid public purpose.

(d) The borrowing of money and the issuance of bonds for the purposes hereinafter set forth serves valid public purposes that will contribute to the employment base of the state.
Miss. Code Ann. § 57-61-33 — MS Code / Title 57 / Chapter 40 / Section 61-33
Miss. Code Ann. § 57-61-33
Status: in_force

Notwithstanding any provision of this chapter to the contrary, the Bureau of Building, Grounds and Real Property Management of the Governor's Office of General Services shall certify to the Board of Economic Development the amount of money necessary to complete the construction, furnishing and equipping of the Technology Transfer Center at the National Space Technology Laboratory site in Hancock County, which amount shall not be more than Three Million Two Hundred Thousand Dollars ($ 3,200,000.00), and the board shall if funds have not otherwise been made available provide a grant to the bureau for such amount out of the proceeds of bonds authorized to be issued under this chapter. Any funds remaining unexpended upon completion of such project shall be deposited in the Mississippi Business Investment Sinking Fund.
Miss. Code Ann. § 57-43-1 — MS Code / Title 57 / Chapter 34 / Section 43-1
Miss. Code Ann. § 57-43-1
Status: in_force

(1) There is established in the State Treasury a revolving fund to be designated as the “Railroad Revitalization Fund.” Monies (including interest earnings) in this fund shall be expended either separately or in combination with any available federal funds for railroad research, railroad planning and railroad administration costs incurred by the Mississippi Department of Transportation directly attributable to railroad revitalization projects; assistance to railroads for the rehabilitation or improvement of rail lines; and construction, improvement or rehabilitation of railroad facilities.

(2) The Mississippi Department of Transportation, in consultation with the Mississippi Development Authority, the Southern High-Speed Rail Commission as created in Section 57-45-1 and the railroads operating in the State of Mississippi, shall develop the State Rail Plan, which shall be a comprehensive plan that coordinates all aspects of the rail infrastructure within the state and includes distinct freight and passenger components, and is described as follows:

(a) The passenger component of the State Rail Plan means that part of the plan developed by the Mississippi Department of Transportation, in consultation with the Mississippi Development Authority and the Southern High-Speed Rail Commission and with the railroads operating in the state and in concert with the freight component of the State Rail Plan, that promotes passenger rail travel within the state in a manner that is compatible with opportunities for the state to obtain federal funding assistance that may be available for intercity passenger rail service and/or high-speed rail corridor service, and that contains provisions that include, but are not limited to, the following:

(i) Articulating the ongoing comprehensive vision and objectives associated with promoting passenger rail travel within the state;

(ii) Identifying all viable routes for passenger rail service;

(iii) Enhancing the existing passenger rail segments within the state and constructing additional segments; and

(iv) Providing recommendations to the providers of passenger rail service within the state for complying with federal requirements necessary for the state to qualify for any available federal funding.

(b) The freight component of the State Rail Plan means the plan developed by the Mississippi Department of Transportation, in consultation with the Mississippi Development Authority and the railroads operating in the state and in concert with the passenger component of the State Rail Plan, that promotes freight rail service within the state, including, but not limited to, service to and from water ports in the state and the articulation of the ongoing comprehensive vision and objectives associated with promoting freight rail service within the state.

(3) During fiscal years 2009 and 2010, a total cumulative sum not to exceed Two Hundred Fifty Thousand Dollars ($ 250,000.00) of the “Railroad Revitalization Fund” shall be used specifically for the purpose of initially developing the State Rail Plan, as described in subsection (2) of this section. After the initial development of the State Rail Plan, the plan shall be updated periodically, not less than every five (5) years.

(4) Except as may be otherwise provided in Section 2 of Chapter 497, Laws of 2009, funds appropriated or otherwise provided by the Legislature for rail line assistance as described in subsections (1) through (3) of this section shall be deposited in the Railroad Revitalization Fund. Any monies received by the Mississippi Department of Transportation by agreements, grants, gifts or other means from individuals, companies or other business entities, municipalities, counties, local railroad authorities or regional railroad authorities or other governmental agencies for the purposes set forth in this chapter, except federal grants made under Section 5 of the Department of Transportation Act, as amended ( 49 USCS 1654 ), shall be credited to the Railroad Revitalization Fund. Any interest received from investment of monies in the fund shall be credited to the fund and shall not be deposited into the State General Fund. Use of this fund for the required periodic updates to the State Rail Plan and for railroad research, planning and administration costs incurred by the Mississippi Department of Transportation that are directly attributable to railroad revitalization projects shall be paid from any available funds of the Mississippi Department of Transportation, including those derived from collections from the locomotive fuel tax for the previous year.
Miss. Code Ann. § 57-31-33 — MS Code / Title 57 / Chapter 10 / Section 31-33
Miss. Code Ann. § 57-31-33
Status: in_force

This chapter shall be deemed to be full and complete authority for the exercise of the powers herein granted, but this chapter shall not be deemed to repeal or to be in derogation of any existing law of this state whereunder projects of the character herein defined may be constructed or financed.
Miss. Code Ann. § 57-85-3 — MS Code / Title 57 / Chapter 71 / Section 85-3
Miss. Code Ann. § 57-85-3
Status: in_force

The Legislature finds and determines that:

(a) There exists in the State of Mississippi a continuing need for gainful employment for the citizens of the rural areas of the state.

(b) To help provide employment opportunities and to impact the quality of life in these rural areas, a division within the Mississippi Development Authority should be created with power to promote business and economic development through job producing programs and by providing financial assistance to communities and businesses.

(c) In accomplishing this purpose, such division will be acting in all respects for the benefit of the people of the state in the performance of essential public functions and serving a valid purpose in improving or otherwise promoting their health, welfare and prosperity, and the enactment of the provisions hereinafter set forth is for a valid public purpose.

(d) The borrowing of money and the issuance of bonds for the purposes hereinafter set forth serves valid public purposes that will contribute to the employment base of the state.
Miss. Code Ann. § 57-10-433 — MS Code / Title 57 / Chapter 5 / Section 10-433
Miss. Code Ann. § 57-10-433
Status: in_force

The corporation shall have the power to contract with the holders of any of its bonds issued under Sections 57-10-401 through 57-10-445 as to the custody, collection, securing, investment and payment of any money of the corporation, and of any money held in trust or otherwise for the payment of bonds, and to carry out such contract. Money held in trust or otherwise for the payment of bonds or in any way to secure bonds and deposits of money may be secured in the same manner as money of the corporation, and all banks and trust companies are authorized to give security for the deposits.
Miss. Code Ann. § 57-11-19 — MS Code / Title 57 / Chapter 5 / Section 11-19
Miss. Code Ann. § 57-11-19
Status: in_force

The Mississippi Department of Wildlife, Fisheries and Parks, the Mississippi Arts Commission, the Mississippi Department of Education, the Department of Human Services, the Mississippi Extension Service, the Mississippi Department of Agriculture and Commerce, the Mississippi Department of Economic and Community Development, and the Mississippi Fair Commission may cooperate with the marketing council in carrying out the purposes of Sections 57-11-15 through 57-11-21 .
Miss. Code Ann. § 57-77-23 — MS Code / Title 57 / Chapter 69 / Section 77-23
Miss. Code Ann. § 57-77-23
Status: in_force

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 such assistance or charge the proceeds of such assistance therefor. However, no such professional services may be engaged unless done so through action taken by a validly appointed board of directors having the legal authority to engage such services. To the extent required by the department, such professional services shall be engaged on a statewide program basis.
Miss. Code Ann. § 57-49-37 — MS Code / Title 57 / Chapter 35 / Section 49-37
Miss. Code Ann. § 57-49-37
Status: in_force

The board, in consultation with the committee and council, shall implement all agreements, modifications and technical revisions approved pursuant to this chapter. In doing so, the board may solicit the views of appropriate state agencies, local units of government, and interested citizen groups.
Miss. Code Ann. § 57-10-221 — MS Code / Title 57 / Chapter 5 / Section 10-221
Miss. Code Ann. § 57-10-221
Status: in_force

Bonds issued pursuant to the provisions of this article shall not constitute an indebtedness within the meaning of any debt limitation or restriction.
Miss. Code Ann. § 57-77-29 — MS Code / Title 57 / Chapter 71 / Section 77-29
Miss. Code Ann. § 57-77-29
Status: in_force

(1) 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 the Venture Capital Fund. No funds in the Venture Capital Fund, no funds transferred from the Venture Capital Fund to the department for subsequent transfer to the Magnolia Capital Corporation, no funds transferred to the Magnolia Capital Corporation, and no funds transferred by the Magnolia Capital Corporation to the Magnolia Venture Capital Corporation and/or the Magnolia Venture Capital Fund Limited Partnership may be used to provide financing for, or to contract for goods or services with, any business in which a director, employee, or limited partner of the Magnolia Capital Corporation, the Magnolia Venture Capital Corporation or the Magnolia Venture Capital Fund Limited Partnership, or the spouse of any such director, employee or limited partner has a direct or indirect interest. No funds in the Venture Capital Fund, no funds transferred from the Venture Capital Fund to the department for subsequent transfer to the Magnolia Capital Corporation, no funds transferred to the Magnolia Capital Corporation, and no funds transferred by the Magnolia Capital Corporation to the Magnolia Venture Capital Corporation and/or the Magnolia Venture Capital Fund Limited Partnership may be used to provide financing for, or to contract for goods or services with, any business in which a person who has been engaged pursuant to Section 57-77-23 or the spouse of such person has a direct or indirect interest.

(2) All funds repaid to the State Treasury under this chapter or designated hereunder for repayment of any bonds issued under this chapter shall be delivered to the State Treasurer for deposit in the State General Fund. Any monetary assets received pursuant to Section 57-77-11(6)(a) shall be applied to pay the debt service on the bonds issued under the Venture Capital Act of 1994, in accordance with the proceedings authorizing the issuance of such bonds and as directed by the State Bond Commission. Any nonmonetary assets shall be administered in the manner provided by law. Any monies remaining in the fund after it is utilized as provided for in this subsection (2) shall be deposited into the State General Fund.

(3) Any monetary assets received pursuant to Section 57-77-11(6)(b) shall be applied to pay valid monetary obligations of the Magnolia Capital Corporation and the Magnolia Venture Capital Corporation. Any nonmonetary assets shall be administered in the manner provided by law. Any monies remaining in the fund after it is utilized as provided in this subsection (3) shall be deposited as follows: (a) Six Million Four Hundred Thousand Dollars ($ 6,400,000.00) of such monies shall be deposited into the State General Fund and (b) the remainder of such monies shall be deposited into the Budget Contingency Fund created in Section 27-103-301 .

(4) Valid monetary obligations of the Magnolia Capital Corporation and the Magnolia Venture Capital Corporation shall not be impaired and shall be satisfied from the special fund created in this section.
Miss. Code Ann. § 57-10-129 — MS Code / Title 57 / Chapter 1 / Section 10-129
Miss. Code Ann. § 57-10-129
Status: in_force

The extent of the liability of either the guaranty fee fund or the small businessman's loan fund to the lender shall be seventy-five percent (75%) of the principal remaining due and unpaid after the lender has fully exhausted all remedies for recovery as provided herein, and neither of these funds shall be liable for interest which the borrower owes the lender under any such loan.
Miss. Code Ann. § 57-44-25 — MS Code / Title 57 / Chapter 10 / Section 44-25
Miss. Code Ann. § 57-44-25
Status: in_force

The bonds authorized under Sections 57-44-11 through 57-44-39 may be issued without any other proceedings or the happening of any other conditions or things other than those proceedings, conditions and things which are specified or required by Sections 57-44-11 through 57-44-39 . Any resolution providing for the issuance of bonds under the provisions of Sections 57-44-11 through 57-44-39 shall become effective immediately upon its adoption by the State Bond Commission, and any such resolution may be adopted at any regular or special meeting of the State Bond Commission by a majority of its members.
Miss. Code Ann. § 57-43-17 — MS Code / Title 57 / Chapter 32 / Section 43-17
Miss. Code Ann. § 57-43-17
Status: in_force

The Southern Rail Commission is granted the authority to execute and enter into contracts with parties for the purpose of construction of any related infrastructure and/or operations of intercity passenger rail service subject to the approval of any affected railroad and other interested party. The Southern Rail Commission is granted the authority to prepare grant applications related to the establishment or maintenance of passenger rail service, enter into operating and other contractual agreements with providers of passenger rail service, and enter into agreements with owners or operators of railway tracks in order to provide for upgrades necessary to establish or maintain passenger rail service.
Miss. Code Ann. § 57-57-3 — MS Code / Title 57 / Chapter 40 / Section 57-3
Miss. Code Ann. § 57-57-3
Status: in_force

The legislature of the state of Mississippi hereby finds and declares that the economy of the state of Mississippi is increasingly dependent upon the international export of Mississippi manufactured goods, commodities, and services, and the export of these products and services has become vital to the stimulation and development of the state's economy, and that expanding international export markets is essential to the creation of and increase in the number of jobs in these sectors of the state's economy. Therefore, it is declared to be the purpose of this chapter to promote the general welfare of all of the people of the state and increase job opportunities through the development and expansion of international export markets for Mississippi products and services, especially those of small and medium sized businesses, by assisting in the creation of an export trade company and by providing financial assistance and tax incentives for Mississippi businesses engaging in export sales.
Miss. Code Ann. § 57-31-1 — MS Code / Title 57 / Chapter 29 / Section 31-1
Miss. Code Ann. § 57-31-1
Status: in_force

Any county in the State of Mississippi bordering on the Mississippi-Alabama state line, traversed by the Tombigbee River and in which is situated a senior institution of higher learning under the control of the Board of Trustees of Institutions of Higher Learning of the State of Mississippi, where the board of supervisors of such county shall find and determine that the public convenience and necessity requires the same, as evidenced by a resolution duly adopted and entered on the official minutes of such board, shall establish an industrial development authority, to be known as the industrial development authority of such county. The county industrial development authority shall be composed of seven (7) resident citizens of such county, who shall be qualified electors therein, appointed by the board of supervisors of such county for a term of four (4) years. One (1) member of such authority shall be appointed by the board of supervisors from each of the five (5) supervisors' districts of said county, and the remaining two (2) members thereof shall be appointed from the county-at-large by said board of supervisors, from a list of four (4) nominees recommended by a nonprofit industrial development foundation operating within such county. Upon the creation of such authority, the members appointed thereto from supervisor district numbers one (1) and two (2) of such county shall be appointed for a term of one (1) year; the members thereof appointed from supervisor district numbers three (3) and four (4) shall be appointed for a term of two (2) years; the members thereof appointed from the county-at-large shall be appointed for a term of three (3) years; and the members thereof appointed from supervisor district number five (5) shall be appointed for a term of four (4) years. Thereafter, all appointments to such authority shall be for a term of four (4) years, or until a successor is qualified and appointed.

Said authority may, with the approval of the board of supervisors of the county in which the same is situated, authorize appointment of two (2) additional associate members of said authority to be appointed by the board of supervisors of any counties adjacent and contiguous to the county in which such authority is created, to serve without a vote.
Miss. Code Ann. § 57-61-25 — MS Code / Title 57 / Chapter 39 / Section 61-25
Miss. Code Ann. § 57-61-25
Status: in_force

(1) The seller is authorized to borrow, on the credit of the state upon receipt of a resolution from the Mississippi Development Authority requesting the same, monies not exceeding the aggregate sum of Four Hundred Two Million Five Hundred Thousand Dollars ($402,500,000.00), not including monies borrowed to refund outstanding bonds, notes or replacement notes, as may be necessary to carry out the purposes of this chapter. The rate of interest on any such bonds or notes which are not subject to taxation shall not exceed the rates set forth in Section 75-17-101, Mississippi Code of 1972 , for general obligation bonds.

(2) As evidence of indebtedness authorized in this chapter, general or limited obligation bonds of the state shall be issued, from time to time, to provide monies necessary to carry out the purposes of this chapter for such total amounts, in such form, in such denominations payable in such currencies (either domestic or foreign, or both) and subject to such terms and conditions of issue, redemption and maturity, rate of interest and time of payment of interest as the seller directs, except that such bonds shall mature or otherwise be retired in annual installments beginning not more than five (5) years from date thereof and extending not more than thirty (30) years from date thereof.

(3) All bonds and notes issued under authority of this chapter shall be signed by the chairman of the seller, or by his facsimile signature, and the official seal of the seller shall be affixed thereto, attested by the secretary of the seller.

(4) All bonds and notes issued under authority of this chapter may be general or limited obligations of the state, and the full faith and credit of the State of Mississippi as to general obligation bonds, or the revenues derived from projects assisted as to limited obligation bonds, are hereby pledged for the payment of the principal of and interest on such bonds and notes.

(5) Such bonds and notes and the income therefrom shall be exempt from all taxation in the State of Mississippi.

