Miss. Code Ann. § 57-114-3 — MS Code / Title 57 / Chapter 63 / Section 114-3
Miss. Code Ann. § 57-114-3
Status: in_force

For purposes of this chapter, the following words shall have the meanings ascribed herein unless the context otherwise requires:

(a) “ Affiliate ” means, with respect to a specified entity, (i) another person or entity that directly or indirectly, through one or more intermediaries, controls or is controlled by or is under common control with the specified person or entity, where the term “ control ” means the ownership or possession, directly or indirectly, of the power to direct more than fifty percent (50%) of the voting equity securities or a similar ownership interest in the specified controlled entity, or (ii) any member of an affiliated group of corporations, of which the specified entity is also a member, which are each subject to income taxation in Mississippi and may elect to file a combined Mississippi income tax return in accordance with state law.

(b) “ Authority ” means the Mississippi Development Authority.

(c) “ Annual report ” means the report described in Section 57-114-13 .

(d) “ Applicable accounting rules ” shall mean the accounting principles generally recognized as applicable to a qualified business or industry and pursuant to which such qualified business or industry regularly prepares and maintains its financial and accounting books and records, and which specifically incorporate Generally Accepted Accounting Principles or International Financial Reporting Standards, as appropriate.

(e) “ Applicant ” means any corporation, limited liability company, partnership, person or sole proprietorship, business trust or other legal entity and subunit or affiliate thereof that applies to the authority, in the manner prescribed by this chapter, seeking (i) certification by the authority that such applicant is a qualified business or industry and that its proposed new project or expansion of an existing business or industrial operation is a qualified economic development project, and (ii) an award in connection therewith of an mFlex tax incentive.

(f) “ Average state or county wage ” shall mean, as of the project certification date, the lesser of the most recently published average annual wage per person as determined and published by the Mississippi Department of Employment Security for the state or the county in which the qualified project is or will be located; provided that, if a qualified project is or will be located in two (2) or more counties, the average state or county wage, as used in this chapter, shall mean, as of the project certification date, only the most recently published average annual wage per person as determined and published by the Mississippi Department of Employment Security for the state.

(g) “ Average employer wage ” means the qualified annual payroll for all new full-time jobs created in the State of Mississippi by a qualified business or industry divided by the number of new full-time jobs thereof for which such qualified annual payroll was paid or is otherwise payable.

(h) “ Base full-time job ” means a job (i) for which an employee was already hired by the qualified business or industry before, and is employed as of, the project certification date; (ii) that offers a minimum of one thousand eight hundred twenty (1,820) hours of an employee's time per year (i.e., thirty-five (35) hours per week on average) for a normal four (4) consecutive quarter period of the qualified business or industry's operations or a job for which the employee was hired before, and is employed as of, the project certification date and is compensated based on one thousand eight hundred twenty (1,820) hours for such annual period (including in each case an employee who, after hiring, elects to take unpaid time off or is on short-term or long-term disability); and (iii) the employee holding such job receives salary or wages subject to state income tax withholdings. The term “ base full-time job ” also means a base-leased employee. Part-time jobs may not be combined to add up to a base full-time job.

(i) “ Base-leased employee ” means a nontemporary employee:

(i) Who was leased by the qualified business or industry before the project certification date from another business or enterprise that is 1. in the business of leasing employees, and 2. is registered with the Office of the Secretary of State and qualified to do business in the state;

(ii) Who is leased as of the project certification date;

(iii) Who is not otherwise an employee of such qualified business or industry;

(iv) Who, as of the project certification date, was already performing services for, and under the supervision of, the qualified business or industry pursuant to a leasing agreement between the qualified business or industry and such other employee leasing firm;

(v) Whose job-performing services for the qualified business or industry offers a minimum of one thousand eight hundred twenty (1,820) hours of an employee's time per year (i.e., thirty-five (35) hours per week on average) for an entire normal work year of the qualified business or industry's operations or a job for which the employee is leased before the project certification date and is compensated based on one thousand eight hundred twenty (1,820) hours for such annual period (including in each case an employee who, after being leased, elects to take unpaid time off or is on short-term or long-term disability); and

(vi) Whose job receives salary or wages subject to state income tax withholdings. Individuals employed by an independent contractor performing one or more services for the qualified business or industry pursuant to a services or management agreement (e.g., security services, landscaping services, and cafeteria management and food services) shall not be considered as base-leased employees.

(j) “ Contractor tax ” shall mean the tax levied by Section 27-65-21 , except for the tax upon the sale of manufacturing or processing machinery for a manufacturer or custom processor.

(k) “ Construction contract ” shall mean any contract or portion of any contract for any one or more of the activities described in Section 27-65-21 for which the contractor tax applies and is payable by the contractor that is party thereto.

(l) “ Manufacturing machinery ,” as used in this chapter, shall have the same meaning ascribed to such term in Section 27-65-11 , as interpreted by any regulations promulgated by the Department of Revenue with respect to such section.

(m) “ mFlex agreement ” means the written agreement entered into between a qualified business or industry and the authority in accordance with Section 57-114-7(4)(c) .

(n) “ mFlex tax incentive ” means the tax incentive authorized by this chapter to be calculated and awarded by the authority, and thereafter applied as a credit to offset state taxes, in accordance with, and subject to, this chapter.

(o) “ Minimum job creation requirement ” means the creation by the qualified business or industry, following the project certification date, of at least ten (10) new full-time jobs in the state.

(p) “ Minimum qualified investment ” means a qualified investment of not less than Two Million Five Hundred Thousand Dollars ($2,500,000.00).

(q) “ New full-time job ” means a job:

(i) For which an employee is hired by the qualified business or industry after the project certification date;

(ii) That offers a minimum of one thousand eight hundred twenty (1,820) hours of an employee's time per year (i.e., thirty-five (35) hours per week on average) for a normal four (4) consecutive quarter period of the qualified business or industry's operations or a job for which the employee is hired after the project certification date and is compensated based on one thousand eight hundred twenty (1,820) hours for such annual period (including in each case an employee who, after hiring, elects to take unpaid time off or is on short-term or long-term disability); and

(iii) The employee holding such job receives salary or wages subject to state income tax withholdings. The term “ new full-time job ” also means new-leased employee. Part-time jobs may not be combined to add up to a new full-time job.

(r) “ New-leased employee ” means a nontemporary employee:

(i) Who is leased by the qualified business or industry after the project certification date from another business or enterprise that is 1. in the business of leasing employees, and 2. is registered with the Office of the Secretary of State and qualified to do business in the state;

(ii) Who is not otherwise an employee of such qualified business or industry;

(iii) Who performs services for the qualified business or industry pursuant to a leasing agreement between the qualified business or industry and such other employee-leasing firm;

(iv) Whose job-performing services for the qualified business or industry offers a minimum of one thousand eight hundred twenty (1,820) hours of an employee's time per year (i.e., thirty-five (35) hours per week on average) for an entire normal work year of the qualified business or industry's operations or a job for which the employee is leased after the project certification date and is compensated based on one thousand eight hundred twenty (1,820) hours for such annual period (including in each case an employee who, after being leased, elects to take unpaid time off or is on short-term or long-term disability); and

(v) Whose job receives salary or wages subject to state income tax withholdings. Individuals employed by an independent contractor performing one or more services for the qualified business or industry pursuant to a services or management agreement (e.g., security services, landscaping services, and cafeteria management and food services) shall not be considered as new-leased employees.

(s) “ Nonmanufacturing equipment ” means all tangible personal property that is not manufacturing machinery, including, but not limited to, office furniture, fixtures, office computers and communications equipment, and warehouse equipment such as racking and shelving.

(t) “ Part-time job ” means a job (i) for which an employee is hired by the qualified business or industry that requires fewer than one thousand eight hundred twenty (1,820) hours of an employee's time per year (i.e., requires fewer than thirty-five (35) hours per week on average) for an entire normal work year of the qualified business or industry's operations or a job for which the employee is hired and is compensated based on fewer than one thousand eight hundred twenty (1,820) hours for such annual period; and (iii) for which the employee holding such job receives salary or wages subject to state income tax withholdings.

(u) “ Project certification date ” means the actual date of the authority's certification, or the effective date of certification determined and prescribed by the authority, of the qualified business or industry and its qualified economic development project as eligible for the state tax credits determined and awarded by the authority, as authorized by, and in accordance with, this chapter.

(v) “ Qualified annual payroll ” means the sum of the annual salary and wages for new full-time jobs of the qualified business or industry, excluding the amount or value of any benefits that are not subject to state income taxes.

(w) “ Qualified business or industry ” means any corporation, limited liability company, partnership, person or sole proprietorship, business trust or other legal entity and subunit or affiliate thereof, which makes or causes to be made the minimum qualified investment in, and/or satisfies or causes to be satisfied the minimum job creation requirement for, a qualified economic development project.

(x) “ Qualified economic development project ” or “ qualified project ” means the location in the state of one or more of the following enumerated enterprises for which a corporation, limited liability company, partnership, sole proprietorship, business trust or other legal entity, or subunit or affiliate thereof, makes or causes to be made the minimum qualified investment and/or satisfies or causes to be satisfied the minimum job creation requirement:

(i) A new warehouse and/or distribution enterprise or an expansion of an existing warehouse and/or distribution enterprise; provided that, in any such instance, such warehouse and/or distribution enterprise or expansion thereof is certified by the authority to qualify as such;

(ii) A new manufacturing, remanufacturing, assembly, processing and/or refinery enterprise or an expansion of an existing manufacturing, remanufacturing, assembly, processing and/or refinery enterprise; provided that, in any such instance, such manufacturing, remanufacturing, assembly, processing and/or refinery enterprise or expansion thereof is certified by the authority to qualify as such;

(iii) A new research or research and development enterprise or an expansion of an existing research or research and development enterprise; provided that, in any such instance, such research and development enterprise or an expansion thereof is certified by the authority to qualify as such;

(iv) A new regional or national headquarters of the qualified business or industry or an expansion of an existing regional or national headquarters of the qualified business or industry; provided that, in any such instance, such regional or national headquarters or expansion thereof is certified by the authority to qualify as such;

(v) An air transportation, repair and/or maintenance enterprise or an expansion of an existing air transportation, repair and/or maintenance enterprise; provided that, in either instance, such air transportation, repair and/or maintenance enterprise or expansion thereof is certified by the authority to qualify as such;

(vi) A ship or other maritime vessel or barge transportation, repair and/or maintenance enterprise or an expansion of an existing ship or other maritime vessel or barge transportation, repair and/or maintenance enterprise; provided that, in either instance, the ship or other maritime vessel or barge transportation, repair and/or maintenance enterprise or expansion thereof is certified by the authority to qualify as such;

(vii) A new data/information processing enterprise or an expansion of an existing new data/information processing enterprise; provided that, in any such instance such data/information processing enterprise or expansion thereof is certified by the authority to qualify as such;

(viii) A new technology intensive enterprise or an expansion of an existing technology intensive enterprise; provided that, in either instance, the technology intensive enterprise or expansion thereof is certified by the authority to qualify as such; provided further, that a business or enterprise primarily engaged in creating computer programming codes to develop applications, websites and/or software shall qualify as a technology intensive enterprise;

(ix) A new telecommunications enterprise principally engaged in the creation, display, management, storage, processing, transmission and/or distribution, for compensation, of images, text, voice, video or data by wire or by wireless means, or engaged in the construction, design, development, manufacture, maintenance or distribution for compensation of devices, products, software or structures used in the above activities, or an expansion of an existing telecommunications enterprise as herein described; provided that, in any such instance, any such telecommunications enterprise or expansion thereof is certified by the authority to qualify as such; provided further, that commercial broadcast radio stations, television stations or news organizations primarily serving in-state markets shall not be included within the definition of the term “telecommunications enterprise”;

(x) A new data center enterprise principally engaged in the utilization of hardware, software, technology, infrastructure and/or workforce, to store, manage or manipulate digital data, or an expansion of an existing data center enterprise as herein described; provided that, in such instance, any such data center enterprise or expansion thereof is certified by the authority to qualify as such.

(y) “ Qualified investment ” means any expenditures made or caused to be made by the qualified business or industry following the project certification date for construction, installation, equipping and operation of a qualified economic development project from any source or combination of sources, excluding any funds contributed by the state or any agency or other political subdivision thereof, or by any local government or any agency or other political subdivision thereof, to the extent such expenditures can be capitalized under applicable accounting rules or otherwise by the Internal Revenue Code, whether or not the qualified business or industry elects to capitalize the same, as reflected in its financial statements, including, but not limited to, all costs associated with the acquisition, installation and/or construction of, or capital leasehold interest in, any buildings and other real property improvements, fixtures, equipment, machinery, landscaping, fire protection, depreciable fixed assets, engineering and design costs.

(z) “ Reporting year ” means the twelve-month period ending on the last day of the month during which the annual anniversary of a project certification date occurs, and for which an annual report must be filed with the authority by a qualified business or industry in accordance with Section 57-114-13 .

(aa) “ State ” means the State of Mississippi.

(bb) “ State tax ” means:

(i) Any sales and use tax imposed on, and payable directly to the Department of Revenue by, the qualified business or industry in accordance with state law, except for contractor's tax and the taxes levied by Section 27-65-24(1)(b) ;

(ii) All income tax imposed pursuant to law on income earned by the qualified business or industry pursuant to state law;

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

(iv) Withholding tax required to be deducted and withheld from employee wages pursuant to Section 27-7-301 et seq.
Miss. Code Ann. § 57-30-1 — MS Code / Title 57 / Chapter 30 / Section 30-1
Miss. Code Ann. § 57-30-1
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) “ Approved participant ” means a person, corporation or other entity issued a certificate by the Mississippi Development Authority under Section 57-30-3 .

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

(c) “ Project ” means any family-oriented entertainment enterprise such as campgrounds and theme parks, as designated by the Mississippi Development Authority, with an initial capital investment of not less than Five Million Dollars ($ 5,000,000.00) in federal, local and/or private funds if located in a county in a Tier One area, as designated under Section 57-73-21 , or with an initial capital investment of not less than Three Million Dollars ($ 3,000,000.00) in federal, local and/or private funds if located in a county in a Tier Two area or Tier Three area as designated in Section 57-73-21 . Whether a county is in a Tier One area, Tier Two area or Tier Three area shall be determined by the classification of the area at the time the initial investment is made. The term “ project ” also means any of the following ancillary businesses if located on the project site or within one (1) mile of the project and owned by the owner of the family-oriented entertainment enterprise or owned by an entity legally affiliated with the owner of the family-oriented entertainment enterprise: (i) auditoriums, (ii) dining facilities, (iii) gift shops, and (iv) lodging facilities. However, the capital investment in any such dining facility or lodging facility shall not be included for purposes of meeting the minimum capital investment requirement for a project. The term “ project ” does not mean any business, corporation or entity having a gaming license issued under Section 75-76-1 et seq., Mississippi Code of 1972 , but may include a family-oriented entertainment enterprise owned by such a business, corporation or entity that is in excess of development that the State Gaming Commission requires for the issuance or renewal of a gaming license.

