reglab/statecodes huggingface dataset:
Mississippi Code 1972 (2023) › Title 37 - EDUCATION (§§ 37-NEW-001 — 37-NEW01-004) › Chapter 141 - THE UNIVERSITY RESEARCH CENTER ACT OF 1988 (§§ 37-141-1 — 37-141-57) › IN GENERAL (§§ 37-141-1 — 37-141-23) › Section 37-141-21 - Powers and duties of director of center; expenditures

(1)
The director of the center, subject to the approval of the Board of Trustees of State Institutions of Higher Learning, shall fix the salaries and wages of employees of the center, shall reimburse employees for actual expenses incurred in the performance of their duties, and may approve receipt by employees of additional income payments from grants, fellowships and other sources.
(2)
The director of the center, upon approval of the board of trustees, may contract with universities and colleges, with individuals and with public or private research organizations for their services and, under the same approval, may contract for performance by the center of services to governmental subdivisions of the state, to United States government departments and agencies, to area development organizations, to trade associations and other similar groups of public or private nature, and to private business enterprises, and may set fees for such services. Upon approval of the board of trustees, the center may establish intern programs to provide experience that supplements the education of students enrolled in state institutions of higher learning.
(3)
Expenditures by and for the center and its branches shall be paid by the State Treasurer out of the funds appropriated to carry out the provisions of this chapter, upon warrant issued by the State Fiscal Management Board; and such board shall issue its warrant upon requisition signed by the director of the center, in the manner provided by law. Full and complete accounting shall be kept and made by the center for all funds received and expended by it. Representatives of the office of the State Auditor annually shall audit the expenditures of funds received by the center from all sources, and the auditor shall make a complete and detailed report of such audit to the Legislature.
Laws, 1988, ch. 518, § 12, eff. 7/1/1988.
Mississippi Code 1972 (2023) › Title 37 - EDUCATION (§§ 37-NEW-001 — 37-NEW01-004) › Chapter 141 - THE UNIVERSITY RESEARCH CENTER ACT OF 1988 (§§ 37-141-1 — 37-141-57) › IN GENERAL (§§ 37-141-1 — 37-141-23) › Section 37-141-23 - Attorney General as legal counsel

The Attorney General of the state shall be legal counsel to the University Research Center.
Laws, 1988, ch. 518, § 13, eff. 7/1/1988.
Mississippi Code 1972 (2023) › Title 37 - EDUCATION (§§ 37-NEW-001 — 37-NEW01-004) › Chapter 141 - THE UNIVERSITY RESEARCH CENTER ACT OF 1988 (§§ 37-141-1 — 37-141-57) › REGIONAL INITIATIVES PROGRAM (§§ 37-141-51 — 37-141-57) › Section 37-141-51 - Establishment; purpose

(1)
There is hereby created the Regional Initiatives Program within the University Research Center as created by Section
37-141-1
et seq.
(2)
The program shall provide financial assistance to counties through grants to substate economic development organizations or an aggregate of such organizations to carry out specific projects that will augment the objectives and strategies of the statewide economic development plan in accordance with the Statewide Planning Act of 1987.
(3)
Counties may designate substate economic development organizations to include but not limited to economic development organizations such as local chambers of commerce, local economic development authorities, planning development districts, multicounty organizations funded by local governing authorities and the federal government or other organization deemed appropriate.
Laws, 1999, ch. 379, § 1, eff. 7/1/1999.
Mississippi Code 1972 (2023) › Title 37 - EDUCATION (§§ 37-NEW-001 — 37-NEW01-004) › Chapter 141 - THE UNIVERSITY RESEARCH CENTER ACT OF 1988 (§§ 37-141-1 — 37-141-57) › REGIONAL INITIATIVES PROGRAM (§§ 37-141-51 — 37-141-57) › Section 37-141-53 - Application for funding

