reglab/statecodes huggingface dataset:
Mississippi Code 1972 (2023) › Title 57 - PLANNING, RESEARCH AND DEVELOPMENT (§§ 57-NEW-001 — 57-123-55) › Chapter 71 - MISSISSIPPI SMALL ENTERPRISE DEVELOPMENT FINANCE ACT (§§ 57-71-1 — 57-71-35) › Section 57-71-25 - Authorization for seller to borrow funds to carry out purposes of act; issuance of bonds

(1)
The seller is authorized to borrow, on the credit of the state, upon receipt of a resolution from the company requesting the same, money not exceeding the aggregate sum of Ninety Million Dollars ($90,000,000.00), outstanding at any one time, not including money borrowed to refund outstanding bonds, notes or replacement notes, as may be necessary to carry out the purposes of this act. The rate of interest on any such bonds or notes which are not subject to taxation shall not exceed the rates set forth in Section
75-17-101
, Mississippi Code of 1972, for general obligation bonds.
(2)
As evidence of indebtedness authorized in this act, general or limited obligation bonds of the state shall be issued from time to time to provide monies necessary to carry out the purposes of this act for such total amount, in such form, in such denominations, payable in such currencies (either domestic or foreign or both), and subject to such terms and conditions of issue, redemption and maturity, rate of interest and time of payment of interest as the seller directs, except that such bonds shall mature or otherwise be retired in annual installments beginning not more than five (5) years from date thereof and extending not more than twenty (20) years from date thereof.
(3)
All bonds and notes issued under authority of this act shall be signed by the chairman of the seller, or by his facsimile signature, and the official seal of the seller shall be affixed thereto, attested by the secretary of the seller.
(4)
All bonds and notes issued under authority of this act may be general or limited obligations of the state, and the full faith and credit of the State of Mississippi as to general obligation bonds, or the revenue derived from projects assisted as to limited obligation bonds, are hereby pledged for the payment of the principal of and the interest on such bonds and notes.
(5)
Such bonds and notes and the income therefrom shall be exempt from all taxation in the State of Mississippi.
(6)
The bonds may be issued as coupon bonds or registered as to both principal and interest as the seller may determine. If interest coupons are attached, they shall contain the facsimile signature of the chairman and the secretary of the seller.
(7)
As to bonds issued hereunder and designated as taxable bonds by the seller, any immunity of the state to taxation by the United States government of interest on bonds or notes issued by the state is hereby waived.
Laws, 1988, ch. 580, § 13; Laws, 1990, ch. 570, § 12; Laws, 1992, ch. 548 § 10; Laws, 1993, ch. 548, § 7; Laws, 1994, ch. 560, § 2; Laws, 1996, ch. 553, § 4; Laws, 1998, ch. 465, § 1, eff. 3/25/1998.
Amended by Laws, 2024, ch. 507, HB 1983,§ 5, eff. 7/1/2024.
Mississippi Code 1972 (2023) › Title 57 - PLANNING, RESEARCH AND DEVELOPMENT (§§ 57-NEW-001 — 57-123-55) › Chapter 71 - MISSISSIPPI SMALL ENTERPRISE DEVELOPMENT FINANCE ACT (§§ 57-71-1 — 57-71-35) › Section 57-71-27 - Bond offerings; temporary bonds; deposit of proceeds of sale; registration of bonds; cost and expenses of bond offerings

(1)
Whenever bonds are issued, they shall be offered for sale at not less than par value and accrued interest and shall be sold by the seller at public or private sale, from time to time, in such manner and at such price as may be determined by the seller to be most advantageous.
(2)
Any portion of any bond issue so offered and not sold or subscribed for at public sale may be disposed of by private sale by the seller in such manner and at such prices not less than par and accrued interest, as the seller shall direct.
(3)
When bonds are issued from time to time, the bonds of each issue shall constitute a separate series to be designated by the seller or may be combined for sale as one (1) series with other general obligation bonds of the State of Mississippi.
(4)
Until permanent bonds can be prepared, the seller may in its discretion issue, in lieu of permanent bonds, temporary bonds in such form and with such privileges as to registration and exchange for permanent bonds as may be determined by the seller.
(5)
Pending their application to the purposes authorized, bond proceeds held or deposited by the State Treasurer may be invested or reinvested as are other funds in the custody of the State Treasurer in the manner provided by law. All earnings received from the investment or deposit of such funds shall be paid into the State Treasury to the credit of the Mississippi Small Enterprise Development Finance Fund.
(6)
The State Treasurer shall prepare the necessary registry book to be kept in the office of the duly authorized loan and transfer agent of the state for the registration of any bonds, at the request of owners thereof, according to the terms and conditions of issue directed by the seller.
(7)
All costs and expenses in connection with the issue of and sale and registration of the bonds and notes in connection with this act may be paid from the proceeds of bonds and notes issued under this act.
(8)
The seller may provide in the resolution authorizing the issuance of such bonds for the employment of one or more persons or firms to assist in the sale of the bonds; to enter into contracts with financial institutions located either within or without the State of Mississippi to act as registrars, paying agents, transfer agents or otherwise; for rating of the bonds; and to purchase insurance.
Laws, 1988, ch. 580, § 14, eff. 5/21/1988.
Mississippi Code 1972 (2023) › Title 57 - PLANNING, RESEARCH AND DEVELOPMENT (§§ 57-NEW-001 — 57-123-55) › Chapter 71 - MISSISSIPPI SMALL ENTERPRISE DEVELOPMENT FINANCE ACT (§§ 57-71-1 — 57-71-35) › Section 57-71-31 - Disposition of proceeds realized from sale of bonds and notes

