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 57-10-207 - General powers of board of directors

In addition to those powers granted elsewhere by law, the board of directors of the company is hereby granted all powers necessary or appropriate to carry out and effectuate the purposes of this article, including, but not limited to, the following powers to:
(a)
Borrow money and issue bonds as provided by this article;
(b)
Procure insurance or guarantees from any public or private entities, including any department, agency or instrumentality of the United States of America, or, subject to the provisions of and to the extent moneys are available in the fund created by Section
57-10-215
, insure or guarantee the payment of any bonds issued by the company, including the power to pay premiums on any such insurance or guarantees or other instruments of indebtedness;
(c)
Receive and accept from any source aid or contributions of money, property, labor or other things of value to be held, used and applied to carry out the purposes of this article (subject, however, to any conditions upon which grants or contributions are made) including, but not limited to gifts or grants from any department, agency or instrumentality of the United States of America;
(d)
Enter into agreements with any department, agency or instrumentality of the United States of America or of the state and with lenders and enter into loans with contracting parties for the purpose of planning, regulating and providing for the financing or assisting in the financing of any eligible business or any project thereof;
(e)
Enter into contracts or agreements with lenders for the servicing and/or processing of loans;
(f)
Provide technical assistance to local industrial development authorities and to profit and nonprofit entities in the development or operation by, or assistance to, persons engaged in business enterprises and distribute data and information concerning the encouragement and improvement of business enterprises in the state;
(g)
To the extent permitted in the proceedings pursuant to which the bonds of the company are issued, consent to any modification with respect to the rate of interest, time for, and payment of, any installment of principal or interest, or any other term of any contract, loan, sales contract, lease, indenture or agreement of any kind to which the company is a party;
(h)
To the extent permitted in the proceedings pursuant to which the bonds of the company are issued, enter into contracts with any lender containing provisions authorizing the lender to reduce the charges or fees, exclusive of loan payments, to persons unable to pay the regular schedule thereof when, by reason of other income or payment by any department, agency or instrumentality of the United States of America or the state, the reduction can be made without jeopardizing the economic stability of the eligible business being financed;
(i)
Allocate any of its property to the insurance or guaranty fund established by Section
57-10-215
or to any other fund of the company, such property consisting of:
(i)
Moneys appropriated by the state;
(ii)
Premiums, fees and any other amounts received by the company with respect to financial assistance provided by the company;
(iii)
Proceeds as designated by the company from the loan or other disposition of property held or acquired by the company;
(iv)
Income from investments that were made by the company or on the behalf of the company from moneys in one or more of its funds; or
(v)
Any other moneys made available to the company consistent with this article;
(j)
Use any fund or funds of the company for any and all expenses to be paid by the company including, by way of example, but not by limitation:
(i)
any and all expenses for employment of administrative and clerical staff, legal, actuarial and other services;
(ii)
all costs, charges, fees and expenses of the company relating to the authorizing, preparing, printing, selling, issuing and insuring of bonds and the funding of reserves; and
(iii)
all expenses and costs relating to the guaranteeing, insuring or procurement of guarantees, insurance or other instruments providing credit or the enhancement of credit for the bonds;
(k)
Collect fees and charges, as the company determines to be reasonable, in connection with its loans, insurance, guarantees, commitments and servicing thereof;
(l)
Sell, at public or private sale, with or without public bidding, any obligation held by the company under this article;
(m)
Invest any funds not needed for immediate disbursement, including any funds held in reserve, in any obligations or securities which may be legally purchased by political subdivisions in the state or as may be otherwise permitted by Section
57-10-251
; and
(n)
Take any action necessary or convenient for the exercise of the powers granted by this article or reasonably implied from them.
Laws, 1985, ch. 450, § 4; Laws, 1990 Ex Sess, ch. 71, § 8; Laws, 2001, ch. 337, § 33, eff. 3/6/2001.