reglab/statecodes huggingface dataset:
Mississippi Code 1972 (2023) › Title 57 - PLANNING, RESEARCH AND DEVELOPMENT (§§ 57-NEW-001 — 57-123-55) › Chapter 5 - INDUSTRIAL PARKS AND DISTRICTS (§§ 57-5-1 — 57-5-23) › Section 57-5-19 - Rules and regulations; laws governing bonds and elections

The board is hereby authorized and empowered to adopt and put into effect all reasonable rules and regulations that it may deem necessary to carry out the provisions of this chapter, not inconsistent therewith, and the board and the municipalities receiving certificates of convenience and necessity under this chapter, shall be governed in holding municipal elections, in the issuance of municipal bonds, their forms, terms, the necessary tax levies, the exemption of bonds from taxation and the joining of various municipalities in establishing said industrial districts, by the same conditions, terms and laws applicable to the issuance of industrial bonds as authorized and provided by Sections
57-1-1
through
57-1-51
,
57-1-101
through
57-1-107
and
57-1-131
through
57-1-145
.
Codes, 1942, § 8940-10; Laws, 1960, ch. 386, § 10, eff. 7/1/1960.
Mississippi Code 1972 (2023) › Title 57 - PLANNING, RESEARCH AND DEVELOPMENT (§§ 57-NEW-001 — 57-123-55) › Chapter 5 - INDUSTRIAL PARKS AND DISTRICTS (§§ 57-5-1 — 57-5-23) › Section 57-5-21 - Powers and duties as to industrial parks conferred on other political subdivisions or units; eminent domain

The several municipalities of this state, including counties, supervisors districts, cities, towns or villages, or combinations thereof contiguous to and lying in the same or adjacent counties, all hereinafter referred to as "municipalities," shall have all the rights, powers and duties as contained in Sections
57-5-1
through
57-5-19
, plus the right of eminent domain in the acquisition of up to twenty-five percent (25%) of the land for a "standard" industrial park if and when the owner or owners of at least seventy-five percent (75%) of the acreage involved have either sold such acreage to the municipality or placed such acreage under option to said municipality.
Codes, 1942, § 8940-21; Laws, 1960, ch. 437, § 1, eff. 7/1/1960.
Mississippi Code 1972 (2023) › Title 57 - PLANNING, RESEARCH AND DEVELOPMENT (§§ 57-NEW-001 — 57-123-55) › Chapter 5 - INDUSTRIAL PARKS AND DISTRICTS (§§ 57-5-1 — 57-5-23) › Section 57-5-23 - Certificate as evidence of authority to exercise power of eminent domain

The Mississippi Agricultural and Industrial Board, hereinafter referred to as the "board," in issuing a certificate of public convenience and necessity to a municipality to engage in the acquisition and development of a "standard" industrial park or district shall be advised by the municipality of its need to use the power of eminent domain in the acquisition of a part of the acreage involved, not to exceed twenty-five percent (25%), and the board shall so specify in said certificate, which shall be the municipality's evidence of authority to use the power of eminent domain as above specifically defined.
Codes, 1942, § 8940-22; Laws, 1960, ch. 437, § 2, eff. 7/1/1960.
Mississippi Code 1972 (2023) › Title 57 - PLANNING, RESEARCH AND DEVELOPMENT (§§ 57-NEW-001 — 57-123-55) › Chapter 7 - SALE OR DEVELOPMENT OF AIRPORT LANDS, OR OTHER LANDS, FOR INDUSTRIAL PURPOSES (§§ 57-7-1 — 57-7-13) › Section 57-7-1 - Sale or lease of surplus government lands for improvement for industrial and commercial purposes; improvement of property

In the event that any municipality, county, supervisors district, municipal airport authority, regional airport authority or other governmental subdivision shall have surplus airport land or other lands which are not needed for airport purposes or for other governmental purposes, then such property so designated and described may be set aside and improved for industrial and commercial purposes and the same may thereafter be operated or the same may be leased or sold upon such terms and conditions as a municipality, county, municipal airport authority, regional airport authority or governmental subdivision shall prescribe.
In order to provide for the improvement of such property for industrial and commercial purposes, the municipality or other authority shall be authorized to provide all necessary utilities therefor and to lay out, construct and/or improve and hard-surface roadways, streets, driveways and access roads, railroads and spur tracks, and provide for the grading, drainage, sewer, lights and water, and all other necessary or proper utilities as may be necessary or proper to make such land desirable or useful as a site or sites for industrial and commercial enterprises. The cost and expense of such improvements to said real estate shall be paid for from funds made available from the lease or sale of such lands to the extent such funds are available.
Codes, 1942, § 7545-61; Laws, 1964, ch. 290, § 1; Laws, 1980, ch. 410, § 2; Laws, 1992, ch. 379, § 6, eff. 7/1/1992.
Mississippi Code 1972 (2023) › Title 57 - PLANNING, RESEARCH AND DEVELOPMENT (§§ 57-NEW-001 — 57-123-55) › Chapter 7 - SALE OR DEVELOPMENT OF AIRPORT LANDS, OR OTHER LANDS, FOR INDUSTRIAL PURPOSES (§§ 57-7-1 — 57-7-13) › Section 57-7-3 - Authorization for issuance of bonds; sale of bonds; interest rate; liability on bonds