(d) “ State ” means the State of Mississippi.
Miss. Code Ann. § 57-25-11 — MS Code / Title 57 / Chapter 1 / Section 25-11
Miss. Code Ann. § 57-25-11
Status: in_force

Any supplementary agreement entered into pursuant to article VI of Section 57-25-1 and requiring the expenditure of funds or the assumption of an obligation to expend funds in addition to those already appropriated shall not become effective as to this state prior to the making of an appropriation by the legislature therefor.
Miss. Code Ann. § 57-33-1 — MS Code / Title 57 / Chapter 33 / Section 33-1
Miss. Code Ann. § 57-33-1
Status: in_force

The State of Mississippi shall adhere to the Southern Growth Policies Agreement by becoming a party state therein in the form substantially as follows:

SOUTHERN GROWTH POLICIES AGREEMENT

Article I. Findings and Purposes

(a) The party states find that the South has a sense of community based on common social, cultural and economic needs, and fostered by a regional tradition. There are vast potentialities for mutual improvement of each state in the region by cooperative planning for the development, conservation and efficient utilization of human and natural resources in a geographic area large enough to afford a high degree of flexibility in identifying and taking maximum advantage of opportunities for healthy and beneficial growth. The independence of each state and the special needs of subregions are recognized and are to be safeguarded. Accordingly, the cooperation resulting from this agreement is intended to assist the states in meeting their own problems by enhancing their abilities to recognize and analyze regional opportunities and take account of regional influences in planning and implementing their public policies.

(b) The purposes of this agreement are to provide:

(1) Improve facilities and procedures for study, analysis and planning of governmental policies, programs and activities of regional significance.

(2) Assistance in the prevention of interstate conflicts and the promotion of regional cooperation.

(3) Mechanisms for the coordination of state and local interests on a regional basis.

(4) An agency to assist the states in accomplishing the foregoing.

Article II. The Board

(a) There is hereby created the Southern Growth Policies Board, hereinafter called “the board.”

(b) The board shall consist of five (5) members from each party state, as follows:

(1) The governor.

(2) Two (2) members of the state legislature, one (1) appointed by the presiding officer of each house of the legislature or in such other manner as the legislature may provide.

(3) Two (2) residents of the state who shall be appointed by the governor to serve at his pleasure.

(c) In making appointments pursuant to paragraph (b)(3), a governor shall, to the greatest extent practicable, select persons who, along with the other members serving pursuant to paragraph (b), will make the state's representation on the board broadly representative of the several socio-economic elements within his state.

(d)(1) A governor may be represented by an alternate with power to act in his place and stead if notice of the designation of such alternate is given to the board in such manner as its bylaws may provide.

(2) A legislative member of the board may be represented by an alternate with power to act in his place and stead unless the laws of his state prohibit such representation and if notice of the designation of such alternate is given to the board in such manner as its bylaws may provide. An alternate for a legislative member of the board shall be selected by the member from among the members of the legislative house in which he serves.

(3) A member of the board serving pursuant to paragraph (b)(3) of this article may be represented by another resident of his state who may participate in his place and stead, except that he shall not vote, provided that notice of the identity and designation of the representative selected by the member is given to the board in such manner as its bylaws may provide.

Article III. Powers

(a) The board shall prepare and keep current a statement of regional objectives, including recommended approaches to regional problems. The statement may also identify projects deemed by the board to be of regional significance. The statement shall be available in its initial form two (2) years from the effective date of this agreement, and shall be amended or revised no less frequently than once every six (6) years. The statement shall be in such detail as the board may prescribe. Amendments, revisions, supplements or evaluations may be transmitted at any time. An annual commentary on the statement shall be submitted at a regular time to be determined by the board.

(b) In addition to powers conferred on the board elsewhere in this agreement, the board shall have the power to make or commission studies, investigations and recommendations with respect to:

(1) The planning and programming of projects of interstate or regional significance.

(2) Planning and scheduling of governmental services and programs which would be of assistance to the orderly growth and prosperity of the region, and to the well-being of its population.

(3) Effective utilization of such federal assistance as may be available on a regional basis or as may have an interstate or regional impact.

(4) Measures for influencing population distribution, land use, development of new communities, and redevelopment of existing ones.

(5) Transportation patterns and systems of interstate and regional significance.

(6) Improved utilization of human and natural resources for the advancement of the region as a whole.

(7) Any other matters of a planning, data collection or informational character that the board may determine to be of value to the party states.

Article IV. Avoidance of Duplication

(a) To avoid duplication of effort and in the interest of economy, the board shall make use of existing studies, surveys, plans and data, and other materials in the possession of the governmental agencies of the party states and their respective subdivisions or in the possession of other interstate agencies. Each such agency, within available appropriations and if not expressly prevented or limited by law, is hereby authorized to make such materials available to the board and to otherwise assist it in the performance of its functions. At the request of the board, each such agency is further authorized to provide information regarding plans and programs affecting the region, or any subarea thereof, so that the board may have available to it current information with respect thereto.

(b) The board shall use qualified public and private agencies to make investigations and conduct research, but if it is unable to secure the undertaking of such investigations or original research by a qualified public or private agency, it shall have the power to make its own investigations and conduct its own research. The board may make contracts with any public or private agencies or private persons or entities for the undertaking of such investigations or original research within its purview.

(c) In general, the policy of paragraph (b) of this article shall apply to the activities of the board relating to its statement of regional objectives, but nothing herein shall be construed to require the board to rely on the services of other persons or agencies in developing the statement of regional objectives or any amendment, supplement or revision thereof.

Article V. Advisory Committees

The board shall establish a local governments advisory committee. In addition, the board may establish advisory committees representative of subregions of the South, civic and community interests, industry, agriculture, labor, or other categories or any combinations thereof. Unless the laws of a party state contain a contrary requirement, any public official of the party state or a subdivision thereof may serve on an advisory committee established pursuant hereto, and such service may be considered as a duty of his regular office or employment.

Article VI. Internal Management of the Board

(a) The members of the board shall be entitled to one (1) vote each. No action of the board shall be binding unless taken at a meeting at which a majority of the total number of votes on the board are cast in favor thereof. Action of the board shall be only at a meeting at which a majority of the members or their alternates are present. The board shall meet at least once a year. In its bylaws, and subject to such directions and limitations as may be contained therein, the board may delegate the exercise of any of its powers relating to internal administration and management to an executive committee or the executive director. In no event shall any such delegation include final approval of:

(1) A budget or appropriation request.

(2) The statement of regional objectives or any amendment, supplement or revision thereof.

(3) Official comments on or recommendations with respect to projects of interstate or regional significance.

(4) The annual report.

(b) To assist in the expeditious conduct of its business when the full board is not meeting, the board shall elect an executive committee of not to exceed twenty-three (23) members, including at least one (1) member from each party state. The executive committee, subject to the provisions of this agreement and consistent with the policies of the board, shall be constituted and function as provided in the bylaws of the board. One-half ( 1 / 2 ) of the membership of the executive committee shall consist of governors, and the remainder shall consist of other members of the board, except that at any time when there is an odd number of members on the executive committee, the number of governors shall be one (1) less than half of the total membership. The members of the executive committee shall serve for terms of two (2) years, except that members elected to the first executive committee shall be elected as follows: one (1) less than half of the membership for two (2) years and the remainder for one (1) year. The chairman, chairman-elect, vice-chairman and treasurer of the board shall be members of the executive committee and, anything in this paragraph to the contrary notwithstanding, shall serve during their continuance in these offices. Vacancies in the executive committee shall not affect its authority to act, but the board at its next regularly ensuing meeting following the occurrence of any vacancy shall fill it for the unexpired term.

(c) The board shall have a seal.

(d) The board shall elect, from among its members, a chairman, a chairman-elect, a vice-chairman and a treasurer. Elections shall be annual. The chairman-elect shall succeed to the office of chairman for the year following his service as chairman-elect. For purposes of the election and service of officers of the board, the year shall be deemed to commence at the conclusion of the annual meeting of the board and terminate at the conclusion of the next annual meeting thereof. The board shall provide for the appointment of an executive director. Such executive director shall serve at the pleasure of the board, and together with the treasurer and such other personnel as the board may deem appropriate shall be bonded in such amounts as the board shall determine. The executive director shall be secretary.

(e) The executive director, subject to the policy set forth in this agreement and any applicable directions given by the board, may make contracts on behalf of the board.

(f) Irrespective of the civil service, personnel or other merit system laws of any of the party states, the executive director, subject to the approval of the board, shall appoint, remove or discharge such personnel as may be necessary for the performance of the functions of the board, and shall fix the duties and compensation of such personnel. The board in its bylaws shall provide for the personnel policies and programs of the board.

(g) The board may borrow, accept or contract for the services of personnel from any party jurisdiction, the United States, or any subdivision or agency of the aforementioned governments, or from any agency of two (2) or more of the party jurisdictions or their subdivisions.

(h) The board may accept for any of its purposes and functions under this agreement any and all donations and grants of money, equipment, supplies, materials and services, conditional or otherwise, from any state, the United States, or any other governmental agency, or from any person, firm, association, foundation or corporation, and may receive, utilize and dispose of the same. Any donation or grant accepted by the board pursuant to this paragraph or services borrowed pursuant to paragraph (g) of this article shall be reported in the annual report of the board. Such report shall include the nature, amount and conditions, if any, of the donation, grant, or services borrowed, and the identity of the donor or lender.

(i) The board may establish and maintain such facilities as may be necessary for the transacting of its business. The board may acquire, hold and convey real and personal property and any interest therein.

(j) The board shall adopt bylaws for the conduct of its business and shall have the power to amend and rescind these bylaws. The board shall publish its bylaws in convenient form and shall file a copy thereof and a copy of any amendment thereto with the appropriate agency or officer in each of the party states.

(k) The board annually shall make to the governor and legislature of each party state a report covering the activities of the board for the preceding year. The board at any time may make such additional reports and transmit such studies as it may deem desirable.

(l) The board may do any other or additional things appropriate to implement powers conferred upon it by this agreement.

Article VII. Finance

(a) The board shall advise the governor or designated officer or officers of each party state of its budget of estimated expenditures for such period as may be required by the laws of that party state. Each of the board's budgets of estimated expenditures shall contain specific recommendations of the amount or amounts to be appropriated by each of the party states.

(b) The total amount of appropriation requests under any budget shall be apportioned among the party states. Such apportionment shall be in accordance with the following formula:

(1) One-third ( 1 / 3 ) in equal shares,

(2) One-third ( 1 / 3 ) in the proportion that the population of a party state bears to the population of all party states, and

(3) One-third ( 1 / 3 ) in the proportion that the per capita income in a party state bears to the per capita income in all party states.

In implementing this formula, the board shall employ the most recent authoritative sources of information and shall specify the sources used.

(c) The board shall not pledge the credit of any party state. The board may meet any of its obligations in whole or in part with funds available to it pursuant to Article VI(h) of this agreement, provided that the board takes specific action setting aside such funds prior to incurring an obligation to be met in whole or in part in such manner. Except where the board makes use of funds available to it pursuant to Article VI(h), or borrows pursuant to this paragraph, the board shall not incur any obligation prior to the allotment of funds by the party states adequate to meet the same. The board may borrow against anticipated revenues for terms not to exceed two (2) years, but in any such event the credit pledged shall be that of the board and not of a party state.

(d) The board shall keep accurate accounts of all receipts and disbursements. The receipts and disbursements of the board shall be subject to the audit and accounting procedures established by its bylaws. However, all receipts and disbursements of funds handled by the board shall be audited yearly by a certified or licensed public accountant, and the report of the audit shall be included in and become part of the annual report of the board.

(e) The accounts of the board shall be open at any reasonable time for inspection by duly constituted officers of the party states and by any persons authorized by the board.

(f) Nothing contained herein shall be construed to prevent board compliance with laws relating to audit or inspection of accounts by or on behalf of any government contributing to the support of the board.

Article VIII. Cooperation With the Federal Government and Other Governmental Entities

Each party state is hereby authorized to participate in cooperative or joint planning undertakings with the federal government, and any appropriate agency or agencies thereof, or with any interstate agency or agencies. Such participation shall be at the instance of the governor or in such manner as state law may provide or authorize. The board may facilitate the work of state representatives in any joint interstate or cooperative federal-state undertaking authorized by this article, and each such state shall keep the board advised of its activities in respect of such undertakings, to the extent that they have interstate or regional significance.

Article IX. Subregional Activities

The board may undertake studies or investigations centering on the problems of one or more selected subareas within the region: provided that in its judgment, such studies or investigations will have value as demonstrations for similar or other areas within the region. If a study or investigation that would be of primary benefit to a given state, unit of local government, or intrastate or interstate area is proposed, and if the board finds that it is not justified in undertaking the work for its regional value as a demonstration, the board may undertake the study or investigation as a special project. In any such event, it shall be a condition precedent that satisfactory financing and personnel arrangements be concluded to assure that the party or parties benefited bear all costs which the board determines that it would be inequitable for it to assume. Prior to undertaking any study or investigation pursuant to this article as a special project, the board shall make reasonable efforts to secure the undertaking of the work by another responsible public or private entity in accordance with the policy set forth in Article IV(b).

Article X. Comprehensive Land Use Planning

If any two (2) or more contiguous party states desire to prepare a single or consolidated comprehensive land use plan, or a land use plan for any interstate area lying partly within each such state, the governors of the states involved may designate the board as their joint agency for the purpose. The board shall accept such designation and carry out such responsibility: provided that the states involved make arrangements satisfactory to the board to reimburse it or otherwise provide the resources with which the land use plan is to be prepared. Nothing contained in this article shall be construed to deny the availability for use in the preparation of any such plan of data and information already in the possession of the board or to require payment on account of the use thereof in addition to payments otherwise required to be made pursuant to other provisions of this agreement.

Article XI. Compacts and Agencies Unaffected

Nothing in this agreement shall be construed to:

(1) Affect the powers or jurisdiction of any agency of a party state or any subdivision thereof.

(2) Affect the rights or obligations of any governmental units, agencies or officials, or of any private persons or entities conferred or imposed by any interstate or interstate-federal compacts to which any one or more states participating herein are parties.

(3) Impinge on the jurisdiction of any existing interstate-federal mechanism for regional planning or development.

Article XII. Eligible Parties; Entry Into and Withdrawal

(a) This agreement shall have as eligible parties the states of Alabama, Arkansas, Delaware, Florida, Georgia, Kentucky, Louisiana, Maryland, Mississippi, Missouri, North Carolina, Oklahoma, South Carolina, Tennessee, Texas, Virginia and West Virginia, the Commonwealth of Puerto Rico and the territory of the Virgin Islands, hereinafter referred to as “party states.”

(b) Any eligible state may enter into this agreement and it shall become binding thereon when it has adopted the same: provided that in order to enter into initial effect, adoption by at least five (5) states shall be required.

(c) Adoption of the agreement may be either by enactment thereof or by adherence thereto by the governor; provided that in the absence of enactment, adherence by the governor shall be sufficient to make his state a party only until December 31, 1973. During any period when a state is participating in this agreement through gubernatorial action, the governor may provide to the board an equitable share of the financial support of the board from any source available to him. Nothing in this paragraph shall be construed to require a governor to take action contrary to the Constitution or laws of his state.

(d) Except for a withdrawal effective on December 31, 1973, in accordance with paragraph (c) of this article, any party state may withdraw from this agreement by enacting a statute repealing the same, but no such withdrawal shall take effect until one (1) year after the governor of the withdrawing state has given notice in writing of the withdrawal to the governors of all other party states. No withdrawal shall affect any liability already incurred by or chargeable to a party state prior to the time of such withdrawal.