(1)
The proceeds realized from the sale of bonds and notes under this act, other than refunding bonds and replacement notes, shall be paid to the State Treasurer and deposited into the Mississippi Small Enterprise Development Finance Fund or funds and specifically dedicated to the purposes enumerated in this act.
(2)
All nonfederal funds which may become available for the purposes of this act shall be deposited in the Mississippi Small Enterprise Development Finance Fund or funds and shall be allocated for the purposes of this act.
(3)
The proceeds of the sale of refunding bonds and replacement notes shall be applied solely to the payment of the principal of and the accrued interest on and premium, if any, and costs of redemption of the bonds and notes for which such obligations have been issued.
Laws, 1988, ch. 580, § 16, eff. 5/21/1988.
Mississippi Code 1972 (2023) › Title 57 - PLANNING, RESEARCH AND DEVELOPMENT (§§ 57-NEW-001 — 57-123-55) › Chapter 71 - MISSISSIPPI SMALL ENTERPRISE DEVELOPMENT FINANCE ACT (§§ 57-71-1 — 57-71-35) › Section 57-71-33 - State Attorney General to represent seller in issuing, selling and validating bonds or notes; seller authorized to use proceeds to pay administrative, legal and other expenses

Except as otherwise authorized in Section
7-5-39
, the Attorney General of the State of Mississippi shall represent the seller in issuing, selling and validating bonds or notes herein provided for, and the seller is hereby authorized and empowered to expend from the proceeds derived from the sale of the bonds or notes authorized hereunder all necessary administrative, legal and other expenses incidental and related to the issuance of bonds or notes authorized under this act.
Laws, 1988, ch. 580, § 17; Laws, 2012, ch. 546, § 25, eff. 7/1/2012.
Mississippi Code 1972 (2023) › Title 57 - PLANNING, RESEARCH AND DEVELOPMENT (§§ 57-NEW-001 — 57-123-55) › Chapter 71 - MISSISSIPPI SMALL ENTERPRISE DEVELOPMENT FINANCE ACT (§§ 57-71-1 — 57-71-35) › Section 57-71-35 - Term "this act" defined

The term "this act" referred to in Sections
57-71-1
through
57-71-33
hereof shall mean the Mississippi Small Enterprise Development Finance Act unless the context clearly indicates otherwise.
Laws, 1988, ch. 580, § 26, eff. 5/21/1988.
Mississippi Code 1972 (2023) › Title 57 - PLANNING, RESEARCH AND DEVELOPMENT (§§ 57-NEW-001 — 57-123-55) › Chapter 73 - ECONOMIC DEVELOPMENT REFORM ACT (§§ 57-73-1 — 57-73-29) › Section 57-73-1 - through 57-73-19 - [Repealed]

Repealed by Laws, 1994, ch. 650, § 22, eff. 4/8/1994.
Laws, 1989, ch. 524, §§ 1-10.
Mississippi Code 1972 (2023) › Title 57 - PLANNING, RESEARCH AND DEVELOPMENT (§§ 57-NEW-001 — 57-123-55) › Chapter 73 - ECONOMIC DEVELOPMENT REFORM ACT (§§ 57-73-1 — 57-73-29) › Section 57-73-25 - [Repealed]

Laws, 1989, ch. 524, § 13; Laws, 1990, ch. 502, § 10; Laws, 1992, ch. 567, § 1; Laws, 1993, ch. 602, § 15; Laws, 1994, ch. 436, § 1; Laws, 1995, ch. 527, § 3; Laws, 2000, ch. 382, § 1; Laws, 2000, 2nd Ex Sess, ch. 1, § 41; reenacted and amended, Laws, 2002, ch. 382, § 1; Laws, 2004, ch. 513, § 1; Laws, 2005, 3rd Ex Sess, ch. 1, § 67; Laws, 2006, ch. 339, § 1; Laws, 2008, ch. 367, § 1; Laws, 2012, ch. 400, § 1, eff. 6/30/2012.
Repealed internally, eff.7/1/2016.
Amended by Laws, 2014, ch. 397, HB 460, 61, eff. 7/1/2014.
Mississippi Code 1972 (2023) › Title 57 - PLANNING, RESEARCH AND DEVELOPMENT (§§ 57-NEW-001 — 57-123-55) › Chapter 73 - ECONOMIC DEVELOPMENT REFORM ACT (§§ 57-73-1 — 57-73-29) › Section 57-73-27 - Promulgation of rules and regulations by State Tax Commission

The State Tax Commission is authorized to promulgate reasonable rules and regulations necessary to accomplish its duties under Chapter 524, Laws, 1989.
Laws, 1989, ch. 524, § 30, eff. 7/1/1989.
Mississippi Code 1972 (2023) › Title 57 - PLANNING, RESEARCH AND DEVELOPMENT (§§ 57-NEW-001 — 57-123-55) › Chapter 73 - ECONOMIC DEVELOPMENT REFORM ACT (§§ 57-73-1 — 57-73-29) › Section 57-73-29 - Promulgation of rules and regulations by Department of Economic Development

The Department of Economic Development is authorized to promulgate reasonable rules and regulations necessary to accomplish its duties under Chapter 524, Laws, 1989.
Laws, 1989, ch. 524, § 31, eff. 7/1/1989.
Mississippi Code 1972 (2023) › Title 57 - PLANNING, RESEARCH AND DEVELOPMENT (§§ 57-NEW-001 — 57-123-55) › Chapter 75 - MISSISSIPPI MAJOR ECONOMIC IMPACT ACT (§§ 57-75-NEW-001 — 57-75-37) › Section 57-75-NEW-001 - [Newly enacted section not yet numbered] [Project Poppy Fund]