For the purpose of providing funds to defray the expenses of improving and developing the airport properties as set forth in Section
57-7-1
, the said municipality or other authority shall have the right to borrow money for the industrial improvement of its lands and property, and to issue revenue bonds therefor, payable out of any revenues derived from such property, including grants or contributions from the federal government or other sources. Such bonds may be sold at public or private sale at not less than par and shall bear interest at a rate or rates not exceeding that allowed in Section
75-17-103
, Mississippi Code of 1972. Any such bonds so issued shall not constitute a debt of any municipality, the state, or any political subdivision thereof, other than the municipality or other authority.
Codes, 1942, § 7545-62; Laws, 1964, ch. 290, § 2; Laws, 1976, ch. 425; Laws, 1981, ch. 462, § 13; Laws, 1982, ch. 434, § 26; Laws, 1983, ch. 541, § 32, eff. 4/25/1983.
Mississippi Code 1972 (2023) › Title 57 - PLANNING, RESEARCH AND DEVELOPMENT (§§ 57-NEW-001 — 57-123-55) › Chapter 7 - SALE OR DEVELOPMENT OF AIRPORT LANDS, OR OTHER LANDS, FOR INDUSTRIAL PURPOSES (§§ 57-7-1 — 57-7-13) › Section 57-7-5 - Details of bonds

All bonds issued under the authority of this chapter shall bear such date or dates, shall be in such form or denomination, shall bear such rate of interest, and shall mature at such times as the said municipality or other authority shall determine, but no bonds issued under the authority of this chapter shall mature more than twenty-five (25) years from the date of the issuance thereof and none of said bonds shall be sold for less than par and accrued interest. All such bonds shall be sold in the manner now provided by law for the sale of bonds without any restrictions, limitations, requirements or conditions applicable to the borrowing of such money and the issuance of such bonds which are not herein contained. The denomination, form, place of payment and other details of such bonds may be determined by resolution or order of the municipality or other authority, and shall be executed on behalf of the municipality or other authority as is now provided by law.
Codes, 1942, § 7545-63; Laws, 1964, ch. 290, § 3, eff. 5/15/1964.
Mississippi Code 1972 (2023) › Title 57 - PLANNING, RESEARCH AND DEVELOPMENT (§§ 57-NEW-001 — 57-123-55) › Chapter 7 - SALE OR DEVELOPMENT OF AIRPORT LANDS, OR OTHER LANDS, FOR INDUSTRIAL PURPOSES (§§ 57-7-1 — 57-7-13) › Section 57-7-7 - Notice of intent to issue bonds; requirement of election on bond issue

Before issuing any bonds under the provisions of this chapter, the municipality or other authority shall, by resolution spread upon the minutes, declare its intention to issue such bonds for the purposes authorized by this chapter and shall state in said resolution the amount of bonds proposed to be issued and shall likewise fix in said resolution the date upon which the said municipality or other authority proposes to direct the issuance of such bonds. Notice of such intention shall be published once a week for at least three (3) consecutive weeks in a newspaper published or having a general circulation in the municipality or the governmental subdivision issuing the bonds, with the first publication of said notice to be made not less than twenty-one (21) days prior to the date fixed in the resolution for the issuance of said bonds and the last publication to be made not more than seven (7) days prior to such date. If, on or before the date specified in the resolution, twenty percent (20%) of the qualified electors of the municipality or other governmental subdivision shall file a written protest against the issuance of such bonds, then an election upon the issuance thereof shall be called, and held, as is hereby provided. If no such protest shall be filed, then the said municipality or other authority may issue such bonds without an election on the question of the issuance thereof at any time within a period of two (2) years after the date specified in the resolution.
Codes, 1942, § 7545-64; Laws, 1964, ch. 290, § 4, eff. 5/15/1964.
Mississippi Code 1972 (2023) › Title 57 - PLANNING, RESEARCH AND DEVELOPMENT (§§ 57-NEW-001 — 57-123-55) › Chapter 7 - SALE OR DEVELOPMENT OF AIRPORT LANDS, OR OTHER LANDS, FOR INDUSTRIAL PURPOSES (§§ 57-7-1 — 57-7-13) › Section 57-7-9 - Conduct of election