Article XIII. Construction and Severability

This agreement shall be liberally construed so as to effectuate the purposes thereof. The provisions of this agreement shall be severable, and if any phrase, clause, sentence or provision of this agreement is declared to be contrary to the Constitution of any state or of the United States, or the application thereof to any government, agency, person or circumstance is held invalid, the validity of the remainder of this agreement and the applicability thereof to any government, agency, person or circumstance shall not be affected thereby. If this agreement shall be held contrary to the Constitution of any state participating therein, the agreement shall remain in full force and effect as to the state affected as to all severable matters.
Miss. Code Ann. § 57-19-3 — MS Code / Title 57 / Chapter 9 / Section 19-3
Miss. Code Ann. § 57-19-3
Status: in_force

The Legislature hereby finds and declares:

(a) That the economic progress of Mississippi depends in large measure upon the wise and most feasible use of our agricultural land, and other natural resources of the state;

(b) That food and food products grown and produced in this state substantially utilize a portion of our agricultural lands and other natural resources;

(c) That food and food products when continually improved and more effectively utilized can contribute substantially to the total economic development of Mississippi;

(d) That there is a tremendous need for additional knowledge about the production, harvesting, handling, grading, preparing, processing, storing, shipping and merchandising of food and food products; and

(e) That this chapter is specifically designed to establish a program for the discovery and dissemination of knowledge concerning food and food products and the uses thereof.
Miss. Code Ann. § 57-44-9 — MS Code / Title 57 / Chapter 27 / 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. § 57-21-1 — MS Code / Title 57 / Chapter 10 / 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. § 57-93-1 — MS Code / Title 57 / Chapter 64 / Section 93-1
Miss. Code Ann. § 57-93-1
Status: in_force

(1) As used in this section:

(a) “ Existing industry ” means a manufacturing enterprise that has been operating in this state, including any federal Indian reservation located within the geographical boundary of this state, for not less than two (2) consecutive years that meets minimum criteria established by the Mississippi Development Authority.

(b) “ Long-term fixed assets ” means assets that:

(i) Through new technology will improve an enterprise's productivity and competitiveness; and

(ii) Meet criteria established by the Mississippi Development Authority.

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

(2)(a) There is established the Mississippi Existing Industry Productivity Loan Program to be administered by the MDA for the purpose of providing loans to:

(i) Existing industries to deploy long-term fixed assets that through new technology will improve productivity and competitiveness;

(ii) Existing industries for the purchase or refinancing of land, buildings or equipment; and

(iii) Counties or incorporated municipalities to assist existing industries in deploying long-term fixed assets that through new technology will improve productivity and competitiveness and to assist existing industries through the purchase of land, buildings and equipment.

(b)(i) An existing industry that accepts a loan under this program shall not reduce employment by more than twenty percent (20%) through the use of the long-term fixed assets for which the loan is granted.

(ii) An existing industry that accepts assistance from a county or incorporated municipality through a loan made under this program shall not reduce employment by more than twenty percent (20%) through the use of the long-term fixed assets for which the assistance is granted.

(c) An existing industry desiring a loan under this section must submit an application to the MDA. The application shall include:

(i) A description of the purpose for which the loan is requested;

(ii) The amount of the loan requested;

(iii) The estimated total cost of the project;

(iv) A two-year business plan for the project;

(v) Financial statements or tax returns for the existing industry for the two (2) years immediately prior to the application;

(vi) Credit reports on all persons or entities with a twenty percent (20%) or greater interest in the enterprise; and

(vii) Any other information required by the MDA.

(d) A county or incorporated municipality desiring a loan under this section must submit an application to the MDA. The application shall include:

(i) A description of the purpose for which the loan is requested;

(ii) The amount of the loan requested;

(iii) The estimated total cost of the project;

(iv) A statement showing the sources of funding for the project;

(v) A two-year business plan for the project;

(vi) Financial statements or tax returns for the existing industry for the two (2) years immediately prior to the application;

(vii) Credit reports on all persons or entities with a twenty percent (20%) or greater interest in the existing industry;

(viii) Any commitment by the existing industry to pay rental on, or to make loan repayments related to, the assistance; and

(ix) Any other information required by the MDA.

(e) The MDA shall require that binding commitments be entered into requiring that:

(i) The minimum requirements of this section and such other requirements as the MDA considers proper shall be met; and

(ii) If such requirements are not met, all or a portion of the funds provided by this section as determined by the MDA shall be repaid.

(f) The rate of interest on loans under this section shall be set by the MDA.

(g) The MDA shall have all powers necessary to implement and administer the program established under this section, and the MDA shall promulgate rules and regulations, in accordance with the Mississippi Administrative Procedures Law, necessary for the implementation of this section. However, in making loans under this section, the MDA 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.

(3)(a) There is created in the State Treasury a special fund to be designated as the “Mississippi Existing Industry Productivity Loan Fund,” which shall consist of funds appropriated or otherwise made available by the Legislature in any manner and funds from any other source designated for deposit into such 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. Monies in the fund shall be used by the MDA for the purposes described in this section.

(b) Monies in the fund which are 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 that are deposited into the fund. Reimbursements made under this subsection shall satisfy any applicable federal tax law requirements.

(c)(i) There is hereby created the Mississippi Existing Industry Productivity Loan Program Bond Sinking Fund from which the principal and interest on bonds whose proceeds are deposited into the Mississippi Existing Industry Productivity Loan Fund and utilized to provide loans authorized under this section, shall be repaid. Unexpended amounts remaining in the bond sinking 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 bond sinking fund shall be deposited into the bond sinking fund. At any time when the funds required to pay the principal and interest on bonds whose proceeds are deposited into the Mississippi Existing Industry Productivity Loan Fund and are utilized to provide loans under this section are more than the amount available in the bond sinking fund, the Legislature shall appropriate the balance of the funds necessary to pay the principal and interest on such bonds.

(ii) Money repaid on loans authorized under this section that are derived from the proceeds of bonds deposited into the Mississippi Existing Industry Productivity Loan Fund shall be deposited into the Mississippi Existing Industry Productivity Loan Program Bond Sinking Fund.

(4)(a) A county that receives a loan under this section 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 under this section 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 monthly payments, semiannual payments or other periodic payments, the annual total of which shall not exceed the annual total for any other year of the loan by more than fifteen percent (15%). 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.

(b) 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 county or municipality 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. In addition, 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.

(c) 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. § 57-49-25 — MS Code / Title 57 / Chapter 7 / Section 49-25
Miss. Code Ann. § 57-49-25
Status: in_force

An application for a permit to conduct site characterization studies which shall be filed pursuant to this chapter shall contain the following information and materials:

(a) A description of the proposed activities, including maps, present and proposed development, and geological, seismic, ecological, hydrological, biological, aesthetic, social, demographic and related data as appropriate;

(b) A statement of the ownership and other financial interests in the facility;

(c) An estimate of the costs of the proposed activities, if any, and the source of the funds therefor;

(d) A statement of the need for the proposed activities, including the sources, type, and composition of the nuclear waste proposed to be received for storage at the facility;

(e) A plan for decontamination and decommissioning of the facility and the possibility of restoration of the site to unrestricted use, including the costs thereof and the source of the funds therefor;

(f) An assessment of the environmental impacts of the proposed action, including the preparation of a formal environment assessment, such assessment to include at a minimum:

(1) An evaluation by the secretary of the United States Department of Energy of the suitability of such site for site characterization pursuant to guidelines promulgated pursuant to Section 112(a) of P.L. 97-425 ;

(2) An evaluation of the short-term and long-term environmental effects and proposed mitigation measures proposed to minimize those effects;

(3) An evaluation of any adverse environmental effects which could not be avoided during the site characterization activities;

(4) An evaluation by the secretary as to whether such candidate site is suitable for development as a repository under each such guideline that does not require site characterization as a prerequisite for application of such guideline;

(5) An evaluation by the secretary of the effects of the site characterization activities at such candidate site on the public health and safety and the environment;

(6) A reasonable comparative evaluation by the secretary of such candidate site with other sites and locations that have been considered;

(7) A description of the decision process by which such candidate site was recommended; and

(8) An assessment of the regional and local impacts of locating the proposed repository at such candidate site.

(g) An assessment of the safety and adequacy of in-state transportation access to the site for construction and maintenance purposes;

(h) A disposal plan and assured funding mechanism for the nuclear waste proposed to be stored at the facility, including the costs of such disposal and the source of the funds therefor; and

(i) A complete survey by the applicant of its expertise and experience in all other fields of study in relation to high-level radioactive waste disposal, to include the general conclusions and technical results and findings of those activities.
Miss. Code Ann. § 57-10-419 — MS Code / Title 57 / Chapter 9 / Section 10-419
Miss. Code Ann. § 57-10-419
Status: in_force

(1) The corporation may issue in its own name, from time to time, for the purpose of financing the approved costs of an economic development project, its bonds and may pledge for the payment thereof funds derived in respect of any financing agreement or other arrangement entered into by the corporation and an approved company under Sections 57-10-401 through 57-10-445 .

(2) In anticipation of the issuance of bonds, the corporation may provide for the issuance, at one time or from time to time, of bond anticipation notes. The principal of and the interest on the notes shall be payable solely from the funds herein provided for the payment. Any notes may be made payable from the proceeds of bonds or renewal notes; or, if bond or renewal note proceeds are not available, the notes may be paid from any available revenues or assets of the corporation.

(3) The bonds issued under Sections 57-10-401 through 57-10-445 shall be authorized by a resolution of the corporation, shall bear such date or dates, and shall mature at such time or times as such resolution may provide, except that no bond shall mature more than twenty-five (25) years from the date of issue. Bonds which are not subject to taxation shall bear interest at such rate or rates, be in such denominations, be in such form, carry such registration privileges, be executed in such manner, be payable in such medium of payment, at such place or places, and be subject to such terms of redemption, including redemption before maturity, as such resolution may provide. Except as expressly provided otherwise in Sections 57-10-401 through 57-10-445 , the provisions of other laws of the state relating to the issuance of revenue bonds shall not apply to bonds issued by the corporation. As to bonds issued hereunder and designated as taxable bonds by the corporation, any immunity to taxation by the United States government of interest on such bonds or notes is hereby waived. Bonds of the corporation may be sold by the corporation at public or private sale, from time to time, and at such price or prices as the corporation shall determine.

(4) The proceeds of any bonds shall be used solely for the purposes for which issued and shall be disbursed in the manner and under the restrictions, if any, that the corporation may provide in the resolution authorizing the issuance of the bonds or in a trust indenture securing the same.

(5) The principal and interest on the bonds issued by the corporation shall be payable solely and only from proceeds derived under a financing agreement and shall be secured solely by the economic development project, the proceeds of the financing agreement, and such other assets as may be available, but not including revenues of the state.

(6) Before the preparation of definitive certificates evidencing the bonds, the corporation may issue, under like restrictions, interim receipts or temporary certificates, with or without coupons, exchangeable for definitive certificates when the certificates have been executed and are available for delivery. The corporation may also provide for the replacement of any certificates which become mutilated or are destroyed or lost.
Miss. Code Ann. § 57-43-5 — MS Code / Title 57 / Chapter 4 / Section 43-5
Miss. Code Ann. § 57-43-5
Status: in_force

The Mississippi Department of Transportation may accept federal funds to carry out the provisions of this chapter. All federal grants received under provisions of this chapter shall be expended for the purposes set forth in the federal grants. The transportation department, upon a finding that sufficient federal grants for railroad rehabilitation are not available, and with the approval of the State Fiscal Management Board, may make grants to railroad corporations in a total amount not to exceed Two Million Dollars ($ 2,000,000.00) from the Railroad Revitalization Fund.
Miss. Code Ann. § 57-49-41 — MS Code / Title 57 / Chapter 25 / 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. § 57-61-17 — MS Code / Title 57 / Chapter 23 / Section 61-17
Miss. Code Ann. § 57-61-17
Status: in_force

(1) The board may prescribe such application forms and promulgate such guidelines, rules and regulations as may be necessary to carry out the provisions of this chapter with respect to loan and grant conditions and criteria for evaluation of the economic benefit of proposed loans and grants and for determining and evaluating compliance with all the criteria established in this chapter.

(2) The board is authorized to engage legal services, financial advisors, appraisers and consultants, if needed, to review and close loans or grants made pursuant to this chapter. The cost of such professionals shall be paid by the borrower or from bond proceeds as determined and approved by the board.

(3) On or before February 1, 1987, and on or before February 1 in each succeeding year in which loans are outstanding, the board shall provide the Legislature with a report on its activities for the preceding calendar year. The report shall contain, at a minimum, the following information:

(a) A list of the approved projects including the municipality, name of private company or governmental unit, cost of each project, amount of private investment, projected number of new jobs, location of each project, date of submission of the application by the local sponsor, type of project and estimated completion date of each project.

(b) A list of applications not approved.

(c) A list of pending applications.

(d) A list of projects where job projections are not being met or the project is not being completed and the penalty being applied or the reason a penalty is not being applied.

(e) Estimates of state and local tax revenue increases caused directly by projects.

(f) A list of projects approved or completed in years prior to the preceding year.

(g) Guidelines issued for the Business Investment Program.

(h) An overall statement of the progress of the program during the preceding year, along with recommendations for improvements.

(4) The board shall accumulate from the municipalities having approved projects the following data on an annual and cumulative basis:

(a) The number of jobs actually created by these projects.

(b) Estimated increased tax revenue caused by the projects.
Miss. Code Ann. § 57-55-9 — MS Code / Title 57 / Chapter 3 / Section 55-9
Miss. Code Ann. § 57-55-9
Status: in_force

(1) The Mississippi Mineral Resources Institute, hereinafter referred to as MMRI, is hereby established. The MMRI shall be under the management and control of the board of trustees of state institutions of higher learning. The principal offices of the MMRI shall be located at the University of Mississippi. The MMRI shall be organized to coordinate mining and mineral 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 and conservation of the mineral resources of the state.

(2) It shall be the function and duties of the MMRI to:

(a) Conduct basic and applied research for the development and conservation of mineral resources, including but not limited to mining, land reclamation and disposal of waste material;

(b) Assist and support mining and mineral related research programs at the various institutions of higher learning;

(c) Assist and consult with state and local agencies in planning the development and conservation of mineral resources;

(d) Maintain liaison with private industry and appropriate state and local agencies to promote industrial development and conservation of mineral resources and plan, initiate and maintain a program of cooperative training between private industry and the academic and technical institutions of the state;

(e) Disseminate new information and facilitate transfer and application of new technologies as they are developed; and

(f) Negotiate and administer contracts with private, local, regional, state and federal agencies.
Miss. Code Ann. § 57-49-37 — MS Code / Title 57 / Chapter 3 / 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. § 57-27-13 — MS Code / Title 57 / Chapter 10 / Section 27-13
Miss. Code Ann. § 57-27-13
Status: in_force

All grants under the provisions of this chapter shall be on a matching basis with the applying council furnishing fifty percent (50%) of the funds and the state grants in no event exceeding an amount equal to the funds supplied by the council. Upon approval of each application and the making of a grant by the board in accordance therewith, the board shall give notice to the applying regional tourist promotion council of such approval and grant, and shall direct the regional tourist promotion council to proceed with its promotional program as described in its application, and to use therefor funds allocated by the regional tourist promotion council for such purposes. Upon the furnishing of said evidence to the board that the particular regional tourist promotion council has proceeded in accordance with the terms of the application, the grant allocated to such agency shall be paid to the council by the board.