(1)
There is created a special fund in the State Treasury to be known as the "Project Poppy Fund" which shall consist of monies from any source designated for deposit into the fund. Unexpended amounts remaining in the fund at the end of a fiscal year shall not lapse into the State General Fund, and any investment earnings or interest earned on amounts in the fund shall be deposited to the credit of the fund.
(2)
(a)
Monies in the fund shall be disbursed by the Mississippi Development Authority for the purpose of providing grants or loans to fund certain projects, as defined in Section
57-75-5(f)(xxxii)
, Mississippi Code of 1972, for the manufacture and assembly of battery cells for electric commercial vehicles and industrial applications. Any state agency that receives funds from the Mississippi Development Authority for certain projects, as defined in Section
57-75-5(f)(xxxii)
, may accept, budget, receive and expend these funds in accordance with rules and regulations of the Department of Finance and Administration in the manner consistent with the escalation of federal funds.
(b)
In addition to the purposes in paragraph (a) of this subsection, monies appropriated out of the fund may be used to reimburse reasonable actual and necessary oversight costs and engineering expenses incurred by the Mississippi Development Authority in providing grants or loans under this section. The Mississippi Development Authority shall maintain an accounting of actual costs and expenses incurred for which reimbursement is sought for each grant or loan. Reimbursement of reasonable actual and necessary costs and expenses for assistance shall not exceed one and twenty-five one-hundredths percent (1.25%) of the monies appropriated out of the fund. Reimbursements made under this paragraph shall satisfy any applicable federal tax law requirements.
(3)
On or before January 5 of each year, the Mississippi Development Authority shall file an accounting of and report on funds disbursed from the Project Poppy Fund, including an accounting of the actual costs and expenses incurred by the Mississippi Development Authority and the number and amount of grants and loans. The report shall be filed with the Speaker of the House, the Lieutenant Governor, the Chairs of the Appropriations Committees of the Senate and the House, the Chair of the Finance Committee of the Senate, the Chair of the Ways and Means Committee of the House and the Governor.
Added by Laws, 2024EX1, ch. (number not assigned at time of publication), SB 2001,§ 1, eff. 1/22/2024.
Mississippi Code 1972 (2023) › Title 57 - PLANNING, RESEARCH AND DEVELOPMENT (§§ 57-NEW-001 — 57-123-55) › Chapter 75 - MISSISSIPPI MAJOR ECONOMIC IMPACT ACT (§§ 57-75-NEW-001 — 57-75-37) › Section 57-75-NEW-002 - [Newly enacted section not yet numbered] [Project Atlas Fund]

(1)
There is created a special fund in the State Treasury to be known as the "Project Atlas Fund" which shall consist of monies from any source designated for deposit into the fund. Unexpended amounts remaining in the fund at the end of a fiscal year shall not lapse into the State General Fund, and any investment earnings or interest earned on amounts in the fund shall be deposited to the credit of the fund.
(2)
(a)
Monies in the fund shall be disbursed by the Mississippi Development Authority for the purpose of providing grants or loans to fund certain data processing facility projects, as defined in Section
57-75-5(f)(xxxiii)
, Mississippi Code of 1972. Any state agency that receives funds from the Mississippi Development Authority for certain projects, as defined in Section
57-75-5(f)(xxxiii)
, may accept, budget, receive and expend these funds in accordance with rules and regulations of the Department of Finance and Administration in the manner consistent with the escalation of federal funds.
(b)
In addition to the purposes in paragraph (a) of this subsection, monies appropriated out of the fund may be used to reimburse reasonable actual and necessary oversight costs and engineering expenses incurred by the Mississippi Development Authority in providing grants or loans under this section. The Mississippi Development Authority shall maintain an accounting of actual costs and expenses incurred for which reimbursement is sought for each grant or loan. Reimbursement of reasonable actual and necessary costs and expenses for assistance shall not exceed one and twenty-five one-hundredths percent (1.25%) of the monies appropriated out of the fund. Reimbursements made under this paragraph shall satisfy any applicable federal tax law requirements.
(3)
On or before January 5 of each year, the Mississippi Development Authority shall file an accounting of and report on funds disbursed from the Project Atlas Fund, including an accounting of the actual costs and expenses incurred by the Mississippi Development Authority and the number and amount of grants and loans. The report shall be filed with the Speaker of the House, the Lieutenant Governor, the Chairs of the Appropriations Committees of the Senate and the House, the Chair of the Finance Committee of the Senate, the Chair of the Ways and Means Committee of the House and the Governor.
Added by Laws, 2024EX2, ch. (number not assigned at time of publication), HB 1,§ 1, eff. 1/30/2024.
Mississippi Code 1972 (2023) › Title 57 - PLANNING, RESEARCH AND DEVELOPMENT (§§ 57-NEW-001 — 57-123-55) › Chapter 75 - MISSISSIPPI MAJOR ECONOMIC IMPACT ACT (§§ 57-75-NEW-001 — 57-75-37) › Section 57-75-NEW-003 - [Newly enacted section not yet numbered] [Definitions]

As used in Sections 17 through 19 of this act, the following terms and phrases shall have the meanings ascribed in this section unless the context clearly indicates otherwise:
(a)
"Construction costs" means actual costs incurred for a project that has been certified by the MMEIA as a project as defined in Section
57-75-5(f)(xxxiii)
for construction under a material purchase certificate issued by the Department of Revenue.
(b)
"MDA" means the Mississippi Development Authority.
(c)
"MMEIA" means the Mississippi Major Economic Impact Authority.
(d)
"MMEIA construction rebate project" or "project" means any project that has been certified by the MMEIA as a project as defined in Section
57-75-5(f)(xxxiii)
.
Added by Laws, 2024EX2, ch. (number not assigned at time of publication), SB 2001,§ 17, eff. 1/30/2024.
Mississippi Code 1972 (2023) › Title 57 - PLANNING, RESEARCH AND DEVELOPMENT (§§ 57-NEW-001 — 57-123-55) › Chapter 75 - MISSISSIPPI MAJOR ECONOMIC IMPACT ACT (§§ 57-75-NEW-001 — 57-75-37) › Section 57-75-NEW-004 - [Newly enacted section not yet numbered] [MMEIA Tax Incentive Fund]