If an election shall be called under the provisions of this chapter on the question of the issuance of bonds, the election shall be held, insofar as practicable, in the same manner as other elections are held in said municipality or other governmental subdivision. At such election, all qualified electors of the municipality or other governmental subdivision may vote and the ballots used in such election shall have printed thereon a brief statement of the amount and purposes of the proposed bond issue and the words "FOR THE BOND ISSUE" and the words "AGAINST THE BOND ISSUE," and the voters shall vote by placing a cross (X) or check mark (TICK) opposite their choice on the proposition.
Codes, 1942, § 7545-65; Laws, 1964, ch. 290, § 5, eff. 5/15/1964.
Mississippi Code 1972 (2023) › Title 57 - PLANNING, RESEARCH AND DEVELOPMENT (§§ 57-NEW-001 — 57-123-55) › Chapter 7 - SALE OR DEVELOPMENT OF AIRPORT LANDS, OR OTHER LANDS, FOR INDUSTRIAL PURPOSES (§§ 57-7-1 — 57-7-13) › Section 57-7-11 - Determination of results of election

When the results of any election hereinabove provided for shall have been canvassed by the election commissioners of said municipality or governmental district and certified by them to the proper authorities, it shall be the duty of the municipality or other authority involved to determine and adjudicate whether or not a majority of the qualified electors who voted in such election voted in favor of such bonds and unless a majority of the qualified electors who voted in said election shall have voted in favor of such bonds, then the same shall not be issued. Should a majority of the qualified electors who vote in such election vote in favor of said bonds, the municipality or other authority may issue said bonds, either in whole or in part, within two (2) years from the date of such election, or within two (2) years after final favorable determination of any litigation affecting the issuance of such bonds at such time or times, and in such amount or amounts, not exceeding that specified in the notice of the election, as shall be deemed proper.
Codes, 1942, § 7545-66; Laws, 1964, ch. 290, § 6, eff. 5/15/1964.
Mississippi Code 1972 (2023) › Title 57 - PLANNING, RESEARCH AND DEVELOPMENT (§§ 57-NEW-001 — 57-123-55) › Chapter 7 - SALE OR DEVELOPMENT OF AIRPORT LANDS, OR OTHER LANDS, FOR INDUSTRIAL PURPOSES (§§ 57-7-1 — 57-7-13) › Section 57-7-13 - Construction of chapter; applicability of debt limitation

This chapter, without reference to any other statute, shall be deemed to be full and complete authority for the issuance of bonds and borrowing of money as hereby authorized by municipalities or other governmental authority, and shall be construed as an additional and alternate method therefor. The bonds hereby authorized shall not constitute an indebtedness within the meaning of any constitutional or statutory limitation or restriction.
Codes, 1942, § 7545-67; Laws, 1964, ch. 290, § 7, eff. 5/15/1964.
Mississippi Code 1972 (2023) › Title 57 - PLANNING, RESEARCH AND DEVELOPMENT (§§ 57-NEW-001 — 57-123-55) › Chapter 9 - INDUSTRIAL PLANT TRAINING (§§ 57-9-1 — 57-9-9) › Section 57-9-1 - Short title

This chapter may be cited as the "Industrial Training Law of 1964."
Codes, 1942, § 8939-11; Laws, 1964, ch. 220, § 1, eff. 3/18/1964.
Mississippi Code 1972 (2023) › Title 57 - PLANNING, RESEARCH AND DEVELOPMENT (§§ 57-NEW-001 — 57-123-55) › Chapter 9 - INDUSTRIAL PLANT TRAINING (§§ 57-9-1 — 57-9-9) › Section 57-9-3 - Declaration of public policy

It is hereby declared that the state public welfare demands, and the state public policy requires:
(a)
That a balanced economic development of this state is essential.
(b)
That the present and prospective health, safety, morals, pursuit of happiness, right of gainful employment and the general welfare of the citizens demand as a public purpose, the development within Mississippi of trade preparatory or industrial plant training and recruitment program for the various commercial, industrial, agricultural and manufacturing enterprises.
(c)
That the means and measures herein authorized to promote said commercial, industrial, agricultural and manufacturing enterprises, are as a matter of public policy, for the public purposes of increasing gainful employment and business activities of the municipalities, counties, and supervisors districts of Mississippi, hereinafter called "municipalities."
(d)
That the currently existing critical gap in the employment and use of skilled and semiskilled residents of the state resulting from deficient training programs and facilities be eliminated, and that the proper promotion of the health, safety, morals, pursuit of happiness, right of gainful employment, and the general welfare of the state demands the enactment of the program herein authorized.
(e)
That the accomplishment of the things herein authorized will stimulate and provide ready and attractive employment for the skilled and semiskilled residents of the state through the proper increase of the skilled and semiskilled labor force available which will further develop the agricultural, commercial, industrial and other resources of the state for the general welfare.
Codes, 1942, § 8939-12; Laws, 1964, ch. 220, § 2, eff. 3/18/1964.
Mississippi Code 1972 (2023) › Title 57 - PLANNING, RESEARCH AND DEVELOPMENT (§§ 57-NEW-001 — 57-123-55) › Chapter 9 - INDUSTRIAL PLANT TRAINING (§§ 57-9-1 — 57-9-9) › Section 57-9-5 - Plans for industrial plant training and recruitment; industrial revolving fund