The board may, from time to time, make such investigations and audits, and require each participating council to furnish such evidence or proof, to determine that all funds granted under the provisions of this chapter are being handled and expended for the purposes as approved by the board in awarding the grant.
Miss. Code Ann. § 57-21-13 — MS Code / Title 57 / Chapter 10 / Section 21-13
Miss. Code Ann. § 57-21-13
Status: in_force

Administrative, technical, and support personnel of all divisions of the laboratory shall be employees of the Mississippi State Chemical Laboratory. However, all employees will have rights, privileges, and responsibilities pertaining thereto, including all fringe benefits available to the general university staff. Recommendations for appointment, discharge, salaries, duties, and position titles shall be made by the State Chemist to the president of the university, whose approval shall be sufficient for all nonteaching posts. Laboratory members recommended for appointment to joint laboratory-teaching positions shall be approved in a manner customary with other university faculty or staff appointments.
Miss. Code Ann. § 57-31-15 — MS Code / Title 57 / Chapter 9 / Section 31-15
Miss. Code Ann. § 57-31-15
Status: in_force

The proceeds of such bonds shall be paid into the county treasury to the credit of a special fund known as the industrial development authority construction fund, and shall be used solely for payment of the cost of the project except as hereinafter provided, and shall be disbursed upon order of the authority upon such restrictions, if any, as the resolution authorizing the issuance of the bonds may provide. If the proceeds of the bonds of any issue shall exceed the amount required for the purpose for which the bonds were issued, the surplus shall be paid into the fund established for the payment of the principal of and the interest on such bonds.
Miss. Code Ann. § 57-10-133 — MS Code / Title 57 / Chapter 1 / Section 10-133
Miss. Code Ann. § 57-10-133
Status: in_force

The committee is hereby authorized and empowered to accept federal and private grant funds and to use same for all purposes. The committee may use any such federal or private grant funds to establish a supplemental loan guaranty fund with the state treasury and may make additional loan guaranties on the basis of such fund; provided that the aggregate amount of such additional loan guaranties shall not at any time exceed five (5) times the amount on deposit in such supplemental loan guaranty fund; provided further, that the aggregate of the liability for such supplemental loan guaranty fund and the liability authorized by Section 57-10-115(3) shall not exceed seventeen million five hundred thousand dollars ($ 17,500,000.00) at any one (1) time.
Miss. Code Ann. § 57-34-1 — MS Code / Title 57 / Chapter 31 / 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. § 57-75-27 — MS Code / Title 57 / Chapter 63 / Section 75-27
Miss. Code Ann. § 57-75-27
Status: in_force

Notwithstanding any provision of Chapter 61, Title 57, Mississippi Code of 1972 , to the contrary, the Mississippi Major Economic Impact Authority shall certify to the Department of Economic and Community Development the amount of money necessary for the Major Economic Impact Authority to purchase land in fee simple to provide a buffer zone for the National Aeronautics and Space Administration facility to be constructed in Tishomingo County, which amount shall not be more than Seven Million Dollars ($ 7,000,000.00); and the department shall, if funds have not otherwise been made available, provide a grant to the authority for such amount out of the proceeds of bonds issued under the Mississippi Business Investment Act. Any funds remaining unexpended after the purchase of land hereunder shall be deposited in the Mississippi Business Investment Sinking Fund. No funds in excess of the amount authorized in this section shall be expended pursuant to the Mississippi Business Investment Act for or in connection with the National Aeronautics and Space Administration facility to be constructed in Tishomingo County.
Miss. Code Ann. § 57-49-15 — MS Code / Title 57 / Chapter 15 / Section 49-15
Miss. Code Ann. § 57-49-15
Status: in_force

The board, the council and the committee shall serve as advocates on behalf of the citizens of this state before the federal department of energy and other federal agencies on matters related to the long-term or temporary storage and/or permanent disposal of high-level radioactive waste and transuranic waste.
Miss. Code Ann. § 57-62-1 — MS Code / Title 57 / Chapter 33 / Section 62-1
Miss. Code Ann. § 57-62-1
Status: in_force

This chapter shall be known and may be cited as the “Mississippi Advantage Jobs Act.”
Miss. Code Ann. § 57-55-7 — MS Code / Title 57 / Chapter 30 / Section 55-7
Miss. Code Ann. § 57-55-7
Status: in_force

(1) The board of trustees of state institutions of higher learning is hereby authorized and directed to establish a Mississippi Water Resources Research Institute, hereinafter referred to as the WRRI, at Mississippi State University under the direct supervision of the president of the university or a vice-president to be designated by the president.

(2) It shall be the function and duty of the WRRI to:

(a) Assist state agencies in the development and maintenance of a state water management plan;

(b) Consult with state and local governmental agencies, water management districts, water user associations, the legislature of the state of Mississippi, and other potential users in identifying and establishing research, planning, policy, and management priorities regarding water problems.

(c) Negotiate and administer contracts with local, regional, state and federal agencies and other universities of the state for mitigation of priority water and related problems;

(d) Report to the appropriate state agencies each year on the progress and findings of research projects;

(e) Disseminate new information and facilitate transfer and application of new technologies as they are developed;

(f) Provide for liaison between Mississippi and funding agencies as an advocate for Mississippi water research, planning, policy, and management needs; and

(g) Facilitate and stimulate planning and management that:

(i) Deals with water policy issues facing the state of Mississippi;

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

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

(3) The principal administrative officer of the WRRI shall be a director, who shall be appointed by the president of Mississippi State University, with the approval of the board of trustees of state institutions of higher learning. To meet the purposes of the WRRI, the director shall develop appropriate policies and procedures (a) for identification of priority research problems; (b) for collaborating with local and state governmental agencies, water user associations, 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 dissemination and transfer of information and technology produced by research.
Miss. Code Ann. § 57-61-9 — MS Code / Title 57 / Chapter 34 / Section 61-9
Miss. Code Ann. § 57-61-9
Status: in_force

(1) Any private company desiring assistance from a municipality shall submit to the municipality a letter of intent to locate, expand or build a facility entirely or partially within the municipality or on land the municipality is authorized to own or otherwise acquire. The letter of intent shall include:

(a) Except for strategic investments, a commitment that the proposed project will create and maintain a minimum of ten (10) net new full-time equivalent jobs, will create and maintain at least a five percent (5%) increase in full-time equivalent jobs in the case of expansion of an enterprise already located at the site or at least a twenty-five percent (25%) increase in full-time equivalent jobs pursuant to subsection (9) of Section 57-61-15 and will create and maintain at least one (1) net new full-time equivalent job for every Fifteen Thousand Dollars ($ 15,000.00) either loaned or granted for the project. The commitment required by this paragraph (a) shall include any jobs created prior to March 31, 1986 resulting from contracts entered into contingent upon assistance being made available under this chapter. All jobs required to be maintained by this paragraph (a) shall be maintained until such time as any loan made under this chapter for the benefit of a private company is repaid.

(b) A statement that the specific improvements are necessary for the efficient and cost-effective operation of the private company, together with supporting financial and engineering documentation.

(c) Any commitment to pay rental on, or to make loan repayments related to, the improvements to be made with funds loaned to a municipality under this chapter.

(d) If required by the Mississippi Development Authority, a notarized statement of willingness to grant a lien on the facility for which the improvement is being provided, in an amount and a manner to be determined by the Mississippi Development Authority, which lien may be foreclosed in the event that the private company fails to operate in the facility according to the terms of the agreement and/or to collateralize the loan made for the benefit of the private company for which the improvement is being provided in an amount and manner to be determined by the Mississippi Development Authority. In the event the contractual agreement is to be entered into with a department or subsidiary of the United States government, the Mississippi Development Authority shall determine that the governmental unit will operate the proposed project for a sufficient number of years to retire the loan based on increased revenue estimates by the University Research Center and any agreement entered into shall reflect that the interest paid on any loan for such purpose shall be included in Mississippi's contributory value in the project. In the event the private company requesting the assistance is a subsidiary of another corporation, if required by the Mississippi Development Authority, any contractual agreement entered into shall also require the parent company to unconditionally warrant the performance of the subsidiary in carrying out the terms of the agreement or it shall require the subsidiary and/or the parent company to pledge assets in an amount and a manner to be determined by the Mississippi Development Authority and/or to collateralize the loan in an amount and a manner to be determined by the Mississippi Development Authority to ensure the performance of the terms of the contract.

(2) Upon receipt of the letter of intent from a private company, the municipality may apply to the Mississippi Development Authority for a loan or grant. The application from the municipality shall include, but not be limited to:

(a) A statement of the purpose of the proposed loan or grant, including a list of eligible items and the cost of each.

(b) A statement showing the sources of funding for the entire project, including the private company's or governmental unit's investment in the project and any public and other private sources of funding.

(c) A certified copy of the signed letter of intent from a private company or governmental unit, as specified in this section.

(d) Evidence that there will be a private match of at least Three Dollars ($ 3.00) for every One Dollar ($ 1.00) of state assistance, except:

(i) In the case of ports the private match will be at least Two Dollars ($ 2.00) for every One Dollar ($ 1.00) of state assistance; and

(ii) In the case where the Mississippi Development Authority determines that a private company is a high technology enterprise the private match will be at least Two Dollars ($ 2.00) for every One Dollar ($ 1.00) of state assistance.

The Mississippi Development Authority shall establish criteria for determining whether a private company is a high technology enterprise.

(e) Demonstration that the private company is financially sound and is likely to fulfill the commitments made in its letter of intent.

(f) A proposed timetable for the provision of the improvements.

(g) Evidence that the project will be expeditiously carried out and completed as planned.

(h) A demonstration that insufficient local capital improvement funds at reasonable rates and terms are available within the necessary time to provide the needed improvement on public property. This includes local funds available through issuance of bonds or other means, state funds available through existing programs, and available federal program funds such as community development block grant funds, urban development action grant funds, and economic development administration funds.

(i) A demonstration that insufficient private funds are available at reasonable rates and terms within the necessary time to fund improvement on property owned by the private company.

(3) The Mississippi Development Authority shall consider grant and loan applications based on the following criteria:

(a) The number of net new full-time equivalent jobs that will be provided and the amount of additional state and local tax revenue estimated by the University Research Center to be directly generated by the private company's new investment, and additionally, as to loan applications by state agencies, the extent to which shipping through the port will be increased by the proposed port development projects, the degree to which jobs will be increased in the port area and the impact on port revenues.

(b) The ability to repay the principal and interest, in the case of a loan, based on increased revenue estimates and any revenue-producing provision of a contractual agreement.

(c) The increase in the employment base of the state.

The Mississippi Development Authority and the University Research Center may use the resources and capabilities of the planning and development districts in carrying out the provisions of this chapter.

(4) No loan shall be made in excess of the amounts which can be repaid with the increased revenues estimated by the University Research Center, provided that this subsection (4) shall not apply to loans in connection with a United States Navy home port.

(5)(a) Notwithstanding anything contained in this chapter, an agency of the State of Mississippi operating a state-owned port, and hereinabove identified as a “ municipality ” and “ governmental unit ” for purposes of this chapter, may make application for a loan or grant under the terms and provisions of this chapter. In addition, a public agency operating a port bordering on the Gulf of Mexico, which shall be considered to be a “ municipality ” or a “ governmental unit ” for the purposes of this chapter, may make application for a loan or grant under the terms and provisions of this chapter from funds other than those funds authorized for a state-owned port under paragraph (e)(iii) of Section 57-61-11 . The application shall be initiated by submission of a letter of intent to engage in a project or projects for the purpose of effecting enlargement and improvement in all facilities used and useful in attracting international and foreign commerce through the port. Projects eligible for inclusion in the letter of intent may include, but not be restricted to:

(i) Dredging and deepening the access channel and harbor basin of the port;

(ii) Effecting the enlargement of the land area of the port by reclamation;

(iii) Construction and installation of piling, bulkheads, docks, wharves, warehouses and appurtenances; and

(iv) Acquisition of facilities and equipment for handling bulk and containerized cargo.

(b) With respect to a state-owned port bordering on the Gulf of Mexico, the letter of intent shall include the following information and any other information required by the Mississippi Development Authority:

(i) Present and future annual tonnages expected as a result of the improvements.

(ii) Reasons why present facilities are inadequate to enable the port to compete, including limitations imposed by insufficient depth of channel and basin.

(iii) Increased channel and basin depths necessary to accommodate modern shipping.

(iv) Comparison of the percentage of the world's cargo shipping that can now be accommodated with what could be accommodated with project improvements.

(v) Economic contribution to the region and state resulting from increased shipping activity.

(vi) Statement of degree to which port revenues are expected to be increased as a result of projects.

(vii) Financial data of port activities, including cost of project, degree of federal funding available and required local participation.

On or before January 1, 1989, a state-owned port described in this paragraph (b) shall submit to the Senate Finance Committee and the House Ways and Means Committee of the Mississippi Legislature a comprehensive, written report updating for each committee the information listed in items (i) through (vii) of this paragraph (b) with particular emphasis on the economic contribution to the region and state by shipping activity at the port; on financial data with respect to the degree of federal funding available and local participation in funding port activities; and on progress made in dredging and completing other improvements necessary to accommodate modern shipping.

(c) The Mississippi Development Authority shall consider grant and loan applications based on the following:

(i) The extent to which shipping through the port will be increased by the proposed projects.

(ii) The degree to which jobs will be increased in the port area.

(iii) Impact on port revenues.

(iv) The ability of the port to repay interest and principal in the case of a loan.

(6) A municipality may apply to the Mississippi Development Authority for a grant under the terms and provisions of this chapter, and the Mississippi Development Authority may award grants to a municipality subject to limitations contained in this chapter. The application shall be initiated by submission of a letter of intent to engage in a project or projects for the purpose of providing improvements necessary to accommodate a United States Navy home port.

(7) The Legislature hereby finds and determines that financing facilities necessary to accommodate a Navy home port serves a valid public purpose in that a Navy home port will significantly contribute to the employment base of the state which is in great need of assistance; provided, that in the event such facilities are no longer required for use by the Navy as a home port, such facilities shall revert as provided in Section 59-9-21 .

(8) Notwithstanding any provision or requirement of this chapter to the contrary, a municipality may make application for a loan under this chapter, in an amount not to exceed Five Million Dollars ($ 5,000,000.00), for the purpose of acquiring and developing land to be used as a technology/industrial park for which there is a binding commitment by one or more private companies to create and maintain not less than an aggregate of three hundred (300) jobs meeting minimum criteria established by the Mississippi Development Authority. Such a commitment by a private company shall not disqualify the private company from obtaining assistance under this section. The match requirements of this section shall not apply to any loan made pursuant to this subsection (8).

(9) Notwithstanding any provision or requirement of this chapter to the contrary, a municipality operating a county-owned port or municipally owned port may make application for a loan under this chapter, in an amount not to exceed Three Million Dollars ($ 3,000,000.00), for the purpose of acquiring land, buildings and other improvements and for repairing, renovating, maintaining and improving such a port.

(10)(a) A municipality is authorized to negotiate a contract for the acquisition, construction and erection of a project or any portion of a project hereunder where a municipality finds that, because of the particular nature of a project or any portion thereof, it would be in the best public interest of the municipality to negotiate.

(b) Contracts by a private company for the acquisition, construction or erection of a project which receives assistance under this chapter shall be effected in the manner prescribed by law for public contracts, unless the Mississippi Development Authority makes a written finding that, because of special circumstances with respect to the projects or any portion thereof, it would better serve the public interest or more effectively achieve the purposes of this chapter to enter into such contracts based on negotiation.