(1)
Applications for financial assistance shall be made to the University Research Center.
(2)
Applicants may request up to seventy-five percent (75%) of the total projects cost. The applicant shall provide at least twenty-five percent (25%) of the total cost, twelve and one-half percent (12-1/2%) of which may be in in-kind funding.
Laws, 1999, ch. 379, § 2, eff. 7/1/1999.
Mississippi Code 1972 (2023) › Title 37 - EDUCATION (§§ 37-NEW-001 — 37-NEW01-004) › Chapter 141 - THE UNIVERSITY RESEARCH CENTER ACT OF 1988 (§§ 37-141-1 — 37-141-57) › REGIONAL INITIATIVES PROGRAM (§§ 37-141-51 — 37-141-57) › Section 37-141-55 - Criteria for funding

(1)
No request for funds shall be granted unless the project will have a positive economic impact on at least an entire county.
(2)
No funding provided by the University Research Center shall be used to fund operating costs.
Laws, 1999, ch. 379, § 3, eff. 7/1/1999.
Mississippi Code 1972 (2023) › Title 37 - EDUCATION (§§ 37-NEW-001 — 37-NEW01-004) › Chapter 141 - THE UNIVERSITY RESEARCH CENTER ACT OF 1988 (§§ 37-141-1 — 37-141-57) › REGIONAL INITIATIVES PROGRAM (§§ 37-141-51 — 37-141-57) › Section 37-141-57 - Promulgation of rules and regulations

The University Research Center shall develop rules and regulations necessary to carry out the provisions of this chapter.
Laws, 1999, ch. 379, § 4, eff. 7/1/1999.
Mississippi Code 1972 (2023) › Title 37 - EDUCATION (§§ 37-NEW-001 — 37-NEW01-004) › Chapter 143 - OMNIBUS LOAN OR SCHOLARSHIP ACT OF 1991 (§ 37-143-1) › Section 37-143-1 - through 37-143-21 - [Repealed]

Repealed by Laws of 2014, ch. 538, § 37, effective July 1, 2014. § 37-143-1. [Laws, 1991, ch. 547, § 1, eff from and after July 1, 1991.] § 37-143-3. [Laws, 1991, ch. 547, § 2, eff from and after July 1, 1991.] § 37-143-5. [Laws, 1991, ch. 547, § 3, eff from and after July 1, 1991.] § 37-143-6. [Laws, 2000, ch. 534, § 1; Laws, 2001, ch. 450, § 1; Laws, 2003, ch. 391, § 1, eff from and after July 1, 2003.] § 37-143-7. [Laws, 1991, ch. 547, § 4, eff from and after July 1, 1991.]. § 37-143-9. [Laws, 1991, ch. 547, § 5; Laws, 1993, ch. 593, § 2, eff from and after July 1, 1993.] § 37-143-11. [Laws, 1991, ch. 547, § 6; Laws, 1993, ch. 593, § 1; Laws, 1998, ch. 544, § 3; Laws, 2002, ch. 587, § 2; Laws, 2004, ch. 409, § 2; Laws, 2013, ch. 497, § 85, eff from and after July 1, 2013.] § 37-143-12. [Laws, 2012, ch. 491, § 1; Laws, 2013, ch. 497, § 86, eff from and after July 1, 2013.] § 37-143-13. [Laws, 1991, ch. 547, § 7; Laws, 1992, ch. 365, § 1; Laws, 2001, ch. 388, § 1; Laws, 2010, ch. 476, § 16, eff from and after passage (approved Apr. 1, 2010.)]§ 37-143-14. [Laws, 2007, ch. 544, § 1, eff from and after July 1, 2007.]. § 37-143-15. [Laws, 1991, ch. 547, § 8; Laws, 1996, ch. 346, § 1; Laws, 2010, ch. 554, § 3, eff from and after July 1, 2011.] § 37-143-17. [Laws, 1991, ch. 547, § 9, eff from and after July 1, 1991.] § 37-143-19. [Laws, 1991, ch. 547, § 10; Laws, 2012, ch. 315, § 3, eff from and after passage (approved Apr. 3, 2012.)] § 37-143-21. [Laws, 1991, ch. 547, § 11, eff from and after July 1, 1991.].
Mississippi Code 1972 (2023) › Title 37 - EDUCATION (§§ 37-NEW-001 — 37-NEW01-004) › Chapter 144 - MISSISSIPPI RURAL PHYSICIANS SCHOLARSHIP PROGRAM (§§ 37-144-1 — 37-144-21) › Section 37-144-1 - Mississippi Rural Physicians Scholarship Program established

