reglab/statecodes huggingface dataset:
Mississippi Code 1972 (2023) › Title 57 - PLANNING, RESEARCH AND DEVELOPMENT (§§ 57-NEW-001 — 57-123-55) › Chapter 10 - SMALL BUSINESS ASSISTANCE (§§ 57-10-1 — 57-10-731) › Article 3 - SMALL BUSINESSMAN'S LOAN ASSISTANCE LAW OF 1972 (§§ 57-10-101 — 57-10-137) › Section 57-10-123 - Filing of claim for payment of loan from state funds

If the requirements appearing heretofore in Section
57-10-121
have been met by the lender and any sum of money remains due on the principal of the loan, the lender must file with the manager, on the form prescribed by the committee, the lender's claim for the amount of principal remaining due and outstanding under the loan. The claim shall be accompanied by papers showing that the lender has exhausted his legal rights and remedies in an effort to collect the loan, or that such requirement was waived by the committee, and must include an assignment of the judgment from the lender to the State of Mississippi, or an assignment of rights that the lender may possess in the event requirement of judgment has been waived. In the event that the borrower has declared bankruptcy, then the lender must submit a final order of the bankruptcy court in that cause or such other documents that prove to the satisfaction of the committee that the lender has first exhausted his legal rights and remedies in aid of his collection of the loan. The committee shall review these papers and the claim by the lender and if the committee is satisfied that the same are in due form and meet the requirements under this article, the full committee shall allow the claim and issue its requisition according to law to the state auditor against the guaranty fee fund in the State Treasury for the balance of the principal under the loan. The state auditor shall, after determination of the legal validity of the claim, issue a warrant therefor which shall be honored by the State Treasurer by payment out of said guaranty fee fund in the State Treasury.
If the balance remaining in the guaranty fee fund of the state treasury is insufficient to pay the amount of the principal of the loan remaining due, as shown by the written certificate of the State Treasurer to the manager, then the committee shall issue its requisition according to law, for the amount of the principal remaining due under the loan against the small businessman's loan fund on which the state auditor shall issue his warrant, which shall be honored by the State Treasurer to the limit of the funds allowable in the small businessman's loan fund.
Codes, 1942, § 8940-142; Laws, 1972, ch. 441, § 12; Laws, 1975, ch. 355; Laws, 1981, ch. 417, § 2, eff. 3/25/1981.
Mississippi Code 1972 (2023) › Title 57 - PLANNING, RESEARCH AND DEVELOPMENT (§§ 57-NEW-001 — 57-123-55) › Chapter 10 - SMALL BUSINESS ASSISTANCE (§§ 57-10-1 — 57-10-731) › Article 3 - SMALL BUSINESSMAN'S LOAN ASSISTANCE LAW OF 1972 (§§ 57-10-101 — 57-10-137) › Section 57-10-125 - Collection of debt to state

(1)
If either the guaranty fee fund or the small businessman's loan fund becomes liable for any principal due under any loan and any payment is made from either fund to the lender in payment of the balance of the principal remaining due under such loan, the amount thus paid shall become a debt due the State of Mississippi in favor of the fund from which said balance for the principal of the loan was paid, or prorate with the balance of the principal that was paid from the guaranty fee fund and the small businessman's loan fund, which debt shall bear interest at the legal rate. It shall be the duty of the attorney, selected pursuant to subsection (2) of this section, to collect said debt with interest and the attorney shall also collect the balance of the loan, representing interest due the lender over and above the principal which will likewise bear interest at the legal rate after the judgment is obtained. The committee may authorize the attorney to settle and compromise any debt due under the provisions of this section.
(2)
In order to effect a collection pursuant to subsection (1) of this section, the committee is authorized and empowered, subject to the approval of the attorney general, to hire an attorney and compensate him on either a fixed or contingent fee basis.
Codes, 1942, § 8940-143; Laws, 1972, ch. 441, § 13; Laws, 1979, ch. 366, eff. 3/15/1979.
Mississippi Code 1972 (2023) › Title 57 - PLANNING, RESEARCH AND DEVELOPMENT (§§ 57-NEW-001 — 57-123-55) › Chapter 10 - SMALL BUSINESS ASSISTANCE (§§ 57-10-1 — 57-10-731) › Article 3 - SMALL BUSINESSMAN'S LOAN ASSISTANCE LAW OF 1972 (§§ 57-10-101 — 57-10-137) › Section 57-10-127 - Distribution of collections by state

Methods of distribution of all of the collections made by the district attorney or county attorney, where either or both of the funds in the state treasury have become liable for the principal due under any such loan and payment of the remaining balance due on the principal of the loan have been paid from either the guaranty fee fund or small businessman's loan fund, shall be as follows:
(a)
first, the amount of the principal of the loan which has been paid out of either the guaranty fee fund or the small businessman's loan fund shall be deposited to the fund from which it was withdrawn, or on a pro rata basis;
(b)
next, the interest due the lender on the loan unpaid up to and including the date of the assignment of the judgment from the lender to the State of Mississippi shall be paid to the lender;
(c)
then, the remainder of the proceeds, if any, shall be applied to the payment of interest to the guaranty fee fund or small businessman's loan fund, at the legal rate from the date that said fund was called upon to indemnify the lender.
Codes, 1942, § 8940-145; Laws, 1972, ch. 441, § 15, eff. 7/1/1972.
Mississippi Code 1972 (2023) › Title 57 - PLANNING, RESEARCH AND DEVELOPMENT (§§ 57-NEW-001 — 57-123-55) › Chapter 10 - SMALL BUSINESS ASSISTANCE (§§ 57-10-1 — 57-10-731) › Article 3 - SMALL BUSINESSMAN'S LOAN ASSISTANCE LAW OF 1972 (§§ 57-10-101 — 57-10-137) › Section 57-10-129 - Extent of liability of state funds