(11) A municipality is authorized upon such terms and conditions as the municipality may deem advisable, provided such terms and conditions shall not be in conflict with the provisions of this chapter, to (a) acquire, whether by construction, purchase, gift or lease, all of or any portion of a project hereunder; (b) to lease or sell to others all of or any portion of a project hereunder; and (c) to lend to the private company the proceeds of the loan from the board to such municipality.

(12) All agreements between a municipality and a private company related directly or indirectly to a project or a portion of a project to be funded in whole or in part under this chapter are subject to approval by the Mississippi Development Authority.
Miss. Code Ann. § 57-75-11 — MS Code / Title 57 / Chapter 64 / Section 75-11
Miss. Code Ann. § 57-75-11
Status: repealed

The authority, in addition to any and all powers now or hereafter granted to it, is empowered and shall exercise discretion and the use of these powers depending on the circumstances of the project or projects:

(a) To maintain an office at a place or places within the state.

(b) To employ or contract with architects, engineers, attorneys, accountants, construction and financial experts and such other advisors, consultants and agents as may be necessary in its judgment and to fix and pay their compensation.

(c) To make such applications and enter into such contracts for financial assistance as may be appropriate under applicable federal or state law.

(d) To apply for, accept and utilize grants, gifts and other funds or aid from any source for any purpose contemplated by the act, and to comply, subject to the provisions of this act, with the terms and conditions thereof.

(e)(i) To acquire by purchase, lease, gift, or in other manner, including quick-take eminent domain, or obtain options to acquire, and to own, maintain, use, operate and convey any and all property of any kind, real, personal, or mixed, or any interest or estate therein, within the project area, necessary for the project or any facility related to the project. The provisions of this paragraph that allow the acquisition of property by quick-take eminent domain shall be repealed by operation of law on July 1, 1994; and

(ii) Notwithstanding any other provision of this paragraph (e), from and after November 6, 2000, to exercise the right of immediate possession pursuant to the provisions of Sections 11-27-81 through 11-27-89 for the purpose of acquiring land, property and/or rights-of-way in the county in which a project as defined in Section 57-75-5(f)(iv) 1 is located, that are necessary for such project or any facility related to the project.

(f) To acquire by purchase or lease any public lands and public property, including sixteenth section lands and lieu lands, within the project area, which are necessary for the project. Sixteenth section lands or lieu lands acquired under this act shall be deemed to be acquired for the purposes of industrial development thereon and such acquisition will serve a higher public interest in accordance with the purposes of this act.

(g) If the authority identifies any land owned by the state as being necessary, for the location or use of the project, or any facility related to the project, to recommend to the Legislature the conveyance of such land or any interest therein, as the Legislature deems appropriate.

(h) To make or cause to be made such examinations and surveys as may be necessary to the planning, design, construction and operation of the project.

(i) From and after the date of notification to the authority by the enterprise that the state has been finally selected as the site of the project, to acquire by condemnation and to own, maintain, use, operate and convey or otherwise dispose of any and all property of any kind, real, personal or mixed, or any interest or estate therein, within the project area, necessary for the project or any facility related to the project, with the concurrence of the affected public agency, and the exercise of the powers granted by this act, according to the procedures provided by Chapter 27, Title 11, Mississippi Code of 1972 , except as modified by this act.

(i) Except as otherwise provided in subparagraph (iii) of this paragraph (i), in acquiring lands by condemnation, the authority shall not acquire minerals or royalties in minerals unless a competent registered professional engineer shall have certified that the acquisition of such minerals and royalties in minerals is necessary for purposes of the project; provided that limestone, clay, chalk, sand and gravel shall not be considered as minerals for the purposes of subparagraphs (i) and (ii) of this paragraph (i);

(ii) Unless minerals or royalties in minerals have been acquired by condemnation or otherwise, no person or persons owning the drilling rights or the right to share in production of minerals shall be prevented from exploring, developing, or producing oil or gas with necessary rights-of-way for ingress and egress, pipelines and other means of transporting interests on any land or interest therein of the authority held or used for the purposes of this act; but any such activities shall be under such reasonable regulation by the authority as will adequately protect the project contemplated by this act as provided in paragraph (r) of this section; and

(iii) In acquiring lands by condemnation, including the exercise of immediate possession, for a project, as defined in Section 57-75-5(f)(iv) 1 , the authority may acquire minerals or royalties in minerals.

(j) To negotiate the necessary relocation or rerouting of roads and highways, railroad, telephone and telegraph lines and properties, electric power lines, pipelines and related facilities, or to require the anchoring or other protection of any of these, provided due compensation is paid to the owners thereof or agreement is had with such owners regarding the payment of the cost of such relocation, and to acquire by condemnation or otherwise easements or rights-of-way for such relocation or rerouting and to convey the same to the owners of the facilities being relocated or rerouted in connection with the purposes of this act.

(k) To negotiate the necessary relocation of graves and cemeteries and to pay all reasonable costs thereof.

(l) To perform or have performed any and all acts and make all payments necessary to comply with all applicable federal laws, rules or regulations including, but not limited to, the Uniform Relocation Assistance and Real Property Acquisition Policies Act of 1970 ( 42 USCS 4601 , 4602 , 4621 to 4638 , and 4651 to 4655 ) and relocation rules and regulations promulgated by any agency or department of the federal government.

(m) To construct, extend, improve, maintain, and reconstruct, to cause to be constructed, extended, improved, maintained, and reconstructed, and to use and operate any and all components of the project or any facility related to the project, with the concurrence of the affected public agency, within the project area, necessary to the project and to the exercise of such powers, rights, and privileges granted the authority.

(n) To incur or defray any designated portion of the cost of any component of the project or any facility related to the project acquired or constructed by any public agency.

(o)(i) To lease, sell or convey any or all property acquired by the authority under the provisions of this act to the enterprise, its successors or assigns, and/or any entity for purposes in furtherance of economic development as determined by the authority, and in connection therewith to pay the costs of title search, perfection of title, title insurance and recording fees as may be required. The authority may provide in the instrument conveying such property a provision that such property shall revert to the authority if, as and when the property is declared by the transferee to be no longer needed.

(ii) To lease, sell, transfer or convey on any terms agreed upon by the authority any or all real and personal property, improvements, leases, funds and contractual obligations of a project as defined in Section 57-75-5(f)(vi) and conveyed to the State of Mississippi by a Quitclaim Deed from the United States of America dated February 23, 1996, filed of record at pages 511 to 524, Deed Book Number B179, Chancery Clerk's Office, Tishomingo County, Mississippi, to any governmental authority located within the geographic boundaries of the county wherein such project exists upon agreement of such governmental authority to undertake and assume from the State of Mississippi all obligations and responsibilities in connection with ownership and operation of the project. Property leased, sold, transferred or otherwise conveyed by the authority under this paragraph (o) shall be used only for economic development purposes.

(p) To enter into contracts with any person or public agency, including, but not limited to, contracts authorized by Section 57-75-17 , in furtherance of any of the purposes authorized by this act upon such consideration as the authority and such person or public agency may agree. Any such contract may extend over any period of time, notwithstanding any rule of law to the contrary, may be upon such terms as the parties thereto shall agree, and may provide that it shall continue in effect until bonds specified therein, refunding bonds issued in lieu of such bonds, and all other obligations specified therein are paid or terminated. Any such contract shall be binding upon the parties thereto according to its terms. Such contracts may include an agreement to reimburse the enterprise, its successors and assigns for any assistance provided by the enterprise in the acquisition of real property for the project or any facility related to the project.

(q) To establish and maintain reasonable rates and charges for the use of any facility within the project area owned or operated by the authority, and from time to time, to adjust such rates and to impose penalties for failure to pay such rates and charges when due.

(r) To adopt and enforce with the concurrence of the affected public agency all necessary and reasonable rules and regulations to carry out and effectuate the implementation of the project and any land use plan or zoning classification adopted for the project area, including, but not limited to, rules, regulations, and restrictions concerning mining, construction, excavation or any other activity the occurrence of which may endanger the structure or operation of the project. Such rules may be enforced within the project area and without the project area as necessary to protect the structure and operation of the project. The authority is authorized to plan or replan, zone or rezone, and make exceptions to any regulations, whether local or state, with the concurrence of the affected public agency which are inconsistent with the design, planning, construction or operation of the project and facilities related to the project.

(s) To plan, design, coordinate and implement measures and programs to mitigate impacts on the natural environment caused by the project or any facility related to the project.

(t) To develop plans for technology transfer activities to ensure private sector conduits for exchange of information, technology and expertise related to the project to generate opportunities for commercial development within the state.

(u) To consult with the State Department of Education and other public agencies for the purpose of improving public schools and curricula within the project area.

(v) To consult with the State Board of Health and other public agencies for the purpose of improving medical centers, hospitals and public health centers in order to provide appropriate health care facilities within the project area.

(w) To consult with the Office of Minority Business Enterprise Development and other public agencies for the purpose of developing plans for technical assistance and loan programs to maximize the economic impact related to the project for minority business enterprises within the State of Mississippi.

(x) To deposit into the “Yellow Creek Project Area Fund” created pursuant to Section 57-75-31 :

(i) Any funds or aid received as authorized in this section for the project described in Section 57-75-5(f)(vi) , and

(ii) Any funds received from the sale or lease of property from the project described in Section 57-75-5(f)(vi) pursuant to the powers exercised under this section.

(y) To manage and develop the project described in Section 57-75-5(f)(vi) .

(z) To promulgate rules and regulations necessary to effectuate the purposes of this act.

(aa) To negotiate a fee-in-lieu with the owners of the project.

(bb) To enter into contractual agreements to warrant any site work for a project defined in Section 57-75-5(f)(iv) 1 ; provided, however, that the aggregate amount of such warranties shall not exceed Fifteen Million Dollars ($15,000,000.00).

(cc) To provide grant funds to an enterprise operating a project defined in Section 57-75-5(f)(iv) 1 in an amount not to exceed Thirty-nine Million Dollars ($39,000,000.00).

(dd)(i) To own surface water transmission lines constructed with the proceeds of bonds issued pursuant to this act and in connection therewith to purchase and provide water to any project defined in Section 57-75-5(f)(iv) and to certificated water providers; and

(ii) To lease such surface water transmission lines to a public agency or public utility to provide water to such project and to certificated water providers.

(ee) To provide grant funds to an enterprise operating a project defined in Section 57-75-5(f)(v) or, in connection with a facility related to such a project, for job training, recruiting and infrastructure.

(ff) To enter into negotiations with persons proposing projects defined in Section 57-75-5(f)(xi) and execute acquisition options and conduct planning, design and environmental impact studies with regard to such project.

(gg) To establish such guidelines, rules and regulations as the authority may deem necessary and appropriate from time to time in its sole discretion, to promote the purposes of this act.

(hh) In connection with projects defined in Section 57-75-5(f)(ii) :

(i) To provide grant funds or loans to a public agency or an enterprise owning, leasing or operating a project defined in Section 57-75-5(f)(ii) in amounts not to exceed the amount authorized in Section 57-75-15(3)(b) ;

(ii) To supervise the use of all such grant funds or loans; and

(iii) To requisition money in the Mississippi Major Economic Impact Authority Revolving Loan Fund in connection with such loans.

(ii) In connection with projects defined under Section 57-75-5(f)(xiv) :

(i) To provide grant funds or loans to an enterprise owning, leasing or operating a project defined in Section 57-75-5(f)(xiv) ; however, the aggregate amount of any such loans under this paragraph (ii) shall not exceed Eighteen Million Dollars ($18,000,000.00) and the aggregate amount of any such grants under this paragraph (ii) shall not exceed Six Million Dollars ($6,000,000.00);

(ii) To supervise the use of all such grant funds or loans; and

(iii) Notwithstanding any provision of this act to the contrary, such loans shall be for a term not to exceed twenty (20) years as may be determined by the authority, shall bear interest at such rates as may be determined by the authority, shall, in the sole discretion of the authority, be secured in an amount and a manner as may be determined by the authority.

(jj) In connection with projects defined under Section 57-75-5(f)(xviii) :

(i) To provide grant funds of Twenty-five Million Dollars ($25,000,000.00) to an enterprise owning or operating a project defined in Section 57-75-5(f)(xviii) to be used for real estate improvements and which may be disbursed as determined by the authority;

(ii) To provide loans to an enterprise owning or operating a project defined in Section 57-75-5(f)(xviii) or make payments to a lender providing financing to the enterprise; subject to the following provisions:

1. Not more than Ten Million Dollars ($10,000,000.00) may be loaned to such an enterprise for the purpose of defraying costs incurred by the enterprise for site preparation and real property improvements during the construction of the project in excess of budgeted costs; however, the amount of any such loan shall not exceed fifty percent (50%) of such excess costs;

2. Not more than Sixty Million Dollars ($60,000,000.00) may be loaned to such an enterprise or paid to a lender providing financing to the enterprise for purposes determined appropriate by the authority, and the enterprise shall be obligated to repay the amount of the loan or payment plus any expenses incurred by the state as a result of the issuance of bonds pursuant to Section 57-75-15(3)(p) ; however, no such loan or payment may be made before the beginning of the fifth year after issuance by the enterprise of debt in like amount the proceeds of which are to be used in connection with the project;

(iii) To supervise the use of all such loan funds;

(iv) Loans under this paragraph (jj) may be for any term determined appropriate by the authority provided that the payments on any loan must be in an amount sufficient to pay the state's debt service on bonds issued for the purpose of providing funds for such a loan; and

(v) The repayment obligation of the enterprise for any loan or payment authorized under this paragraph (jj) shall, in the discretion of the authority, be secured in an amount and a manner as may be determined by the authority.

(kk) In connection with projects defined in Section 57-75-5(f)(xxi) or a facility related to such a project:

(i) To provide grant funds to reimburse public agencies, Itawamba Community College, Northeast Mississippi Community College, and/or East Mississippi Community College, public or private nonprofits or an enterprise owning or operating a project as defined in Section 57-75-5(f)(xxi) for site preparation, real estate improvements, utilities, railroads, roads, infrastructure, job training, recruiting and any other expenses approved by the authority in amounts not to exceed the amount authorized in Section 57-75-15(3)(s) ;

(ii) To supervise the use of all such grant funds so reimbursed; and

(iii) To enter into contractual agreements to warrant site preparation and availability for a project defined in Section 57-75-5(f)(xxi) .

(ll) In connection with a project related to a Tier One supplier:

(i) To provide grant funds to reimburse public agencies, public or private nonprofits and Tier One suppliers for site preparation, real estate improvements, utilities, railroads, roads, infrastructure, job training, recruiting and any other expenses approved by the authority in amounts not to exceed the amount authorized in Section 57-75-15(3)(t) ;

(ii) To supervise the use of all such grant funds so reimbursed.

(mm) In connection with projects defined in Section 57-75-5(f)(xxii) or a facility related to such a project:

(i) To provide grant funds to reimburse public agencies or an enterprise owning or operating a project as defined in Section 57-75-5(f)(xxii) for site preparation, real estate improvements, utilities, fire protection, wastewater, railroads, roads, infrastructure, job training, recruiting and any other expenses approved by the authority in amounts not to exceed the amount authorized in Section 57-75-15(3)(u) ; and

(ii) To supervise the use of all such grant funds so reimbursed.