(6) The bonds may be issued as coupon bonds or registered as to both principal and interest, as the seller may determine. If interest coupons are attached, they shall contain the facsimile signature of the chairman and secretary of the seller.

(7) The seller is authorized to provide, by resolution, for the issuance of refunding bonds for the purpose of refunding any debt issued under the provisions of this chapter and then outstanding, either by voluntary exchange with the holders of the outstanding debt or to provide funds to redeem and the costs of issuance and retirement of the debt, at maturity or at any call date. The issuance of the refunding bonds, the maturities and other details thereof, the rights of the holders thereof and the duties of the issuing officials in respect to the same shall be governed by the provisions of this section, insofar as they may be applicable.

(8) As to bonds issued hereunder and designated as taxable bonds by the seller, any immunity of the state to taxation by the United States government of interest on bonds or notes issued by the state is hereby waived.

(9) The proceeds of bonds issued under this chapter after April 9, 2002, and any monies provided by the Legislature may be used to reimburse reasonable actual and necessary costs incurred by the Mississippi Development Authority for the administration of the various grant, loan and financial incentive programs administered by the authority. An accounting of actual costs incurred for which reimbursement is sought shall be maintained by the Mississippi Development Authority. Reimbursement of reasonable actual and necessary costs shall not exceed three percent (3%) of the proceeds of bonds issued or the monies provided by the Legislature. Reimbursements under this subsection shall satisfy any applicable federal tax law requirements.
Miss. Code Ann. § 57-119-17 — MS Code / Title 57 / Chapter 67 / Section 119-17
Miss. Code Ann. § 57-119-17
Status: in_force

MDA shall file an annual report with the Speaker of the House, the Lieutenant Governor, the Chairs of the Appropriations Committees of the House and the Senate, and the Legislative Budget Office not later than December 1 of each year, including detailed information regarding at least the following specific areas:

(a) Receipts and expenditures of the funds received and provided as assistance under this chapter;

(b) Expenditures for all administration expenses of MDA in carrying out its duties under this chapter;

(c) Overview of applications reviewed and a detailed description of applications approved for assistance for the current year; and

(d) Schedule of all applications for which assistance was provided under this chapter detailing status of progress, start date, anticipated completion date, benchmark achievements, and any modifications to the original application after receipt of assistance.
Miss. Code Ann. § 57-44-27 — MS Code / Title 57 / Chapter 21 / Section 44-27
Miss. Code Ann. § 57-44-27
Status: in_force

The bonds authorized under the authority of Sections 57-44-11 through 57-44-39 may be validated in the Chancery Court of the First Judicial District of Hinds County, Mississippi, in the manner and with the force and effect provided by Chapter 13, Title 31, Mississippi Code of 1972 , for the validation of county, municipal, school district and other bonds. The notice to taxpayers required by such statutes shall be published in a newspaper published or having a general circulation in the City of Jackson, Mississippi.
Miss. Code Ann. § 57-43-7 — MS Code / Title 57 / Chapter 13 / Section 43-7
Miss. Code Ann. § 57-43-7
Status: in_force

Agreements between the railroad corporations and the Mississippi Department of Transportation which do not require payment of a portion of the revenue derived from the improved rail line to be paid by the railroad to the Railroad Revitalization Fund shall require that the railroad establish and maintain a separate railroad corporation fund to which a specified portion of the revenue derived from the improved rail line shall be credited and that these funds shall be used by the railroad for the rehabilitation or improvement of rail lines within the state. The terms and conditions governing the use of monies in the special railroad corporation fund shall be stipulated in the agreement. The agreement shall also stipulate a penalty for use of the funds in a manner other than as set forth in the agreement.
Miss. Code Ann. § 57-10-201 — MS Code / Title 57 / Chapter 3 / Section 10-201
Miss. Code Ann. § 57-10-201
Status: in_force

This article shall be known and may be cited as the “Mississippi Business Financing Act”.
Miss. Code Ann. § 57-113-1 — MS Code / Title 57 / Chapter 71 / Section 113-1
Miss. Code Ann. § 57-113-1
Status: in_force

As used in this article:

(a) “ Business enterprise ” means:

(i) Any enterprise owning or operating a facility for the manufacture or assembly of systems or components used in the generation of clean energy that locates or expands in this state which will have a minimum capital investment in this state of Fifty Million Dollars ($50,000,000.00) and will create a minimum of two hundred fifty (250) new, full-time jobs.

(ii) Any enterprise owning or operating a facility that manufactures, assembles or processes products, components or systems for the aerospace industry or provides research and development or training services in the aerospace industry that locates or expands in this state, which will have a minimum capital investment in this state of Twenty-five Million Dollars ($25,000,000.00) in land, building and equipment and will create a minimum of twenty-five (25) new, full-time jobs which provide an average annual salary, excluding benefits which are not subject to Mississippi income taxes, of at least one hundred ten percent (110%) of the most recently published state average annual wage or the most recently published average annual wage of the county in which the qualified business or industry is located as determined by the Mississippi Department of Employment Security, whichever is less.

(b) “ Aerospace industry ” means the industry that researches, designs, manufactures, repairs, operates and/or maintains products, components and systems which enable vehicles to move through the air and space.

(c) “ Biomass ” means and includes any of the following:

(i) Forest-related mill residues, pulping by-product and other by-products of wood processing, thinnings, slash, limbs, bark, brush and other cellulosic plant material or nonmerchantable forest-related products;

(ii) Solid wood waste materials, including dunnage, manufacturing and construction wood wastes, demolition and storm debris and landscape or right-of-way trimmings;

(iii) Agriculture wastes, including orchard tree crops, vineyard, grain, legumes, sugar and other crop by-products or residues and livestock waste nutrients;

(iv) All plant and grass material that is grown exclusively as a fuel for the production of electricity;

(v) Refuse derived fuels consisting of organic components and fibers of waste water treatment solids; or

(vi) Whole trees.

(d) “ Clean energy ” means energy that is generated from either:

(i) A renewable energy source such as wind, water, biomass or solar; or

(ii) An alternative energy source such as nuclear.

(e) “ MDA ” means the Mississippi Development Authority.

(f) “ State tax ” means:

(i) Any sales or use tax imposed on the business enterprise pursuant to law related to the purchase of component building materials and equipment for initial construction of facilities or expansion of facilities that are certified by the Mississippi Development Authority;

(ii) All income tax imposed pursuant to law on income earned by the business enterprise certified by the Mississippi Development Authority;

(iii) Franchise tax imposed pursuant to law on the value of capital used, invested or employed by the business enterprise certified by the Mississippi Development Authority; and

(iv) Any sales or use tax imposed on the lease of machinery and equipment acquired in the initial construction to establish the facility or for an expansion certified by the Mississippi Development Authority.
Miss. Code Ann. § 57-34-1 — MS Code / Title 57 / Chapter 11 / Section 34-1
Miss. Code Ann. § 57-34-1
Status: in_force

This chapter shall be known and may be cited as the “Alabama-Mississippi Joint Economic Development Act.”
Miss. Code Ann. § 57-26-3 — MS Code / Title 57 / Chapter 5 / Section 26-3
Miss. Code Ann. § 57-26-3
Status: in_force

(1)(a) There is created in the State Treasury a special fund to be known as the “Tourism Project Sales Tax Incentive Fund,” into which shall be deposited such money as provided in Section 27-65-75(16) . The monies in the fund shall be used for the purpose of making the incentive payments authorized in this section. The fund shall be administered by the MDA. Unexpended amounts remaining in the fund at the end of a fiscal year shall not lapse into the State General Fund, and any interest earned on or investment earnings on the amounts in the fund shall be deposited to the credit of the fund. The MDA may use not more than one percent (1%) of interest earned or investment earnings, or both, on amounts in the fund for administration and management of the incentive program authorized under Sections 57-26-1 through 57-26-5 .

(b) Subject to the provisions of this section, incentive payments may be made by the MDA to an approved participant that incurs approved project costs to locate a tourism project in the state. The payments to an approved participant shall be for eighty percent (80%) of the amount of sales tax revenue collected from the operation of the tourism project, after making the diversions required in Section 27-65-75(7) and (8) . The MDA shall make payments to an approved participant on a semiannual basis with payments being made in the months of January and July. The aggregate amount of incentive payments that an approved participant may receive shall not exceed thirty percent (30%) of the approved project costs incurred by the approved participant for the tourism project. Expansions, enlargements or additional investments made by an approved participant will not increase authorized incentive payments certified by the MDA. The MDA shall make the calculations necessary to make the payments provided for in this section. The MDA shall cease making incentive payments to an approved participant on the occurrence of the earlier of:

(i) The date that an aggregate amount of thirty percent (30%) of the approved project costs incurred by the approved participant for the tourism project has been paid to the approved participant; or

(ii) Fifteen (15) years after the date the tourism project opens for commercial operation.

(2) At such time as incentive payments are no longer required to be made to an approved participant, the MDA shall notify the Department of Revenue and the sales tax revenue collected from the tourism project shall no longer be deposited into the Tourism Project Sales Tax Incentive Fund. Any amounts remaining in the fund that were collected from such project shall be transferred to the State General Fund.
Miss. Code Ann. § 57-119-17 — MS Code / Title 57 / Chapter 69 / Section 119-17
Miss. Code Ann. § 57-119-17
Status: in_force

MDA shall file an annual report with the Speaker of the House, the Lieutenant Governor, the Chairs of the Appropriations Committees of the House and the Senate, and the Legislative Budget Office not later than December 1 of each year, including detailed information regarding at least the following specific areas:

(a) Receipts and expenditures of the funds received and provided as assistance under this chapter;

(b) Expenditures for all administration expenses of MDA in carrying out its duties under this chapter;

(c) Overview of applications reviewed and a detailed description of applications approved for assistance for the current year; and

(d) Schedule of all applications for which assistance was provided under this chapter detailing status of progress, start date, anticipated completion date, benchmark achievements, and any modifications to the original application after receipt of assistance.
Miss. Code Ann. § 57-100-7 — MS Code / Title 57 / Chapter 67 / Section 100-7
Miss. Code Ann. § 57-100-7
Status: in_force

(1) As soon as practicable after the end of a calendar quarter for which a qualified business or industry has qualified to receive an incentive payment, the qualified business or industry shall file a claim for the payment with the State Tax Commission and shall specify the actual number of qualified jobs created and maintained by the business or industry for the calendar quarter and the wages and taxable benefits thereof. The State Tax Commission shall verify the actual number of qualified jobs created and maintained by the business or industry. If the State Tax Commission is not able to provide such verification utilizing all available resources, the State Tax Commission may request such additional information from the business or industry as may be necessary.

(2) If the business or industry does not maintain the job requirements of this chapter at any other time during the two-year period after the date the first payment was made, the incentive payments shall not be made and shall not be resumed until such time as the actual verified number of qualified jobs created and maintained by the business or industry equals or exceeds the requirements of this chapter for one (1) calendar quarter.

(3) A qualified business or industry that has qualified pursuant to this chapter may receive payments only in accordance with the provision under which it initially applied and was approved. If an establishment that is receiving incentive payments expands, it may apply for additional incentive payments based on the wages and taxable benefits for qualified jobs anticipated from the expansion only, pursuant to this chapter.

(4) As soon as practicable after verification of the qualified business or industry meeting the requirements of this chapter and all rules and regulations, the Department of Finance and Administration, upon requisition of the State Tax Commission, shall issue a warrant drawn on the Existing Industry Withholding Rebate Fund to the establishment in the amount of the rebate as determined pursuant to subsection (1) of this section for the calendar quarter.
Miss. Code Ann. § 57-15-10 — MS Code / Title 57 / Chapter 15 / Section 15-10
Miss. Code Ann. § 57-15-10
Status: in_force

(1) The Commission on Marine Resources may adopt, modify or repeal regulations to manage any matter pertaining to the marine resources of the state, unless the matter is governed by statute.

(2) Regulations of the Commission on Marine Resources shall supersede like regulations adopted by the Commission on Wildlife, Fisheries and Parks under its former powers related to the management of marine resources.
Miss. Code Ann. § 57-5-9 — MS Code / Title 57 / Chapter 3 / Section 5-9
Miss. Code Ann. § 57-5-9
Status: in_force

The board is charged with the duty of making effective the declared public policy of the state and municipalities as hereinabove set forth, and for that purpose is hereby authorized and empowered to determine whether the public convenience and necessity require that any municipality shall have the right to acquire lands, and thereon to bring into completion such “standard” industrial districts or parks and to dispose of or rent, let or lease any part or parts or all of such developed parks or districts for industrial purposes.
Miss. Code Ann. § 57-75-19 — MS Code / Title 57 / Chapter 71 / Section 75-19
Miss. Code Ann. § 57-75-19
Status: in_force

The authority shall not undertake to develop any project or facility related to the project within a county, municipality and/or school district without the concurrence of the affected county, municipality and/or school district.
Miss. Code Ann. § 57-61-14 — MS Code / Title 57 / Chapter 44 / Section 61-14
Miss. Code Ann. § 57-61-14
Status: in_force

In accordance with Section 27-65-111 , purchases of tangible personal property or services by a private company, as defined in this chapter, with proceeds of bonds issued under this chapter, shall be exempt from sales tax.
Miss. Code Ann. § 57-49-29 — MS Code / Title 57 / Chapter 18 / Section 49-29
Miss. Code Ann. § 57-49-29
Status: in_force

(1) The board shall serve as the agency in this state to negotiate written nuclear waste site characterization agreements and modifications and/or technical revisions to these agreements, with the federal department of energy on any matter related to the long-term or temporary storage and/or permanent disposal of high-level radioactive waste or transuranic waste.

(2) The board shall serve as the agency in this state to negotiate such written agreements and modifications and/or technical revisions to these agreements, with any federal agency other than the federal department of energy on any matter related to the long-term or temporary storage and/or permanent disposal of high-level radioactive waste or transuranic waste.

(3) The board shall consult with the council and the committee during the negotiation of any agreement or modification and/or technical revisions to an agreement executed under subsection (1) or (2) of this section. The council and the committee shall prepare such written comments on any agreement or draft agreement being negotiated by the board as is appropriate and needed.

(4) The board in concert with the council shall hold at least one (1) public hearing within the county or counties wherein the site is located on any proposed agreement or modification and/or technical revision to an agreement negotiated under subsection (1) or (2) of this section. The board shall issue thirty (30) days' notice of the day and location of hearings conducted under this subsection. The board shall prepare a written summary of testimony presented at hearings conducted under this subsection and shall consider the need for modifications or technical revisions to the negotiated agreement as a result of the hearing(s).

(5) No agreement or modification and/or technical revision to an agreement negotiated under subsection (1) or (2) may take effect unless it is approved by a majority of the members of the board.
Miss. Code Ann. § 57-55-15 — MS Code / Title 57 / Chapter 46 / Section 55-15
Miss. Code Ann. § 57-55-15
Status: in_force

(1) The Mississippi Energy Research Center, hereinafter referred to as the MERC, is hereby established under the management and control of the board of trustees of state institutions of higher learning. The MERC shall be a unit of Mississippi State University under the direct supervision of the president thereof or a vice president to be designated by the president.

(2) It shall be the purpose of the MERC to develop, implement and coordinate energy and energy-related research programs in Mississippi. It shall be the duty of the MERC to:

(a) Conduct basic and applied research related to energy needs within Mississippi;

(b) Consult with state and local government agencies, utilities, industry and legislature and other potential users of research in identifying and prioritizing energy problems for research;

(c) Negotiate and administer contracts with other universities of the state for the conduct of research projects;

(d) Report to the governor and to the legislature each year on the progress and findings of research projects;

(e) Facilitate the transfer and application of new technologies as they are developed; and

(f) Facilitate and stimulate research that:

(i) Deals with policy issues facing the legislature;

(ii) Supports state agencies' missions with research on problems encountered and expected; and

(iii) Provides energy planning and management organizations with tools to increase efficiency and effectiveness of energy planning and management.

(3) The principal administrative officer of the MERC shall be a director, who shall be appointed by the president with the approval of the board of trustees of state institutions of higher learning. To meet the purposes of the center, the director shall develop appropriate policies and procedures (a) for identification of priority research problems; (b) for collaborating with local and state government agencies, utilities, industry, other universities, federal government agencies and the legislature in the formulation of its research program; (c) for selection of projects to be funded; and (d) for the transfer of technology which is produced by the research.
Miss. Code Ann. § 57-89-7 — MS Code / Title 57 / Chapter 64 / Section 89-7
Miss. Code Ann. § 57-89-7
Status: in_force

(1)(a) A motion picture production company that expends at least Fifty Thousand Dollars ($50,000.00) in base investment, payroll and/or fringes, in the state shall be entitled to a rebate of a portion of the base investment made by the motion picture production company. Subject to the provisions of this section, the amount of the rebate shall be equal to twenty-five percent (25%) of the base investment made by the motion picture production company.