The extent of the liability of either the guaranty fee fund or the small businessman's loan fund to the lender shall be seventy-five percent (75%) of the principal remaining due and unpaid after the lender has fully exhausted all remedies for recovery as provided herein, and neither of these funds shall be liable for interest which the borrower owes the lender under any such loan.
Codes, 1942, § 8940-144; Laws, 1972, ch. 441, § 14, eff. 7/1/1972.
Mississippi Code 1972 (2023) › Title 57 - PLANNING, RESEARCH AND DEVELOPMENT (§§ 57-NEW-001 — 57-123-55) › Chapter 10 - SMALL BUSINESS ASSISTANCE (§§ 57-10-1 — 57-10-731) › Article 3 - SMALL BUSINESSMAN'S LOAN ASSISTANCE LAW OF 1972 (§§ 57-10-101 — 57-10-137) › Section 57-10-131 - Investment of moneys in state funds

The small businessman's loan fund and at least three-fourths (3/4) of the guaranty fee fund shall be invested in interest-bearing notes or savings accounts for the highest possible yield as determined by the committee. However, not more than ten percent (10%) of the combined total of the two (2) funds shall be invested in interest-bearing notes or savings accounts of the banks from which the two (2) executive bank officers are chosen to be members of the small businessman's loan committee according to Section
57-10-107
.
Codes, 1942, § 8940-146; Laws, 1972, ch. 441, § 16, eff. 7/1/1972.
Mississippi Code 1972 (2023) › Title 57 - PLANNING, RESEARCH AND DEVELOPMENT (§§ 57-NEW-001 — 57-123-55) › Chapter 10 - SMALL BUSINESS ASSISTANCE (§§ 57-10-1 — 57-10-731) › Article 3 - SMALL BUSINESSMAN'S LOAN ASSISTANCE LAW OF 1972 (§§ 57-10-101 — 57-10-137) › Section 57-10-133 - Acceptance of federal and private grant funds

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.
Codes, 1942, § 8940-147; Laws, 1972, ch. 441, § 17; Laws, 1973, ch. 468, § 2; Laws, 1974, ch. 552, § 2; Laws, 1975, ch. 450, § 2; Laws, 1976, ch. 371, § 2; Laws, 1977, ch. 343, § 2; Laws, 1978, ch. 405, § 2, eff. 7/1/1978.
Mississippi Code 1972 (2023) › Title 57 - PLANNING, RESEARCH AND DEVELOPMENT (§§ 57-NEW-001 — 57-123-55) › Chapter 10 - SMALL BUSINESS ASSISTANCE (§§ 57-10-1 — 57-10-731) › Article 3 - SMALL BUSINESSMAN'S LOAN ASSISTANCE LAW OF 1972 (§§ 57-10-101 — 57-10-137) › Section 57-10-135 - Liability of state and subdivisions for obligations and guarantees assumed by state funds

Obligations and guarantees assumed by the small businessman's loan fund and the guaranty fee fund under the provisions of the guaranty program shall not be in any way an obligation, loan, debt or liability of the State of Mississippi or of any political subdivision thereof other than the small businessman's loan fund and the guaranty fee fund. They shall not create or constitute any obligation, liability or indebtedness of the state or of any political subdivision, or be or constitute a pledge of the faith and credit of the state or of any political subdivision, and all indebtedness or obligations shall be payable solely from revenues or funds available for their payment as authorized herein.
Codes, 1942, § 8940-148; Laws, 1972, ch. 441, § 18, eff. 7/1/1972.
Mississippi Code 1972 (2023) › Title 57 - PLANNING, RESEARCH AND DEVELOPMENT (§§ 57-NEW-001 — 57-123-55) › Chapter 10 - SMALL BUSINESS ASSISTANCE (§§ 57-10-1 — 57-10-731) › Article 3 - SMALL BUSINESSMAN'S LOAN ASSISTANCE LAW OF 1972 (§§ 57-10-101 — 57-10-137) › Section 57-10-137 - Transfer of moneys to general fund upon termination of program

If the program provided by this article is terminated or discontinued for any reason in the future, all monies in the guaranty fee fund and small businessman's loan fund in the state treasury shall, after payment of all outstanding indebtedness, be transferred to the general fund.
Codes, 1942, § 8940-149; Laws, 1972, ch. 441, § 19, eff. 7/1/1972.
Mississippi Code 1972 (2023) › Title 57 - PLANNING, RESEARCH AND DEVELOPMENT (§§ 57-NEW-001 — 57-123-55) › Chapter 10 - SMALL BUSINESS ASSISTANCE (§§ 57-10-1 — 57-10-731) › Article 5 - COMPREHENSIVE SMALL BUSINESS ACT OF 1983 (§§ 57-10-151 — 57-10-169) › Section 57-10-151 - Short title

This article shall be known and may be cited as "The Comprehensive Small Business Act of 1983."
Laws, 1983, ch. 434, § 1, eff. 3/30/1983.
Mississippi Code 1972 (2023) › Title 57 - PLANNING, RESEARCH AND DEVELOPMENT (§§ 57-NEW-001 — 57-123-55) › Chapter 10 - SMALL BUSINESS ASSISTANCE (§§ 57-10-1 — 57-10-731) › Article 5 - COMPREHENSIVE SMALL BUSINESS ACT OF 1983 (§§ 57-10-151 — 57-10-169) › Section 57-10-153 - Legislative intent

In order to stimulate the expansion of existing small businesses and to encourage the formation of new economically sound small business enterprises in this state, it is the intent of the legislature to create a consortium of state agencies and educational institutions which provide services to the state's non-agricultural small businesses for the purpose of coordinating delivery and avoiding duplication of such services to the small business community.
Laws, 1983, ch. 434, § 2, eff. 3/30/1983.
Mississippi Code 1972 (2023) › Title 57 - PLANNING, RESEARCH AND DEVELOPMENT (§§ 57-NEW-001 — 57-123-55) › Chapter 10 - SMALL BUSINESS ASSISTANCE (§§ 57-10-1 — 57-10-731) › Article 5 - COMPREHENSIVE SMALL BUSINESS ACT OF 1983 (§§ 57-10-151 — 57-10-169) › Section 57-10-155 - Definitions