(nn) It is the policy of the authority and the authority is authorized to accommodate and support any enterprise owning or operating a project defined in Section 57-75-5(f)(xviii) , 57-75-5(f)(xxi) , 57-75-5(f)(xxii) , 57-75-5(f)(xxvi) , 57-75-5(f)(xxvii) , 57-75-5(f) (xxviii), 57-75-5(f)(xxix), 57-75-5(f)(xxx), 57-75-5(f)(xxxi), 57-75-5(f)(xxxii) or 57-75-5(f)(xxxiii), or an enterprise developing or owning a project defined in Section 57-75-5(f)(xx) , that wishes to have a program of diversity in contracting, and/or that wishes to do business with or cause its prime contractor to do business with Mississippi companies, including those companies that are small business concerns owned and controlled by socially and economically disadvantaged individuals. The term “ socially and economically disadvantaged individuals ” shall have the meaning ascribed to such term under Section 8(d) of the Small Business Act ( 15 USCS 637(d) ) and relevant subcontracting regulations promulgated pursuant thereto; except that women shall be presumed to be socially and economically disadvantaged individuals for the purposes of this paragraph.

(oo) To provide grant funds to an enterprise developing or owning a project defined in Section 57-75-5(f)(xx) for reimbursement of costs incurred by such enterprise for infrastructure improvements in the initial phase of development of the project, upon dedication of such improvements to the appropriate public agency.

(pp) In connection with projects defined in Section 57-75-5(f)(xxiii) :

(i) To provide grant funds to reimburse public agencies or an enterprise operating a project as defined in Section 57-75-5(f)(xxiii) for site preparation, utilities, real estate improvements, infrastructure, roads, public works, job training and any other expenses approved by the authority in amounts not to exceed the amount authorized in Section 57-75-15(3)(v) ; and

(ii) To supervise the use of all such grant funds so reimbursed.

(qq)(i) To provide grant funds for the expansion of a publicly owned building for the project defined in Section 57-75-5(f)(xxiv) or loans to an enterprise owning, leasing or operating a project defined in Section 57-75-5(f)(xxiv) for the purchase and/or relocation of equipment, or for any other purpose related to the project as approved by the authority; however, the aggregate amount of any such loans under this paragraph (qq) shall not exceed Six Million Dollars ($6,000,000.00) and the aggregate amount of any such grants under this paragraph (qq) shall not exceed Seven Million Dollars ($7,000,000.00);

(ii) To supervise the use of all such grant funds or loans; and

(iii) Notwithstanding any provision of this act to the contrary, such loans shall be for a term not to exceed ten (10) years as may be determined by the authority, shall bear a rate of interest to be determined by the authority, and shall be secured in an amount and a manner as may be determined by the authority.

(rr)(i) To provide grant funds to an enterprise owning or operating a project defined in Section 57-75-5(f)(xxv) for reimbursement of costs incurred by the enterprise in reconfiguring the manufacturing plant and for the purchase of equipment, or for any other purpose related to the project as approved by the authority;

(ii) To supervise the use of all such grant funds.

(ss) In connection with projects defined under Section 57-75-5(f)(xxvi) :

(i) To provide grant funds and/or loans to a public agency in an amount not to exceed Fifteen Million Dollars ($15,000,000.00) for the construction of a publicly owned building to be leased by the enterprise owning or operating the project;

(ii) To provide loan guarantees in an amount not to exceed the total cost of the project for which financing is sought or Twenty Million Dollars ($20,000,000.00), whichever is less, for the purpose of encouraging the extension of conventional financing and the issuance of letters of credit to the enterprise owning or operating the project;

(iii) In connection with any loan guarantee made pursuant to this paragraph, to make payments to lenders providing financing to the enterprise owning or operating the project and the enterprise shall be obligated to repay the amount of the payment plus any expenses incurred by the state as a result of the issuance of bonds pursuant to Section 57-75-15(3)(y) ;

(iv) To supervise the use of all such grant funds, loan funds or payments; and

(v) To require the enterprise owning or operating the project to provide security for the repayment obligation for any loan guarantee authorized under this paragraph in an amount and in a manner as may be determined by the authority.

(tt) In connection with projects defined under Section 57-75-5(f)(xxvii) :

(i) To provide loans to a public agency in an amount not to exceed Fifty Million Dollars ($50,000,000.00) for the construction of a publicly owned building and acquisition of equipment to be leased by the enterprise owning or operating the project; and

(ii) To supervise the use of all such loan funds.

(uu) In connection with projects defined under Section 57-75-5(f) (xxviii):

(i) To provide grant funds to reimburse public agencies or an enterprise operating a project for site preparation, utilities, real estate purchase and improvements, infrastructure, roads, rail improvements, public works, job training and any other expenses approved by the authority in amounts not to exceed the amount authorized in Section 57-75-15(3)(aa) ;

(ii) To supervise the use of all such grant funds so reimbursed.

(vv) In connection with projects defined under Section 57-75-5(f)(xxix) :

(i) To provide grant funds to reimburse or otherwise defray the costs incurred by public agencies or an enterprise operating a project for site preparation, utilities, real estate purchases, purchase options and improvements, infrastructure, roads, rail improvements, public works, buildings and fixtures, job recruitment and training, as well as planning, design, environmental mitigation and environmental impact studies with respect to a project, and any other purposes approved by the authority in amounts not to exceed the amount authorized in Section 57-75-15(3)(bb) ;

(ii) To provide loans to public agencies for site preparation, utilities, real estate purchases, purchase options and improvements, infrastructure, roads, rail improvements, public works, buildings and fixtures, job recruiting and training, as well as planning, design, environmental mitigation and environmental impact studies with respect to a project, and any other purposes approved by the authority in amounts not to exceed the amount authorized in Section 57-75-15(3)(bb) ;

(iii) To supervise the use of all such grant funds so reimbursed and/or loans so made; and

(iv) To the extent that the authority enters into any construction or similar contract for site preparation work or for the construction of any improvements on a project site, to assign or otherwise transfer to an enterprise or affiliate thereof that owns or operates such a project on such project site any and all contractual, express or implied warranties of any kind arising from such contract or work performed or materials purchased in connection therewith, and cause any such contract to contain terms and provisions designating such enterprise as a third-party beneficiary under the contract.

(ww) In connection with projects defined under Section 57-75-5(f)(xxx) :

(i) To provide grant funds to reimburse or otherwise defray the costs incurred by public agencies or an enterprise operating a project for public infrastructure needs, site preparation, building improvements, purchase of launch systems, recruitment of employees to fill new full-time jobs, providing internal company training and train prospective, new and existing employees of the enterprise associated with the project, including training of company employees who will utilize such instruction to teach other prospective, new and existing employees of the company and other workforce expenses and any other expenses approved by the authority in amounts not to exceed the amount authorized in Section 57-75-15(3)(cc) ; and

(ii) To supervise the use of all such grant funds so reimbursed.

(xx) In connection with projects defined under Section 57-75-5(f)(xxxi) :

(i) To provide grant funds to reimburse or otherwise defray the costs incurred by public agencies or any enterprise operating one or more such projects for site preparation, utilities, real estate purchases, purchase options and improvements, infrastructure, utilities, roads, rail improvements, public works, buildings and fixtures, job recruitment and training, as well as planning, design, environmental mitigation and environmental impact studies with respect to a project, and any other purposes approved by the authority in amounts not to exceed the amount authorized in Section 57-75-15(3)(dd) ;

(ii) To provide loans to public agencies for site preparation, utilities, real estate purchases, purchase options and improvements, infrastructure, roads, rail improvements, public works, buildings and fixtures, job recruiting and training, as well as planning, design, environmental mitigation and environmental impact studies with respect to a project, and any other purposes approved by the authority in amounts not to exceed the amount authorized in Section 57-75-15(3)(dd) .

(yy)(i) In connection with projects defined under Section 57-75-5(f)(xxxi) , the authority is further authorized to provide to the enterprises operating one or more of the projects, an annual grant in an amount not to exceed three and one-half percent (3.5%) of the additional payroll for a period of ten (10) consecutive years. Each such aggregate annual grant amount shall be remitted to one or more of the enterprises and/or one or more of their affiliates, in such sub-amounts as the enterprises shall collectively direct, or that their common direct or indirect parent company shall direct, in writing, to the authority each year during such ten-year period. The ten-year period for the series of ten (10) annual grants authorized by this paragraph (yy) shall commence no later than January 1, 2029.

(ii) In the event that the annual number of full-time jobs maintained or caused to be maintained by the enterprises operating one or more projects and/or one or more affiliates thereof falls below the minimum annual number of full-time jobs required by the authority pursuant to a written agreement between the authority and the enterprises and/or any affiliate thereof for one or more years, the annual grant authorized by this paragraph (yy) may be reduced or suspended by the authority until the first calendar year during which the annual number of full-time jobs maintained or caused to be maintained by the enterprises and/or their affiliates reaches the minimum annual number of full-time jobs required by the authority pursuant to the written agreement.

(iii) The annual grants authorized by this paragraph (yy) may be funded from the proceeds of bonds issued pursuant to Section 57-75-15(3)(dd) ; provided that the aggregate amount of the annual grants over the entire ten-year period shall not exceed Forty-five Million Dollars ($45,000,000.00).

(iv) For purposes of this paragraph (yy):

1. “ Additional payroll ” shall mean the sum of the annual payroll amount (i.e., all annual employee income that is subject to State of Mississippi and/or federal income taxation) for any calendar year beginning January 1, 2023, which is associated with full-time jobs created and maintained by all enterprises that undertake any project and/or by any affiliates thereof, in excess of the amount the annualized payroll (i.e., all annual employee income that is subject to State of Mississippi and/or federal income taxation), which is associated with employees employed in the State of Mississippi by such enterprises or their affiliates as of September 30, 2022; and

2. “ Base payroll level ” shall mean the annualized payroll amount (i.e., all annual employee income that is subject to State of Mississippi and/or federal income taxation) paid to employees employed in the State of Mississippi by all enterprises that undertake any project and/or by any affiliates thereof during the twelve-month period ending on September 30, 2022.

(v) The Mississippi Development Authority may promulgate rules and regulations necessary to administer the provisions of this paragraph (yy) and may otherwise administer and prescribe rules and restrictions with respect to the annual grant authorized by this paragraph (yy) pursuant to a written agreement between the authority and any enterprises operating one or more projects and/or any affiliate thereof.

(zz) In connection with a project defined under Section 57-75-5(f)(xxxii) :

(i) To provide grant funds to reimburse or otherwise defray the costs incurred by public agencies or any enterprise operating one or more such projects for site preparation, utilities, real estate purchases, purchase options and improvements, infrastructure, utilities, roads, rail improvements, public works, buildings and fixtures, job recruitment and training, as well as planning, design, environmental mitigation and environmental impact studies with respect to a project, and any other purposes approved by the authority in amounts not to exceed the amount authorized in Section 57-75-15(3)(ee) ;

(ii) To provide loans, grants and other funds to public agencies for site preparation, utilities, real estate purchases, purchase options and improvements, infrastructure, roads, rail improvements, public works, buildings and fixtures, job recruiting and training, as well as planning, design, environmental mitigation and environmental impact studies with respect to a project, and any other purposes approved by the authority in amounts not to exceed the amount authorized in Section 57-75-15(3)(ee) .

(aaa) In connection with a project defined under Section 57-75-5(f) (xxxiii):

(i) To provide grant funds to reimburse or otherwise defray the costs incurred by public agencies or any enterprise operating one or more such projects for site preparation, utilities, real estate purchases, purchase options and improvements, infrastructure, utilities, roads, rail improvements, public works, buildings and fixtures, job recruitment and training, as well as planning, design, environmental mitigation and environmental impact studies with respect to a project, and any other purposes approved by the authority in amounts not to exceed the amount authorized in Section 57-75-15(3)(ff) ; and

(ii) To provide loans to public agencies for site preparation, utilities, real estate purchases, purchase options and improvements, infrastructure, roads, rail improvements, public works, buildings and fixtures, job recruiting and training, as well as planning, design, environmental mitigation and environmental impact studies with respect to a project, and any other purposes approved by the authority in amounts not to exceed the amount authorized in Section 57-75-15(3)(ff) .

(aab)(i) In addition to any other requirements or conditions under this chapter, the authority shall require that any application required by the authority for assistance regarding a project under this chapter include, at a minimum:

1. A two-year business plan (which shall include pro forma balance sheets, income statements and monthly cash flow statements);

2. Financial statements or tax returns for the three (3) years immediately prior to the application (if the project is a new company or enterprise, personal financial statements or tax returns will be required);

3. Credit reports on all persons or entities with a twenty percent (20%) or greater interest in the project;

4. Data supporting the expertise of the project's principals;

5. A cost-benefit analysis of the project performed by a state institution of higher learning or other entity selected by the authority; and

6. Any other information required by the authority.

(ii) The authority shall require that binding commitments be entered into requiring that:

1. The applicable minimum requirements of this chapter and such other requirements as the authority considers proper shall be met; and

2. If the agreed upon commitments are not met, all or a portion of the funds provided under this chapter as determined by the authority shall be repaid.

(iii) Where appropriate, in the discretion of the authority, the authority shall acquire a security interest in or other lien upon any applicable collateral.

(iv) The provisions of this paragraph (xx) shall not apply to a project defined in Section 57-75-5(f)(xxiii) .
Miss. Code Ann. § 57-55-21 — MS Code / Title 57 / Chapter 15 / Section 55-21
Miss. Code Ann. § 57-55-21
Status: in_force

The said board of trustees may employ such full and part-time employees as is necessary to perform the duties of the institutions set forth above consistent with the availability of funds. Reasonable compensation and reimbursement of expenses may be made to such employees and others who provide professional services to the research institutions established by this chapter, including other employees of the state of Mississippi whose duties are increased by rendition of professional services to such institutions.
Miss. Code Ann. § 57-49-13 — MS Code / Title 57 / Chapter 30 / Section 49-13
Miss. Code Ann. § 57-49-13
Status: in_force

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

(a) To advise the Department of Environmental Quality on all technical matters related to high-level nuclear waste activities within the state.

(b) To assist and advise in formulating studies, plans and other implementations of the state nuclear waste program.

(c) To assist in the implementation of directives of the state nuclear waste program.

(d) To perform a critical review of all data and documents produced by the federal Department of Energy which related to any phase of high-level nuclear waste activities and submit comments on same to the Department of Environmental Quality.

(e) To provide technical information to the Attorney General of the State of Mississippi and the State Legislature which will assist their efforts to assure the health, safety, and welfare of the citizens of the State of Mississippi.