(1)
There is created in the State Treasury a special fund to be known as the "MMEIA Tax Incentive Fund," into which shall be deposited such money as provided in Section
27-65-75(22)
. The monies in the fund shall be used for the purpose of making the incentive payments authorized in Sections 17 through 19 of this act. The fund shall be administered by the MDA. Unexpended amounts remaining in the fund at the end of a fiscal year shall not lapse into the State General Fund, and any interest earned on or investment earnings on the amounts in the fund shall be deposited to the credit of the fund. The MDA may use not more than one percent (1%) of interest earned or investment earnings, or both, on amounts in the fund for administration and management of the incentive program authorized under Sections 17 through 19 of this act.
(2)
Subject to the provisions of this section, incentive payments may be made by the MDA to an approved participant that incurs component construction material and labor costs to locate an MMEIA construction rebate project in the state. The payments to an approved participant shall be for an amount equal to three and fifteen one-hundredths percent (3.15%) of the total construction costs paid to construction contractors pursuant to construction contracts subject to the tax imposed by Section
27-65-21
. The MDA shall make payments to an approved participant no more frequently than a quarterly basis. The MDA shall make the calculations necessary to make the payments provided for in this section. The MDA shall cease making incentive payments to an approved participant no later than December 31, 2057. At such time that incentive payments are no longer required to be made to an approved participant, the MDA shall notify the Department of Revenue, and the sales tax revenue shall no longer be deposited into the MMEIA Tax Incentive Fund. Any amounts remaining in the fund that were collected from such project shall be transferred to the State General Fund.
Added by Laws, 2024EX2, ch. (number not assigned at time of publication), SB 2001,§ 18, eff. 1/30/2024.
Mississippi Code 1972 (2023) › Title 57 - PLANNING, RESEARCH AND DEVELOPMENT (§§ 57-NEW-001 — 57-123-55) › Chapter 75 - MISSISSIPPI MAJOR ECONOMIC IMPACT ACT (§§ 57-75-NEW-001 — 57-75-37) › Section 57-75-NEW-005 - [Newly enacted section not yet numbered] [Development, implementation, and administration of incentive program -- Rules]

(1)
The MDA shall develop, implement and administer the incentive program authorized in Sections 17 through 19 of this act and shall promulgate rules and regulations necessary for the development, implementation and administration of such program.
(2)
An approved participant qualifying for incentive payments under Sections 17 through 19 of this act must submit requests for such payments. MDA shall review the request and determine if the incentive payment is due. If the request is approved, MDA will issue the incentive payment as provided for in Sections 17 through 19 of this act no more frequently than on a quarterly basis. The liability of the State of Mississippi to make the incentive payments under Sections 17 through 19 of this act shall be limited to the balance contained in the fund.
Added by Laws, 2024EX2, ch. (number not assigned at time of publication), SB 2001,§ 19, eff. 1/30/2024.
Mississippi Code 1972 (2023) › Title 57 - PLANNING, RESEARCH AND DEVELOPMENT (§§ 57-NEW-001 — 57-123-55) › Chapter 75 - MISSISSIPPI MAJOR ECONOMIC IMPACT ACT (§§ 57-75-NEW-001 — 57-75-37) › Section 57-75-1 - Short title

This chapter shall be known and may be cited as the "Mississippi Major Economic Impact Act."
Laws, 1989, ch. 534, § 1, eff. 4/17/1989.
Mississippi Code 1972 (2023) › Title 57 - PLANNING, RESEARCH AND DEVELOPMENT (§§ 57-NEW-001 — 57-123-55) › Chapter 75 - MISSISSIPPI MAJOR ECONOMIC IMPACT ACT (§§ 57-75-NEW-001 — 57-75-37) › Section 57-75-3 - Legislative findings and declarations

The Legislature hereby finds and declares that:
(a)
There exists in the State of Mississippi a continuing need for gainful employment for the citizens of this state.
(b)
To help provide employment opportunities, a division within the Mississippi Development Authority should be created with power to secure the location and expansion within this state of major economic impact projects by providing assistance and incentives in connection with such projects.
(c)
In accomplishing this purpose, such division will be acting in all respects for the benefit of the people of the state in the performance of essential public functions and is serving a valid public purpose in improving and otherwise promoting their health, welfare and prosperity, and the enactment of the provisions hereinafter set forth is for a valid public purpose.
(d)
Public agencies of the state, as herein defined, must be authorized and empowered to contract with and cooperate with the authority for the purposes herein set out.
(e)
The borrowing of money and the issuance of bonds for the purposes hereinafter set out serves valid public purposes in that the project will significantly contribute to the employment base and scientific and educational growth of the state.
(f)
The Mississippi Major Economic Impact Authority created pursuant to this chapter shall implement the provisions of this chapter and exercise all power as authorized in this chapter; however, the application of this chapter or the offering of any assistance and incentives as to any particular project or person shall be in the sole discretion of the Mississippi Major Economic Impact Authority, and nothing in this chapter shall be deemed to vest in any person any right to any assistance or incentive contained herein unless the assistance or incentive is approved by the Mississippi Major Economic Impact Authority pursuant to this chapter. The exercise of powers conferred by this chapter shall be deemed and held to be the performance of essential public purposes.
Laws, 1989, ch. 534, § 2; Laws, 2003, ch. 326, § 1, eff. 3/7/2003.
Mississippi Code 1972 (2023) › Title 57 - PLANNING, RESEARCH AND DEVELOPMENT (§§ 57-NEW-001 — 57-123-55) › Chapter 75 - MISSISSIPPI MAJOR ECONOMIC IMPACT ACT (§§ 57-75-NEW-001 — 57-75-37) › Section 57-75-7 - Creation of Mississippi Major Economic Impact Authority; executive director