Whenever the following terms are used herein they shall have the following meanings, unless the context clearly indicates otherwise:
(a)
"Small business" means a non-agricultural business as defined by the small business administration's most current declaration of small business size standards.
(b)
"Non-agricultural business" means businesses classified by the Standard Industrial Classification Code (SIC code) as Major Groups 10 through 79. Agricultural production and services, forestry and fisheries (Major Groups 01 through 09) are excluded from the provisions of this article.
(c)
"Consortium" means the state agencies or educational institutions which provide services to small businesses and are so designated by this article.
(d)
"Consortium board" means the governing body of the consortium formed to set policy and ensure that there is a coordinated program of assistance to the state's small businesses.
(e)
"Coordinator" means a staff member of the consortium designated by the consortium board to coordinate delivery of services to small businesses.
(f)
"Certified Development Company of Mississippi, Inc." means the corporation organized pursuant to Section
57-10-167
as a not-for-profit and non-share public corporation organized and chartered for the purpose of furthering the economic development of the state.
Laws, 1983, ch. 434, § 3, eff. 3/30/1983.
Mississippi Code 1972 (2023) › Title 57 - PLANNING, RESEARCH AND DEVELOPMENT (§§ 57-NEW-001 — 57-123-55) › Chapter 10 - SMALL BUSINESS ASSISTANCE (§§ 57-10-1 — 57-10-731) › Article 5 - COMPREHENSIVE SMALL BUSINESS ACT OF 1983 (§§ 57-10-151 — 57-10-169) › Section 57-10-157 - Composition of Small Business Consortium

Member agencies and institutions which are included in the Small Business Consortium are as follows:
(a)
Department of Economic Development;
(b)
Governor's Office of Federal-State Programs;
(c)
All state-supported universities; and
(d)
All public junior colleges.
Other agencies or institutions serving small business may be added or deleted from the consortium by a two-thirds (2/3) vote of the consortium board.
Laws, 1983, ch. 434, § 4; Laws, 1988, ch. 518, § 47, eff. 7/1/1988.
Mississippi Code 1972 (2023) › Title 57 - PLANNING, RESEARCH AND DEVELOPMENT (§§ 57-NEW-001 — 57-123-55) › Chapter 10 - SMALL BUSINESS ASSISTANCE (§§ 57-10-1 — 57-10-731) › Article 5 - COMPREHENSIVE SMALL BUSINESS ACT OF 1983 (§§ 57-10-151 — 57-10-169) › Section 57-10-159 - Small Business Consortium Board created; composition; compensation and expenses of members; meetings

There is hereby created the Small Business Consortium Board which shall be the policymaking body for the state's program of services to nonagricultural small businesses. The consortium board will be composed of the following seven (7) members: The Executive Director of the Department of Economic and Community Development; the Director of the University Research Center; the Director of the Department of Finance and Administration; the Director of the Enterprise Development Division of the Department of Economic and Community Development; the president of a public junior college appointed by the Mississippi Junior College Association; the President of the Certified Development Company of Mississippi, Inc.; and the District Director of the Small Business Administration.
Members of the consortium board shall receive no compensation for their services as members of the board. All consortium board members who are employees of the state or any entity thereof may receive reimbursement for actual and necessary traveling and subsistence expenses incurred, such reimbursement to be in the manner provided for in Section
25-3-41
.
A majority of the consortium board shall constitute a quorum, but less than a quorum may adjourn the meeting from time to time. The consortium board shall hold its meetings on at least a semiannual basis by call of the coordinator or a majority of the consortium board, and such meetings may be held at any place within the State of Mississippi acceptable to a majority of the board.
Laws, 1983, ch. 434, § 5; Laws, 1988, ch. 518, § 48; Laws, 1990, ch. 502, § 7, eff. 7/1/1990.
Mississippi Code 1972 (2023) › Title 57 - PLANNING, RESEARCH AND DEVELOPMENT (§§ 57-NEW-001 — 57-123-55) › Chapter 10 - SMALL BUSINESS ASSISTANCE (§§ 57-10-1 — 57-10-731) › Article 5 - COMPREHENSIVE SMALL BUSINESS ACT OF 1983 (§§ 57-10-151 — 57-10-169) › Section 57-10-161 - General duties and responsibilities of consortium board; review of certain assistance proposals

The duties and responsibilities of the consortium board shall be to set policy regarding delivery, and to implement delivery, of services to the state's non-agricultural small businesses, which services are provided by the consortium members or other state-supported agencies or institutions.
In order to ensure that existing delivery systems for services to small businesses are utilized whenever possible and to avoid duplication of services, any proposals for programs, grants or funding intended to provide services to small business in the general population or targeted areas of the state which are under consideration by state agencies or institutions, not members of the consortium, shall be reviewed by the consortium board. The board shall determine whether to include a program within one of the member agencies or delivery systems; include the agency or institution within the consortium; or disapprove the proposal. Excluded from this review process shall be any site-specific studies or fee-paid services provided by faculty members within the state university system and fee-paid services to small businesses provided by other state agencies or departments within the state university system.
Laws, 1983, ch. 434, § 6, eff. 3/30/1983.
Mississippi Code 1972 (2023) › Title 57 - PLANNING, RESEARCH AND DEVELOPMENT (§§ 57-NEW-001 — 57-123-55) › Chapter 10 - SMALL BUSINESS ASSISTANCE (§§ 57-10-1 — 57-10-731) › Article 5 - COMPREHENSIVE SMALL BUSINESS ACT OF 1983 (§§ 57-10-151 — 57-10-169) › Section 57-10-163 - Coordinator of small business consortium