The Mississippi Agricultural and Industrial Board, hereinafter referred to as the "board," is hereby authorized and empowered to formulate and place into existence, plans for industrial plant training and recruitment for new and expanded industries, or both, in Mississippi. To that end, there is hereby created and provided within the board, in addition to all other funds that may be appropriated to the board, an "industrial revolving fund," and all sums of monies received or obtained by the board under the provisions of this chapter, by appropriation or otherwise, shall be paid into the State Treasury, and the State Treasurer shall deposit said monies into the industrial revolving fund. All expenditures therefrom shall be authorized by the board in the manner hereinafter set forth and such expenditures shall be paid therefrom by the State Treasurer on warrants of the auditor of public accounts; and said auditor shall issue his warrant upon requisition properly signed by the director and secretary of the board.
Codes, 1942, § 8939-13; Laws, 1964, ch. 220, § 3, eff. 3/18/1964.
Mississippi Code 1972 (2023) › Title 57 - PLANNING, RESEARCH AND DEVELOPMENT (§§ 57-NEW-001 — 57-123-55) › Chapter 9 - INDUSTRIAL PLANT TRAINING (§§ 57-9-1 — 57-9-9) › Section 57-9-9 - Repayment of loan

In the event the board shall issue a certificate of public convenience and necessity to the applicant, and approve a loan of a sum, such sum as approved to be loaned, shall be disbursed to the applicant upon the execution of a legally valid and enforceable promissory note, deed of trust, or contract, or any combination thereof, by the new or expanded industry and the applicant, in accordance with the approved plan of repayment. In the event a contract is required by the plan of repayment, the board is authorized to join in the execution thereof. The board is further authorized to require such provisions and covenants in such promissory note, deed of trust, or contract, or any combination thereof, deemed reasonably necessary to carry out the provisions of this chapter and require the repayment of said loans. The board and municipalities are further authorized to institute suit, at law or equity, to cause the repayment of such loans, and to protect the interest of the State of Mississippi, and may employ private counsel to do so.
Codes, 1942, § 8939-15; Laws, 1964, ch. 220, § 5, eff. 3/18/1964.
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 1 - MISSISSIPPI BUSINESS FINANCE CORPORATION (§§ 57-10-1 — 57-10-41) › Section 57-10-1 - Declaration of public policy and legislative intent

It is hereby declared to be the public policy of this state and the purpose of this article to improve and stimulate the state's economy in general, and the small business segment thereof in particular, by establishing a program to stimulate and supplement the flow of private equity capital and long-term loan funds which small business concerns of this state need for the sound financing of their business operations and for their growth, expansion and modernization, and which are not available in adequate supply. It is the intent of the legislature that this policy shall be carried out in such manner as to ensure the maximum participation of private financing sources. It is further hereby declared that the public welfare of the state demands the establishment of such a program to provide for the maximum development of this state's agricultural, industrial and commercial resources, offering increased employment opportunities for all of the citizens of the state, encouraging the establishment of new agricultural, industrial and commercial enterprises and providing the citizens of the state of all races greater opportunities for entrepreneurship.
Codes, 1942, § 8940-101; Laws, 1972, ch. 439, § 1, eff. 5/4/1972.
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 1 - MISSISSIPPI BUSINESS FINANCE CORPORATION (§§ 57-10-1 — 57-10-41) › Section 57-10-3 - Administration

The Certified Development Company of Mississippi, Inc., created pursuant to Section
57-10-167
, hereinafter referred to as the "corporation," shall exercise the powers and duties and discharge the responsibilities as provided herein.
Codes, 1942, § 8940-102; Laws, 1972, ch. 439, § 2; Laws, 1983, ch. 434, § 11; Laws, 1992, ch. 481 § 7, eff. 5/6/1992.
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 1 - MISSISSIPPI BUSINESS FINANCE CORPORATION (§§ 57-10-1 — 57-10-41) › Section 57-10-5 - and 57-10-7 - [Repealed]

Repealed by Laws, 1983, ch. 434, § 14, eff. 3/30/1983.
Codes, 1942, §§ 8940-103, 8940-104; Laws, 1972, ch. 439, §§ 3, 4.
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 1 - MISSISSIPPI BUSINESS FINANCE CORPORATION (§§ 57-10-1 — 57-10-41) › Section 57-10-9 - General purposes of corporation