(1)
There is created within the Department of Economic Development a division to be known as the "Mississippi Major Economic Impact Authority" for the performance of essential public functions. The Executive Director of the Department of Economic Development or his designee shall be the director of the authority.
(2)
The director shall administer, manage and direct the affairs and business of the authority.
Laws, 1989, ch. 534, § 4, eff. 4/17/1989.
Mississippi Code 1972 (2023) › Title 57 - PLANNING, RESEARCH AND DEVELOPMENT (§§ 57-NEW-001 — 57-123-55) › Chapter 75 - MISSISSIPPI MAJOR ECONOMIC IMPACT ACT (§§ 57-75-NEW-001 — 57-75-37) › Section 57-75-13 - Powers and duties of Board of Trustees of State Institutions of Higher Learning

The Board of Trustees of State Institutions of Higher Learning is hereby authorized to support the project by creating institutes and developing curricula of direct benefit to the enterprise. Upon notification to the authority by the enterprise that the state has been selected as the site of the project, the Board of Trustees of State Institutions of Higher Learning may establish and create programs to enhance the project's success.
Laws, 1989, ch. 534, § 7, eff. 4/17/1989.
Mississippi Code 1972 (2023) › Title 57 - PLANNING, RESEARCH AND DEVELOPMENT (§§ 57-NEW-001 — 57-123-55) › Chapter 75 - MISSISSIPPI MAJOR ECONOMIC IMPACT ACT (§§ 57-75-NEW-001 — 57-75-37) › Section 57-75-19 - Approval by county, municipality and/or school district for development of project or facility

The authority shall not undertake to develop any project or facility related to the project within a county, municipality and/or school district without the concurrence of the affected county, municipality and/or school district.
Laws, 1989, ch. 534, § 10, eff. 4/17/1989.
Mississippi Code 1972 (2023) › Title 57 - PLANNING, RESEARCH AND DEVELOPMENT (§§ 57-NEW-001 — 57-123-55) › Chapter 75 - MISSISSIPPI MAJOR ECONOMIC IMPACT ACT (§§ 57-75-NEW-001 — 57-75-37) › Section 57-75-22 - Highway projects constructed or improved for certain projects under this chapter to be under jurisdiction of Mississippi Transportation Commission

Any highways or highway segments constructed or improved by the Mississippi Department of Transportation under the provisions of this chapter for a project as defined in Section
57-75-5(f)(iv)
shall become a state highway and shall be placed under the jurisdiction of the Mississippi Transportation Commission for construction and maintenance.
Laws, 2000, 3rd Ex Sess, ch. 1, § 22, eff. 11/6/2000.
Mississippi Code 1972 (2023) › Title 57 - PLANNING, RESEARCH AND DEVELOPMENT (§§ 57-NEW-001 — 57-123-55) › Chapter 75 - MISSISSIPPI MAJOR ECONOMIC IMPACT ACT (§§ 57-75-NEW-001 — 57-75-37) › Section 57-75-23 - Construction of act

The provisions of this act are cumulative of other statutes now or hereafter enacted relating to the authority, and the authority may exercise all presently held powers in the furtherance of this act. If any section, paragraph, sentence, clause, phrase or any part of the provisions of this act is declared to be unconstitutional or void, or for any reason is declared to be invalid or of no effect, the remaining sections, paragraphs, sentences, clauses and phrases shall in no manner be affected thereby but shall remain in full force and effect.
Laws, 1989, ch. 534, § 12, eff. 4/17/1989.
Mississippi Code 1972 (2023) › Title 57 - PLANNING, RESEARCH AND DEVELOPMENT (§§ 57-NEW-001 — 57-123-55) › Chapter 75 - MISSISSIPPI MAJOR ECONOMIC IMPACT ACT (§§ 57-75-NEW-001 — 57-75-37) › Section 57-75-25 - Derivation of income from issuance of bonds by certain persons

No member of the Legislature, elected official or appointed official, or any partner or associate of any member of the Legislature, elected official or appointed official, shall derive any income from the issuance of any bonds under this act contrary to the provisions of Section 109, Mississippi Constitution of 1890, or Article 3, Chapter 4, Title 25, Mississippi Code of 1972.
Laws, 1989, ch. 534, § 13, eff. 4/17/1989.
Mississippi Code 1972 (2023) › Title 57 - PLANNING, RESEARCH AND DEVELOPMENT (§§ 57-NEW-001 — 57-123-55) › Chapter 75 - MISSISSIPPI MAJOR ECONOMIC IMPACT ACT (§§ 57-75-NEW-001 — 57-75-37) › Section 57-75-27 - Provision of buffer zone for NASA facility in Tishomingo County

Notwithstanding any provision of Chapter 61, Title 57, Mississippi Code of 1972, to the contrary, the Mississippi Major Economic Impact Authority shall certify to the Department of Economic and Community Development the amount of money necessary for the Major Economic Impact Authority to purchase land in fee simple to provide a buffer zone for the National Aeronautics and Space Administration facility to be constructed in Tishomingo County, which amount shall not be more than Seven Million Dollars ($7,000,000.00); and the department shall, if funds have not otherwise been made available, provide a grant to the authority for such amount out of the proceeds of bonds issued under the Mississippi Business Investment Act. Any funds remaining unexpended after the purchase of land hereunder shall be deposited in the Mississippi Business Investment Sinking Fund. No funds in excess of the amount authorized in this section shall be expended pursuant to the Mississippi Business Investment Act for or in connection with the National Aeronautics and Space Administration facility to be constructed in Tishomingo County.
Laws, 1990, ch. 570, § 11; Laws, 1993, ch. 548, § 12, eff. 4/19/1993.
Mississippi Code 1972 (2023) › Title 57 - PLANNING, RESEARCH AND DEVELOPMENT (§§ 57-NEW-001 — 57-123-55) › Chapter 75 - MISSISSIPPI MAJOR ECONOMIC IMPACT ACT (§§ 57-75-NEW-001 — 57-75-37) › Section 57-75-29 - [Repealed]