(1)
It shall be the responsibility of the coordinator of the small business consortium to preside at meetings of the consortium board and to bring to the attention of the board the changing and evolving problems and needs of Mississippi small businesses; the need for addition, modification, or deletion of particular services; the existence of duplication of effort; the need for coordination; and any other situations relative to the effective delivery of state-supported services to small businesses of the state.
(2)
The coordinator shall be required to maintain current descriptions of and familiarity with the technical service programs provided by the consortium members to small businesses. These programs include but are not limited to: providing direct counseling assistance to business people in the areas of management, marketing, finance, and production as it relates to establishing a new or operating an existing small business in the state; providing business data and information necessary to make informed management decisions; and conducting training seminars and workshops on topics vital to the small business community of the state. The coordinator shall advise the consortium board of the need for addition, modification or deletion of particular services; the existence of duplication of effort; and the need for coordination. It shall be the responsibility of the consortium board to implement such changes in technical assistance programs as it deems necessary to comply with the intent of this article.
(3)
The coordinator shall be selected by a two-thirds (2/3) majority vote of the consortium board and shall serve at the will and pleasure of the consortium board. The coordinator shall be a full-time staff member of one of the consortium agencies or institutions or of the small business administration, and shall be located in Jackson, Mississippi. The coordinator may from time to time call special meetings of the consortium board as needed.
Laws, 1983, ch. 434, § 7, eff. 3/30/1983.
Mississippi Code 1972 (2023) › Title 57 - PLANNING, RESEARCH AND DEVELOPMENT (§§ 57-NEW-001 — 57-123-55) › Chapter 10 - SMALL BUSINESS ASSISTANCE (§§ 57-10-1 — 57-10-731) › Article 5 - COMPREHENSIVE SMALL BUSINESS ACT OF 1983 (§§ 57-10-151 — 57-10-169) › Section 57-10-165 - Small Business Clearinghouse

There is hereby created a unit within the consortium to be known as the Small Business Clearinghouse which shall provide a single contact point for the state's small businesses seeking assistance, make them aware of programs available to them, and direct them to the appropriate delivering organization.
The Small Business Clearinghouse shall be part of the Mississippi Department of Economic Development, and the Executive Director of the Mississippi Department of Economic Development shall be authorized to employ a full-time staff member and to expend such funds as necessary to effectively implement the duties assigned this unit.
In order to ensure that the general small business public is informed of this single contact point for gaining access to state-supported services, the Small Business Clearinghouse shall establish and maintain an outreach program.
Laws, 1983, ch. 434, § 8; Laws, 1988, ch. 518, § 49, eff. 7/1/1988.
Mississippi Code 1972 (2023) › Title 57 - PLANNING, RESEARCH AND DEVELOPMENT (§§ 57-NEW-001 — 57-123-55) › Chapter 10 - SMALL BUSINESS ASSISTANCE (§§ 57-10-1 — 57-10-731) › Article 5 - COMPREHENSIVE SMALL BUSINESS ACT OF 1983 (§§ 57-10-151 — 57-10-169) › Section 57-10-169 - Abolition of Mississippi Economic Development Corporation and small businessman's loan committee; transfer of powers, duties and authority

From and after July 1, 1983, the Mississippi Economic Development Corporation and the small businessman's loan committee shall be abolished and the powers, duties and authority granted the Mississippi Economic Development Corporation and the small businessman's loan committee pursuant to Articles 1 and 3, Chapter 10, Title 57, Mississippi Code of 1972, shall at that time be transferred to the Certified Development Company of Mississippi.
Laws, 1983, ch. 434, § 10, eff. 3/30/1983.
Mississippi Code 1972 (2023) › Title 57 - PLANNING, RESEARCH AND DEVELOPMENT (§§ 57-NEW-001 — 57-123-55) › Chapter 10 - SMALL BUSINESS ASSISTANCE (§§ 57-10-1 — 57-10-731) › Article 7 - MISSISSIPPI SMALL BUSINESS FINANCING ACT (§§ 57-10-201 — 57-10-261) › Section 57-10-201 - Short title

This article shall be known and may be cited as the "Mississippi Business Financing Act."
Laws, 1985, ch. 450, § 1; Laws, 1990 Ex Sess, ch. 71, § 5, eff. 6/30/1990.
Mississippi Code 1972 (2023) › Title 57 - PLANNING, RESEARCH AND DEVELOPMENT (§§ 57-NEW-001 — 57-123-55) › Chapter 10 - SMALL BUSINESS ASSISTANCE (§§ 57-10-1 — 57-10-731) › Article 7 - MISSISSIPPI SMALL BUSINESS FINANCING ACT (§§ 57-10-201 — 57-10-261) › Section 57-10-203 - Legislative findings and declarations

The Legislature finds and determines that there exists in the state a need to assist business in the state in obtaining financing for new business or in the expansion of existing business in order to promote and develop industrial development and to further the long-term economic development of the state through the improvement of its tax base and the promotion of employment. The Legislature finds and determines that it is necessary to provide financial assistance to business in the state by providing loans, guarantees, insurance and other assistance to business, thereby encouraging the investment of private capital in business in the state. To assist in such matters is essential to the industrial development of the state. In making these determinations, the Legislature has considered and affirmatively expresses its policy to assist businesses, acknowledging that this determination has and will affect competition.
It is hereby further declared that all of the foregoing are public purposes and will serve a public purpose in that they will promote industry, develop trade and increase employment opportunities for the benefit of the inhabitants of the state, either through the increase of commerce or through the promotion of safety, health, welfare, convenience or prosperity; and that the necessity of enacting the provisions herein set forth is in the public interest and is hereby so declared as a matter of express legislative determination.
Laws, 1985, ch. 450, § 2; Laws, 1990 Ex Sess, ch. 71, § 6, eff. 6/30/1990.
Mississippi Code 1972 (2023) › Title 57 - PLANNING, RESEARCH AND DEVELOPMENT (§§ 57-NEW-001 — 57-123-55) › Chapter 10 - SMALL BUSINESS ASSISTANCE (§§ 57-10-1 — 57-10-731) › Article 7 - MISSISSIPPI SMALL BUSINESS FINANCING ACT (§§ 57-10-201 — 57-10-261) › Section 57-10-209 - Issuance and refunding of bonds; methods for financing projects