(b) In addition to the rebates authorized under paragraphs (a), (c) and (d) of this subsection, a motion picture production company may receive a rebate equal to twenty-five percent (25%) of payroll and fringes paid for any employee who is not a resident and whose wages are subject to the Mississippi Income Tax Withholding Law of 1968. However, if the payroll and fringes paid for an employee exceeds Five Million Dollars ($5,000,000.00), then the rebate is authorized only for the first Five Million Dollars ($5,000,000.00) of such payroll and fringes.

(c) In addition to the rebates authorized under paragraphs (a), (b) and (d) of this subsection, a motion picture production company may receive a rebate equal to thirty percent (30%) of payroll and fringes paid for any employee who is a resident and whose wages are subject to the Mississippi Income Tax Withholding Law of 1968. However, if the payroll and fringes paid for an employee exceeds Five Million Dollars ($5,000,000.00), then the rebate is authorized only for the first Five Million Dollars ($5,000,000.00) of such payroll and fringes.

(d) In addition to the rebates authorized in paragraphs (a), (b) and (c) of this subsection, a motion picture production company may receive an additional rebate equal to five percent (5%) of the payroll and fringes paid for any employee who is an honorably discharged veteran of the United States Armed Forces and whose wages are subject to the Mississippi Income Tax Withholding Law of 1968.

(e) Base investment, payroll and/or fringes for which a rebate may be requested under this section: (i) may not be used or included for the purpose of satisfying any minimum investment required in order to be eligible for a rebate under Section 57-89-51 and (ii) may not be used for and shall not be eligible for any rebate authorized under Section 57-89-51 .

(f) If a motion picture has physical production activities and/or post-production activities both inside and outside the state, then the motion picture production company shall be required to provide an itemized accounting for each employee regarding such activities inside and outside the state for the purposes of proration of eligible payroll based on the percentage of activities performed in the state.

(g) The total amount of rebates authorized for a motion picture project shall not exceed Ten Million Dollars ($10,000,000.00) in the aggregate.

(h) The total amount of rebates authorized in any fiscal year shall not exceed Twenty Million Dollars ($20,000,000.00) in the aggregate.

(2) A motion picture production company desiring a rebate under this section must submit a rebate request to the Department of Revenue upon completion of the project. The request must include a detailed accounting of the base investment made by the motion picture production company and any other information required by the Department of Revenue. Rebates made by the Department of Revenue under this section shall be made from current income tax collections. The Department of Revenue shall not approve any application for a rebate under subsection (1)(b) of this section after July 1, 2017.

(3) The Department of Revenue shall have all powers necessary to implement and administer the provisions of this section, and the Department of Revenue shall promulgate rules and regulations, in accordance with the Mississippi Administrative Procedures Law, necessary for the implementation of this section.

(4) The State Auditor may conduct performance and compliance audits under this article according to Section 7-7-211(o) and may bill the oversight agency.
Miss. Code Ann. § 57-114-1 — MS Code / Title 57 / Chapter 73 / Section 114-1
Miss. Code Ann. § 57-114-1
Status: in_force

Sections 1 through 10 of this act shall be known and may be cited as the “Mississippi Flexible Tax Incentive Act.”
Miss. Code Ann. § 57-31-29 — MS Code / Title 57 / Chapter 29 / Section 31-29
Miss. Code Ann. § 57-31-29
Status: in_force

The carrying out of the corporate purposes of the authority is in all respects for the benefit of the people of such county and is a public purpose, and the authority will be performing an essential governmental function in the exercise of the powers conferred upon it by this chapter. Hence, any property owned or held by the authority or under its jurisdiction under the provisions of this chapter shall be exempt from all taxation in the State of Mississippi.
Miss. Code Ann. § 57-49-31 — MS Code / Title 57 / Chapter 44 / Section 49-31
Miss. Code Ann. § 57-49-31
Status: in_force

(1) The board shall negotiate separate agreements with the federal department of energy concerning different stages of the process of evaluating and selecting a site for the long-term or temporary storage and/or permanent disposal of high-level radioactive waste or transuranic waste. The board shall negotiate a separate agreement with the federal department of energy for the final states of the selection of any site for the long-term or temporary storage and/or permanent disposal of high-level radioactive waste or transuranic waste.

(2) Any agreement negotiated by the board with the federal department of energy under section 57-49-29 shall include, but not be limited to:

(a) A specification of those procedures:

(i) By which the state may study, determine, comment on, and make recommendations with regard to the possible public health and safety, environmental, social, and economic impacts of any such facility for the long-term or temporary storage and/or permanent disposal of high-level radioactive waste or transuranic waste;

(ii) By which the secretary of energy shall consider and respond to comments and recommendations made by the state, including the period in which the secretary shall so respond;

(iii) By which the secretary of energy and the state may review and/or modify the agreement periodically;

(iv) By which the state is to submit an impact report and request for impact assistance;

(v) By which the secretary of energy shall assist the state and the units of general local government in the vicinity of the site under consideration for the long-term or temporary storage and/or permanent disposal of high-level radioactive waste or transuranic waste, in resolving the offsite concerns of the state and units of general local government, including, but not limited to, questions of state liability arising from accidents, necessary road upgrading and access to the site, ongoing emergency preparedness and emergency response, monitoring of transportation of high-level radioactive waste and spent nuclear fuel through the state, conduct of baseline health studies of inhabitants in neighboring communities near the site and reasonable periodic monitoring thereafter, and monitoring of said site upon any decommissioning and decontamination;

(vi) By which the secretary of energy shall consult and cooperate with the state on a regular, ongoing basis and provide for an orderly process and timely schedule for state review and evaluation, including identification in the agreement of key events, milestones, and decision points in the activities of the secretary of energy at the potential site;

(vii) By which the secretary of energy shall notify the state prior to the transportation of any high-level radioactive waste and spent nuclear fuel into or through the state;

(viii) By which the state may conduct reasonable independent monitoring and testing of activities on the site, except that such monitoring and testing shall not unreasonably interfere with or delay onsite activities;

(ix) For sharing, in accordance with applicable law, of all technical and licensing information, the utilization of available expertise, the facilitating of permit procedures, joint project review, and the formulation of joint surveillance and monitoring arrangements to carry out applicable federal and state laws;

(x) For public notification of the procedures specified under the preceding subparagraphs; and

(xi) For resolving objections of the state at any state of the planning, siting and development of any facility for the long-term or temporary storage or permanent disposal of high-level radioactive waste or transuranic waste within the state.

(b) The criteria that the federal department of energy shall use in evaluating the suitability of any site in the state for the long-term or temporary storage and/or permanent disposal of high-level radioactive waste or transuranic waste;

(c) A requirement that the federal department of energy shall comply with all federal laws, state laws and local ordinances and shall respect state sovereignty consistent with the United States Constitution and the Tenth Amendment, regardless of the ownership of the land on which the activity takes place;

(d) A requirement that the federal department of energy and any of its contractors or subcontractors shall provide the board with all reports and documents the board requests and any other relevant reports and documents in a timely manner and in accordance with any applicable law, regulation or rule. The requirement shall specify that the federal department of energy may not charge a fee for searching for or for supplying reports and documents requested by the board. The requirement shall specify that the federal department of energy shall provide the board with all reports and documents the board requests and any other relevant reports and documents from contractors and subcontractors after the reports and documents are submitted to the federal department of energy regardless of whether the reports and documents have received the final approval of the department of energy;

(e) A requirement that, upon request by the board, the federal department of energy shall provide the data, methods and underlying assumptions used in the preparation of reports and documents in accordance with any applicable law, regulation or rule;

(f) A requirement that the federal department of energy shall notify the board of any grants related to the long-term or temporary storage and/or permanent disposal of high-level radioactive waste and transuranic waste from the federal department of energy to any person in this state;

(g) A requirement that the federal department of energy shall notify the board in a timely manner of any proposed field work, on-site evaluation, on-site testing or similar activities it or any contractor or subcontractor intends to conduct and a requirement that the federal department of energy shall allow the board to monitor these activities by any appropriate means;

(h) A requirement that the federal department of energy shall provide the board in a timely manner with a copy of any requests for proposals and final contracts issued by the federal department of energy relating to the evaluation, selection or construction of a site for the long-term or temporary storage and/or permanent disposal of high-level radioactive waste or transuranic waste in this state;

(i) A provision that the federal department of energy shall agree to provide funds to be used to provide educational programs as set forth in section 117 of P.L. 97-425 , and to review the activities of the federal department of energy and its contractors and subcontractors which relate to assessing the suitability of the site(s) for the long-term or temporary storage and/or permanent disposal of high-level radioactive waste or transuranic waste;

(j) A requirement that the federal department of energy and the board shall identify impacts associated with studies related to the characterization of an area or site(s) for its potential as a repository or the impacts associated with the development of a site as a repository for the long-term or temporary storage and/or permanent disposal of high-level radioactive waste or transuranic waste and that the federal department of energy will provide a mechanism to mitigate those impacts;

(k) A requirement that if the federal department of energy selects a site in the state for construction of a repository for the long-term or temporary storage and/or permanent disposal of high-level radioactive waste or transuranic waste, the federal department of energy shall prepare, prior to submission of an application to license or construct the repository, a repository plan which shall include descriptions of the federal department of energy's plans for construction of the repository, transportation of wastes to the repository, operation of the repository, closing of the repository and monitoring the repository after closure;

(l) A requirement that the location of any site for the long-term or temporary storage and/or permanent disposal of high-level radioactive or transuranic waste shall not be in a highly populated area.

(3) Any agreement negotiated by the board with the federal department of energy under Section 57-49-29 shall include a provision which acknowledges the authority of the governor or the legislature to object to the selection of a site within this state for the long-term or temporary storage and/or permanent disposal of high-level radioactive waste and transuranic waste.

(4) Any agreement negotiated by the board with the federal department of energy shall be in compliance with the requirements or standards prescribed in this section.
Miss. Code Ann. § 57-41-9 — MS Code / Title 57 / Chapter 35 / Section 41-9
Miss. Code Ann. § 57-41-9
Status: in_force

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 municipality and from such other funds as may be made available to the municipality for such purpose by the terms of the trust agreement. Notes issued under authority of this chapter shall never constitute an indebtedness of the municipality within the meaning of any state constitutional provision or statutory limitation, and shall never constitute nor give rise to a pecuniary liability of the municipality or a charge against its general credit or taxing powers, and such fact shall be plainly stated on the face of each such note. The notes shall not be considered when computing any limitation of indebtedness of the municipality established by law. All notes issued under the authority of this chapter shall be construed to be negotiable instruments, despite the fact that they are payable solely from a specified source.
Miss. Code Ann. § 57-49-41 — MS Code / Title 57 / Chapter 27 / Section 49-41
Miss. Code Ann. § 57-49-41
Status: in_force

The board shall rely on the expertise of staff in other state agencies to assist the board in its duties whenever possible and these other state agencies shall assist the board as much as possible in fulfilling its duties.
Miss. Code Ann. § 57-87-5 — MS Code / Title 57 / Chapter 64 / Section 87-5
Miss. Code Ann. § 57-87-5
Status: in_force

(1) For purposes of this section:

(a) “ Telecommunications enterprises ” shall have the meaning ascribed to such term in Section 57-73-21(14) ;

(b) “ Tier One areas ” mean counties designated as Tier One areas pursuant to Section 57-73-21(1) ;

(c) “ Tier Two areas ” mean counties designated as Tier Two areas pursuant to Section 57-73-21(1) ;

(d) “ Tier Three areas ” mean counties designated as Tier Three areas pursuant to Section 57-73-21(1) ; and

(e) “ Equipment used in the deployment of broadband technologies ” means any equipment capable of being used for or in connection with the transmission of information at a rate, prior to taking into account the effects of any signal degradation, that is not less than three hundred eighty-four (384) kilobits per second in at least one (1) direction, including, but not limited to, asynchronous transfer mode switches, digital subscriber line access multiplexers, routers, servers, multiplexers, fiber optics and related equipment.

(2) With respect to the investment in each year by a telecommunications enterprise after June 30, 2003, and before July 1, 2025, there shall be allowed annually as a credit against the aggregate tax imposed by Chapters 7 and 13 of Title 27, Mississippi Code of 1972 , an amount equal to:

(a) Five percent (5%) of the cost of equipment used in the deployment of broadband technologies in Tier One areas;

(b) Ten percent (10%) of the cost of equipment used in the deployment of broadband technologies in Tier Two areas; and

(c) Fifteen percent (15%) of the cost of equipment used in the deployment of broadband technologies in Tier Three areas.

(3) Such annual credits shall be allowed commencing with the taxable year in which such property is placed in service and continue for nine (9) consecutive years thereafter. The aggregate credit established by this section taken in any one (1) tax year shall be limited to an amount not greater than fifty percent (50%) of the taxpayer's tax liabilities under Chapters 7 and 13 of Title 27, Mississippi Code of 1972; however, any tax credit claimed under this section, but not used in any taxable year, may be carried forward for ten (10) consecutive years from the close of the tax year in which the credits were earned.

(4) The maximum aggregate amount of credits that may be claimed under this section shall not exceed the original investment made by a telecommunications enterprise in the qualifying equipment used in the deployment of broadband technologies.

(5) For purposes of this section, the tier in which broadband technology is deployed shall be determined in the year in which such technology is deployed in a county and such tier shall not change if the county is later designated in another tier.

(6) There will be no credit allowed under this section if the equipment used in the deployment of broadband technologies was paid for, or its cost was reimbursed by, funds made available under the Coronavirus Aid, Relief, and Economic Security (CARES) Act.
Miss. Code Ann. § 57-21-1 — MS Code / Title 57 / Chapter 21 / Section 21-1
Miss. Code Ann. § 57-21-1
Status: in_force

This chapter shall be known as the “Mississippi State Chemical Laboratory Authorization Law of 1970.”
Miss. Code Ann. § 57-71-25 — MS Code / Title 57 / Chapter 69 / Section 71-25
Miss. Code Ann. § 57-71-25
Status: in_force

(1) 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 Ninety Million Dollars ($90,000,000.00), outstanding at any one time, not including money borrowed to refund outstanding bonds, notes or replacement notes, as may be necessary to carry out the purposes of this act. The rate of interest on any such bonds or notes which are not subject to taxation shall not exceed the rates set forth in Section 75-17-101, Mississippi Code of 1972 , for general obligation bonds.

(2) As evidence of indebtedness authorized in this act, general or limited obligation bonds of the state shall be issued from time to time to provide monies necessary to carry out the purposes of this act for such total amount, in such form, in such denominations, payable in such currencies (either domestic or foreign or both), and subject to such terms and conditions of issue, redemption and maturity, rate of interest and time of payment of interest as the seller directs, except that such bonds shall mature or otherwise be retired in annual installments beginning not more than five (5) years from date thereof and extending not more than twenty (20) years from date thereof.

(3) All bonds and notes issued under authority of this act shall be signed by the chairman of the seller, or by his facsimile signature, and the official seal of the seller shall be affixed thereto, attested by the secretary of the seller.

(4) All bonds and notes issued under authority of this act may be general or limited obligations of the state, and the full faith and credit of the State of Mississippi as to general obligation bonds, or the revenue derived from projects assisted as to limited obligation bonds, are hereby pledged for the payment of the principal of and the interest on such bonds and notes.

(5) Such bonds and notes and the income therefrom shall be exempt from all taxation in the State of Mississippi.

(6) The bonds may be issued as coupon bonds or registered as to both principal and interest as the seller may determine. If interest coupons are attached, they shall contain the facsimile signature of the chairman and the secretary of the seller.

(7) As to bonds issued hereunder and designated as taxable bonds by the seller, any immunity of the state to taxation by the United States government of interest on bonds or notes issued by the state is hereby waived.
Miss. Code Ann. § 57-31-11 — MS Code / Title 57 / Chapter 11 / Section 31-11
Miss. Code Ann. § 57-31-11
Status: in_force

All revenue bonds and interest coupons issued under the provisions of this chapter shall have and are hereby declared to have all the qualities and incidents of negotiable instruments under the Uniform Commercial Code of the State of Mississippi. Such bonds and the income therefrom shall be exempt from all taxation within the State of Mississippi.
Miss. Code Ann. § 57-49-9 — MS Code / Title 57 / Chapter 18 / Section 49-9
Miss. Code Ann. § 57-49-9
Status: in_force

The responsibilities and duties of the council shall include, but not be limited to, the following:

(a) To recommend state nuclear waste policy to the board and advise the board on any matters relating to state nuclear waste policy, including matters to be addressed in memorandums of understanding and other agreements with the federal department of energy.

(b) To recommend legislative proposals related to nuclear waste for consideration by the state legislature.

(c) To review all data, plans, conclusions and other documents produced by the federal department of energy, which relate to any phase of high-level nuclear waste programs or activities.

(d) To hear and evaluate public comment and make recommendations based thereon to the board and the state legislature.

(e) To advise the board on socio-economic issues which impact on affected areas as a result of activities proposed or conducted under the authority of this chapter.