Repealed by Laws, 2002, ch. 423, § 1 eff. 3/20/2002.
Laws, 1996, ch. 554, § 3; Laws, 2001, ch. 370, § 1; reenacted and amended, Laws, 2002, ch. 423, § 1, eff. 3/20/2002.
Mississippi Code 1972 (2023) › Title 57 - PLANNING, RESEARCH AND DEVELOPMENT (§§ 57-NEW-001 — 57-123-55) › Chapter 75 - MISSISSIPPI MAJOR ECONOMIC IMPACT ACT (§§ 57-75-NEW-001 — 57-75-37) › Section 57-75-31 - [Repealed]

Repealed by operation of law, eff.7/1/2004.
Laws, 1996, ch. 554, § 4; Laws, 2003, ch. 441, § 2, eff. 7/1/2003.
Mississippi Code 1972 (2023) › Title 57 - PLANNING, RESEARCH AND DEVELOPMENT (§§ 57-NEW-001 — 57-123-55) › Chapter 75 - MISSISSIPPI MAJOR ECONOMIC IMPACT ACT (§§ 57-75-NEW-001 — 57-75-37) › Section 57-75-33 - Counties and municipalities authorized to enter into agreements with enterprises operating certain projects, providing that no taxes, fees or assessments will be levied upon the enterprise other than those generally levied upon all taxpayers; counties and municipalities authorized to enter into fee in lieu of ad valorem taxes agreements

The board of supervisors of a county or the governing authorities of a municipality may each enter into an agreement with an enterprise operating a project as defined in Section
57-75-5(f)(iv)1
, Section
57-75-5(f)(xxi)
, Section
57-75-5(f)(xxii)
, Section
57-75-5(f)(xxviii)
, Section
57-75-5(f)(xxix)
, Section
57-75-5(f)(xxxi)
, Section
57-75-5(f)
(xxxii) or Section
57-75-5(f)(xxxiii)
, providing that the county or municipality will not levy any taxes, fees or assessments upon the enterprise other than taxes, fees or assessments that are generally levied upon all taxpayers, or all other taxpayers in the taxing districts in which such project is located, and the board of supervisors or the governing authorities also may each enter into a fee-in-lieu agreement as provided in Section
27-31-104
and/or Section
27-31-105(2)
. Such agreements may be for a period not to exceed thirty (30) years, except that any fee-in-lieu agreement entered into under this section and Section
27-31-104
and/or Section
27-31-105(2)
shall become effective upon its execution by the enterprise and the county board of supervisors and/or municipal governing authorities, as the case may be, in accordance with Section
27-31-104
, and continue in effect until all fee-in-lieu periods granted thereunder have expired; however, the period during which any fee-in-lieu may be granted under this section shall not exceed thirty (30) years, and no particular parcel of land, real property improvement or item of personal property shall be subject to a fee-in-lieu for a duration of more than ten (10) years.
Laws, 2000, 3rd Ex Sess, ch. 1, § 4; Laws, 2007, ch. 303, § 5; Laws, 2007, 1st Ex Sess, ch. 1, § 5 eff. 5/11/2007.
Amended by Laws, 2024EX2, ch. (number not assigned at time of publication), SB 2001,§ 6, eff. 1/30/2024.
Amended by Laws, 2024EX1, ch. (number not assigned at time of publication), HB 1,§ 6, eff. 1/22/2024.
Amended by Laws, 2022EX1, ch. 1, HB 1,§ 6, eff. 11/17/2022.
Amended by Laws, 2016EX1, ch. 1, HB 1,§ 6, eff. 2/8/2016.
Amended by Laws, 2013EX1, ch. 1, HB 1,§ 5, eff. 4/28/2013.
Mississippi Code 1972 (2023) › Title 57 - PLANNING, RESEARCH AND DEVELOPMENT (§§ 57-NEW-001 — 57-123-55) › Chapter 75 - MISSISSIPPI MAJOR ECONOMIC IMPACT ACT (§§ 57-75-NEW-001 — 57-75-37) › Section 57-75-35 - Counties and municipalities authorized to enter into agreements with enterprises operating certain projects, providing that a county or municipality will approve requests for exemption from ad valorem taxes by supplier

The board of supervisors of a county or the governing authorities of a municipality may enter into an agreement with an enterprise operating a project as defined in Section
57-75-5(f)(iv)1
, Section
57-75-5(f)(xxi)
or
57-75-5(f)(xxii)
, providing that the board of supervisors or governing authorities will agree in advance to approve any request for exemption from ad valorem taxes submitted by a supplier of such enterprise in the manner provided by law and that any such exemption shall be for a period of ten (10) years. Such an agreement on the part of the board of supervisors or governing authorities may be for a period not to exceed twenty (20) years.
Laws, 2000, 3rd Ex Sess, ch. 1, § 5; Laws, 2008, ch. 375, § 1, eff. 3/31/2008.
Mississippi Code 1972 (2023) › Title 57 - PLANNING, RESEARCH AND DEVELOPMENT (§§ 57-NEW-001 — 57-123-55) › Chapter 77 - VENTURE CAPITAL ACT OF 1994 (§§ 57-77-1 — 57-77-39) › Section 57-77-1 - Short title

This chapter shall be known, and may be cited, as the "Venture Capital Act of 1994."
Laws, 1994, ch. 650, § 1, eff. 4/8/1994.
Mississippi Code 1972 (2023) › Title 57 - PLANNING, RESEARCH AND DEVELOPMENT (§§ 57-NEW-001 — 57-123-55) › Chapter 77 - VENTURE CAPITAL ACT OF 1994 (§§ 57-77-1 — 57-77-39) › Section 57-77-2 - Legislative intent