Upon receipt of a certificate of public convenience and necessity from the Executive Director of the Mississippi Department of Economic and Community Development, the company shall have the power to borrow money and to issue from time to time its bonds to pay the cost of the projects for which such bonds have been issued, including but not limited to the power to issue from time to time bonds to renew or to pay bonds, including the interest thereon. Whenever bonds can be refunded to obtain interest rates on refunding bonds which are lower than the interest rates on the bonds to be refunded it shall have the power to refund any bonds by the issuance of new bonds, whether the bonds to be refunded have or have not matured, and to issue bonds partly to refund outstanding bonds. Refunding bonds may be sold and the proceeds applied to the purchase, redemption or payment of the bonds to be refunded, or exchanged for the bonds to be refunded. The company may undertake the financing of the cost of a project for an eligible business from the proceeds of its bonds by one or more of the following methods:
(a)
entering into a lease for the facilities of the eligible business being financed;
(b)
selling such facilities to the eligible business under a sales contract;
(c)
lending the proceeds of the sale of the bonds under a loan agreement with the eligible business;
(d)
entering into a loan to lenders transaction in the manner described in Section
57-10-227
; or
(e)
entering into such other transaction or transactions as the company deems appropriate to accomplish the purposes of this article.
Laws, 1985, ch. 450, § 5; Laws, 1988, ch. 518, § 51; Laws, 1990 Ex Sess, ch. 71, § 9, eff. 6/30/1990.
Mississippi Code 1972 (2023) › Title 57 - PLANNING, RESEARCH AND DEVELOPMENT (§§ 57-NEW-001 — 57-123-55) › Chapter 10 - SMALL BUSINESS ASSISTANCE (§§ 57-10-1 — 57-10-731) › Article 7 - MISSISSIPPI SMALL BUSINESS FINANCING ACT (§§ 57-10-201 — 57-10-261) › Section 57-10-213 - Issuance of bonds to finance projects of eligible businesses

In addition to, and not as a limitation upon, the powers of the company to issue bonds as elsewhere conferred in this article, and upon the receipt of a certificate of public convenience and necessity from the Executive Director of the Mississippi Department of Economic and Community Development, the company also shall have the power to issue bonds, the proceeds of which, after payment of the costs of issuance thereof, will be used to make loans to finance or refinance the projects of eligible businesses. The company shall promulgate such rules and regulations as may be necessary to carry out the purposes of this section and to provide procedures for the making of such loans and the repayment thereof.
Laws, 1985, ch. 450, § 7; Laws, 1987, ch. 464, § 3; Laws, 1988, ch. 518, § 52; Laws, 1990, ch. 570, § 5; Laws, 1990 Ex Sess, ch. 71, § 11, eff. 6/30/1990.
Mississippi Code 1972 (2023) › Title 57 - PLANNING, RESEARCH AND DEVELOPMENT (§§ 57-NEW-001 — 57-123-55) › Chapter 10 - SMALL BUSINESS ASSISTANCE (§§ 57-10-1 — 57-10-731) › Article 7 - MISSISSIPPI SMALL BUSINESS FINANCING ACT (§§ 57-10-201 — 57-10-261) › Section 57-10-215 - Insurance or guaranty fund

There is hereby created an insurance or guaranty fund of the company which may be used for any of the following purposes:
(a)
To ensure the payment or repayment of all or any part of the principal of, redemption or prepayment premiums or penalties on, and interest on its bonds;
(b)
To ensure the payment or repayment of all or any part of the principal of, redemption or prepayment premiums or penalties on, and interest on any instrument executed, obtained or delivered in connection with the issuance and sale of its bonds; and
(c)
To pay or ensure the payment of any fees or premiums necessary to obtain insurance, guarantees or other instruments or enhancement of credit for or support from any person in connection with financing assistance provided by the company under this article including but not limited to working capital loans made by a lender.
Laws, 1985, ch. 450, § 8, eff. 7/1/1985.
Mississippi Code 1972 (2023) › Title 57 - PLANNING, RESEARCH AND DEVELOPMENT (§§ 57-NEW-001 — 57-123-55) › Chapter 10 - SMALL BUSINESS ASSISTANCE (§§ 57-10-1 — 57-10-731) › Article 7 - MISSISSIPPI SMALL BUSINESS FINANCING ACT (§§ 57-10-201 — 57-10-261) › Section 57-10-217 - Security for bonds or instruments

The bonds or instruments with respect to which financial assistance is provided by the company shall be secured or unsecured in a manner approved by the company.
Laws, 1985, ch. 450, § 9, eff. 7/1/1985.
Mississippi Code 1972 (2023) › Title 57 - PLANNING, RESEARCH AND DEVELOPMENT (§§ 57-NEW-001 — 57-123-55) › Chapter 10 - SMALL BUSINESS ASSISTANCE (§§ 57-10-1 — 57-10-731) › Article 7 - MISSISSIPPI SMALL BUSINESS FINANCING ACT (§§ 57-10-201 — 57-10-261) › Section 57-10-219 - Premiums and fees for financial assistance