This corporation is organized, and it shall be operated primarily for the purpose of providing financial resources necessary to implement the economic development of the state by creating a pool of capital assets to expand the agricultural, industrial and commercial enterprises of the state and to provide loan guaranties for term loans to improve the marketability of such loans, and to encourage the expansion of available equity financing through small business investment companies.
Codes, 1942, § 8940-105; Laws, 1972, ch. 439, § 5; Laws, 1982, ch. 422, § 1, eff. 3/30/1982.
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 1 - MISSISSIPPI BUSINESS FINANCE CORPORATION (§§ 57-10-1 — 57-10-41) › Section 57-10-11 - through 57-10-15 - [Repealed]

Repealed by Laws, 1983, ch. 434, § 14, eff. 3/30/1983.
Codes, 1942, §§ 8940-106-8940-108; Laws, 1972, ch. 439, §§ 6-8.
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 1 - MISSISSIPPI BUSINESS FINANCE CORPORATION (§§ 57-10-1 — 57-10-41) › Section 57-10-19 - Purchase of debentures and common stock of small business investment companies

In addition to the other powers and authority prescribed by this article, the corporation may purchase debentures or the common stock of small business investment companies or minority enterprise small business investment companies, incorporated or domiciled in the state under the provisions of the Small Business Investment Law of 1958, as amended, which debentures may be subordinate to any other debenture bonds, promissory notes or other debts and obligations of such small business investment companies except for those purchased by the small business administration in accordance with the Federal Small Business Investment Act of 1958, as amended (15 USCS Sections 661 et seq.); any purchases by the corporation of stock shall be made from funds derived from sources other than the State of Mississippi. The corporation is prohibited from investing in both the stock and evidences of indebtedness of any company.
Codes, 1942, § 8940-112; Laws, 1972, ch. 439, § 12; Laws, 1982, ch. 422, § 3, eff. 3/30/1982.
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 1 - MISSISSIPPI BUSINESS FINANCE CORPORATION (§§ 57-10-1 — 57-10-41) › Section 57-10-21 - Conditions of loans to small business investment companies

Any loans by the corporation to a small business investment company or minority enterprise small business investment company, shall be conditioned on the following:
(a)
A loan to a small business investment company or minority enterprise small business investment company shall not exceed the amount of its outstanding portfolio investments or the amount of its private paid-in capital and paid-in surplus, whichever is less.
(b)
The small business investment company or minority enterprise small business investment company must agree that the entire loan will be invested in firms located in this state.
(c)
The repayment period for any such loan shall not exceed fifteen (15) years but such loans need not be amortized.
(d)
Such other conditions as may be prescribed by the board of directors of the corporation.
Codes, 1942, § 8940-113; Laws, 1972, ch. 439, § 13, eff. 5/4/1972.
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 1 - MISSISSIPPI BUSINESS FINANCE CORPORATION (§§ 57-10-1 — 57-10-41) › Section 57-10-23 - Annual fee of small business investment companies

Any small business investment company or minority enterprise small business investment company wishing to participate under this article shall pay a five hundred dollar ($500.00) fee annually on July 1 to the corporation which shall be deposited in a qualified state depository, to the credit of the "Mississippi Economic Development Corporation." The annual fee paid on its initial application shall be prorated according to the date of application.
Codes, 1942, § 8940-115; Laws, 1972, ch. 439, § 15, eff. 5/4/1972.
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 1 - MISSISSIPPI BUSINESS FINANCE CORPORATION (§§ 57-10-1 — 57-10-41) › Section 57-10-25 - Funding of corporation; investments of corporation

It is the further intention of this article that the initial capital base of the corporation be raised from a combination of private foundation grants, any funds available from various federal programs, and such funds as may be appropriated by the state. Additional funding of the corporation may be derived from the sale of debenture bonds or long-term funding from the sale of the corporation's commercial paper and notes. Such additional funding and any guaranty executed by the corporation of any loan or investment, and any other obligations incurred by the corporation, shall be based solely on the credit of the corporation and shall not pledge or loan the credit of the state in aid of any person, association or corporation. Funds of the corporation shall be primarily invested in amortized loans of ten (10) years or shorter maturity. If feasible and possible, all loans extended by the corporation shall be made in participation with existing banks or other financial institutions.
Codes, 1942, § 8940-110; Laws, 1972, ch. 439, § 10, eff. 5/4/1972.
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 1 - MISSISSIPPI BUSINESS FINANCE CORPORATION (§§ 57-10-1 — 57-10-41) › Section 57-10-27 - [Repealed]

Repealed by Laws, 1982, ch. 422, § 6, eff. 3/30/1982.
Codes, 1942, § 8940-118; Laws, 1972, ch. 439, § 18; 1974, ch. 547, § 2.
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 1 - MISSISSIPPI BUSINESS FINANCE CORPORATION (§§ 57-10-1 — 57-10-41) › Section 57-10-29 - Disposition of funds received by corporation; annual audit