(f) To critically review and comment on any socio-economic impact statements, studies, or lack of such, and transportation risks and concerns.
Miss. Code Ann. § 57-44-39 — MS Code / Title 57 / Chapter 13 / Section 44-39
Miss. Code Ann. § 57-44-39
Status: in_force

Sections 57-44-11 through 57-44-39 shall be deemed to be full and complete authority for the exercise of the powers herein granted, but this chapter shall not be deemed to repeal or to be in derogation of any existing law of this state.
Miss. Code Ann. § 57-40-5 — MS Code / Title 57 / Chapter 15 / Section 40-5
Miss. Code Ann. § 57-40-5
Status: in_force

(1) There is created a special fund in the State Treasury to be designated as the “Energy Infrastructure Revolving Loan Fund,” which shall consist of such money authorized to be deposited into such fund from any source. The fund shall be maintained in perpetuity for the purposes established in this chapter. Unexpended amounts remaining in the fund at the end of a fiscal year shall not lapse into the State General Fund, and any interest earned or investment earnings on amounts in the fund shall be deposited to the credit of the fund. Money in the fund may not be used or expended for any purpose except as authorized under this chapter.

(2) A county or an incorporated municipality may apply to the MDA for a loan under the energy infrastructure revolving loan program established under this chapter.

(3)(a) The MDA shall establish a loan program by which loans, at the rate of interest set by the MDA, may be made available to counties and incorporated municipalities for the purposes provided in Section 57-40-3 .

(b) Loans from the revolving fund may be made to counties and municipalities as set forth in a loan agreement in amounts not to exceed one hundred percent (100%) of eligible costs as established by the MDA. The MDA may require county, municipal or private participation or funding from other sources, or otherwise limit the percentage of costs covered by loans from the revolving loan fund. The MDA may establish a maximum amount for any loan. Loan repayments shall be deposited into the revolving loan fund.

(4) A county that receives a loan from the revolving fund shall pledge for repayment of the loan any part of the homestead exemption annual tax loss reimbursement to which it may be entitled under Section 27-33-77 . An incorporated municipality that receives a loan from the revolving fund shall pledge for repayment of the loan any part of the sales tax revenue distribution to which it may be entitled under Section 27-65-75 . Each loan agreement shall provide for (i) monthly payments, (ii) semiannual payments, or (iii) other periodic payments. The loan agreement shall provide for the repayment of all funds received within not more than twenty (20) years from the date of project completion.

(5) Prior to the execution of a loan agreement, relevant parties to the project shall enter into an agreement, in a manner acceptable to MDA, that stipulates the terms of the energy infrastructure investment and responsibilities among parties.

(6) The State Auditor, upon request of the MDA, shall audit the receipts and expenditures of a county or an incorporated municipality whose loan payments appear to be in arrears, and if he finds that the entity is in arrears in such payments, he shall immediately notify the Executive Director of the Department of Finance and Administration who shall withhold all future payments to the county of homestead exemption reimbursements under Section 27-33-77 and all sums allocated to the county or the municipality under Section 27-65-75 until such time as the county or the municipality is again current in its loan payments as certified by the MDA.

(7) Evidences of indebtedness which are issued pursuant to this chapter shall not be deemed indebtedness within the meaning specified in Section 21-33-303 with regard to cities or incorporated towns, and in Section 19-9-5 with regard to counties.
Miss. Code Ann. § 57-77-19 — MS Code / Title 57 / Chapter 71 / Section 77-19
Miss. Code Ann. § 57-77-19
Status: in_force

The department shall assist the Magnolia Capital Corporation with such corporation's compliance with the program provided for in this chapter.
Miss. Code Ann. § 57-44-31 — MS Code / Title 57 / Chapter 18 / Section 44-31
Miss. Code Ann. § 57-44-31
Status: in_force

All bonds issued under the provisions of Sections 57-44-11 through 57-44-39 shall be legal investments for trustees and other fiduciaries, and for savings banks, trust companies and insurance companies organized under the laws of the State of Mississippi, and such bonds shall be legal securities which may be deposited with and shall be received by all public officers and bodies of this state and all municipalities and political subdivisions for the purpose of securing the deposit of public funds.
Miss. Code Ann. § 57-11-63 — MS Code / Title 57 / Chapter 4 / Section 11-63
Miss. Code Ann. § 57-11-63
Status: in_force

The Mississippi Agricultural and Industrial Board is hereby authorized and empowered to contract with a firm or firms which are experienced, competent and qualified to make market, operating and financial feasibility studies as may be necessary to accomplish the following:

(a) To make specific marketing, operating and financial feasibility studies of selected heavy industries in the chemical, petrochemical, mineral, wood and pulp-using, and related fields that can properly be constructed and operated in the State of Mississippi to preempt markets that now exist or may exist.

(b) To contract with the firm or firms making such feasibility studies on the basis that they will recommend methods which will promptly cause to be constructed and/or operated, such manufacturing and industrial facilities, or either, as may prove by these studies to be feasible.
Miss. Code Ann. § 57-61-34 — MS Code / Title 57 / Chapter 49 / Section 61-34
Miss. Code Ann. § 57-61-34
Status: in_force

(1) Notwithstanding any provision of this chapter to the contrary, the Mississippi Development Authority shall utilize not more than Sixteen Million Dollars ($ 16,000,000.00) out of the proceeds of bonds authorized to be issued in this chapter to be made available as interest-bearing loans to municipalities or private companies to aid in the establishment of business incubation centers and the creation of new and expanding research and development and technology-based business and industry. In making loans under this section, the Mississippi Development Authority shall attempt to provide for an equitable distribution of such loans among each of the congressional districts of this state in order to promote economic development across the entire state.

(2) The Mississippi Development Authority shall require that any private company receiving a loan under subsection (1) of this section enter into a binding commitment to meet the following minimum obligations, in return for obtaining a loan derived from the proceeds of any bonds issued under this section after July 1, 2005:

(a) The private company shall create a certain minimum number of jobs over a certain period of time, as determined by the authority, and such jobs must be held by persons eligible for employment in the United States under applicable state and federal law;

(b) The private company shall invest, over a certain period of time, a certain minimum amount of capital within the state, as determined by the authority; and

(c) The private company must meet such other requirements as the Mississippi Development Authority considers proper.

If the private company fails to satisfy any commitment under this subsection, then the company must repay an amount equal to all or a portion of the funds loaned by the state under this subsection, as determined by the Mississippi Development Authority.

(3) In exercising the power given it under this section, the Mississippi Development Authority shall work in conjunction with the University Research Center and may contract with the center to provide space and assistance to business incubation centers as the center is authorized to do pursuant to Section 57-13-13 .

(4) The requirements of Section 57-61-9 shall not apply to any loan made under this section. The Mississippi Development Authority shall establish criteria and guidelines to govern loans made pursuant to this section.
Miss. Code Ann. § 57-45-1 — MS Code / Title 57 / Chapter 44 / Section 45-1
Miss. Code Ann. § 57-45-1
Status: in_force

(a) The Governor, on behalf of this state, is hereby authorized to execute a compact in substantially the following form with the States of Louisiana and Alabama; and the Legislature hereby signifies in advance its approval and ratification of such compact, which compact is as follows:

The purpose of this compact is to study the feasibility of rapid rail transit service between Mississippi and the States of Louisiana and Alabama and to establish a joint interstate commission to assist in this effort.

This compact shall become effective immediately as to the states ratifying it whenever the States of Louisiana, Mississippi and Alabama have ratified it, and Congress has given consent thereto. Any state not mentioned in this article which is contiguous with any member state may become a party to this compact, subject to approval by the Legislature of each of the member states.

The states which are parties to this compact (hereinafter referred to as “party states”) do hereby establish and create a joint agency which shall be known as the Mississippi-Louisiana Rapid Rail Transit Commission (hereinafter referred to as the “commission”). The membership of such commission shall consist of: the Governor of each party state, one (1) representative each from the Mississippi Energy and Transportation Board, or its successor, and the Office of Aviation and Public Transportation of the Louisiana Department of Transportation and Development, or its successor, five (5) other citizens of each party state, to be appointed by the Governor thereof. The appointive members of the commission shall serve for terms of four (4) years each. Vacancies on the commission shall be filled by appointment by the Governor for the unexpired portion of the term. The members of the commission shall not be compensated for service on the commission, but each of the appointed members shall be entitled to actual and reasonable expenses incurred in attending meetings, or incurred otherwise in the performance of his duties as a member of the commission. The members of the commission shall hold regular quarterly meetings and such special meetings as its business may require. They shall choose annually a chairman and vice chairman from among their members, and the chairmanship shall rotate each year among the party states in order of their acceptance of this compact. The commission shall adopt rules and regulations for the transaction of its business and a record shall be kept of all its business. It shall be the duty of the commission to study the feasibility of providing interstate rapid rail transit service between the party states. Toward this end, the commission shall have power to hold hearings; to conduct studies and surveys of all problems, benefits and other matters associated with such service, and to make reports thereon; to acquire, by gift, grant or otherwise, from local, state, federal or private sources such money or property as may be provided for the proper performance of their function, and to hold and dispose of same; to cooperate with other public or private groups, whether local, state, regional or national, having an interest in such service; to formulate and execute plans and policies for emphasizing the purpose of this compact before the Congress of the United States and other appropriate officers and agencies of the United States; and to exercise such other powers as may be appropriate to enable it to accomplish its functions and duties and to carry out the purposes of this compact.

Each party state agrees that its Legislature may, in its discretion, from time to time make available and pay over to the commission funds for the establishment and operation of the commission. The contribution of each party state shall be in equal amounts, if possible, but nothing in this article shall be construed as binding the Legislature of either state to make an appropriation of a set amount of funds at any particular time.

Nothing in this compact shall be construed so as to conflict with any existing statute, or to limit the powers of any party state, or to repeal or prevent legislation, or to affect any existing or future cooperative arrangement or relationship between any federal agency and a party state.

(1) This compact shall continue in force and remain binding upon each party state until the Legislature or Governor of each or either state takes action to withdraw therefrom. However, any such withdrawal shall not become effective until six (6) months after the date of the action taken by the Legislature or Governor. Notice of such action shall be given to the other party state or states by the Secretary of State of the party state which takes such action.

(2) There is hereby granted to the Governor, to the members of the commission for Louisiana, and to the compact administrator all the powers provided for in the compact and in this section. All officers of the State of Mississippi are hereby authorized and directed to do all things falling within their respective jurisdictions which are necessary or incidental to carrying out the purpose of the compact.

(b) Pursuant to Article II of this compact, the Legislature of the State of Mississippi hereby assents to the State of Alabama becoming a party to such compact, subject to ratification by the State of Alabama of the terms and provisions thereof.

(c) Pursuant to Article III of this compact, in the exercise of such other powers as may be appropriate to enable the commission to accomplish its functions and duties and to carry out the purposes of this compact, the name of the commission shall be changed to the Southern High-Speed Rail Commission, subject to ratification by the States of Alabama and Louisiana.
Miss. Code Ann. § 57-61-23 — MS Code / Title 57 / Chapter 45 / Section 61-23
Miss. Code Ann. § 57-61-23
Status: in_force

(1) 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 by appropriation from the Mississippi Business Investment Sinking Fund, and/or the State General Fund. All moneys paid into the Mississippi Business Investment Sinking Fund not appropriated to pay accruing bonds and interest shall be invested by the State Treasurer in such securities as are provided by law for the investment of the sinking funds of the state.

(2) In the event that all or any part of the bonds and notes are purchased, they shall be canceled and returned to the loan and transfer agent as canceled and paid bonds and notes and thereafter all payments of interest thereon shall cease and the canceled bonds, notes and coupons together with any other canceled bonds, notes and coupons shall be destroyed as promptly as possible after cancellation but not later than two (2) years after cancellation. A certificate evidencing the destruction of the canceled bonds, notes and coupons shall be provided by the loan and transfer agent to the seller.

(3) The State Treasurer shall determine and report to the State Fiscal Management Board and Legislative Budget Office by September 1 of each year the amount of money necessary for the payment of the principal of and interest on outstanding obligations for the following fiscal year and the times and amounts of the payments. It shall be the duty of the Governor to include in every executive budget submitted to the Legislature full information relating to the issuance of bonds and notes under the provisions of this chapter and the status of the Mississippi Business Investment Sinking Fund of the state for the payment of the principal of and interest on the bonds and notes.

(4) Except as otherwise provided by law, the rate of interest on any loan made using funds from the Mississippi Business Investment Fund may be negotiated by the department and shall be consistent with Section 57-61-11(b) and (c), Mississippi Code of 1972 . Notwithstanding the provisions of any other law to the contrary, the interest rate charged shall not be set such that the aggregate of the interest, penalties and other payments to the state on loans and other assistance made using funds from the Mississippi Business Investment Fund will cause the bonds issued pursuant to this chapter to be deemed arbitrage bonds pursuant to Section 103(c) of the Internal Revenue Code of 1954 and the regulations promulgated thereunder. In the case of loans initially funded from the proceeds of notes and subsequently funded from renewal bonds and notes, the interest rate to be charged on the loans shall be established in accordance with this subsection upon the sale of bonds or notes, as the case may be, for the loans. It is the intention of the Legislature that the penalties assessed for breach of program conditions imposed upon private companies shall not be treated as interest income for purposes of Section 103(c) of the Internal Revenue Code of 1954 .
Miss. Code Ann. § 57-77-33 — MS Code / Title 57 / Chapter 67 / Section 77-33
Miss. Code Ann. § 57-77-33
Status: in_force

(1) 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 the rates set forth in Section 75-17-101, Mississippi Code of 1972 , for general obligation bonds.

(2) As evidence of indebtedness authorized in this chapter, general or limited obligation bonds or notes of the state shall be issued from time to time to provide monies necessary to carry out the purposes of this chapter for such total amount, in such form, in such denominations, payable in such currencies (either domestic or foreign or both), and subject to such terms and conditions of issue, redemption and maturity, rate of interest and time of payment of interest as the seller directs, except that such bonds shall mature or otherwise be retired in annual installments beginning not more than five (5) years from date thereof and extending not more than twenty (20) years from the date thereof.

(3) All bonds and notes issued under authority of this chapter shall be signed by the chairman of the seller, or by his facsimile signature, and the official seal of the seller shall be affixed thereto, attested by the secretary of the seller.

(4) All bonds and notes issued under authority of this chapter may be general or limited obligations of the state, and the full faith and credit of the State of Mississippi as to general obligation bonds, or the revenue derived from projects assisted as to limited obligation bonds, are hereby pledged for the payment of the principal of and interest on such bonds and notes.

(5) Such bonds and notes and the income therefrom shall be exempt from all taxation in the State of Mississippi.

(6) Bonds may be issued as coupon bonds or registered as to both principal and interest as the seller may determine. If interest coupons are attached, they shall contain the facsimile signature of the chairman and the secretary of the seller.

(7) As to bonds issued hereunder and designated as taxable bonds by the seller, any immunity of the state to taxation by the United States government of interest on bonds or notes issued by the state is hereby waived.
Miss. Code Ann. § 57-41-17 — MS Code / Title 57 / Chapter 39 / Section 41-17
Miss. Code Ann. § 57-41-17
Status: in_force

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.
Miss. Code Ann. § 57-77-13 — MS Code / Title 57 / Chapter 63 / Section 77-13
Miss. Code Ann. § 57-77-13
Status: in_force

Magnolia Venture Capital Corporation, but not the shareholders thereof, is exempt from all state income taxes and corporate license fees.
Miss. Code Ann. § 57-31-17 — MS Code / Title 57 / Chapter 10 / Section 31-17
Miss. Code Ann. § 57-31-17
Status: in_force

Such revenue bonds may be issued without any other proceedings or the happening of any other conditions or things than those proceedings, conditions, and things which are specified or required by this chapter. The bonds authorized under the authority of this chapter may, in the discretion of the authority, be validated in the chancery court of such county in the manner and with the force and effect as provided by law for the validation of county, municipal, school district, and other bonds.
Miss. Code Ann. § 57-80-7 — MS Code / Title 57 / Chapter 73 / Section 80-7
Miss. Code Ann. § 57-80-7
Status: in_force

(1) From and after December 31, 2000, the following counties may apply to the MDA for the issuance of a certificate of public convenience and necessity:

(a) Any county of this state which has an annualized unemployment rate that is at least two hundred percent (200%) of the state's unemployment rate as of December 31 of any year after December 31, 2000, as determined by the Mississippi Department of Employment Security's most recently published data;

(b) Any county of this state in which thirty percent (30%) or more of the population of the county is at or below the federal poverty level according to the official data compiled by the United States Census Bureau as of August 30, 2000, for counties that apply before December 31, 2002, or the most recent official data compiled by the United States Census Bureau for counties that apply from and after December 31, 2002; or

(c) Any county of this state having an eligible supervisors district.