The Legislature finds that the Venture Capital Act of 1994, Sections
57-77-1
through
57-77-39
, Mississippi Code of 1972, has not been implemented in accordance with the legislative intent. The Legislature finds that the Venture Capital Act of 1994 needs to be amended for the purpose of clarifying the legislative intent and for the further purpose of ensuring public trust in the venture capital loan program by providing safeguards in the operation of the program and over the proper administration of the use of public funds. The Legislature finds that persons are purporting to serve on the Magnolia Capital Corporation Board of Directors and the Magnolia Venture Capital Corporation Board of Directors in violation of the legislative intent of the Venture Capital Act of 1994. Pursuant to Section 178 of the Mississippi Constitution of 1890, the Legislature finds that it is in the public interest to amend the charters of incorporation of the Magnolia Capital Corporation and the Magnolia Venture Capital Corporation which were authorized to be formed under the provisions of the Venture Capital Act of 1994, and the amendments made to Sections
57-77-9
and
57-77-11
by Chapter 563, Laws of 1998, shall be amendments to the charters of incorporation of the Magnolia Capital Corporation and the Magnolia Venture Capital Corporation.
Laws, 1998, ch. 563, § 1, eff. 4/17/1998.
Mississippi Code 1972 (2023) › Title 57 - PLANNING, RESEARCH AND DEVELOPMENT (§§ 57-NEW-001 — 57-123-55) › Chapter 77 - VENTURE CAPITAL ACT OF 1994 (§§ 57-77-1 — 57-77-39) › Section 57-77-5 - Definitions

The following words shall have the meaning ascribed herein unless the context clearly requires otherwise:
(a)
"Fund" means the Magnolia Venture Capital Fund Limited Partnership, a limited partnership, established and operated as described in this chapter.
(b)
"Corporation" means the Magnolia Capital Corporation.
(c)
"Qualified investment" means a qualified interest, which interest is purchased solely for cash in an amount not less than Ten Thousand Dollars ($10,000.00) for individuals; and not less than Fifty Thousand Dollars ($50,000.00) for corporations.
(d)
"General partner" means the Magnolia Venture Capital Corporation.
(e)
"Qualified interest" means, in the case of the Magnolia Venture Capital Corporation, a general partnership interest in the fund and, in the case of all other persons, a limited partnership interest in the fund.
(f)
"State tax liability" means a taxpayer's total income tax liability that is incurred under the Mississippi Income Tax Law before applying the credits provided by Section
27-7-22.11
.
(g)
"Taxpayer" means any individual, corporation, partnership, trust or other entity that has any state tax liability and has made a qualified investment.
(h)
"Venture capital" means investments in either common stock, preferred stock, or bonds convertible to either common or preferred stock, or options, warrants or rights to receive any of the foregoing, or any other similar investment in or loan to a Mississippi business.
(i)
"Mississippi business" means a corporation, general partnership, limited partnership, joint venture, trust, proprietorship or any other similar entity or organization which is either established and operating, or will be established to operate, in Mississippi.
(j)
"Start-up business" means a Mississippi business which is in the first thirty-six (36) months of providing goods or services in the ordinary course of business or a Mississippi business which qualified as a start-up business under this definition at the time it entered the venture capital fund portfolio.
(k)
"Program" means the venture capital loan program established in this chapter.
(l)
"Seller" means the State Bond Commission.
(m)
"Department" means the Mississippi Department of Economic and Community Development.
(n)
"General Fund" means the General Fund of the State of Mississippi.
(o)
"Loan" means a loan by the department to Magnolia Capital Corporation in accordance with this chapter.
(p)
"Appointing authority" means the Governor or the Lieutenant Governor, as appropriate, in appointing members to the board of directors of the Magnolia Venture Capital Corporation.
Laws, 1994, ch. 650, § 3; Laws, 1998, ch. 563, § 3, eff. 4/17/1998.
Mississippi Code 1972 (2023) › Title 57 - PLANNING, RESEARCH AND DEVELOPMENT (§§ 57-NEW-001 — 57-123-55) › Chapter 77 - VENTURE CAPITAL ACT OF 1994 (§§ 57-77-1 — 57-77-39) › Section 57-77-7 - Taxpayer entitlement to credit against state tax liability

A taxpayer is entitled to a credit, determined in accordance with Section
27-7-22.11
, which must be applied against the state tax liability which may be imposed on the taxpayer.
Laws, 1994, ch. 650, § 4, eff. 4/8/1994.
Mississippi Code 1972 (2023) › Title 57 - PLANNING, RESEARCH AND DEVELOPMENT (§§ 57-NEW-001 — 57-123-55) › Chapter 77 - VENTURE CAPITAL ACT OF 1994 (§§ 57-77-1 — 57-77-39) › Section 57-77-13 - Exemption from taxation and license fees of Magnolia Venture Capital Corporation

Magnolia Venture Capital Corporation, but not the shareholders thereof, is exempt from all state income taxes and corporate license fees.
Laws, 1994, ch. 650, § 8, eff. 4/8/1994.
Mississippi Code 1972 (2023) › Title 57 - PLANNING, RESEARCH AND DEVELOPMENT (§§ 57-NEW-001 — 57-123-55) › Chapter 77 - VENTURE CAPITAL ACT OF 1994 (§§ 57-77-1 — 57-77-39) › Section 57-77-15 - Magnolia Capital Corporation to apply to department for loan

The Magnolia Capital Corporation shall make application for a loan to the department in a form satisfactory to the department.
Laws, 1994, ch. 650, § 9, eff. 4/8/1994.
Mississippi Code 1972 (2023) › Title 57 - PLANNING, RESEARCH AND DEVELOPMENT (§§ 57-NEW-001 — 57-123-55) › Chapter 77 - VENTURE CAPITAL ACT OF 1994 (§§ 57-77-1 — 57-77-39) › Section 57-77-17 - Terms and conditions of loan to Magnolia Capital Corporation