The company may, in its discretion, set the premiums and fees to be paid to it for providing financial assistance under this article. The premiums and fees and expenses set by the company shall be payable in the amounts, at the time and in the manner that the company, in its discretion, requires. The premiums and fees need not be uniform among transactions and may vary in amount among transactions and at different stages during the terms of the transactions.
Laws, 1985, ch. 450, § 10, eff. 7/1/1985.
Mississippi Code 1972 (2023) › Title 57 - PLANNING, RESEARCH AND DEVELOPMENT (§§ 57-NEW-001 — 57-123-55) › Chapter 10 - SMALL BUSINESS ASSISTANCE (§§ 57-10-1 — 57-10-731) › Article 7 - MISSISSIPPI SMALL BUSINESS FINANCING ACT (§§ 57-10-201 — 57-10-261) › Section 57-10-221 - Applicability of debt limitation or restriction

Bonds issued pursuant to the provisions of this article shall not constitute an indebtedness within the meaning of any debt limitation or restriction.
Laws, 1985, ch. 450, § 11, eff. 7/1/1985.
Mississippi Code 1972 (2023) › Title 57 - PLANNING, RESEARCH AND DEVELOPMENT (§§ 57-NEW-001 — 57-123-55) › Chapter 10 - SMALL BUSINESS ASSISTANCE (§§ 57-10-1 — 57-10-731) › Article 7 - MISSISSIPPI SMALL BUSINESS FINANCING ACT (§§ 57-10-201 — 57-10-261) › Section 57-10-223 - Procedure for public hearings and approval

Whenever federal law requires public hearings and public approval as a prerequisite to obtaining federal tax exemption for the interest paid on industrial development bonds under Section 141 of the Revenue Code, unless otherwise specified by federal law or regulation, the public hearing for industrial development bonds of the company shall be conducted by the company and the procedure for the public hearing and public approvals shall be as follows:
(a)
For a public hearing by the company;
(i)
Notice of the hearing shall be published at least once in a newspaper published or having general circulation in the municipality in which the facility to be financed is to be located, or having general circulation in the state, of intention to provide financing for a named applicant. The applicant shall pay the cost of notification. The notice shall specify the time and place of hearing at which persons may appear and present their views. The hearing shall be held not less than fourteen (14) days after the notice shall appear in such newspaper. The hearing may be held at any place within the state determined by the company;
(ii)
The notice shall contain (A) the name and address of the company; (B) the name and address of the principal place of business, if any, of the applicant seeking financing; (C) the maximum dollar amount of financing sought; and (D) the type of business and purpose and specific location of the facility to be financed.
(b)
For public approval, the Governor or State Treasurer is appointed by this article as the applicable elected representative within the meaning of Section 147(f) of the Revenue Code.
Laws, 1985, ch. 450, § 12; Laws, 1992, ch. 548 § 3, eff. 5/14/1992.
Mississippi Code 1972 (2023) › Title 57 - PLANNING, RESEARCH AND DEVELOPMENT (§§ 57-NEW-001 — 57-123-55) › Chapter 10 - SMALL BUSINESS ASSISTANCE (§§ 57-10-1 — 57-10-731) › Article 7 - MISSISSIPPI SMALL BUSINESS FINANCING ACT (§§ 57-10-201 — 57-10-261) › Section 57-10-225 - Loans to lenders

The company may make, and undertake commitments to make, loans to lenders under terms and conditions requiring the proceeds thereof to be used by such lenders to make loans to eligible businesses. Loan commitments or actual loans may be originated through and serviced by any such lender. As a condition to a lender's participating in such loan, such lender shall agree to use the proceeds of such loan within a reasonable period of time to make loans or purchase loans to provide eligible businesses, or finance the projects of eligible businesses, in the state or, if such lender has made a commitment to make loans to provide eligible businesses on the basis of a commitment from the company to purchase such loans, such lender will make such loans within a reasonable period of time.
Laws, 1985, ch. 450, § 13; Laws, 1990 Ex Sess, ch. 71, § 12, eff. 6/30/1990.
Mississippi Code 1972 (2023) › Title 57 - PLANNING, RESEARCH AND DEVELOPMENT (§§ 57-NEW-001 — 57-123-55) › Chapter 10 - SMALL BUSINESS ASSISTANCE (§§ 57-10-1 — 57-10-731) › Article 7 - MISSISSIPPI SMALL BUSINESS FINANCING ACT (§§ 57-10-201 — 57-10-261) › Section 57-10-227 - Investment in, purchase and assignment of loans made by lenders

The company may invest in, purchase or make commitments to invest in or purchase, and take assignments or make commitments to take assignments, of loans made by lenders for the acquisition, construction, rehabilitation, expansion or purchase of a project or projects for eligible business.
Laws, 1985, ch. 450, § 14; Laws, 1990 Ex Sess, ch. 71, § 13, eff. 6/30/1990.
Mississippi Code 1972 (2023) › Title 57 - PLANNING, RESEARCH AND DEVELOPMENT (§§ 57-NEW-001 — 57-123-55) › Chapter 10 - SMALL BUSINESS ASSISTANCE (§§ 57-10-1 — 57-10-731) › Article 7 - MISSISSIPPI SMALL BUSINESS FINANCING ACT (§§ 57-10-201 — 57-10-261) › Section 57-10-229 - Promulgation of regulations relating to sections 57-10-225 and 57-10-227