(f) To perform initial review of all applications for permits to conduct nuclear waste related activities within the state. Such review, to be completed within ninety (90) days, would determine if the application is in compliance with the requirements of this chapter. Upon completion of such review, the committee shall either:

(i) File the application with the Department of Environmental Quality for its consideration, and thereafter, the department will deny, grant, or grant with certain conditions, requirements and stipulations a permit to conduct the applied for nuclear waste activities; or

(ii) Notify the applicant that the requirements of this chapter have not been met or satisfactorily completed and return the application for resubmittal. Such notification to applicants shall include a listing of deficiencies in complying with application procedures. Provided, however, the applicant may reapply by submitting the original application with amendments listing provisions which satisfy previous deficiencies in the application.
Miss. Code Ann. § 57-43-9 — MS Code / Title 57 / Chapter 35 / Section 43-9
Miss. Code Ann. § 57-43-9
Status: in_force

The board of supervisors of a county or the governing authority of a municipality may, with the approval of the Mississippi Department of Transportation, appropriate funds from the county or municipal general fund to the Railroad Revitalization Fund. The money shall be used in accordance with this chapter only for rehabilitation or improvement of rail lines within the county from which the county or municipal funds are provided. The county or municipality may, according to the provisions of Section 57-43-3, Mississippi Code of 1972 , receive a partial or total reimbursement for this appropriation.
Miss. Code Ann. § 57-44-13 — MS Code / Title 57 / Chapter 11 / 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. § 57-10-201 — MS Code / Title 57 / Chapter 5 / 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. § 57-31-7 — MS Code / Title 57 / Chapter 19 / Section 31-7
Miss. Code Ann. § 57-31-7
Status: in_force

The industrial development authority of the county created under the provisions of this chapter is hereby authorized to receive and expend funds from the board of supervisors of such county.
Miss. Code Ann. § 57-40-7 — MS Code / Title 57 / Chapter 4 / 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. § 57-10-513 — MS Code / Title 57 / Chapter 9 / Section 10-513
Miss. Code Ann. § 57-10-513
Status: in_force

The planning and development districts and qualified entities are authorized, empowered and directed to deposit all grant funds received pursuant to this article in a revolving assistance fund and to provide assistance therefrom to small businesses in accordance with this article and the following criteria, terms and conditions:

(a) To be eligible for assistance under this article, the small business and the project to be assisted must meet the following criteria:

(i) Assistance must be in connection with an identifiable project or business plan, and the principal amount of all assistance may not exceed fifty percent (50%) of the total cost of said project or business plan;

(ii) Assistance may be used in connection with the purchase or lease of land, buildings, equipment and inventory, and for working capital; provided, however, no more than one-third ( 1 / 3 ) of the total assistance to a small business pursuant to this article or Fifty Thousand Dollars ($ 50,000.00), whichever is less, may be used for working capital;

(iii) Assistance may not be provided for speculative land or real estate investments;

(iv) Assistance may not be provided under the program to finance or satisfy any existing debt;

(v) Assistance may not be provided to a small business unless at least sixty percent (60%) of the small business is owned, directly or indirectly, by individuals who have been residents of the State of Mississippi for two (2) years immediately prior to the application for assistance; and

(vi) The project or business plan for which assistance is provided must create or retain full-time jobs, and the planning and development district or qualified entity must receive a certificate to that effect from the small business before any assistance is provided.

(b) The interest rate on loans shall not be less than five percent (5%) per annum or more than four percent (4%) above the federal discount rate, plus the servicing fees established in this article.

(c) As security for any loan under the program, the planning and development district or qualified entity shall take a security interest in assets of the small business and require personal guarantees of all persons and entities owning twenty percent (20%) or more of the small business. Such security interests may be subordinate to other security interests in such assets.

(d) The maximum term of any loan under the program shall not exceed the following: fifteen (15) years if used to purchase or lease land or buildings, ten (10) years if used to purchase or lease equipment, five (5) years if used to provide working capital and three (3) years if used to purchase inventory.

(e) In the event of a default by a small business on a loan under the program, the planning and development district or qualified entity shall foreclose and enforce its security interests and personal guarantees relating to such loan and take all necessary and appropriate action to recover all principal and interest owed, and all amounts so recovered shall be deposited in the revolving assistance fund administered by said planning and development district or qualified entity. Any small business which defaults on a loan under the program shall not be eligible for any other loan under the program.

(f) A planning and development district or qualified entity may acquire, subscribe for, own, hold, sell, assign, transfer, mortgage or pledge an equity investment in a small business incorporated under the laws of the State of Mississippi, provided such equity investment constitutes less than fifty percent (50%) of the voting shares of the small business and does not exceed Fifty Thousand Dollars ($ 50,000.00), and while the owner or holder thereof, the planning and development district or qualified entity may exercise all the rights, powers and privileges of ownership, including the right to vote thereon. Any such equity investment in a small business may be redeemed by such small business upon payment to the planning and development district or qualified entity of the principal amount of such equity investment, plus six percent (6%) interest, compounded annually from the date of such equity investment, provided such repayment is tendered within seven (7) years of the date of such equity investment.

(g) A planning and development district or qualified entity shall not utilize more than one-third ( 1 / 3 ) of all grant funds received for equity investments in small businesses.

(h) No small business shall receive assistance under the program in excess of Two Hundred Fifty Thousand Dollars ($ 250,000.00).

(i) All assistance applications must be reviewed by, and the terms and conditions of the assistance must be recommended to the planning and development district or qualified entity, by a small business assistance review board established by the planning and development district or qualified entity, consisting of the following members appointed by the planning and development district or qualified entity:

(i) Two (2) individuals with current experience in banking or finance;

(ii) Two (2) principal or majority owners of private, for-profit commercial enterprises qualifying as small businesses under this article;

(iii) One (1) senior officer of a private, for-profit commercial enterprise not qualifying as a small business under this article or the executive director of an industrial or economic development foundation;

(iv) One (1) individual who is a minority and who has current experience in banking or finance or who is the principal or majority owner of a private, for-profit commercial enterprise qualifying as a small business under this article; and

(v) One (1) individual who is female and who has current experience in banking or finance or who is the principal or majority owner of a private, for-profit commercial enterprise qualifying as a small business under this article.

As used in this paragraph, “ minority ” shall mean individuals who are Asian, Black, Hispanic or Native American as defined in Section 31-7-13(s), Mississippi Code of 1972 .

All members of such small business assistance review boards shall be residents of the area served by the planning and development district or qualified entity. Small business assistance review boards shall meet at least quarterly and shall meet anytime there are at least two (2) assistance applications pending that require review.

(j) If the small business assistance review board recommends that assistance be provided, the planning and development district or qualified entity may either approve and provide the assistance on the exact terms and conditions recommended by the small business assistance review board or determine not to provide such assistance. Under no circumstances may the planning and development district or qualified entity provide such assistance on any terms or conditions not approved and recommended by the small business assistance review board. If the planning and development district or qualified entity determines not to provide the assistance that the small business assistance review board has recommended to be provided, the board of directors of such district or the governing body of such entity shall place in its minutes an explanation of the reasons for such refusal. If the small business assistance review board recommends against providing the assistance, the board of directors of the planning and development district or the governing body of the qualified entity may not determine to provide such assistance under any terms and conditions.
Miss. Code Ann. § 57-10-409 — MS Code / Title 57 / Chapter 10 / Section 10-409
Miss. Code Ann. § 57-10-409
Status: in_force

The corporation may enter into, with any approved company, a financing agreement with respect to its economic development project. The terms and provisions of each financing agreement shall be determined by negotiations between the corporation and the approved company, except that each financing agreement shall include the following provisions:

(a) If the corporation issues any bonds in connection with an economic development project, the term of the financing agreement shall not be less than the last maturity of the bonds issued with respect to the economic development project, except that the financing agreement may terminate upon the earlier redemption of all of the bonds issued with respect to the economic development project and may grant to the approved company an option to purchase the economic development project from the corporation upon the termination of the financing agreement for such consideration and under such terms and conditions the corporation may approve. Nothing in this paragraph shall limit the extension of the term of a financing agreement if there is a refunding of the correlative bonds or otherwise.

(b) If the corporation issues any bonds in connection with an economic development project, the financing agreement shall specify that the annual obligations of the approved company under Sections 57-10-401 through 57-10-445 shall equal in each year at least the annual debt service for that year on the bonds issued with respect to the economic development project; and the approved company shall pay such obligation of the financing agreement to the trustee for bonds issued for the benefit of the approved company, at such time and in such amounts sufficient to amortize such bonds.

(c) If the corporation loans funds to an approved company that is a private company under the Mississippi Small Enterprise Development Finance Act, the financing agreement shall include the terms and conditions of the loan required by Section 57-71-1 et seq.

(d)(i) In consideration for financing agreement payment, the approved company may be permitted the following during the period of time in which the financing agreement is in effect, not to exceed twenty-five (25) years:

1. A tax credit on the amount provided for in Section 27-7-22.3(2), Mississippi Code of 1972; plus

2. The aggregate assessment withheld by the approved company in each year.

(ii) The income tax credited to the approved company referred to herein shall be credited in the fiscal year of the financing agreement in which the tax return of the approved company is filed. The approved company shall not be required to pay estimated tax payments under Section 27-7-319, Mississippi Code of 1972 .

(e)(i) The financing agreement shall provide that the assessments, when added to the credit for the state corporate income tax herein granted, shall not exceed the total financing agreement annual payment by the approved company in any year; however, to the extent that financing agreement annual payments exceed credits received and assessments collected in any year, the excess payment may be recouped from excess credits or assessment collections in succeeding years.

(ii) If during any fiscal year of the financing agreement the total of the income tax credit granted to the approved company plus the assessment collected from the wages of the employees equals the annual payment pursuant to the financing agreement, and if all excess payments pursuant to the financing agreement accumulated in prior years have been recouped, the assessment collected from the wages of the employees shall cease for the remainder of the fiscal year of the financing agreement.

(f) The financing agreement shall provide that:

(i) It may be assigned by the approved company only upon the prior written consent of the corporation following the adoption of a resolution by the corporation to such effect; and

(ii) Upon the default by the approved company in the obligation to render its annual payment, the corporation shall have the right, at its option, to declare the financing agreement in default and to accelerate the total of all annual payments that are to be made or to terminate the financing agreement and cause to be sold the economic development project at public or private sale, or to pursue any other remedies available under the Uniform Commercial Code, as from time to time amended, or otherwise available in law or equity.
Miss. Code Ann. § 57-39-11 — MS Code / Title 57 / Chapter 3 / Section 39-11
Miss. Code Ann. § 57-39-11
Status: in_force

The division shall be tasked with developing, implementing and refining over time the Mississippi Energy Plan. The Mississippi Energy Plan shall include, but not be limited to the following:

(a) Efforts to promote Mississippi as a leader in energy development, job creation and research;

(b) Plans to encourage the safe and responsible exploration and extraction of the state's natural resources;

(c) Plans to add value and sustain resources through advances in manufacturing, conversion, and processing related to energy consumption and generation;

(d) Expanding energy capacity and realizing savings through energy efficiency;

(e) Encourage investments in the energy infrastructure of transmission and distribution to maintain the state's leadership in this area;

(f) Plans to ensure the state competes in technology-based energy economic development, research and development, and commercialization;

(g) Prepare a twenty-first century energy workforce;

(h) Statewide forecasts of energy needs and deficiencies;

(i) A program for directing the expenditure of local, state and federal energy funds in conformity with the statewide plan;

(j) Statewide implementation program, including a schedule of improvement programs, an operations program, a financial plan, necessary policies and legislation for implementation of the energy plan; and

(k) Financial impact statement.
Miss. Code Ann. § 57-49-29 — MS Code / Title 57 / Chapter 30 / 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. § 57-103-5 — MS Code / Title 57 / Chapter 79 / Section 103-5
Miss. Code Ann. § 57-103-5
Status: in_force

(1) There is established under the direction of the Mississippi Technology Alliance (“MTA”) a program to be known as the “Mississippi New Technology Business Program-Level 2” for the purpose of making assistance available to provide working capital to support the continued capitalization of technology based businesses in Mississippi.

(2)(a) In order to be eligible for assistance under the program, a business must: (i) have its principal place of business based in Mississippi, and be a startup, seed stage or early stage business, (ii) have rights to the intellectual property supporting the venture opportunity for which assistance is requested, (iii) have a business plan demonstrating economic feasibility; (iv) have an accredited investor match, (v) have formed or have agreed to form a collaborative agreement with a Mississippi institution of higher learning, (vi) be invited by the MTA to apply for assistance based upon an acceptable commercialization strategy, and (vii) be willing to execute a performance level based agreement with the MTA.

(b) Any business desiring to participate in the program must submit an application to the MTA. The application must contain a description of the purposes for which the assistance is requested, the amount of assistance requested and any other information requested by the MTA. If the MTA staff reviewing the application determines that an application should be reviewed by the Seed Fund Investment Board appointed by the MTA Board of Directors, the application shall be forwarded to the Seed Fund Investment Board. If the Seed Fund Investment Board approves the application, the MTA shall negotiate a contract with the business regarding any assistance provided to the business under the program, the expenditure of the assistance provided to the business, and any other matters to which the parties may agree. Any such contract must provide for at least the following: (i) that any assistance provided to the business will be on a reimbursement basis in which the business will expend funds according to the terms of the contract and submit invoices, receipts and other applicable documentation and information to the MTA for reimbursement; (ii) that no funds may be expended or used for patent prosecution, reorganization of the business, or payment of any existing debt of the business outstanding or otherwise incurred at the time the contract is entered into; (iii) that no funds may be expended to reimburse expenses for work conducted or services provided by the business, a university or a third party consultant if those expenses were incurred before the term of the contract; (iv) that the business receiving assistance will retain ownership of any technology developed by the business regardless of whether the technology is developed before or after the receipt of assistance; and (v) that the business will provide matching funding of One Dollar ($ 1.00) for every One Dollar ($ 1.00) of assistance, with at least fifty percent (50%) of the match being from an accredited investor or strategic investment partner, as determined by the MTA, and the remaining amount being from in-kind services, all of which must be documented by time sheets, payroll receipts, invoices and other documentation or information required by the MTA. Assistance received by a business may be expended for hiring third party consultants to assist the business and for equipment. The amount of assistance that a business may receive under the program shall not exceed One Hundred Thousand Dollars ($ 100,000.00) in any one (1) year and shall not exceed Two Hundred Thousand Dollars ($ 200,000.00) in the aggregate.

(c) Except as otherwise provided in this paragraph, a business receiving assistance under the program shall be required to repay the assistance in the manner provided in this paragraph. Repayment shall be made through the use of a convertible note in which the business will repay one hundred percent (100%) of the amount of assistance received if such repayment is made within thirty-six (36) months from the date the assistance is received, with the amount to be repaid by the business increasing at a rate determined by the parties in the contract up to an amount not to exceed two hundred percent (200%) of the amount of assistance if such repayment is made later than thirty-six (36) months from the date the assistance is received but not later than sixty (60) months from the date the assistance is received. The MTA shall have the option of converting the amount of assistance awarded to the business into common stock of the business or into a royalty in the gross sales of the business. Amounts received as repayments shall be deposited into the special fund created in subsection (3) of this section. Notwithstanding the preceding provisions of this paragraph, if the business receiving assistance fails to meet certain financial performance levels established in the contract between the business and the MTA and the contract does not activate any repayment provisions, then the MTA will deem the assistance provided to be a loss and the business receiving assistance shall not be required to repay the assistance received.

(3) There is created in the State Treasury a special fund, to be designated as the “Mississippi New Technology Business Program-Level 2 Fund,” which shall consist of funds appropriated or otherwise made available by the Legislature. 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 interest earned or investment earnings on amounts in the fund shall be deposited into such fund. Monies in the fund shall be disbursed, in the discretion of the Mississippi Development Authority, to provide funds to the MTA for the purposes described in this section, or for the purposes described in Sections 57-103-1 , 57-103-3 , 57-103-7 and/or 57-103-9 if the MTA determines that the funds are not needed for the purposes described in this section.
Miss. Code Ann. § 57-61-9 — MS Code / Title 57 / Chapter 35 / Section 61-9
Miss. Code Ann. § 57-61-9
Status: in_force

(1) Any private company desiring assistance from a municipality shall submit to the municipality a letter of intent to locate, expand or build a facility entirely or partially within the municipality or on land the municipality is authorized to own or otherwise acquire. The letter of intent shall include:

(a) Except for strategic investments, a commitment that the proposed project will create and maintain a minimum of ten (10) net new full-time equivalent jobs, will create and maintain at least a five percent (5%) increase in full-time equivalent jobs in the case of expansion of an enterprise already located at the site or at least a twenty-five percent (25%) increase in full-time equivalent jobs pursuant to subsection (9) of Section 57-61-15 and will create and maintain at least one (1) net new full-time equivalent job for every Fifteen Thousand Dollars ($ 15,000.00) either loaned or granted for the project. The commitment required by this paragraph (a) shall include any jobs created prior to March 31, 1986 resulting from contracts entered into contingent upon assistance being made available under this chapter. All jobs required to be maintained by this paragraph (a) shall be maintained until such time as any loan made under this chapter for the benefit of a private company is repaid.