(2) The application, at a minimum, must contain (a) the Mississippi Department of Employment Security's most recently published figures that reflect the annualized unemployment rate of the applying county as of December 31 or the most recent official data by the United States Census Bureau required by subsection (1) of this section, as the case may be, and (b) an order or resolution of the county consenting to the designation of the county as a growth and prosperity county.

(3) Any municipality of a designated growth and prosperity county or within an eligible supervisors district and not more than eight (8) miles from the boundary of the county that meets the criteria of subsection (1)(b) of this section may by order or resolution of the municipality consent to participation in the Growth and Prosperity Program.

(4) No incentive or tax exemption shall be given under this chapter without the consent of the affected county or municipality.
Miss. Code Ann. § 57-55-5 — MS Code / Title 57 / Chapter 21 / Section 55-5
Miss. Code Ann. § 57-55-5
Status: in_force

(1) In order to promote the orderly modernization and simplification of the law of the state and more complete utilization of the law resources of this state, the Mississippi Law Research Institute, hereafter referred to as MLRI, is hereby established as an official advisory law revision, research and reform agency of the state of Mississippi under the management and control of the board of trustees of state institutions of higher learning as an academic department of the University of Mississippi Law Center.

(2) The general purpose of the MLRI shall be to promote and encourage the clarification and simplification of the law of Mississippi, to improve the administration of justice, and to carry on scholarly legal research in anticipation of legal requirements for the efficient utilization and conservation of the natural resources of the state and the promotion of social, agricultural, industrial and commercial development. To that end it shall be the duty of said institute (a) to consider needed improvements in both substantive and adjective law and to make recommendations concerning same to the legislature; (b) to examine and study the law of Mississippi and Mississippi jurisprudence with the object of discovering defects and inequities and of recommending needed reforms; (c) to receive and consider suggestions from judges, justices, public officials, lawyers and the public generally as to defects and anachronisms in the law; (d) to recommend from time to time such changes in the law as it deems necessary to reform or eliminate antiquated and inequitable rules of law and to bring the law of the state, both civil and criminal, into harmony with modern conditions; (e) to perform research and prepare reports on matters of law in support of the legislature; (f) to advise and assist local governments, state agencies and associations by performing law research and preparation of related material, such as statutes and ordinances, reports, manuals, handbooks, codes, and conducting courses of instruction for the more efficient application of law and utilization of governmental resources; and (g) to prepare and publish texts and other scholarly works on law and procedure to aid in the administration of government within the state. In addition, the MLRI in cooperation with the legislature and its staff shall devise and carry out a plan for continuous and comprehensive improvement in the utility and quality of the Mississippi Code. The MLRI shall coordinate its efforts with the work of the American Law Institute, National Conference of Commissioners on Uniform State Laws, the law and government institutes of the several states, and other such organizations in aid of the mission of said institute.
Miss. Code Ann. § 57-80-11 — MS Code / Title 57 / Chapter 75 / Section 80-11
Miss. Code Ann. § 57-80-11
Status: in_force

The MDA shall promulgate rules and regulations, in accordance with the Mississippi Administrative Procedures Law, for the implementation and administration of this chapter.
Miss. Code Ann. § 57-114-19 — MS Code / Title 57 / Chapter 75 / Section 114-19
Miss. Code Ann. § 57-114-19
Status: in_force

The authority and the Department of Revenue shall promulgate rules and regulations, in accordance with the Mississippi Administrative Procedures Law, Section 25-43-1.101 et seq. and all application forms and other forms necessary to implement their respective duties and responsibilities under the provisions of Sections 1 through 10 of this act.
Miss. Code Ann. § 57-61-41 — MS Code / Title 57 / Chapter 31 / Section 61-41
Miss. Code Ann. § 57-61-41
Status: in_force

(1) Notwithstanding any provision of this chapter to the contrary, the Mississippi Development Authority shall utilize not more than Twelve Million Dollars ($ 12,000,000.00) out of the proceeds of bonds authorized to be issued in this chapter to be made available to state, county or municipal port and airport authorities through a Port Revitalization Revolving Loan Fund for the purpose of making loans to port authorities for the improvement of port and airport facilities to promote commerce and economic growth. Proceeds shall not be made available to provide any facilities for utilization by a gaming vessel.

(2) In exercising its authority, the Mississippi Development Authority shall work in conjunction with the Water Resources Council to establish criteria and guidelines to govern loans made pursuant to this section.

(3) The Mississippi Development Authority may, on a case-by-case basis, renegotiate the payment of principal and interest on loans made under this section to state, county and municipal port and airport authorities located in the six (6) most southern counties of the state covered by the Presidential Declaration of Major Disaster for the State of Mississippi (FEMA-1604-DR) dated August 29, 2005; however, the interest on the loans shall not be forgiven for a period of more than twenty-four (24) months and the maturity of the loans shall not be extended for a period of more than forty-eight (48) months.
Miss. Code Ann. § 57-55-15 — MS Code / Title 57 / Chapter 11 / Section 55-15
Miss. Code Ann. § 57-55-15
Status: in_force

(1) The Mississippi Energy Research Center, hereinafter referred to as the MERC, is hereby established under the management and control of the board of trustees of state institutions of higher learning. The MERC shall be a unit of Mississippi State University under the direct supervision of the president thereof or a vice president to be designated by the president.

(2) It shall be the purpose of the MERC to develop, implement and coordinate energy and energy-related research programs in Mississippi. It shall be the duty of the MERC to:

(a) Conduct basic and applied research related to energy needs within Mississippi;

(b) Consult with state and local government agencies, utilities, industry and legislature and other potential users of research in identifying and prioritizing energy problems for research;

(c) Negotiate and administer contracts with other universities of the state for the conduct of research projects;

(d) Report to the governor and to the legislature each year on the progress and findings of research projects;

(e) Facilitate the transfer and application of new technologies as they are developed; and

(f) Facilitate and stimulate research that:

(i) Deals with policy issues facing the legislature;

(ii) Supports state agencies' missions with research on problems encountered and expected; and

(iii) Provides energy planning and management organizations with tools to increase efficiency and effectiveness of energy planning and management.

(3) The principal administrative officer of the MERC shall be a director, who shall be appointed by the president with the approval of the board of trustees of state institutions of higher learning. To meet the purposes of the center, the director shall develop appropriate policies and procedures (a) for identification of priority research problems; (b) for collaborating with local and state government agencies, utilities, industry, other universities, federal government agencies and the legislature in the formulation of its research program; (c) for selection of projects to be funded; and (d) for the transfer of technology which is produced by the research.
Miss. Code Ann. § 57-34-1 — MS Code / Title 57 / Chapter 5 / Section 34-1
Miss. Code Ann. § 57-34-1
Status: in_force

This chapter shall be known and may be cited as the “Alabama-Mississippi Joint Economic Development Act.”
Miss. Code Ann. § 57-10-529 — MS Code / Title 57 / Chapter 7 / Section 10-529
Miss. Code Ann. § 57-10-529
Status: in_force

(1) 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 in such amounts as may, from time to time, be deemed advisable prior to the issue of bonds. In order to provide for and in connection with such temporary borrowings, the seller is hereby authorized in the name and on behalf of the state to enter into any purchase, loan or credit agreement, or agreements, or other agreement or agreements with any financial institution or persons in the United States having power to enter into the same, which agreements may contain such provisions not inconsistent with the provisions of this article as may be authorized by the seller.

(2) All temporary borrowings made under this section shall be evidenced by notes of the state which shall be issued, from time to time, for such amounts not exceeding in the aggregate the applicable statutory and constitutional debt limitation, in such form and in such denominations and subject to terms and conditions of sale and issue, prepayment or redemption and maturity, rate or rates of sale and time of payment of interest as the seller shall authorize and direct and in accordance with this article. Such authorization and direction may provide for the subsequent issuance of replacement notes to refund, upon issuance thereof, such notes, and may specify such other terms and conditions with respect to the notes and replacement notes thereby authorized for issuance as the seller may determine and direct.

(3) When the authorization and direction of the seller provide for the issuance of replacement notes, the seller is hereby authorized in the name and on behalf of the state to enter into agreements with any financial institutions or persons in the United States having the power to enter into the same:

(a) To purchase or underwrite an issue or series of issues of notes.

(b) To enter into any purchase, loan or credit agreements, and to draw monies pursuant to any such agreements on the terms and conditions set forth therein and to issue notes as evidence of borrowings made under any such agreements.

(c) To appoint or act as issuing and paying agent or agents with respect to notes.

(d) To do such other acts as may be necessary or appropriate to provide for the payment, when due, of the principal of and interest on such notes.

Such agreements may provide for the compensation of any purchasers or underwriters of notes or replacement notes by payment of a fixed fee or commission at the time of issuance thereof, and for all other costs and expenses, including fees for agreements related to the notes issuing and paying agent costs. Costs and expenses of issuance may be paid from the proceeds of the notes.

(4) When the authorization and direction of the seller provides for the issuance of replacement notes, it shall, at or prior to the time of delivery of these notes or replacement notes, determine the principal amounts, dates of issue, interest rate or rates, rates of discount, denominations and all other terms and conditions relating to the issuance. The State Treasurer shall perform all acts and things necessary to pay or cause to be paid, when due, all principal of and interest on the notes being refunded by replacement notes and to assure that the same may draw upon any monies available for that purpose pursuant to any purchase loan or credit agreements established with respect thereto, all subject to the authorization and direction of the seller.

(5) Outstanding notes evidencing such borrowings may be funded and retired by the issuance and sale of the bonds of the state as hereinafter authorized. The refunding bonds must be issued and sold not later than a date two (2) years after the date of issuance of the first notes evidencing such borrowings to the extent that payment of such notes has not otherwise been made or provided for by sources other than proceeds of replacement notes.

(6) The proceeds of all such temporary borrowing shall be paid to the State Treasurer to be held and disposed of in accordance with the provisions of Section 57-10-521 .
Miss. Code Ann. § 57-41-15 — MS Code / Title 57 / Chapter 19 / Section 41-15
Miss. Code Ann. § 57-41-15
Status: in_force

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, notes or other obligations by municipalities in this state shall apply to the issuance and sale of notes under this chapter, and no proceedings shall be required for the issuance of such notes other than those provided for and required herein, and all powers necessary to be exercised in order to carry out the provisions of this chapter are hereby conferred.
Miss. Code Ann. § 57-75-35 — MS Code / Title 57 / Chapter 63 / Section 75-35
Miss. Code Ann. § 57-75-35
Status: in_force

The board of supervisors of a county or the governing authorities of a municipality may enter into an agreement with an enterprise operating a project as defined in Section 57-75-5(f)(iv) 1 , Section 57-75-5(f)(xxi) or 57-75-5 (f)(xxii) , providing that the board of supervisors or governing authorities will agree in advance to approve any request for exemption from ad valorem taxes submitted by a supplier of such enterprise in the manner provided by law and that any such exemption shall be for a period of ten (10) years. Such an agreement on the part of the board of supervisors or governing authorities may be for a period not to exceed twenty (20) years.
Miss. Code Ann. § 57-47-7 — MS Code / Title 57 / Chapter 27 / Section 47-7
Miss. Code Ann. § 57-47-7
Status: in_force

The commission shall submit its budget of estimated expenditures to the legislative budget office for presentation to the legislature.
Miss. Code Ann. § 57-4-1 — MS Code / Title 57 / Chapter 4 / Section 4-1
Miss. Code Ann. § 57-4-1
Status: in_force

There is hereby established in the State Treasury a revolving fund to be designated as the “industrial development fund.” Such funds as may be deposited in the fund shall be used, either as loans or grants, for the purpose of making the state's contribution for matching federal grants available under the provisions of Section 304, Public Works and Economic Development Act of 1965, as amended, for political subdivisions of the state as hereinafter set forth.
Miss. Code Ann. § 57-41-7 — MS Code / Title 57 / Chapter 41 / Section 41-7
Miss. Code Ann. § 57-41-7
Status: in_force

(1) 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, fees or any other revenues and receipts to be received from an industrial enterprise, whether or not related to a project. The notes may be additionally secured by an assignment of a mortgage, deed of trust or other security interest upon all or any part of one or more projects, including any enlargements of and additions to a project, vesting in the trustee power to sell such project for the payment of indebtedness, power to operate a project and all other powers and authority and for the further security of the notes.

(2) Any trust agreement made in accordance with the provisions of this chapter may contain a provision that, in the event of a default in the payment of the principal of, redemption premium, if any, or the interest on the notes issued in accordance with, or relating to, such agreement, or in the performance of any agreement contained in the proceedings, trust agreement or instruments relating to such notes, such payment and performance may be enforced by mandamus or by the appointment of a receiver in equity with power to charge and collect rates, rents or payments and to apply the revenues from the project in accordance with such proceedings, trust agreement or instruments.

(3) Any mortgage or deed of trust to secure notes issued in accordance with the provisions of this chapter may also provide that in the event of a default in the payment thereof or the violation of any agreement contained in the mortgage or deed of trust, the property secured by the mortgage or deed of trust may be foreclosed and sold under proceedings in equity or in any other manner now or hereafter permitted by law. Such mortgage or deed of trust may also provide that any trustee under such mortgage or deed of trust or the holder of any of the notes secured thereby, may become the purchaser at any foreclosure sale if it is the highest bidder therefor.

(4) The notes may be additionally secured by a guaranty agreement from an industrial enterprise to the trustee or to the holder of any note or by such other guaranty agreement, letter of credit or other arrangement as shall be acceptable to the municipality.
Miss. Code Ann. § 57-10-413 — MS Code / Title 57 / Chapter 1 / Section 10-413
Miss. Code Ann. § 57-10-413
Status: in_force

(1) Except as otherwise provided for in subsection (6) of this section, the approved company may require that each employee whose gross wages are equivalent to Five Dollars ($5.00) or more per hour, as a condition of employment, agrees to pay a job development assessment fee not to exceed a certain percentage of the gross wages of each such employee whose job was created as a result of the economic development project, for the purpose of retiring the bonds which fund the economic development project or other indebtedness. The job development assessment fee shall not exceed the following percentages of the gross wages of the employee:

(a) Two percent (2%), if the gross wages of the employee are equivalent to Five Dollars ($5.00) or more per hour but less than Seven Dollars ($7.00) per hour;

(b) Four percent (4%), if the gross wages of the employee are equivalent to Seven Dollars ($7.00) or more per hour but less than Nine Dollars ($9.00) per hour; and

(c) Six percent (6%), if the gross wages of the employee are equivalent to Nine Dollars ($9.00) or more per hour.

(2) Each employee so assessed shall be entitled to credits against Mississippi income taxes as provided in Section 27-7-22.3 .

(3) If an approved company shall elect to impose the assessment as a condition of employment, it shall deduct the assessment from each paycheck of each employee.

(4) Any approved company collecting an assessment as provided in subsection (1) of this section shall make its payroll books and records available to the corporation at such reasonable times as the corporation shall request and shall file with the corporation documentation respecting the assessment as the corporation may require.

(5) Any assessment of the wages of employees of an approved company in connection with their employment at an economic development project under subsection (1) of this section shall lapse on the date the bonds are retired.

(6) If an eligible company closes a facility in this state and becomes an approved company under the provisions of Sections 57-10-401 through 57-10-449 , only those jobs created in excess of those that existed at the closed facility at the time of the closure shall be eligible for the imposition of the job development assessment fee. The Mississippi Business Finance Corporation shall promulgate rules and regulations to govern the determination of the number of jobs upon which the job development assessment fee may be imposed.
Miss. Code Ann. § 57-67-9 — MS Code / Title 57 / Chapter 63 / Section 67-9
Miss. Code Ann. § 57-67-9
Status: in_force

(1) The authority is hereby designated and empowered to act on behalf of the state in submitting a siting proposal for the project. If the authority is not operational as of the date of the proposal, the Governor is authorized to submit the proposal. The authority is empowered to take all steps appropriate or necessary to effect the siting, development, and operation of the Superconducting Super Collider research facility within the state. If the state is selected as the preferred site for the project, the authority is hereby designated and empowered to act on behalf of the state and to represent the state in the planning, financing, development, construction and operation of the project or any facility related to the project. The authority shall take affirmative steps to coordinate fully all aspects of the submission of a siting proposal for the project and, if the state is selected as the preferred site, to coordinate fully the development of the project or any facility related to the project with the United States Department of Energy and other public agencies. Other state agencies and local governmental entities in this state shall cooperate to the fullest extent possible to effectuate the duties of the authority.