There is established the Mississippi Rural Physicians Scholarship Program for the purpose of identifying and recruiting qualified university and college students for medical or osteopathic school matriculation. The program shall consist of three (3) distinct phases through which participants will progress, including:
(a)
Undergraduate premedical education;
(b)
Medical or osteopathic school and residency; and
(c)
Post-residency entry into medical practice in a rural or underserved area of the State of Mississippi.
Laws, 2007, ch. 554, § 1, eff. 4/20/2007.
Amended by Laws, 2024, ch. 493, SB 2729,§ 1, eff. 7/1/2024.
Mississippi Code 1972 (2023) › Title 37 - EDUCATION (§§ 37-NEW-001 — 37-NEW01-004) › Chapter 144 - MISSISSIPPI RURAL PHYSICIANS SCHOLARSHIP PROGRAM (§§ 37-144-1 — 37-144-21) › Section 37-144-9 - Participants to adhere to program policies and practices to remain in program; forgiveness or repayment of financial assistance under certain circumstances

(1)
Participants must adhere to the policies and practices as stipulated by the commission to continue in the program.
(2)
Students in the program may receive tuition or other financial support that may be provided by the commission. If a student in the program is admitted to and completes medical or osteopathic school, any tuition or other educational and living support provided to the student by the commission will be forgiven. However, if the student is not successful in being accepted into medical or osteopathic school within three (3) years of entry into the Mississippi Rural Physicians Scholarship Program, or if the student otherwise breaches his or her agreement with the commission, all financial assistance provided to the student must be repaid according to policies adopted by the board.
Laws, 2007, ch. 554, § 5, eff. 4/20/2007.
Mississippi Code 1972 (2023) › Title 37 - EDUCATION (§§ 37-NEW-001 — 37-NEW01-004) › Chapter 144 - MISSISSIPPI RURAL PHYSICIANS SCHOLARSHIP PROGRAM (§§ 37-144-1 — 37-144-21) › Section 37-144-11 - Participants may apply to any accredited medical or osteopathic school; early admissions process for students applying to University of Mississippi School of Medicine

(1)
Students in the program may apply to any medical or osteopathic school that is accredited by the Liaison Committee on Medical Education (LCME) or the American Osteopathic Association (AOA).
(2)
Students in the program seeking admission to the University of Mississippi School of Medicine shall be eligible for a special admissions process pursuant to criteria established by the School of Medicine Admissions Committee which will include special consideration of the attributes of participation in the program.
(3)
In carrying out the admissions process developed for the Mississippi Rural Physicians Scholarship Program participants under this section, the goal is for the program to work with the School of Medicine to enhance the capability of participants to successfully enter and complete medical school, train in family medicine or other generalist primary care specialty and enter practice in rural or underserved areas in Mississippi. To the extent feasible, the early admissions process should be completed before November 1 of the year preceding a student's admission to medical school.
Laws, 2007, ch. 554, § 6, eff. 4/20/2007.
Mississippi Code 1972 (2023) › Title 37 - EDUCATION (§§ 37-NEW-001 — 37-NEW01-004) › Chapter 144 - MISSISSIPPI RURAL PHYSICIANS SCHOLARSHIP PROGRAM (§§ 37-144-1 — 37-144-21) › Section 37-144-13 - Ongoing financial support for program participants who attend medical or osteopathic school; preference for ongoing support to University of Mississippi School of Medicine students; students obligated for one year of practice for every year of financial assistance received