(b) A statement that the specific improvements are necessary for the efficient and cost-effective operation of the private company, together with supporting financial and engineering documentation.

(c) Any commitment to pay rental on, or to make loan repayments related to, the improvements to be made with funds loaned to a municipality under this chapter.

(d) If required by the Mississippi Development Authority, a notarized statement of willingness to grant a lien on the facility for which the improvement is being provided, in an amount and a manner to be determined by the Mississippi Development Authority, which lien may be foreclosed in the event that the private company fails to operate in the facility according to the terms of the agreement and/or to collateralize the loan made for the benefit of the private company for which the improvement is being provided in an amount and manner to be determined by the Mississippi Development Authority. In the event the contractual agreement is to be entered into with a department or subsidiary of the United States government, the Mississippi Development Authority shall determine that the governmental unit will operate the proposed project for a sufficient number of years to retire the loan based on increased revenue estimates by the University Research Center and any agreement entered into shall reflect that the interest paid on any loan for such purpose shall be included in Mississippi's contributory value in the project. In the event the private company requesting the assistance is a subsidiary of another corporation, if required by the Mississippi Development Authority, any contractual agreement entered into shall also require the parent company to unconditionally warrant the performance of the subsidiary in carrying out the terms of the agreement or it shall require the subsidiary and/or the parent company to pledge assets in an amount and a manner to be determined by the Mississippi Development Authority and/or to collateralize the loan in an amount and a manner to be determined by the Mississippi Development Authority to ensure the performance of the terms of the contract.

(2) Upon receipt of the letter of intent from a private company, the municipality may apply to the Mississippi Development Authority for a loan or grant. The application from the municipality shall include, but not be limited to:

(a) A statement of the purpose of the proposed loan or grant, including a list of eligible items and the cost of each.

(b) A statement showing the sources of funding for the entire project, including the private company's or governmental unit's investment in the project and any public and other private sources of funding.

(c) A certified copy of the signed letter of intent from a private company or governmental unit, as specified in this section.

(d) Evidence that there will be a private match of at least Three Dollars ($ 3.00) for every One Dollar ($ 1.00) of state assistance, except:

(i) In the case of ports the private match will be at least Two Dollars ($ 2.00) for every One Dollar ($ 1.00) of state assistance; and

(ii) In the case where the Mississippi Development Authority determines that a private company is a high technology enterprise the private match will be at least Two Dollars ($ 2.00) for every One Dollar ($ 1.00) of state assistance.

The Mississippi Development Authority shall establish criteria for determining whether a private company is a high technology enterprise.

(e) Demonstration that the private company is financially sound and is likely to fulfill the commitments made in its letter of intent.

(f) A proposed timetable for the provision of the improvements.

(g) Evidence that the project will be expeditiously carried out and completed as planned.

(h) A demonstration that insufficient local capital improvement funds at reasonable rates and terms are available within the necessary time to provide the needed improvement on public property. This includes local funds available through issuance of bonds or other means, state funds available through existing programs, and available federal program funds such as community development block grant funds, urban development action grant funds, and economic development administration funds.

(i) A demonstration that insufficient private funds are available at reasonable rates and terms within the necessary time to fund improvement on property owned by the private company.

(3) The Mississippi Development Authority shall consider grant and loan applications based on the following criteria:

(a) The number of net new full-time equivalent jobs that will be provided and the amount of additional state and local tax revenue estimated by the University Research Center to be directly generated by the private company's new investment, and additionally, as to loan applications by state agencies, the extent to which shipping through the port will be increased by the proposed port development projects, the degree to which jobs will be increased in the port area and the impact on port revenues.

(b) The ability to repay the principal and interest, in the case of a loan, based on increased revenue estimates and any revenue-producing provision of a contractual agreement.

(c) The increase in the employment base of the state.

The Mississippi Development Authority and the University Research Center may use the resources and capabilities of the planning and development districts in carrying out the provisions of this chapter.

(4) No loan shall be made in excess of the amounts which can be repaid with the increased revenues estimated by the University Research Center, provided that this subsection (4) shall not apply to loans in connection with a United States Navy home port.

(5)(a) Notwithstanding anything contained in this chapter, an agency of the State of Mississippi operating a state-owned port, and hereinabove identified as a “ municipality ” and “ governmental unit ” for purposes of this chapter, may make application for a loan or grant under the terms and provisions of this chapter. In addition, a public agency operating a port bordering on the Gulf of Mexico, which shall be considered to be a “ municipality ” or a “ governmental unit ” for the purposes of this chapter, may make application for a loan or grant under the terms and provisions of this chapter from funds other than those funds authorized for a state-owned port under paragraph (e)(iii) of Section 57-61-11 . The application shall be initiated by submission of a letter of intent to engage in a project or projects for the purpose of effecting enlargement and improvement in all facilities used and useful in attracting international and foreign commerce through the port. Projects eligible for inclusion in the letter of intent may include, but not be restricted to:

(i) Dredging and deepening the access channel and harbor basin of the port;

(ii) Effecting the enlargement of the land area of the port by reclamation;

(iii) Construction and installation of piling, bulkheads, docks, wharves, warehouses and appurtenances; and

(iv) Acquisition of facilities and equipment for handling bulk and containerized cargo.

(b) With respect to a state-owned port bordering on the Gulf of Mexico, the letter of intent shall include the following information and any other information required by the Mississippi Development Authority:

(i) Present and future annual tonnages expected as a result of the improvements.

(ii) Reasons why present facilities are inadequate to enable the port to compete, including limitations imposed by insufficient depth of channel and basin.

(iii) Increased channel and basin depths necessary to accommodate modern shipping.

(iv) Comparison of the percentage of the world's cargo shipping that can now be accommodated with what could be accommodated with project improvements.

(v) Economic contribution to the region and state resulting from increased shipping activity.

(vi) Statement of degree to which port revenues are expected to be increased as a result of projects.

(vii) Financial data of port activities, including cost of project, degree of federal funding available and required local participation.

On or before January 1, 1989, a state-owned port described in this paragraph (b) shall submit to the Senate Finance Committee and the House Ways and Means Committee of the Mississippi Legislature a comprehensive, written report updating for each committee the information listed in items (i) through (vii) of this paragraph (b) with particular emphasis on the economic contribution to the region and state by shipping activity at the port; on financial data with respect to the degree of federal funding available and local participation in funding port activities; and on progress made in dredging and completing other improvements necessary to accommodate modern shipping.

(c) The Mississippi Development Authority shall consider grant and loan applications based on the following:

(i) The extent to which shipping through the port will be increased by the proposed projects.

(ii) The degree to which jobs will be increased in the port area.

(iii) Impact on port revenues.

(iv) The ability of the port to repay interest and principal in the case of a loan.

(6) A municipality may apply to the Mississippi Development Authority for a grant under the terms and provisions of this chapter, and the Mississippi Development Authority may award grants to a municipality subject to limitations contained in this chapter. The application shall be initiated by submission of a letter of intent to engage in a project or projects for the purpose of providing improvements necessary to accommodate a United States Navy home port.

(7) The Legislature hereby finds and determines that financing facilities necessary to accommodate a Navy home port serves a valid public purpose in that a Navy home port will significantly contribute to the employment base of the state which is in great need of assistance; provided, that in the event such facilities are no longer required for use by the Navy as a home port, such facilities shall revert as provided in Section 59-9-21 .

(8) Notwithstanding any provision or requirement of this chapter to the contrary, a municipality may make application for a loan under this chapter, in an amount not to exceed Five Million Dollars ($ 5,000,000.00), for the purpose of acquiring and developing land to be used as a technology/industrial park for which there is a binding commitment by one or more private companies to create and maintain not less than an aggregate of three hundred (300) jobs meeting minimum criteria established by the Mississippi Development Authority. Such a commitment by a private company shall not disqualify the private company from obtaining assistance under this section. The match requirements of this section shall not apply to any loan made pursuant to this subsection (8).

(9) Notwithstanding any provision or requirement of this chapter to the contrary, a municipality operating a county-owned port or municipally owned port may make application for a loan under this chapter, in an amount not to exceed Three Million Dollars ($ 3,000,000.00), for the purpose of acquiring land, buildings and other improvements and for repairing, renovating, maintaining and improving such a port.

(10)(a) A municipality is authorized to negotiate a contract for the acquisition, construction and erection of a project or any portion of a project hereunder where a municipality finds that, because of the particular nature of a project or any portion thereof, it would be in the best public interest of the municipality to negotiate.

(b) Contracts by a private company for the acquisition, construction or erection of a project which receives assistance under this chapter shall be effected in the manner prescribed by law for public contracts, unless the Mississippi Development Authority makes a written finding that, because of special circumstances with respect to the projects or any portion thereof, it would better serve the public interest or more effectively achieve the purposes of this chapter to enter into such contracts based on negotiation.

(11) A municipality is authorized upon such terms and conditions as the municipality may deem advisable, provided such terms and conditions shall not be in conflict with the provisions of this chapter, to (a) acquire, whether by construction, purchase, gift or lease, all of or any portion of a project hereunder; (b) to lease or sell to others all of or any portion of a project hereunder; and (c) to lend to the private company the proceeds of the loan from the board to such municipality.

(12) All agreements between a municipality and a private company related directly or indirectly to a project or a portion of a project to be funded in whole or in part under this chapter are subject to approval by the Mississippi Development Authority.
Miss. Code Ann. § 57-61-36 — MS Code / Title 57 / Chapter 19 / Section 61-36
Miss. Code Ann. § 57-61-36
Status: repealed

(1) Notwithstanding any provision of this chapter to the contrary, the Mississippi Development Authority shall utilize not more than Fourteen Million Five Hundred Thousand Dollars ($14,500,000.00) out of the proceeds of bonds authorized to be issued in this chapter for the purpose of making grants to municipalities through a Development Infrastructure Grant Fund to complete infrastructure related to new or expanded industry.

(2) [Repealed]

(3) Notwithstanding any provision of this chapter to the contrary, the Mississippi Development Authority shall utilize the monies transferred from the Housing Development Revolving Loan Fund and not more than One Hundred Nine Million One Hundred Thousand Dollars ($109,100,000.00) out of the proceeds of bonds authorized to be issued in this chapter for the purpose of making grants or loans to municipalities through an equipment and public facilities grant and loan fund to aid in infrastructure-related improvements as determined by the Mississippi Development Authority, the purchase of equipment and in the purchase, construction or repair and renovation of public facilities. Any bonds previously issued for the Development Infrastructure Revolving Loan Program which have not been loaned or applied for are eligible to be administered as grants or loans. In making grants and loans under this section, the Mississippi Development Authority shall attempt to provide for an equitable distribution of such grants and loans among each of the congressional districts of this state in order to promote economic development across the entire state.

The requirements of Section 57-61-9 shall not apply to any grant made under this subsection. The Mississippi Development Authority may establish criteria and guidelines to govern grants made pursuant to this subsection.

(4) [Repealed]

(5)(a) The Mississippi Development Authority may establish a Capital Access Program and may contract with any financial institution to participate in the program upon such terms and conditions as the authority shall consider necessary and proper. The Mississippi Development Authority may establish loss reserve accounts at financial institutions that participate in the program and require payments by the financial institution and the borrower to such loss reserve accounts. All monies in such loss reserve accounts is the property of the Mississippi Development Authority.

(b) Under the Capital Access Program a participating financial institution may make a loan to any borrower the Mississippi Development Authority determines to be qualified under rules and regulations adopted by the authority and be protected against losses from such loans as provided in the program. Under such rules and regulations as may be adopted by the Mississippi Development Authority, a participating financial institution may submit claims for the reimbursement for losses incurred as a result of default on loans by qualified borrowers.

(c) Under the Capital Access Program a participating financial institution may make a loan that is secured by the assignment of the proceeds of a contract between the borrower and a public entity if the Mississippi Development Authority determines the loan to be qualified under the rules and regulations adopted by the authority. Under such rules and regulations as may be adopted by the Mississippi Development Authority, a participating financial institution may submit an application to the authority requesting that a loan secured pursuant to this paragraph be funded under the Capital Access Program.

(d) Notwithstanding any provision of this chapter to the contrary, the Mississippi Development Authority may utilize not more than One Million Five Hundred Fifty Thousand Dollars ($1,550,000.00) out of the proceeds of bonds authorized to be issued in this chapter for the purpose of making payments to loan loss reserve accounts established at financial institutions that participate in the Capital Access Program established by the Mississippi Development Authority; however, any portion of the bond proceeds authorized to be utilized by this paragraph that are not utilized for making payments to loss reserve accounts may be utilized by the Mississippi Development Authority to advance funds to financial institutions that participate in the Capital Access Program pursuant to paragraph (c) of this subsection.

(6) Notwithstanding any provision of this chapter to the contrary, the Mississippi Development Authority shall utilize not more than Two Hundred Thousand Dollars ($200,000.00) out of the proceeds of bonds authorized to be issued in this chapter for the purpose of assisting Warren County, Mississippi, in the continuation and completion of the study for the proposed Kings Point Levee.

(7) Notwithstanding any provision of this chapter to the contrary, the Mississippi Development Authority shall utilize not more than One Hundred Thousand Dollars ($100,000.00) out of the proceeds of bonds authorized to be issued in this chapter for the purpose of developing a long-range plan for coordinating the resources of the state institutions of higher learning, the community and junior colleges, the Mississippi Development Authority and other state agencies in order to promote economic development in the state.

(8) Notwithstanding any other provision of this chapter to the contrary, the Mississippi Development Authority shall use not more than One Hundred Fifty Thousand Dollars ($150,000.00) out of the proceeds of bonds authorized to be issued in this chapter for the purpose of providing assistance to municipalities that have received Community Development Block Grant funds for repair, renovation and other improvements to buildings for use as community centers. Assistance provided to a municipality under this subsection shall be used by the municipality to match such Community Development Block Grant funds. The maximum amount of assistance that may be provided to a municipality under this subsection shall not exceed Seventy-five Thousand Dollars ($75,000.00) in the aggregate.

(9) Notwithstanding any provision of this chapter to the contrary, the Mississippi Development Authority shall utilize not more than Two Million Dollars ($2,000,000.00) out of the proceeds of bonds authorized to be issued in this chapter for the purpose of assisting in paying the costs of constructing a new spillway and related bridge and dam structures at Lake Mary in Wilkinson County, Mississippi, including construction of a temporary dam and diversion canal, removing existing structures, removing and stockpiling riprap, spillway construction, dam embankment construction, road access, constructing bridges and related structures, design and construction engineering and field testing.

(10) Notwithstanding any provision of this chapter to the contrary, the Mississippi Development Authority shall utilize not more than One Hundred Thousand Dollars ($100,000.00) out of the proceeds of bonds authorized to be issued in this chapter for the purpose of assisting the City of Holly Springs, Mississippi, in providing water and sewer and other infrastructure services in the Marshall, Benton and Tippah Counties area.