(2) To consult with the Governor and with the authority concerning the siting, development and operation of the Superconducting Super Collider research facility in the state, the Governor may establish special advisory committees, as he deems necessary, which may be composed of lay persons, scientists, physicists, engineers, other professionals and anyone having special knowledge of or interest in the project.
Miss. Code Ann. § 57-44-9 — MS Code / Title 57 / Chapter 23 / Section 44-9
Miss. Code Ann. § 57-44-9
Status: in_force

In administering the provisions of this chapter, the Department of Economic and Community Development shall have the following powers and duties:

(a) To supervise the use of all funds made available under this chapter;

(b) To review all freight rail service projects for which loans are made under this chapter by local governments;

(c) To requisition monies in the Local Governments Freight Rail Service Project Revolving Loan Fund and distribute those monies to counties and municipalities, on a project-by-project basis in accordance with the provisions of this chapter;

(d) To ensure that the funds made available to a county or an incorporated municipality under this chapter provide for an equitable distribution of projects and funds among the counties and incorporated municipalities;

(e) To maintain an accurate record of all funds made available to counties and municipalities.

(f) To adopt and promulgate such rules and regulations as may be necessary or desirable for the purpose of implementing the provisions of this chapter; and

(g) To file annually with the Legislature a report detailing how monies in the Revolving Loan Fund were spent during the preceding fiscal year in each county and incorporated municipality, the number of freight rail service projects constructed, and the cost of each project.
Miss. Code Ann. § 57-62-3 — MS Code / Title 57 / Chapter 30 / Section 62-3
Miss. Code Ann. § 57-62-3
Status: in_force

It is the intent of the Legislature that:

(a) The State of Mississippi provide appropriate incentives to support the establishment of quality business and industry that hold the promise of significant development of the economy of the State of Mississippi through the creation of quality jobs;

(b) The amount of incentives provided under this chapter in connection with a particular establishment shall be directly related to the jobs created as a result of the establishment locating in the State of Mississippi;

(c) The Mississippi Development Authority and the Department of Revenue shall implement the provisions of this chapter and exercise all powers as authorized in this chapter; however, the application of this chapter or the offering of any of its incentives as to any particular qualified business or industry shall be in the sole discretion of the Mississippi Development Authority. The exercise of powers conferred by this chapter shall be deemed and held to be the performance of essential public purposes; and

(d) Nothing in this chapter shall be construed to constitute a guarantee or assumption by the State of Mississippi of any debt of any individual, company, corporation or association nor to authorize the credit of the State of Mississippi to be given, pledged or loaned to any individual, company, corporation or association. Also, nothing in this chapter gives any right to any qualified business or industry to the incentives contained herein unless said incentive is given by the Mississippi Development Authority pursuant to this chapter.
Miss. Code Ann. § 57-10-105 — MS Code / Title 57 / Chapter 4 / Section 10-105
Miss. Code Ann. § 57-10-105
Status: in_force

Whenever the following terms or similar terms are used herein they shall have the following meanings, unless the context clearly indicates otherwise:

(a) “ Borrower ” means any individual, firm, partnership or corporation approved by the committee, residing in Mississippi who applies for or borrows money from any lender under the provisions of this article.

(b) “ Lender ” shall mean any state or national bank, savings and loan association or insurance company doing business in Mississippi, which is approved by the committee.

(c) “ Manager ” means the Executive Director of the Mississippi Business Finance Corporation.

(d) “ Committee ” means the Certified Development Company of Mississippi, Inc., created pursuant to Section 57-10-167 .

(e) “ Loan guaranty ” means additional security to the lender by the state for loans to small businessmen in this state.

(f) “ Guaranty fee fund ” means a revolving fund maintained in the State Treasury as a separate fund composed of guaranty fee payments from loans made under the provisions of this article.

(g) “ Small businessman's loan fund ” means a separate and additional fund maintained in the State Treasury by appropriation from the state Legislature and used exclusively to guarantee loans as herein provided.

(h) “ Transfer ” means to loan, to give, to make available or to pass control of any available funds held in paragraphs (f) and (g) above to the Mississippi Economic Development Corporation, or its successor.
Miss. Code Ann. § 57-113-27 — MS Code / Title 57 / Chapter 69 / Section 113-27
Miss. Code Ann. § 57-113-27
Status: in_force

The MDA shall promulgate rules and regulations, in accordance with the Mississippi Administrative Procedures Law, for the implementation and administration of this article.
Miss. Code Ann. § 57-61-11 — MS Code / Title 57 / Chapter 32 / Section 61-11
Miss. Code Ann. § 57-61-11
Status: in_force

The Mississippi Development Authority shall establish such guidelines, rules and regulations for the repayment of funds loaned pursuant to this chapter as may be necessary. These provisions shall include, but not be limited to, the following:

(a) Funds may be loaned for a maximum of ten (10) years or the estimated useful life of the property as established by the United States Department of Treasury, whichever is greater.

(b) The rate of interest charged by the Mississippi Development Authority for improvements not on publicly owned property may be negotiated by the Mississippi Development Authority.

(c) For all improvements funded through this chapter which occur on publicly owned property, repayment of funds loaned may, in the discretion of the Mississippi Development Authority, involve only the principal amount loaned with no interest charged thereon.

(d) An audit by a certified public accountant of all costs of a project hereunder must be submitted to the Mississippi Development Authority not later than ninety (90) days after a project's completion. Such an audit shall certify that all of the funds loaned or granted pursuant to this chapter were disbursed in accordance with the terms of this chapter and shall be paid for by the private company benefited by the project. In addition to the audit required under this paragraph, the State Auditor may conduct performance and compliance audits under this chapter according to Section 7-7-211(o) and may bill the oversight agency.

(e) Notwithstanding the foregoing, in the case of an application under Section 57-61-9(5)(a) , the guidelines shall include, but not be limited to, the following:

(i) Funds may be loaned for a maximum of twenty (20) years, or the estimated useful life of improvements on the land areas of the port, whichever is greater.

(ii) The rate of interest charged by the Mississippi Development Authority for loans for port projects may be negotiated by the Mississippi Development Authority and shall be consistent with Section 57-61-11(b) and (c) .

(iii) The total of grants and loans to any one (1) state-owned port made pursuant to an application under Section 57-61-9(5)(a) shall not exceed Twenty Million Dollars ($ 20,000,000.00).

(iv) Before any loan or grant may be made under Section 57-61-9(5)(a) to a state-owned port bordering the Gulf of Mexico, the applicant shall make adequate assurance to the Mississippi Development Authority that federal participation in the cost of the project or projects has been committed contingent only upon availability of local participation in accordance with federal guidelines.

(v) Notwithstanding any provision of this chapter to the contrary, the Mississippi Development Authority shall utilize not more than Four Million Dollars ($ 4,000,000.00) out of the proceeds of bonds authorized to be issued in this chapter to be made available as interest-bearing loans to state-owned ports for the purpose of repairing, renovating, maintaining and improving the state-owned port. The Mississippi Development Authority shall establish an amortization schedule for the repayment of any loans made pursuant to this subparagraph. The state-owned port shall not spend any revenues for other purposes unless payments on the loan are being timely made according to the amortization schedule. The match requirements of this section and Section 57-61-9 shall not apply to any loan made pursuant to this subparagraph.

(f) Notwithstanding any provision of this chapter to the contrary, the Mississippi Development Authority shall utilize not more than Three Million Dollars ($ 3,000,000.00) out of the proceeds of bonds authorized to be issued in this chapter for the purpose of making loans to municipalities operating county-owned ports or municipally owned ports for the purpose of acquiring land, buildings and other improvements and for repairing, renovating, maintaining and improving such ports. The Mississippi Development Authority shall establish an amortization schedule for the repayment of any loans made pursuant to this paragraph (f). A municipality shall not spend any port revenues for other purposes unless payments on the loan are being timely made according to the amortization schedule.
Miss. Code Ann. § 57-61-32 — MS Code / Title 57 / Chapter 18 / Section 61-32
Miss. Code Ann. § 57-61-32
Status: repealed

(1) Notwithstanding any provision of this chapter to the contrary, the Commission on Wildlife, Fisheries and Parks shall certify to the department the amount of money necessary to defray the cost of the state's share in constructing the Bob Tyler Fish Hatchery that is located in North Mississippi, which amount shall not be more than Four Million Dollars ($4,000,000.00); and the department shall, if funds have not otherwise been made available, provide a grant for such amount out of the proceeds of bonds issued under this chapter. Of the funds provided hereunder, any amounts not expended on the fish hatchery shall be remitted to the department for deposit into the Mississippi Business Investment Sinking Fund.

The private match requirements of Section 57-61-9(2)(d), Mississippi Code of 1972 , shall not apply to any loan or grant made under this section.

(2) [Repealed]
Miss. Code Ann. § 57-115-3 — MS Code / Title 57 / Chapter 63 / Section 115-3
Miss. Code Ann. § 57-115-3
Status: in_force

As used in this chapter, the following terms and phrases shall have the meanings ascribed in this section unless the context clearly indicates otherwise:

(a) “ Affiliate ” means:

(i) Any person who, directly or indirectly, beneficially owns, controls, or holds power to vote fifteen percent (15%) or more of the outstanding voting securities or other voting ownership interest of a Mississippi small business investment company or insurance company; and

(ii) Any person, fifteen percent (15%) or more of whose outstanding voting securities or other voting ownership interests are directly or indirectly beneficially owned, controlled, or held, with power to vote by a Mississippi small business investment company or insurance company. Notwithstanding this paragraph (a), an investment by a participating investor in a Mississippi small business investment company pursuant to an allocation of tax credits under this chapter does not cause that Mississippi small business investment company to become an affiliate of that participating investor.

(b) “ Allocation date ” means the date on which credits are allocated to the participating investors of a Mississippi small business investment company under this chapter.

(c) “ MDA ” means the Mississippi Development Authority.

(d) “ Department ” means the Mississippi Department of Banking and Consumer Finance.

(e) “ Designated capital ” means an amount of money that:

(i) Is invested by a participating investor in a Mississippi small business investment company; and

(ii) Fully funds the purchase price of a participating investor's equity interest in a Mississippi small business investment company or a qualified debt instrument issued by a Mississippi small business investment company, or both.

(f) “ Mississippi small business investment company ” means a partnership, corporation, trust, or limited liability company, organized on a for-profit basis, that:

(i) Has its principal office located in Mississippi or is headquartered in Mississippi;

(ii) Has as its primary business activity the investment of cash in qualified businesses; and

(iii) Is certified by the MDA as meeting the criteria described in this section to qualify as either a primary or secondary Mississippi small business investment company.

(g) “ Participating investor ” means any insurer that contributes designated capital pursuant to this chapter.

(h) “ Person ” means any natural person or entity, including, but not limited to, a corporation, general or limited partnership, trust, or limited liability company.

(i) “ Qualified business ” means a business that is independently owned and operated and meets all of the following requirements:

(i) It is headquartered in Mississippi, its principal business operations are located in Mississippi and at least eighty percent (80%) of its employees are located in Mississippi;

(ii) It has not more than one hundred (100) employees at the time of the first qualified investment in the business;

(iii) It is not more than ten percent (10%) engaged in:

1. Professional services provided by accountants, doctors, or lawyers;

2. Banking or lending;

3. Real estate development;

4. Retail;

5. Insurance; or

6. Making loans to or investments in a Mississippi small business investment company or an affiliate; and

(iv) It is not a franchise of and has no financial relationship with a Mississippi small business investment company or any affiliate of a Mississippi small business investment company prior to a Mississippi small business investment company's first qualified investment in the business.

A business classified as a qualified business at the time of the first qualified investment in the business will remain classified as a qualified business and may receive continuing qualified investments from any Mississippi small business investment company. Continuing investments will constitute qualified investments even though the business may not meet the definition of a qualified business at the time of such continuing investments; however, the business cannot fail to satisfy subparagraph (iii) and (iv) of this paragraph (i).

(j) “ Qualified debt instrument ” means a debt instrument issued by a Mississippi small business investment company that meets all of the following criteria:

(i) It is issued at par value or a premium;

(ii) It has an original maturity date of at least four (4) years from the date of issuance and a repayment schedule that is not faster than a level principal amortization over four (4) years; and

(iii) Has no interest or payment features that allow for the prepayment of interest or are tied to the profitability of the Mississippi small business investment company or the success of its investments.

(k) “ Qualified distribution ” means any distribution or payment by a Mississippi small business investment company in connection with the following:

(i) Reasonable costs and expenses of forming, syndicating and organizing the Mississippi small business investment company, including fees paid for professional services and the costs of financing and insuring the obligations of a Mississippi small business investment company, provided no such payment is made to more than one (1) participating investor or an affiliate or related party of a participating investor;

(ii) An annual management fee not to exceed two percent (2%) of designated capital on an annual basis to offset the costs and expenses of managing and operating a Mississippi small business investment company;

(iii) Any projected increase in federal or state taxes, including penalties and interest related to state and federal income taxes, or to the equity owners of the company resulting from the earnings or other tax liability of the company to the extent that the increase is related to the ownership, management, or operation of the company;

(iv) Reasonable and necessary fees in accordance with industry custom for ongoing professional services, including, but not limited to, legal and accounting services related to the operation of a Mississippi small business investment company, not including lobbying or governmental relations; and

(v) Payments of principal and interest to holders of qualified debt instruments issued by a Mississippi small business investment company which may be made without restriction.

(l) “ Qualified investment ” means the investment of money by a Mississippi small business investment company in a qualified business for the purchase of any debt, debt participation, equity, or hybrid security of any nature and description, including a debt instrument or security that has the characteristics of debt but which provides for conversion into equity or equity participation instruments such as options or warrants; provided that any debt, debt participation or other debt instrument or security shall have a maturity of at least three (3) years. Any repayment of a qualified investment prior to one (1) year from the date of issuance shall result in the amount of the qualified investment being reduced by fifty percent (50%) for purposes of the cumulative investment requirement set forth in Section 57-115-9(1)(c) .

(m) “ State premium tax liability ” means any liability incurred by an insurance company under the provisions of Section 27-15-103 , 27-15-109 or 27-15-123 or in the case of a repeal or a reduction by the state of the liability imposed by Section 27-15-103 , 27-15-109 or 27-15-123 .
Miss. Code Ann. § 57-10-449 — MS Code / Title 57 / Chapter 7 / Section 10-449
Miss. Code Ann. § 57-10-449
Status: repealed

Sections 57-10-401 through 57-10-447 and 27-7-22.3 shall be repealed from and after October 1, 2025.
Miss. Code Ann. § 57-23-3 — MS Code / Title 57 / Chapter 15 / Section 23-3
Miss. Code Ann. § 57-23-3
Status: in_force

The Legislature hereby finds and declares:

(a) That the economic progress of Mississippi depends in large measure upon the development and wise use of the natural resources of the state;

(b) That the animal, vegetable and mineral resources in the state offer a tremendous potential for development for the industrial pharmaceutical markets;

(c) That these resources when properly oriented and researched and developed can contribute substantially to the total economic development of Mississippi;

(d) That there is a tremendous need for additional knowledge of natural drug products, the uses for which such products may be employed in the pharmaceutical industry for the benefit of public health, and the means of converting them to such uses; and

(e) That this chapter is specifically designed to establish a program for the discovery and dissemination of knowledge concerning natural drug products in the state and discovering product improvements, outlining processing and manufacturing opportunities and conducting research on distribution and sales potential.
Miss. Code Ann. § 57-32-19 — MS Code / Title 57 / Chapter 3 / Section 32-19
Miss. Code Ann. § 57-32-19
Status: in_force

Any county electing to participate under the provisions of this chapter may not withdraw from the Southern Mississippi Planning and Development District for a period of five (5) years, if such county was a member of the Southern Mississippi Planning and Development District when this chapter was passed.
Miss. Code Ann. § 57-77-23 — MS Code / Title 57 / Chapter 64 / Section 77-23
Miss. Code Ann. § 57-77-23
Status: in_force

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 such assistance or charge the proceeds of such assistance therefor. However, no such professional services may be engaged unless done so through action taken by a validly appointed board of directors having the legal authority to engage such services. To the extent required by the department, such professional services shall be engaged on a statewide program basis.
Miss. Code Ann. § 57-57-7 — MS Code / Title 57 / Chapter 21 / Section 57-7
Miss. Code Ann. § 57-57-7
Status: in_force

The Certified Development Company of Mississippi, Inc., is hereby given the authority to create a committee to assist the company in implementing this chapter and establishing a source of guarantees and financial assistance to support export development, particularly to small business as defined in Section 503 of the Small Business Investment Act of 1958, as amended. The company is hereby authorized to:

(a) Utilize any funds not to exceed one million dollars ($ 1,000,000.00), authorized to be expended under Chapter 10, Title 57, Mississippi Code of 1972 .

(b) Provide a guarantee against political or commercial loss in whole or in part of the outstanding principal balance on any eligible export trade transaction. Such a guarantee may include, without limitation, the cost of insurance provided by the exporting business against loss up to a stated amount. The maximum amount payable under any guarantee shall be specifically set forth in writing, and shall not exceed seventy-five percent (75%) of the total principal amount. The amount of all outstanding loan guarantees shall not exceed five million dollars ($ 5,000,000.00) at any one (1) time. A reasonable and legal guarantee fee may be set by the company. Any guarantee entered into by the company hereunder shall not constitute a general obligation of the state of Mississippi. Any guarantee made by the company hereunder shall not be terminated, cancelled, or otherwise revoked except in accordance with the terms thereof; shall be conclusive evidence that such guarantee complies fully with the provisions of this chapter; and shall be valid and incontestable in the hands of a holder in due course of a guaranteed eligible export trade transaction.