Prior to carrying out the powers granted under Sections
57-10-225
and
57-10-227
, the company shall promulgate rules and regulations governing its activities authorized thereunder, including but not limited to rules and regulations relating to the following:
(a)
Procedures for the submission of requests or invitations and proposals for making loans to lenders and the investment in, purchase, assignment and sale of loans;
(b)
The reinvestment by a lender of the proceeds, or an equivalent amount, from any loan to a lender in loans to provide financing for eligible business in the state;
(c)
Assurances that the eligible business to be financed will improve employment conditions or otherwise improve industrial development in the state;
(d)
Rates, fees, charges and other terms and conditions for originating or servicing loans in order to protect against realization of an excessive financial return or benefit by the originator or servicer;
(e)
The type and amount of collateral or security to be provided to assure repayment of loans to lenders made by the company;
(f)
The type of collateral, payment bonds, performance bonds or other security to be provided for any loans made by a lender for construction loans;
(g)
The nature and amount of fees to be charged by the company to provide for expenses and reserves of the company;
(h)
Standards and requirements for the allocation of available money among lenders and the determination of the maturities, terms, conditions and interest rates for loans made, purchased, sold, assigned or committed pursuant hereto;
(i)
Commitment requirements for financing by lenders involving money provided, directly or indirectly, by the company; or
(j)
Any other appropriate matters related to the duties or exercise of the company's powers hereunder.
Laws, 1985, ch. 450, § 15; Laws, 1990 Ex Sess, ch. 71, § 14, eff. 6/30/1990.
Mississippi Code 1972 (2023) › Title 57 - PLANNING, RESEARCH AND DEVELOPMENT (§§ 57-NEW-001 — 57-123-55) › Chapter 10 - SMALL BUSINESS ASSISTANCE (§§ 57-10-1 — 57-10-731) › Article 7 - MISSISSIPPI SMALL BUSINESS FINANCING ACT (§§ 57-10-201 — 57-10-261) › Section 57-10-231 - Payment of bonds; additional security

Except as may otherwise be expressly provided by the company in proceedings relating to a particular issue of bonds, every issue of its bonds shall be payable solely out of any revenues of the company. The bonds additionally may be secured by a pledge of any grant, contribution or guarantee from the federal government or any person or a pledge by the company of any revenues from any source.
Laws, 1985, ch. 450, § 16, eff. 7/1/1985.
Mississippi Code 1972 (2023) › Title 57 - PLANNING, RESEARCH AND DEVELOPMENT (§§ 57-NEW-001 — 57-123-55) › Chapter 10 - SMALL BUSINESS ASSISTANCE (§§ 57-10-1 — 57-10-731) › Article 7 - MISSISSIPPI SMALL BUSINESS FINANCING ACT (§§ 57-10-201 — 57-10-261) › Section 57-10-233 - Liability of state or subdivisions on bonds; personal liability of directors; statement required on face of bond

No bonds issued by the company under this article shall constitute a debt, liability or general obligation of the state or any political subdivision thereof (other than the company), or a pledge of the faith and credit of the state or any political subdivision thereof (other than the company), but shall be payable solely as provided by the company. No member or officer of the board of directors of the company nor any person executing the bonds shall be liable personally on the bonds by reason of the issuance thereof. Each bond issued under this article shall contain on the face thereof a statement that neither the state, nor any other political subdivision thereof, shall be obligated to pay the same or the interest thereon or other costs incident thereto except from the revenue or money pledged by the company and that neither the faith and credit nor the taxing power of the state or any political subdivision thereof is pledged to the payment of the principal of, or the interest on, such bond.
Laws, 1985, ch. 450, § 17, eff. 7/1/1985.
Mississippi Code 1972 (2023) › Title 57 - PLANNING, RESEARCH AND DEVELOPMENT (§§ 57-NEW-001 — 57-123-55) › Chapter 10 - SMALL BUSINESS ASSISTANCE (§§ 57-10-1 — 57-10-731) › Article 7 - MISSISSIPPI SMALL BUSINESS FINANCING ACT (§§ 57-10-201 — 57-10-261) › Section 57-10-235 - Term, interest rate, denominations, etc. of bonds; use of proceeds; rules and regulations

(1)
The bonds shall be authorized by a resolution of the company, 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 thirty (30) 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 prior to maturity, as such resolution may provide. Except as expressly provided otherwise in this article, the provisions of other laws of the state relating to the issuance of revenue bonds shall not apply to bonds issued by the company. As to bonds issued hereunder and designated as taxable bonds by the company, any immunity to taxation by the United States Government of interest on such bonds or notes is hereby waived. Bonds of the company may be sold by the company at public or private sale, from time to time, and at such price or prices as the company shall determine.
(2)
(a)
The company shall make available from the proceeds of bonds issued the amount of One Million Dollars ($1,000,000.00) to every certified development company created by a planning and development district in this state, which monies shall be used by such certified development companies to assist businesses within the planning and development districts in a manner consistent with the provisions of this chapter and with the provisions of the federal act.
(b)
The company shall promulgate rules and regulations governing the activities authorized herein, including but not limited to:
(i)
Procedures for the submission of requests or proposals by the certified development companies;
(ii)
The reinvestment by the certified development companies of bond proceeds;
(iii)
Assurance that the eligible business to be financed will improve employment or otherwise improve industrial development in the state;
(iv)
Rates, fees, charges and other terms and conditions of loans between the certified development companies and the borrowers;
(v)
The type and amount of collateral or security to be provided to assure repayment of bond proceeds and interest;
(vi)
Standards and requirements for the allocation of available money among the certified development companies; and
(vii)
Any other appropriate matters related to the duties or exercise of the company's power hereunder.
Laws, 1985, ch. 450, § 18; Laws, 1987, ch. 464, § 4; Laws, 1990, ch. 570, § 6; Laws, 1990 Ex Sess, ch. 71, § 15; Laws, 1993, ch. 548, § 10, eff. 4/19/1993.
Mississippi Code 1972 (2023) › Title 57 - PLANNING, RESEARCH AND DEVELOPMENT (§§ 57-NEW-001 — 57-123-55) › Chapter 10 - SMALL BUSINESS ASSISTANCE (§§ 57-10-1 — 57-10-731) › Article 7 - MISSISSIPPI SMALL BUSINESS FINANCING ACT (§§ 57-10-201 — 57-10-261) › Section 57-10-237 - Miscellaneous provisions of resolution authorizing issuance of bonds

