Mississippi Code 1972 (2023) › Title 31 - PUBLIC BUSINESS, BONDS AND OBLIGATIONS (§§ 31-1-1 — 31-31-41) › Chapter 25 - MISSISSIPPI DEVELOPMENT BANK ACT (§§ 31-25-1 — 31-25-107) › Article 1 - GENERAL PROVISIONS (§§ 31-25-1 — 31-25-55) › Section 31-25-21 - Power of bank to loan money to local governmental unit

The bank is hereby granted, has and may exercise the power to borrow money and issue its bonds in such principal amounts as it shall deem necessary to provide funds to accomplish a public purpose or purposes of the state provided for under this chapter, including:
(a)
The making of loans to local governmental units by the purchase of municipal securities thereof;
(b)
The payment, funding, refunding of the principal of, or interest or redemption premiums on, any bonds issued by it whether the bonds have or have not become due or subject to redemption in accordance with their terms;
(c)
The establishment or increase of such debt service reserves and capitalized interest accounts to pay bonds or interest thereon as the bank shall consider necessary or advisable in the marketing of such bonds;
(d)
The payment of consultant and legal fees and such other costs of issuance and expenses necessary or incidental to such bond issue;
(e)
The deposit of funds into reserve funds established by the bank;
(f)
The establishment or increase of reserves to pay all other costs and expenses of the bank incident to and necessary or convenient to carrying out its corporate purposes and powers;
(g)
The deposit of funds into the Water Pollution Control Revolving Fund and the Water Pollution Control Emergency Loan Fund created pursuant to Sections
49-17-81
through
49-17-89
;
(h)
The issuance of up to Fifty Million Dollars ($50,000,000.00) in revenue bonds for regional solid waste authorities and county cooperative service districts;
(i)
The advance purchase of energy for any municipality that operates a gas producing, generating, transmission or distribution system, or an electric generating, transmission or distribution system under Sections
21-27-11
through
21-27-71
;
(j)
The issuance of revenue bonds to fund or assist in funding retirement systems established pursuant to Sections
21-29-1
through
21-29-55
and Sections
21-29-101
through
21-29-151
. Before any revenue bonds may be issued for this purpose the municipality whose retirement system is being funded by such bonds shall have an actuary perform a study through the Public Employees' Retirement System to determine the amount of revenue bonds that should be issued to make such retirement system actuarially sound;
(k)
To issue general obligation bonds of the State of Mississippi for the purposes provided in Section
31-25-20(g)
, as such section existed on April 3, 1996. The authority to issue such general obligation bonds of the State of Mississippi shall be repealed from and after the date that the bonds have been issued in their entirety;
(l)
The issuance of bonds to fund loans made by the bank to any local governmental unit under any loan guaranty program of any department or agency of the United States, including the United States Department of Agriculture Rural Utility Services Water and Waste Disposal Guaranteed Loan Program and Community Programs Guaranteed Loan Program or any such successor guaranty programs.
(m)
Any other lawful, corporate purpose.
Laws, 1986, ch. 455, § 11; Laws, 1989, ch. 522, § 2; Laws, 1992, ch. 481 § 4; Laws, 1994, ch. 547, § 1; Laws, 1994, ch. 548, § 1; Laws, 1996, ch. 455, § 5; Laws, 1997, ch. 302, § 1; Laws, 2003, ch. 328, § 2, eff. 3/7/2003.