(c) Prior to providing a guarantee, the participating bank shall make a thorough credit investigation of the exporting business in order to determine its viability, the economic benefits to be derived therefrom, the prospects for repayment, and such other facts as it deems necessary in order to determine that such a guarantee is consistent with the purpose of this chapter. The company shall provide a guarantee if, and only if and to the extent that, it determines that such a guarantee is reasonably necessary in order to stimulate or facilitate the making of the eligible export trade transaction, upon terms which will enable the export transaction to be reasonably competitive with export transactions in other states or in foreign countries, or such guarantee is reasonably necessary in order to stimulate or facilitate the sale or resale of such eligible export trade transaction to a holder in due course which would not otherwise purchase such eligible export trade transaction; provided, however, that the guarantee provided by the company to the bank shall be loaned to the business at a fixed interest rate and term as the company may from time to time require. The interest rate and term of such loan shall not be in violation of the 1947 General Agreement on Tariffs and Trade. The company may condition the provision of guarantee hereunder upon such terms and conditions as it may deem desirable to carry out the provisions of this chapter.
Miss. Code Ann. § 57-40-7 — MS Code / Title 57 / Chapter 5 / Section 40-7
Miss. Code Ann. § 57-40-7
Status: in_force

In administering the provisions of this chapter, the MDA shall have the following powers and duties:

(a) To supervise the use of all funds made available under this chapter for infrastructure improvements;

(b) To review and certify all projects for which funds are authorized to be made available under this chapter;

(c) To requisition money in the Energy Infrastructure Revolving Loan Fund and distribute that money on a project-by-project basis in accordance with the provisions of this chapter;

(d) To maintain an accurate record of all energy infrastructure revolving loan program funds made available to counties and municipalities and the costs for each project; and

(e) To adopt and promulgate such rules and regulations as may be necessary or desirable for the purpose of implementing the provisions of this chapter.
Miss. Code Ann. § 57-39-39 — MS Code / Title 57 / Chapter 34 / Section 39-39
Miss. Code Ann. § 57-39-39
Status: reserved

(1) There is hereby created in the State Treasury a fund to be known as the Energy Development Fund. Monies in such fund are reserved exclusively for:

(a) Promoting the development of Mississippi's energy resources.

(b) Developing projects under this section which will demonstrate a realistic promise of making a significant energy contribution to the State of Mississippi.

(c) Effectively utilizing the state's existing alternative and conventional energy resources to foster economic and social improvements in the state.

(2) The division will administer the fund. The division will establish policy and guidelines for use of the fund not later than one hundred twenty (120) days after July 1, 2013.

(3) The division will submit to the Governor on or before December 31 of each year a comprehensive report on the operation of the fund.
Miss. Code Ann. § 57-49-11 — MS Code / Title 57 / Chapter 21 / Section 49-11
Miss. Code Ann. § 57-49-11
Status: in_force

The Nuclear Waste Technical Review Committee hereby created and hereinafter referred to as the “committee” shall exercise the powers and duties and discharge the responsibilities enumerated herein.

The committee shall originally consist of eight (8) members, one (1) of whom shall be the Executive Director of the Department of Wildlife, Fisheries and Parks, one (1) of whom shall be Director of the Emergency Management Agency, one (1) of whom shall be the State Health Officer, one (1) of whom shall be the Commissioner of Higher Education, one (1) of whom shall be the Chairman of the Board of Trustees of State Institutions of Higher Learning, one (1) of whom shall be the Executive Director of the Department of Environmental Quality, one (1) of whom shall be the staff member responsible for the Nuclear Waste Program within the Department of Environmental Quality who shall serve as secretary in a nonvoting capacity, and one (1) of whom shall be the Executive Director of the Department of Economic Development. The chairman shall be elected from among the membership of the committee.

Committee members shall be permitted to designate substitute or alternate members to act in their stead, should they be unable to assume the responsibility of serving on the committee. The committee, by a majority vote of its membership, may recommend to the chairman that additional appointments should be made to the committee from other state agencies and the chairman shall make such appointments.

The members of the committee shall receive reimbursement for mileage and actual expenses incurred in the performance of their duties at the rate authorized by Section 25-3-41 . Members of the committee who are state employees shall be reimbursed for those expenses incurred which are authorized by Section 25-3-41 .

Provided that funding is available under Section 57-49-39 , the members of the committee shall receive per diem compensation at the rate authorized by Section 25-3-69 for each day spent in the actual discharge of their duties when attending a meeting of the committee.
Miss. Code Ann. § 57-44-13 — MS Code / Title 57 / Chapter 18 / Section 44-13
Miss. Code Ann. § 57-44-13
Status: in_force

The principal of and interest on the bonds authorized under Section 57-44-11 shall be payable in the manner provided in this section. Such bonds shall bear such date or dates, be in such denomination or denominations, bear interest at such rate or rates (not to exceed the limits set forth in Section 75-17-101, Mississippi Code of 1972 ), be payable at such place or places within or without the State of Mississippi, shall mature absolutely at such time or times not to exceed twenty-five (25) years from date of issue, be redeemable before maturity at such time or times and upon such terms, with or without premium, shall bear such registration privileges, and shall be substantially in such form, all as shall be determined by resolution of the State Bond Commission.
Miss. Code Ann. § 57-61-1 — MS Code / Title 57 / Chapter 34 / Section 61-1
Miss. Code Ann. § 57-61-1
Status: in_force

This chapter shall be known and may be cited as the Mississippi Business Investment Act.
Miss. Code Ann. § 57-119-9 — MS Code / Title 57 / Chapter 78 / Section 119-9
Miss. Code Ann. § 57-119-9
Status: in_force

(1) Applicants who are eligible for assistance under this section include, but are not limited to, local units of government, nongovernmental organizations, institutions of higher learning, community colleges, public schools, ports, airports, public-private partnerships, private for-profit entities, private nonprofit entities and local economic development entities. Projects that are eligible for assistance under this section are projects that have the potential to generate increased economic activity in the region, as described in Section 57-119-11(3) .

(2) MDA shall establish criteria, rules, and procedures for accepting and reviewing applications for assistance under this section. MDA, with advice from the Gulf Coast Restoration Fund Advisory Board, shall review, compile and score all timely received applications, and shall present the applications and its recommendations for assistance to individual projects under this section to the Legislature no later than December 1 of the year. The Legislature shall determine individual projects that will be funded under this section by separate line items in an appropriation bill.

(3) Applications for assistance under this section will be received through web portals set up by MDA. MDA shall set criteria for the web portal which may include protection of the confidentiality of any or all of the applications.

(4) The project described in paragraph (m) of Section 18, Chapter 106, Laws of 2020 (Senate Bill No. 2977), to assist George County with a rail connection project, shall not be required to meet the criteria established by the Mississippi Development Authority for the selection and recommendation of projects under this section in order to receive the funds allocated for that project under Chapter 106.
Miss. Code Ann. § 57-10-115 — MS Code / Title 57 / Chapter 10 / Section 10-115
Miss. Code Ann. § 57-10-115
Status: in_force

(1) On every loan, the borrower shall pay a nonrefundable guaranty fee of two percent (2%) of the guaranteed portion, to be paid at the time of disbursement of loan proceeds. Upon collection, the committee shall remit all such guaranty fees to a special fund for such fees created by the State Treasurer.

(2) No loan guaranty made by the committee shall exceed seventy-five percent (75%) of the principal of the loan.

(3) The amount of all outstanding loan guaranties shall not exceed five (5) times the combined total amount in the Small Businessman's Loan Fund, plus the guaranty fee fund and accrued interest on both funds, provided the liability of the two (2) funds shall not exceed Fifteen Million Seven Hundred Fifty Thousand Dollars ($ 15,750,000.00).

(4) No guaranty made under the provisions of this article shall be an amount exceeding Three Hundred Seventy-five Thousand Dollars ($ 375,000.00) principal, and the term thereof shall not exceed twenty (20) years.

(5) More than one (1) loan may be outstanding to any one (1) borrower at any one (1) time; provided, however, that the aggregate amount of all loan guaranties to any one (1) borrower shall not exceed Three Hundred Seventy-five Thousand Dollars ($ 375,000.00).

(6) The total amount of a loan secured by any real and/or personal property, including any previous indebtedness incurred against real and/or personal property offered as security for such loan, shall not exceed ninety percent (90%) of the market value as determined by an appraisal made by the lender. In determining the amount of indebtedness to be incurred against any real or personal property securing such a loan, the lender may consider the enhanced value of the real property and any other additional capital assets accruing to the borrower through loans provided under this article.
Miss. Code Ann. § 57-61-7 — MS Code / Title 57 / Chapter 31 / Section 61-7
Miss. Code Ann. § 57-61-7
Status: in_force

There is hereby established, under the direction of the department, a program to be known as the Business Investment Program for the purpose of making grants or loans to municipalities in order to install and effect specific improvements and projects necessary to complement industrial investment by private companies, the federal government or municipalities which increase Mississippi's share of domestic, international and foreign commerce to create and maintain new full-time jobs.
Miss. Code Ann. § 57-61-27 — MS Code / Title 57 / Chapter 5 / Section 61-27
Miss. Code Ann. § 57-61-27
Status: in_force

(1) Whenever bonds are issued, they shall be sold by the seller at a competitive or negotiated sale, from time to time, in such manner and at such price as may be determined by the seller to be most advantageous.

(2) When bonds are issued from time to time, the bonds of each issue shall constitute a separate series to be designated by the seller or may be combined for sale as one (1) series with other general obligation bonds of the State of Mississippi.

(3) Until permanent bonds can be prepared, the seller may in its discretion issue, in lieu of permanent bonds, temporary bonds in such form and with such privileges as to registration and exchange for permanent bonds as may be determined by the seller.

(4) Pending their application to the purposes authorized, bond proceeds held or deposited by the State Treasurer may be invested or reinvested as are other funds in the custody of the State Treasurer in the manner provided by law. All earnings received from the investment or deposit of such funds shall be paid into the State Treasury to the credit of the Mississippi Business Investment Sinking Fund.

(5) The State Treasurer shall prepare the necessary registry book to be kept in the office of the duly authorized loan and transfer agent of the state for the registration of any bonds, at the request of owners thereof, according to the terms and conditions of issue directed by the seller.

(6) All costs and expenses in connection with the issue of and sale and registration of the bonds and notes in connection with this chapter may be paid from the proceeds of bonds and notes issued under this chapter.

(7) The seller may provide in the resolution authorizing the issuance of such bonds the employment of one or more persons or firms to assist in the sale of the bonds; to enter into contracts for banks or trust companies located either within or without the State of Mississippi to act as registrars, paying agents, transfer agents or otherwise, for rating of the bonds, and to purchase insurance.
Miss. Code Ann. § 57-61-41 — MS Code / Title 57 / Chapter 30 / Section 61-41
Miss. Code Ann. § 57-61-41
Status: in_force

(1) Notwithstanding any provision of this chapter to the contrary, the Mississippi Development Authority shall utilize not more than Twelve Million Dollars ($ 12,000,000.00) out of the proceeds of bonds authorized to be issued in this chapter to be made available to state, county or municipal port and airport authorities through a Port Revitalization Revolving Loan Fund for the purpose of making loans to port authorities for the improvement of port and airport facilities to promote commerce and economic growth. Proceeds shall not be made available to provide any facilities for utilization by a gaming vessel.

(2) In exercising its authority, the Mississippi Development Authority shall work in conjunction with the Water Resources Council to establish criteria and guidelines to govern loans made pursuant to this section.

(3) The Mississippi Development Authority may, on a case-by-case basis, renegotiate the payment of principal and interest on loans made under this section to state, county and municipal port and airport authorities located in the six (6) most southern counties of the state covered by the Presidential Declaration of Major Disaster for the State of Mississippi (FEMA-1604-DR) dated August 29, 2005; however, the interest on the loans shall not be forgiven for a period of more than twenty-four (24) months and the maturity of the loans shall not be extended for a period of more than forty-eight (48) months.
Miss. Code Ann. § 57-10-417 — MS Code / Title 57 / Chapter 7 / Section 10-417
Miss. Code Ann. § 57-10-417
Status: in_force

The bonds issued by the corporation under Sections 57-10-401 through 57-10-445 shall be limited obligations of the corporation and shall not constitute a debt, liability or general obligation of the state or any political subdivision thereof (other than the corporation), or a pledge of the faith and credit of the state or any political subdivision thereof (other than the corporation), but shall be payable solely as provided by the corporation under Sections 57-10-401 through 57-10-445 . No member or officer of the board of directors of the corporation nor any person executing the bonds shall be liable personally on the bonds by reason of the issuance thereof. Each bond issued under Sections 57-10-401 through 57-10-445 shall contain on the face thereof a statement that neither the state, nor any other political subdivision thereof, shall be obligated to pay the same or the interest thereon or other costs incident thereto except from the revenue or money pledged by the corporation and that neither the faith and credit nor the taxing power of the state or any political subdivision thereof is pledged to the payment of the principal of, or the interest on, such bond.
Miss. Code Ann. § 57-34-13 — MS Code / Title 57 / Chapter 10 / Section 34-13
Miss. Code Ann. § 57-34-13
Status: in_force

The authority shall submit annually to the executive head or designated officer or officers of each state a budget of its estimated expenditures for such year as may be required by the laws of that state for presentation to the legislature thereof. The total amount of the authority's budget of estimated expenditures shall be apportioned among the states in equal shares. Subject to appropriation by the legislatures of the states, the authority shall be provided with such funds by each of the states as are necessary to enable the authority to fulfill the powers and duties imposed upon and entrusted to it.
Miss. Code Ann. § 57-61-43 — MS Code / Title 57 / Chapter 25 / Section 61-43
Miss. Code Ann. § 57-61-43
Status: in_force

Notwithstanding any provision of this chapter to the contrary, the Department of Economic and Community Development shall utilize not more than One Million Five Hundred Thousand Dollars ($ 1,500,000.00) out of the proceeds of bonds issued in this chapter to provide a grant to provide funds for the Small Farm Loan Program at Alcorn State University.

The requirements of Section 57-61-9, Mississippi Code of 1972 , shall not apply to the grant made under this section.
Miss. Code Ann. § 57-75-7 — MS Code / Title 57 / Chapter 71 / Section 75-7
Miss. Code Ann. § 57-75-7
Status: in_force

(1) There is created within the Department of Economic Development a division to be known as the “Mississippi Major Economic Impact Authority” for the performance of essential public functions. The Executive Director of the Department of Economic Development or his designee shall be the director of the authority.

(2) The director shall administer, manage and direct the affairs and business of the authority.
Miss. Code Ann. § 57-61-23 — MS Code / Title 57 / Chapter 55 / Section 61-23
Miss. Code Ann. § 57-61-23
Status: in_force

(1) 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 by appropriation from the Mississippi Business Investment Sinking Fund, and/or the State General Fund. All moneys paid into the Mississippi Business Investment Sinking Fund not appropriated to pay accruing bonds and interest shall be invested by the State Treasurer in such securities as are provided by law for the investment of the sinking funds of the state.

(2) In the event that all or any part of the bonds and notes are purchased, they shall be canceled and returned to the loan and transfer agent as canceled and paid bonds and notes and thereafter all payments of interest thereon shall cease and the canceled bonds, notes and coupons together with any other canceled bonds, notes and coupons shall be destroyed as promptly as possible after cancellation but not later than two (2) years after cancellation. A certificate evidencing the destruction of the canceled bonds, notes and coupons shall be provided by the loan and transfer agent to the seller.

(3) The State Treasurer shall determine and report to the State Fiscal Management Board and Legislative Budget Office by September 1 of each year the amount of money necessary for the payment of the principal of and interest on outstanding obligations for the following fiscal year and the times and amounts of the payments. It shall be the duty of the Governor to include in every executive budget submitted to the Legislature full information relating to the issuance of bonds and notes under the provisions of this chapter and the status of the Mississippi Business Investment Sinking Fund of the state for the payment of the principal of and interest on the bonds and notes.