Any resolution authorizing the issuance of bonds may contain provisions as to:
(a)
Pledging all or any part of the revenues of the company to secure the payment of the bonds subject to the terms of the proceedings relating to other bonds of the company as may then exist;
(b)
Pledging all or any part of the assets of the company, including loans and obligations securing the same, to secure the payment of the bonds, subject to the terms of the proceedings relating to other bonds of the company as may then exist;
(c)
The use and disposition of the gross income from loans owned by the company and payment of the principal of loans owned by the company;
(d)
The setting aside of reserves or sinking funds and the regulations and disposition thereof;
(e)
Limitations on the purposes to which the proceeds from the sale of bonds may be applied and pledging the proceeds to secure the payment of the bonds;
(f)
Limitations on the issuance of additional bonds, the terms upon which additional bonds may be issued and secured, and the refunding of outstanding or other bonds;
(g)
The procedure, if any, by which the terms of any of the proceedings under which the bonds are being issued may be amended or abrogated, the number or percentage of bondholders who or which must consent thereto, and the manner in which the consent may be given;
(h)
The vesting in a trustee or trustees of such property, rights, powers and duties in trust as the company may determine, and limiting or abrogating the right of bondholders to appoint a trustee or limiting the rights, powers and duties of the trustee;
(i)
Defining the act or omissions to act which shall constitute a default and the obligations or duties of the company to the holders of the bonds, and providing for the rights and remedies of the holders of the bonds in the event of default, which rights and remedies may include the general laws of the state and other provisions of this article; or
(j)
Any other matter, of like or different character, which in any way affects the security or protection of the holders of the bonds.
Laws, 1985, ch. 450, § 19, eff. 7/1/1985.
Mississippi Code 1972 (2023) › Title 57 - PLANNING, RESEARCH AND DEVELOPMENT (§§ 57-NEW-001 — 57-123-55) › Chapter 10 - SMALL BUSINESS ASSISTANCE (§§ 57-10-1 — 57-10-731) › Article 7 - MISSISSIPPI SMALL BUSINESS FINANCING ACT (§§ 57-10-201 — 57-10-261) › Section 57-10-239 - Effect of pledge; recording of resolution or other instruments

Any pledge made by the company shall be valid and binding from the time when the pledge was made. The revenues or properties so pledged and thereafter received by the company shall immediately be subject to the lien of such pledge without any physical delivery thereof or further act, and the lien of any such pledge shall be valid and binding as against all parties having claims of any kind in tort, contract or otherwise against the company, irrespective of whether the parties have notice thereof. Neither the resolution nor any other instrument by which a pledge is created need be recorded.
Laws, 1985, ch. 450, § 20, eff. 7/1/1985.
Mississippi Code 1972 (2023) › Title 57 - PLANNING, RESEARCH AND DEVELOPMENT (§§ 57-NEW-001 — 57-123-55) › Chapter 10 - SMALL BUSINESS ASSISTANCE (§§ 57-10-1 — 57-10-731) › Article 7 - MISSISSIPPI SMALL BUSINESS FINANCING ACT (§§ 57-10-201 — 57-10-261) › Section 57-10-241 - Cancellation and redemption of bonds

The company, subject to the provisions in proceedings relating to outstanding bonds as may then exist, may purchase bonds out of any funds available therefor, which shall thereupon be cancelled, at any reasonable price which, if the bonds are then redeemable, shall not exceed the redemption price (and premium, if any) then applicable plus accrued interest to the redemption date thereof.
Laws, 1985, ch. 450, § 21, eff. 7/1/1985.
Mississippi Code 1972 (2023) › Title 57 - PLANNING, RESEARCH AND DEVELOPMENT (§§ 57-NEW-001 — 57-123-55) › Chapter 10 - SMALL BUSINESS ASSISTANCE (§§ 57-10-1 — 57-10-731) › Article 7 - MISSISSIPPI SMALL BUSINESS FINANCING ACT (§§ 57-10-201 — 57-10-261) › Section 57-10-243 - Trust indenture

The bonds may be secured by an indenture by and between the company and a corporate trustee which may be any bank or other corporation having the power of a trust company or any trust company within or without this state. Such indenture may contain such provisions for protecting and enforcing the rights and remedies of the bondholders as may be reasonable and proper and not in violation of law, including covenants setting forth the duties of the company in relation to the exercise of its powers and the custody, safekeeping and application of all money. The company may provide by the indenture for the payment of the proceeds of the bonds and revenues to the trustee under the indenture or other depository, and for the method of disbursement thereof, with such safeguards and restrictions as the company may determine. If the bonds shall be secured by an indenture, the bondholders shall have no authority to appoint a separate trustee to represent them.
Laws, 1985, ch. 450, § 22, eff. 7/1/1985.
Mississippi Code 1972 (2023) › Title 57 - PLANNING, RESEARCH AND DEVELOPMENT (§§ 57-NEW-001 — 57-123-55) › Chapter 10 - SMALL BUSINESS ASSISTANCE (§§ 57-10-1 — 57-10-731) › Article 7 - MISSISSIPPI SMALL BUSINESS FINANCING ACT (§§ 57-10-201 — 57-10-261) › Section 57-10-245 - Signatures on bonds

In the event that any of the members or officers of the board of directors of the company shall cease to be members or officers of the board prior to the delivery of any bonds signed by them, their signatures or facsimiles thereof shall nevertheless be valid and sufficient for all purposes, the same as if such members or officers had remained in office until such delivery.
Laws, 1985, ch. 450, § 23, eff. 7/1/1985.
Mississippi Code 1972 (2023) › Title 57 - PLANNING, RESEARCH AND DEVELOPMENT (§§ 57-NEW-001 — 57-123-55) › Chapter 10 - SMALL BUSINESS ASSISTANCE (§§ 57-10-1 — 57-10-731) › Article 7 - MISSISSIPPI SMALL BUSINESS FINANCING ACT (§§ 57-10-201 — 57-10-261) › Section 57-10-247 - Establishment of funds and accounts

The company may create and establish such funds and accounts as may be necessary or desirable for its purposes.
Laws, 1985, ch. 450, § 24, eff. 7/1/1985.