(1)
Subject to the availability of funding, students in the program who successfully matriculate to medical or osteopathic school are eligible for ongoing financial support in accordance with policies and requirements of the commission and in accordance with the applicable laws and regulations. The number of students to be supported at the University of Mississippi School of Medicine and at other schools will be established by policy prescribed by the commission.
(2)
Subject to the availability of funding, students enrolled at a medical or osteopathic school in Mississippi may receive tuition support, funding to assist with the cost of books and a living stipend, as prescribed by policy of the commission and in accordance with applicable regulations. Preferences for ongoing funding must be given to those students admitted to the University of Mississippi School of Medicine.
(3)
For each year that a student in medical or osteopathic school receives financial assistance, the student is obligated for one (1) year of practice as a primary care physician in a rural or underserved area in Mississippi. Breach of the agreement at any stage of training shall invoke the repayment of all financial assistance provided to the student through the Mississippi Rural Physicians Scholarship Program, including assistance provided during undergraduate school, as well as in medical or osteopathic school, along with other penalties that may be prescribed in policy by the commission.
Laws, 2007, ch. 554, § 7, eff. 4/20/2007.
Amended by Laws, 2024, ch. 493, SB 2729,§ 4, eff. 7/1/2024.
Mississippi Code 1972 (2023) › Title 37 - EDUCATION (§§ 37-NEW-001 — 37-NEW01-004) › Chapter 144 - MISSISSIPPI RURAL PHYSICIANS SCHOLARSHIP PROGRAM (§§ 37-144-1 — 37-144-21) › Section 37-144-15 - Ongoing financial support for students entering family medicine or other generalist residency programs

Medical and osteopathic students in the program must enter family medicine or other generalist residency programs according to their choice of specialty. Depending upon the availability of funds, students who successfully enter residency programs which have been approved by the commission may receive further financial support from the Mississippi Rural Physicians Scholarship Program subject to applicable rules and policies of the commission. All funding for financial support from the commission to participants during their residency must be disbursed in accordance with applicable regulations.
Laws, 2007, ch. 554, § 8, eff. 4/20/2007.
Mississippi Code 1972 (2023) › Title 37 - EDUCATION (§§ 37-NEW-001 — 37-NEW01-004) › Chapter 144 - MISSISSIPPI RURAL PHYSICIANS SCHOLARSHIP PROGRAM (§§ 37-144-1 — 37-144-21) › Section 37-144-17 - Program participants required to enter practice of medicine in health professional shortage, rural or underserved area upon completion of residency for number of years corresponding to number of years assistance received up to maximum of five years; breach of contract; liability for repayment

(1)
Upon completion of residency, a participant in the Mississippi Rural Physicians Scholarship Program must proceed to enter the practice of medicine in a rural or underserved area in Mississippi, as defined by the commission and consistent with generally acceptable designations. If an area experiences significant changes in its medical or general community which are not reflected by health professional shortage area (HPSA) or medically underserved area (MUA) rural designation, the commission may receive testimony and, in its discretion, may qualify the area as an underserved or rural area to allow the program participant to fulfill his or her practice obligation.
(2)
Upon entering the practice of medicine, a participant in the program must serve in a health professional shortage area (HPSA), medically underserved area (MUA), or rural area otherwise approved for practice under subsection (1) of this section for a number of years which corresponds to the number of years, not to exceed five (5), for which the participant received funding through the program. A participant who completes residency who fails to enter the practice of medicine as required under this section shall be deemed in breach of contract and shall be liable for the immediate repayment of all financial assistance provided to the participant through the Mississippi Rural Physicians Scholarship Program, including assistance provided during undergraduate school, as well as in medical or osteopathic school, along with other penalties that may be prescribed in policy by the board. Any participant who fails to complete the period of practice for which he or she is obligated to provide services in a health professional shortage area (HPSA) or a medically underserved area (MUA) in exchange for financial assistance received through the Mississippi Rural Physicians Scholarship Program shall be liable for the repayment of all financial assistance provided to the participant through the program, along with other penalties that may be prescribed by the commission, an amount which shall be reduced on a pro rata basis for actual years of practice by the physician in the area designated by the commission.
Laws, 2007, ch. 554, § 9, eff. 4/20/2007.
Amended by Laws, 2024, ch. 493, SB 2729,§ 5, eff. 7/1/2024.
Mississippi Code 1972 (2023) › Title 37 - EDUCATION (§§ 37-NEW-001 — 37-NEW01-004) › Chapter 144 - MISSISSIPPI RURAL PHYSICIANS SCHOLARSHIP PROGRAM (§§ 37-144-1 — 37-144-21) › Section 37-144-19 - Initial practice entry support system for program participants