(4) Except as otherwise provided by law, the rate of interest on any loan made using funds from the Mississippi Business Investment Fund may be negotiated by the department and shall be consistent with Section 57-61-11(b) and (c), Mississippi Code of 1972 . Notwithstanding the provisions of any other law to the contrary, the interest rate charged shall not be set such that the aggregate of the interest, penalties and other payments to the state on loans and other assistance made using funds from the Mississippi Business Investment Fund will cause the bonds issued pursuant to this chapter to be deemed arbitrage bonds pursuant to Section 103(c) of the Internal Revenue Code of 1954 and the regulations promulgated thereunder. In the case of loans initially funded from the proceeds of notes and subsequently funded from renewal bonds and notes, the interest rate to be charged on the loans shall be established in accordance with this subsection upon the sale of bonds or notes, as the case may be, for the loans. It is the intention of the Legislature that the penalties assessed for breach of program conditions imposed upon private companies shall not be treated as interest income for purposes of Section 103(c) of the Internal Revenue Code of 1954 .
Miss. Code Ann. § 57-44-29 — MS Code / Title 57 / Chapter 33 / Section 44-29
Miss. Code Ann. § 57-44-29
Status: in_force

Any holder of bonds issued under the provisions of Sections 57-44-11 through 57-44-39 or of any of the interest coupons pertaining thereto may, either at law or in equity, by suit, action, mandamus or other proceeding, protect and enforce any and all rights granted under Sections 57-44-11 through 57-44-39 , or under such resolution, and may enforce and compel performance of all duties required by Sections 57-44-11 through 57-44-39 to be performed, in order to provide for the payment of bonds and interest thereon.
Miss. Code Ann. § 57-55-13 — MS Code / Title 57 / Chapter 19 / Section 55-13
Miss. Code Ann. § 57-55-13
Status: in_force

(1) The Mississippi Polymer Institute, hereinafter referred to as the MPI, is hereby established under the management and control of the board of trustees of state institutions of higher learning. The principal offices of the MPI shall be located at the University of Southern Mississippi and shall be under the direction of the president and such other administrative authorities within the university as the board of trustees may determine.

(2) It shall be the function of the MPI to conduct and sponsor research of interest to the polymer industries of the state, and to disseminate research results and other information of interest to appropriate individuals and research agencies for whom such knowledge will be helpful, and to the Mississippi polymer industries by conducting and sponsoring short courses, seminars and symposia. Said research shall be designed to increase the utilization of Mississippi raw materials in polymers and to support the rapidly growing polymer industry. Data from applications research will be released to appropriate Mississippi research agencies and industries for appropriate utilization. The MPI shall be organized to coordinate polymer research, planning and development with the appropriate disciplines in other institutions of higher learning and other state, federal and private agencies concerned with the development of Mississippi's polymer industry.
Miss. Code Ann. § 57-27-5 — MS Code / Title 57 / Chapter 19 / Section 27-5
Miss. Code Ann. § 57-27-5
Status: in_force

The board, upon receipt of a copy of incorporation papers, constitution, bylaws and resolutions, if any, of a nonprofit corporation applying for recognition as a regional tourist promotion council under the provisions of this chapter is hereby authorized to designate such corporation as a regional tourist promotion council whenever the board shall determine:

(1) that the applying agency is established under the Mississippi Nonprofit Corporation Law, and has a constitution and bylaws governing the activities and purposes of said corporation which are in compliance with the rules and regulations of the board;

(2) that the charter, constitution or bylaws of the applying council provide for the selection of a board of directors, and successor members on said boards, of persons who have demonstrated knowledge of and interest in the tourist travel and vacation business in the various counties comprising the council to be served by the agency;

(3) that the applying council has furnished a proposed plan and demonstration of financial resources to establish and promote an active tourist travel and vacation business promotion program within the region.

Upon determining that an applying corporation is eligible for designation as a regional tourist promotion council, the Mississippi Agricultural and Industrial Board shall upon a majority vote of said board designate such council as the participating council for such region and shall certify same to the applying council. The board is hereby authorized to revoke or suspend its designation of any regional tourist promotion council whenever the board shall determine that said council is not complying with the rules and regulations of the board, or has failed to comply with the terms of any grant made to such council pursuant to the provisions of this chapter.
Miss. Code Ann. § 57-61-35 — MS Code / Title 57 / Chapter 46 / Section 61-35
Miss. Code Ann. § 57-61-35
Status: in_force

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 herein provided for, and the seller is hereby authorized and empowered to expend from the proceeds derived from the sale of the bonds authorized hereunder all necessary administrative, legal and other expenses incidental and related to the issuance of bonds authorized under this chapter.
Miss. Code Ann. § 57-34-9 — MS Code / Title 57 / Chapter 31 / Section 34-9
Miss. Code Ann. § 57-34-9
Status: in_force

(1) A project shall be subject to taxation in the state in which the project is located. A project shall be subject to all state and local taxes in the state in which the project is located that are levied on other enterprises of similar nature in the state.

(2) For purposes of determining an entity's state tax liability with respect to a project, an entity engaging in a project located in the designated geographic area may request tax incentives offered by the state in which the project is located. Tax incentives and modifications to implement more favorable incentives may be offered to the project at the discretion of the authority. No such incentives are final without approval of the legislatures of the states.
Miss. Code Ann. § 57-49-35 — MS Code / Title 57 / Chapter 4 / Section 49-35
Miss. Code Ann. § 57-49-35
Status: in_force

(1) If the federal department of energy selects a site in the state for construction of a repository for the long-term or temporary storage and/or permanent disposal of high-level radioactive waste or transuranic waste, the board shall review the adequacy of the selected site and of the site plan prepared by the federal department of energy pursuant to Section 57-49-31(2)(k) . The review shall include a full scientific review of the adequacy of the selected site and the site plan. The board shall solicit written comments on the selected site and the site plan from the council and the committee. The board may utilize recognized experts in conducting its scientific review. The board shall conduct at least one (1) public hearing in the affected county on the site plan and shall make available to the public arguments and evidence for and against the site plan. The board shall provide ten (10) days' notice of the date and location(s) of the public hearing(s). The board shall solicit comments from appropriate state agencies, local units of government, and interested citizen groups on the adequacy of the selected site and the site plan. The board shall make these comments available to the public.

(2) After completing this review, the board shall submit a recommendation, complete with supporting reasons for the recommendation, to the speaker of the house of representatives, the lieutenant governor and the governor on the issue of whether the state should accept the site and site plan selected by the federal department of energy. The governor and/or members of the legislature, after review of the recommendation and findings of the board, may confer with the board, council, committee, representatives of state agencies, institutions of higher learning and/or representatives of the affected county or locality. The governor shall thereafter determine the advisability of such facility at the proposed site. If the governor's decision, after such consultations, is not favorable to the establishment of the nuclear waste disposal site, he shall notify the legislature of that decision and either the governor or the legislature shall prepare and transmit to the speaker of the United States House of Representatives and the president pro tempore of the United States Senate a notice of disapproval of the site recommendation. The notice of disapproval shall contain a statement of those reasons for objection to the site recommendation. All such disposal or storage shall be made in strict adherence to guidelines established by the federal government, the division of radiological health of the state board of health, the Mississippi Emergency Management Agency and the provisions of this section.
Miss. Code Ann. § 57-91-1 — MS Code / Title 57 / Chapter 69 / Section 91-1
Miss. Code Ann. § 57-91-1
Status: in_force

This chapter shall be known and may be cited as the “Economic Redevelopment Act.”
Miss. Code Ann. § 57-34-1 — MS Code / Title 57 / Chapter 27 / Section 34-1
Miss. Code Ann. § 57-34-1
Status: in_force

This chapter shall be known and may be cited as the “Alabama-Mississippi Joint Economic Development Act.”
Miss. Code Ann. § 57-25-7 — MS Code / Title 57 / Chapter 11 / Section 25-7
Miss. Code Ann. § 57-25-7
Status: in_force

The three (3) members of the board appointed or designated to represent the State of Mississippi shall receive a per diem compensation as provided in Section 25-3-69 for each day or fraction thereof occupied with the discharge of official duties, and shall be entitled to reimbursement for all actual and necessary expenses incurred in the discharge of their duties, including mileage, as provided in Section 25-3-41 . The Governor is authorized and empowered to enter into agreements and to perform other necessary acts and deeds incident to the purposes of this compact and in authorizing this state to accept powers and responsibilities of the appropriate agency or agencies of the federal government related to energy.
Miss. Code Ann. § 57-11-31 — MS Code / Title 57 / Chapter 3 / Section 11-31
Miss. Code Ann. § 57-11-31
Status: in_force

The Mississippi Agricultural and Industrial Board is hereby authorized and empowered to employ such a firm or firms which are experienced, competent and qualified in the field of market research, industrial research, plant design and engineering as may be necessary to accomplish the following work in the shortest time possible:

(1) To make a broad, preliminary market study to reveal a wide range of products, both agricultural and nonagricultural, that can be manufactured in Mississippi from materials and resources available in or to Mississippi.

(2) To make detailed market studies in connection with the favorable products revealed by the preliminary study above referred to, in order to determine with reasonable certainty those products for which a profitable and growing market exists.

(3) Lay out, design and prepare plans and specifications of the plants, machinery, equipment and other facilities necessary to produce in profitable volume those products selected as a result of the detailed study authorized in the foregoing paragraph.

(4) Prepare detailed cost estimates of the necessary land, buildings, machinery, equipment and other facilities and determine the amount of investment capital required to build and equip each plant.

(5) Prepare an estimate of the number of jobs to be created by each plant designed pursuant to Sections 57-11-31 through 57-11-39 , the wage scale of the employees and the annual payroll of each plant.

(6) Prepare a projected operating statement of each plant, showing the anticipated profits at the end of the first, third and fifth year of operation, based on maximum operating capacity. Prepare the same information based on the assumption that the plant will operate at minimum operating capacity. Provide the same information for such percentages of maximum operating capacity as the board may deem necessary to determine with reasonable certainty the capacity at which the plant must operate in order to show a profit and to attract investment capital. The aforesaid studies shall show the normal operating capital requirements of each plant for the first five (5) years.
Miss. Code Ann. § 57-15-1 — MS Code / Title 57 / Chapter 3 / Section 15-1
Miss. Code Ann. § 57-15-1
Status: in_force

The Legislature hereby declares that this chapter is being enacted under the state's inherent general welfare and police power authority for the broad purposes hereinafter set forth in an effort to explore, develop, conserve and market the underwater natural resources of this state, particularly those lying offshore in the coastal waters of the State of Mississippi.
Miss. Code Ann. § 57-32-7 — MS Code / Title 57 / Chapter 26 / Section 32-7
Miss. Code Ann. § 57-32-7
Status: in_force

The board of supervisors of each county electing to be a part of this council is authorized to set aside, appropriate and expend moneys from the general fund for the purpose of securing funds with which to support and maintain said council. Prior to the board of supervisors securing an indebtedness of the council under this chapter, the board shall comply with the provisions of Section 19-9-11 . Provided, however, any tax levied previously under Section 19-9-111 by any county may be collected and paid to the council created hereby if such tax has not already been paid to the appropriate industrial council. Provided further, that the board of supervisors of any such participating county may, by appropriate order, designate a specific portion of the sum of its appropriation, not to exceed the revenue derived from three-fourths ( 3 / 4 ) of one (1) mill, to be used by said council exclusively for industrial development of said county in any manner authorized by this chapter. The council is hereby authorized to receive and expend funds from the boards of supervisors of participating counties provided by taxation as aforesaid, together with any gifts, gratuities and donations from municipalities within any participating county and from any persons, firms or corporations desiring to make such donations. Such appropriations, gifts or donations shall be placed in such depository as the council may deem appropriate. Any funds designated by any county board of supervisors or the governing body of a municipality for exclusive use within said county shall not be commingled with any other funds, but shall be kept and expended separately.
Miss. Code Ann. § 57-27-5 — MS Code / Title 57 / Chapter 10 / Section 27-5
Miss. Code Ann. § 57-27-5
Status: in_force

The board, upon receipt of a copy of incorporation papers, constitution, bylaws and resolutions, if any, of a nonprofit corporation applying for recognition as a regional tourist promotion council under the provisions of this chapter is hereby authorized to designate such corporation as a regional tourist promotion council whenever the board shall determine:

(1) that the applying agency is established under the Mississippi Nonprofit Corporation Law, and has a constitution and bylaws governing the activities and purposes of said corporation which are in compliance with the rules and regulations of the board;

(2) that the charter, constitution or bylaws of the applying council provide for the selection of a board of directors, and successor members on said boards, of persons who have demonstrated knowledge of and interest in the tourist travel and vacation business in the various counties comprising the council to be served by the agency;

(3) that the applying council has furnished a proposed plan and demonstration of financial resources to establish and promote an active tourist travel and vacation business promotion program within the region.

Upon determining that an applying corporation is eligible for designation as a regional tourist promotion council, the Mississippi Agricultural and Industrial Board shall upon a majority vote of said board designate such council as the participating council for such region and shall certify same to the applying council. The board is hereby authorized to revoke or suspend its designation of any regional tourist promotion council whenever the board shall determine that said council is not complying with the rules and regulations of the board, or has failed to comply with the terms of any grant made to such council pursuant to the provisions of this chapter.
Miss. Code Ann. § 57-111-1 — MS Code / Title 57 / Chapter 78 / Section 111-1
Miss. Code Ann. § 57-111-1
Status: in_force

(1) As used in this section:

(a) “ MDA ” means the Mississippi Development Authority.

(b) “ Program ” means the Mississippi Small Business and Existing Forestry Industry Enterprise Participating Loan Program established in this section.

(c) “ Small business ” means any commercial enterprise with less than one hundred (100) full-time employees, less than Seven Million Dollars ($7,000,000.00) in gross revenues or less than Seven Hundred Fifty Thousand Dollars ($750,000.00) in net annual profit after taxes.

(d) “ Existing forestry industry enterprise ” means a manufacturing enterprise that:

(i) Has its principal place of business in this state;

(ii) Has been operating in this state for not less than three (3) consecutive years preceding the date of submitting an application for assistance under this section;

(iii) Performs the initial processing of pine logs and/or hardwood logs in the production of lumber products or is engaged in the production of poles and/or timbers; and

(iv) Has employed an average of not less than fifteen (15) employees based on the most recent thirty-six-month period preceding the date that the enterprise submits an application for assistance under this section.

The term “existing forestry industry enterprise” does not include any (a) enterprise with the primary business of producing chips or (b) pulp manufacturer and/or paper manufacturer.

(2) The MDA shall establish a program of loans to be made to small businesses and existing forestry industry enterprises for the purpose of encouraging the extension of conventional financing and the issuance of letters of credit to small businesses and existing forestry industry enterprises by private institutions. Money to make the loans under the program shall be drawn by the MDA from the Small Business Participating Loan Program Revolving Fund. The amount of a loan to any single small business or existing forestry industry enterprise under the program shall not exceed fifty percent (50%) of the total cost of the project for which financing is sought. Interest shall be charged on the loans at a rate equal to one percent (1%) above the current published prime rate. The term of any loan made under this section shall not exceed five (5) years. Repayments of loans made by the MDA under the program shall be deposited to the credit of the Small Business and Existing Forestry Industry Enterprise Participating Loan Program Revolving Fund. Small businesses may utilize loan proceeds for buildings, equipment and working capital. An existing forestry industry enterprise that receives a loan under this section may use the loan proceeds for the purpose of providing working capital, acquiring machinery and equipment, making upgrades and improvements to machinery and equipment, acquiring raw materials and any other purposes approved by the MDA.

(3) There is created a special fund in the State Treasury to be known as the Small Business and Existing Forestry Industry Enterprise Participating Loan Program Revolving Fund which shall consist of money from any source designated for deposit into the fund. Unexpended amounts remaining in the fund at the end of a fiscal year shall not lapse into the State General Fund, and any investment earnings or interest earned on amounts in the fund shall be deposited to the credit of the fund. Money in the fund shall be disbursed by the Mississippi Development Authority for the purposes authorized in subsection (2) of this section.

(4) Money in the fund that is derived from the proceeds of general obligation bonds may be used to reimburse reasonable actual and necessary costs incurred by the MDA for the administration of the various grant, loan and financial incentive programs administered by the MDA. An accounting of actual costs incurred for which reimbursement is sought shall be maintained by the MDA. Reimbursement of reasonable actual and necessary costs shall not exceed three percent (3%) of the proceeds of bonds issued. Reimbursements made under this subsection shall satisfy any applicable federal tax law requirements.
Miss. Code Ann. § 57-11-39 — MS Code / Title 57 / Chapter 1 / Section 11-39
Miss. Code Ann. § 57-11-39
Status: in_force

If the program provided by Sections 57-11-31 through 57-11-39 is terminated or discontinued for any reason in the future, all moneys in the “plant engineering revolving fund,” after the payment by the Mississippi Agricultural and Industrial Board of any outstanding costs in connection with said plant engineering, shall be transferred to the general fund of the state treasury on written certification of the director of the Mississippi Agricultural and Industrial Board that this program has been so discontinued or terminated, citing the statutory authority therefor.
Miss. Code Ann. § 57-117-9 — MS Code / Title 57 / Chapter 69 / Section 117-9
Miss. Code Ann. § 57-117-9
Status: in_force

If the qualified business has not created the requisite number of jobs required by this chapter, the health care industry zone certification may be revoked by MDA after five (5) years have elapsed from the effective date of certification. A revocation under this section shall not act retroactively to remove any incentives granted by this chapter.