All funds received by the corporation from any source whatsoever shall be deposited in a qualified state depository to the credit of the "Mississippi Economic Development Corporation," said funds to be disbursed therefrom upon checks drawn upon said account after approval of said board and signed by the chairman and treasurer of the corporation. The post audit division of state government shall audit said corporation's books not less than once each year.
Codes, 1942, § 8940-116; Laws, 1972, ch. 439, § 16, eff. 5/4/1972.
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 1 - MISSISSIPPI BUSINESS FINANCE CORPORATION (§§ 57-10-1 — 57-10-41) › Section 57-10-31 - Liabilities of officers, directors, agents, and employees of corporation

No officer or director of this corporation shall ever be held personally liable for contracts, debts or defaults of this corporation nor shall any mere informality in organization have the effect of rendering these null or of exposing the officers or directors to any such liability or responsibility. However, the officers, directors, agents and employees of the corporation shall be liable for any fraudulent or illegal diversion or misappropriation of the funds of the corporation which any such person knowingly and willfully caused, permitted or conspired to permit to be made, and all such officers, directors, agents and employees entrusted with the custody of the securities of or authorized to disburse the funds of the corporation shall be bonded, either by a blanket bond or by individual bonds, with a surety bond or bonds with a minimum limitation of One Hundred Thousand Dollars ($100,000.00) coverage for each person covered thereby, conditioned upon the faithful performance of their duties, the premium for which shall be paid out of the assets of the corporation.
Codes, 1942, § 8940-116; Laws, 1972, ch. 439, § 16; Laws, 1974, ch. 547, § 1; Laws, 2001, ch. 337, § 28, eff. 3/6/2001.
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 1 - MISSISSIPPI BUSINESS FINANCE CORPORATION (§§ 57-10-1 — 57-10-41) › Section 57-10-33 - [Repealed]

Repealed by Laws, 1983, ch. 469, § 10, eff. 7/1/1983.
Codes, 1942, § 8940-101; Laws, 1972, ch. 439, § 19.
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 1 - MISSISSIPPI BUSINESS FINANCE CORPORATION (§§ 57-10-1 — 57-10-41) › Section 57-10-35 - Cooperation of state agencies and educational institutions

All state agencies shall cooperate with the corporation, and all public institutions of higher education shall work with the corporation to facilitate the utilization of technological information by small businesses in this state.
Codes, 1942, § 8940-114; Laws, 1972, ch. 439, § 14, eff. 5/4/1972.
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 1 - MISSISSIPPI BUSINESS FINANCE CORPORATION (§§ 57-10-1 — 57-10-41) › Section 57-10-37 - [Repealed]

Repealed by Laws, 2001, ch. 337, § 34, eff. 3/6/2001.
Codes, 1942, § 8940-111; Laws, 1972, ch. 439, § 11, eff. 5/4/1972.
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 1 - MISSISSIPPI BUSINESS FINANCE CORPORATION (§§ 57-10-1 — 57-10-41) › Section 57-10-39 - Annual report

An annual report concerning the operation of this article shall be submitted by the corporation to the Legislature.
Codes, 1942, § 8940-120; Laws, 1972, ch. 439, § 20; Laws, 2001, ch. 337, § 29, eff. 3/6/2001.
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 1 - MISSISSIPPI BUSINESS FINANCE CORPORATION (§§ 57-10-1 — 57-10-41) › Section 57-10-41 - Dissolution and liquidation

In the event of dissolution and liquidation of the corporation, whether voluntary or involuntary or by reason of the repeal of this article and thereby terminating its corporate existence, any surplus assets of the corporation in excess of the corporation's outstanding liabilities shall be transferred to the State of Mississippi and shall automatically vest in said state, and the chairman and treasurer of the corporation shall execute and deliver such conveyances or documents as are necessary to show title in the state or to vest such assets in the state.
Codes, 1942, § 8940-117; Laws, 1972, ch. 439, § 17, eff. 5/4/1972.
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 57-10-101 - Short title

This article shall be called the "Small Businessman's Loan Assistance Law of 1972."
Codes, 1942, § 8940-131; Laws, 1972, ch. 441, § 1, 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 57-10-103 - Declaration of intent; construction

The increasing need for commercial financing at reasonable rates for the small businessman necessitates a new loan guaranty program in order that the economy of the state may continue to grow and prosper. It is the intent of this article to encourage small business loans by furnishing lending institutions additional security to place such loans on a sound, financial basis and reap statewide benefits resulting from an expanded economy. This article is intended to strengthen the economic security of this state and ensure its permanent financial well-being.
This article is hereby declared to be a public necessity, is remedial in purpose, and should be liberally construed to effect its purpose.
Codes, 1942, § 8940-132; Laws, 1972, ch. 441, § 2, 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 57-10-105 - Definitions