The department shall lend funds under this chapter to Magnolia Capital Corporation in accordance with the following terms and conditions:
(a)
Loan funds received by Magnolia Capital Corporation in accordance with this chapter shall remain, and shall be considered to be, public funds and shall be used for the purpose of providing venture capital to Mississippi businesses through the Mississippi Venture Capital Fund Limited Partnership;
(b)
The loan agreement between the department and Magnolia Capital Corporation shall contain language necessary to effect the escrow of a portion of the loan in an account for the benefit of the department which, when the monies are invested in zero coupon bonds for a period not to exceed fifteen (15) years, shall mature at a value equal to or greater than one hundred percent (100%) of the total principal amount loaned to Magnolia Venture Capital Corporation;
(c)
The interest rate on the loan to Magnolia Capital Corporation shall be set by the executive director of the department; and
(d)
Funds received by the Magnolia Venture Capital Corporation and/or the Magnolia Venture Capital Fund Limited Partnership shall be subject to any loan agreement made between the department and the Magnolia Capital Corporation pursuant to this chapter; and, in the event of default on such loan agreement, such funds shall, upon demand of the department, be returned to the Venture Capital Fund in the State Treasury, regardless of whether or not the Magnolia Venture Capital Corporation or the Magnolia Venture Capital Fund Limited Partnership was a party to any loan agreement evidencing any such loan.
Laws, 1994, ch. 650, § 10; Laws, 1998, ch. 563, § 6, eff. 4/17/1998.
Mississippi Code 1972 (2023) › Title 57 - PLANNING, RESEARCH AND DEVELOPMENT (§§ 57-NEW-001 — 57-123-55) › Chapter 77 - VENTURE CAPITAL ACT OF 1994 (§§ 57-77-1 — 57-77-39) › Section 57-77-19 - Assistance of Magnolia Capital Corporation with program compliance

The department shall assist the Magnolia Capital Corporation with such corporation's compliance with the program provided for in this chapter.
Laws, 1994, ch. 650, § 11, eff. 4/8/1994.
Mississippi Code 1972 (2023) › Title 57 - PLANNING, RESEARCH AND DEVELOPMENT (§§ 57-NEW-001 — 57-123-55) › Chapter 77 - VENTURE CAPITAL ACT OF 1994 (§§ 57-77-1 — 57-77-39) › Section 57-77-21 - Reports by Magnolia Capital Corporation

Magnolia Capital Corporation shall submit the following reports to the department:
(a)
An annual audit of loan funds received in connection with the program;
(b)
Quarterly reports describing all venture capital assistance provided to businesses by Magnolia Venture Capital Corporation and the fund, such reports to include at least the following: a description of the business receiving assistance, the project to be assisted and the purpose of such assistance; a description of each loan and equity investment, including the terms and conditions thereof and use of the venture fund's assistance by the business; history of the assistance pool, including amounts expended for administration and management, principal amount of equity investments, losses, loans and other relevant data.
Laws, 1994, ch. 650, § 12; Laws, 1998, ch. 563, § 7, eff. 4/17/1998.
Mississippi Code 1972 (2023) › Title 57 - PLANNING, RESEARCH AND DEVELOPMENT (§§ 57-NEW-001 — 57-123-55) › Chapter 77 - VENTURE CAPITAL ACT OF 1994 (§§ 57-77-1 — 57-77-39) › Section 57-77-23 - Authority of corporations to engage professional services

Subject to the provisions of this section, Magnolia Capital Corporation and Magnolia Venture Capital Corporation are hereby authorized to engage legal counsel, accountants, financial advisors, appraisers, consultants and others as needed in connection with providing venture capital to businesses pursuant to this chapter, and to charge the costs of these services to the businesses receiving such assistance or charge the proceeds of such assistance therefor. However, no such professional services may be engaged unless done so through action taken by a validly appointed board of directors having the legal authority to engage such services. To the extent required by the department, such professional services shall be engaged on a statewide program basis.
Laws, 1994, ch. 650, § 13; Laws, 1998, ch. 563, § 8, eff. 4/17/1998.
Mississippi Code 1972 (2023) › Title 57 - PLANNING, RESEARCH AND DEVELOPMENT (§§ 57-NEW-001 — 57-123-55) › Chapter 77 - VENTURE CAPITAL ACT OF 1994 (§§ 57-77-1 — 57-77-39) › Section 57-77-25 - Adoption of eligibility criteria, timetable and report forms governing Magnolia Capital Corporation participation in venture capital loan program; adoption of applications, forms, procedures and requirements by Magnolia Venture Capital Corporation

(1)
The department shall adopt and publish the eligibility criteria for Magnolia Capital Corporation to participate in the program as set forth in this chapter, a timetable and process for review of applications from Magnolia Capital Corporation, and program report forms, all in accordance with this chapter; provided, however, that Magnolia Venture Capital Corporation shall recommend to Magnolia Capital Corporation the approval of assistance under this chapter, and Magnolia Capital Corporation shall have sole authority over the approval of assistance provided under this chapter, and Magnolia Venture Capital Corporation shall have sole authority over the management of the assistance provided under this chapter.
(2)
Magnolia Venture Capital Corporation shall prepare and adopt such uniform applications, forms, procedures and requirements for use in connection with the program as it deems necessary and appropriate.
Laws, 1994, ch. 650, § 14; Laws, 1998, ch. 563, § 9, eff. 4/17/1998.
Mississippi Code 1972 (2023) › Title 57 - PLANNING, RESEARCH AND DEVELOPMENT (§§ 57-NEW-001 — 57-123-55) › Chapter 77 - VENTURE CAPITAL ACT OF 1994 (§§ 57-77-1 — 57-77-39) › Section 57-77-27 - Certification of nondiscrimination as condition to assistance to business

No assistance shall be provided to a business under this chapter unless the business certifies to the Magnolia Venture Capital Corporation, in a form satisfactory to the department, that it will not discriminate against any employee or against any applicant for employment because of race, religion, color, national origin, sex or age.
Laws, 1994, ch. 650, § 15, eff. 4/8/1994.