Whenever the following terms or similar terms are used herein they shall have the following meanings, unless the context clearly indicates otherwise:
(a)
"Borrower" means any individual, firm, partnership or corporation approved by the committee, residing in Mississippi who applies for or borrows money from any lender under the provisions of this article.
(b)
"Lender" shall mean any state or national bank, savings and loan association or insurance company doing business in Mississippi, which is approved by the committee.
(c)
"Manager" means the Executive Director of the Mississippi Business Finance Corporation.
(d)
"Committee" means the Certified Development Company of Mississippi, Inc., created pursuant to Section
57-10-167
.
(e)
"Loan guaranty" means additional security to the lender by the state for loans to small businessmen in this state.
(f)
"Guaranty fee fund" means a revolving fund maintained in the State Treasury as a separate fund composed of guaranty fee payments from loans made under the provisions of this article.
(g)
"Small businessman's loan fund" means a separate and additional fund maintained in the State Treasury by appropriation from the state Legislature and used exclusively to guarantee loans as herein provided.
(h)
"Transfer" means to loan, to give, to make available or to pass control of any available funds held in paragraphs (f) and (g) above to the Mississippi Economic Development Corporation, or its successor.
Codes, 1942, § 8940-133; Laws, 1972, ch. 441, § 3; Laws, 1982, ch. 422, § 4; Laws, 1983, ch. 434, § 12; Laws, 1988, ch. 518, § 46; Laws, 2001, ch. 337, § 30, eff. 3/6/2001.
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 57-10-107 - [Repealed]

Repealed by Laws, 1983, ch. 434, § 15, eff. 3/30/1983.
Codes, 1942, § 8940-134; Laws, 1972, ch. 441, § 4.
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 57-10-109 - Manager

The manager shall be required to have a surety bond in an amount to be fixed by the committee.
The manager, subject to the approval of the committee, is authorized to employ such additional technical, clerical and stenographic assistance as may be necessary to carry out the provisions of this article. It is hereby made the duty of all of the departments and agencies of the state government to give aid and assistance to the manager in administering this program.
Codes, 1942, § 8940-137; Laws, 1972, ch. 441, § 7; Laws, 2001, ch. 337, § 31, eff. 3/6/2001.
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 57-10-111 - General powers and duties of committee

The committee is authorized and empowered to prepare and promulgate reasonable rules, regulations and policies for applications for loans, credit instruments, and any and all other forms, rules, policies, regulations or procedures desirable in order to carry out the provisions of this article. The committee shall determine the amount of the guaranty fee to be paid under the provisions of this article, subject to the limitations set forth in Section
57-10-115
. Such guaranty fee payments shall be deposited in the guaranty fee fund. It shall also be the duty of the committee to formulate the policies to be administered by the manager under the provisions of this article. The function of the committee shall be that of policy-making and the functions of the manager shall be administrative.
In addition to the power and authority granted herein, the committee is hereby authorized to use any available funds in the small businessman's loan fund or the guaranty fee fund to be used for any authorized and legal purposes as contained in Sections
57-10-1
through
57-10-41
, irrespective and notwithstanding any limitations, restrictions or other provisions of this article.
It is the intent of this section and the 1982 and 1983 amendments to Article 1 and Article 3 of this chapter, that the small businessman's loan program and the Mississippi Economic Development Corporation program shall pool and combine the resources and efforts of each to make them more readily available to the needs of the small businessmen and women of this state.
However, in the event a loan is made to the Mississippi Economic Development Corporation or its successor, the maximum liability limit as expressed in Sections
57-10-115(3)
and
57-10-133
shall automatically be reduced by an amount equal to five (5) times the amount of the loan.
The committee is hereby authorized and empowered to establish and put in effect reasonable terms and conditions on any and all such transfers to the corporation regarding repayment of any transfers and security therefor, if applicable, default provisions and annual reporting on the status of any transfer.
Codes, 1942, § 8940-136; Laws, 1972, ch. 441, § 6; Laws, 1982, ch. 422, § 5; Laws, 1983, ch. 434, § 13, 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 3 - SMALL BUSINESSMAN'S LOAN ASSISTANCE LAW OF 1972 (§§ 57-10-101 — 57-10-137) › Section 57-10-113 - Eligibility for loan guaranty

A borrower may apply to the committee for a loan guaranty necessary to meet the lender's approval of the loan. The borrower must demonstrate his inability to obtain conventional financing, and thus the need for the state loan guaranty.
Codes, 1942, § 8940-135; Laws, 1972, ch. 441, § 5; Laws, 1995, ch. 548, § 1, eff. 4/6/1995.
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 57-10-115 - Loan guaranty fee; loan limitations and restrictions

(1)
On every loan, the borrower shall pay a nonrefundable guaranty fee of two percent (2%) of the guaranteed portion, to be paid at the time of disbursement of loan proceeds. Upon collection, the committee shall remit all such guaranty fees to a special fund for such fees created by the State Treasurer.
(2)
No loan guaranty made by the committee shall exceed seventy-five percent (75%) of the principal of the loan.
(3)
The amount of all outstanding loan guaranties shall not exceed five (5) times the combined total amount in the Small Businessman's Loan Fund, plus the guaranty fee fund and accrued interest on both funds, provided the liability of the two (2) funds shall not exceed Fifteen Million Seven Hundred Fifty Thousand Dollars ($15,750,000.00).
(4)
No guaranty made under the provisions of this article shall be an amount exceeding Three Hundred Seventy-five Thousand Dollars ($375,000.00) principal, and the term thereof shall not exceed twenty (20) years.
(5)
More than one (1) loan may be outstanding to any one (1) borrower at any one (1) time; provided, however, that the aggregate amount of all loan guaranties to any one (1) borrower shall not exceed Three Hundred Seventy-five Thousand Dollars ($375,000.00).
(6)
The total amount of a loan secured by any real and/or personal property, including any previous indebtedness incurred against real and/or personal property offered as security for such loan, shall not exceed ninety percent (90%) of the market value as determined by an appraisal made by the lender. In determining the amount of indebtedness to be incurred against any real or personal property securing such a loan, the lender may consider the enhanced value of the real property and any other additional capital assets accruing to the borrower through loans provided under this article.
Codes, 1942, § 8940-138; Laws, 1972, ch. 441, § 8; Laws, 1973, ch. 468, § 1; Laws, 1974, ch. 552, § 1; Laws, 1975, ch. 450, § 1; Laws, 1976, ch. 371, § 1; Laws, 1977, ch. 343, § 1; Laws, 1978, ch. 405, § 1; Laws, 1979, ch. 324; Laws, 1984, ch. 308; Laws, 1988, ch. 499; Laws, 1989, ch. 524, § 23; Laws, 1995, ch. 548, § 2, eff. 4/6/1995.
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 57-10-117 - Supplementary security requirement for corporate borrower

If there is a corporate borrower, the committee shall require the personal guarantee or endorsement of any principal or entity owning at least twenty percent (20%) of the corporation that is borrowing money from any lender under the provisions of this article, and the committee may also require any other guarantees it deems appropriate.
Codes, 1942, § 8940-139; Laws, 1972, ch. 441, § 9; Laws, 1995, ch. 548, § 3, eff. 4/6/1995.
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 57-10-119 - Advancement of loan in installments

If the loan is approved and the lender so desires, the loan, where feasible, may be advanced in installments under such rules and regulations as the committee may establish.
Codes, 1942, § 8940-140; Laws, 1972, ch. 441, § 10, 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 57-10-121 - Proceedings by lender upon default on loan; assignment of unsatisfied judgment to state

If the borrower defaults in the payment of any loan or any installments thereof, fails to follow his plan and applies any installment or installments of his loan to purposes other than those in his plan as certified by the committee, violates any of the covenants and conditions contained in the instrument securing the loan, or fails to comply with any other provision of this article, the lender shall proceed to collect the entire amount due under the loan.
In the event the lender proceeds to collect the loan, he shall be required to follow the procedures as established by the committee and shall not have a claim against either the guaranty fee fund or the small businessman's loan fund in the state treasury unless or until he has first exhausted his legal rights and remedies in aid of the collection of the loan which include, but are not limited to, his rights under the following:
(a)
promissory note or notes and signers or endorsers thereon;
(b)
deeds of trust and mortgages;
(c)
security agreements; and
(d)
any set-offs or counterclaims which include the right to foreclose the deeds of trust or mortgages and to sell, or cause to be sold, the property secured thereby and obtain a judgment or decree for any balance remaining due on the loan after such foreclosures and sale of the property given as security.
When the lender has obtained a judgment or decree against the borrower for any deficiency in the amount of the principal of the loan and interest not realized in the sale of the mortgaged property or otherwise, the lender must have execution issued on any such judgment or decree. If the judgment is not satisfied following execution, the lender shall then assign the judgment or decree to the State of Mississippi, using such form of assignment as may be prescribed by regulation promulgated by the committee, before either of the two (2) said funds in the state treasury may be liable in anywise for the benefit of the lender; however, the committee may determine that it is economically or legally infeasible for the lender to obtain a judgment or decree against the borrower, such determination and the reasons therefor to be reflected in the minutes of the committee. Upon the making of such a determination, the committee will succeed to whatever rights the lender may possess in place of a judgment or decree.
Codes, 1942, § 8940-141; Laws, 1972, ch. 441, § 11; Laws, 1981, ch. 417, § 1, eff. 3/25/1981.