The Mississippi Rural Physicians Scholarship Program, acting through the commission, shall make every effort to establish an initial practice entry support system for participants in the program.
Laws, 2007, ch. 554, § 10, eff. 4/20/2007.
Mississippi Code 1972 (2023) › Title 37 - EDUCATION (§§ 37-NEW-001 — 37-NEW01-004) › Chapter 144 - MISSISSIPPI RURAL PHYSICIANS SCHOLARSHIP PROGRAM (§§ 37-144-1 — 37-144-21) › Section 37-144-21 - Limitation of program and commission governing and administrative authority

This chapter may not be construed as granting the Mississippi Rural Physicians Scholarship Program or its governing commission any governing or administrative authority over any program administered by any college, university, medical school or residency program in this state or any other program established by state law.
Laws, 2007, ch. 554, § 11, eff. 4/20/2007.
Amended by Laws, 2014, ch. 538, SB 2499, 42, eff. 7/1/2014.
Mississippi Code 1972 (2023) › Title 37 - EDUCATION (§§ 37-NEW-001 — 37-NEW01-004) › Chapter 145 - MISSISSIPPI OPPORTUNITY LOAN PROGRAM ACT (§§ 37-145-1 — 37-145-73) › Section 37-145-1 - Short title

This chapter shall be known and may be cited as the "Mississippi Opportunity Loan Program Act."
Laws, 1992, ch. 475, § 1, eff. 5/6/1992.
Mississippi Code 1972 (2023) › Title 37 - EDUCATION (§§ 37-NEW-001 — 37-NEW01-004) › Chapter 145 - MISSISSIPPI OPPORTUNITY LOAN PROGRAM ACT (§§ 37-145-1 — 37-145-73) › Section 37-145-3 - Definitions

As used in this chapter:
(a)
"Company" means the Mississippi Business Finance Corporation established pursuant to Section
57-10-167
.
(b)
"Board of trustees" means the Board of Trustees of State Institutions of Higher Learning.
(c)
"Guaranty Agency" means the Mississippi Guarantee Student Loan Agency of the Board of Trustees of State Institutions of Higher Learning.
Laws, 1992, ch. 475, § 2, eff. 5/6/1992.
Mississippi Code 1972 (2023) › Title 37 - EDUCATION (§§ 37-NEW-001 — 37-NEW01-004) › Chapter 145 - MISSISSIPPI OPPORTUNITY LOAN PROGRAM ACT (§§ 37-145-1 — 37-145-73) › Section 37-145-5 - Mississippi Opportunity Loan Program

There is hereby created the Mississippi Opportunity Loan Program to assist students in meeting the rising costs of higher education and to increase the educational opportunities of such students by providing low interest rate student loans to assist Mississippi students in furthering their higher education goals.
Laws, 1992, ch. 475, § 3, eff. 5/6/1992.
Mississippi Code 1972 (2023) › Title 37 - EDUCATION (§§ 37-NEW-001 — 37-NEW01-004) › Chapter 145 - MISSISSIPPI OPPORTUNITY LOAN PROGRAM ACT (§§ 37-145-1 — 37-145-73) › Section 37-145-7 - Mississippi Opportunity Loan Fund

(1)
There is hereby created a special fund of the company to be known as the "Mississippi Opportunity Loan Fund." The fund shall consist of amounts paid into the fund by donations from private sources, by legislative appropriation, from the proceeds of the issuance of bonds or from any other source. All of the earnings on the investment of monies in the fund shall be credited to the fund.
(2)
The monies in the fund shall be used to increase the educational opportunities of students by providing low interest rate loans to assist Mississippi students in furthering their higher education goals.
(3)
The Mississippi Opportunity Loan Fund shall be maintained by the company. The company is authorized to maintain such fund in an official state depository, and, in accordance with Section
27-105-21
, shall invest such funds at interests as required by said section, said depository so selected shall be capable of serving as Trustee for the Mississippi Opportunity Loan Fund.
Laws, 1992, ch. 475, § 4, eff. 5/6/1992.
Mississippi Code 1972 (2023) › Title 37 - EDUCATION (§§ 37-NEW-001 — 37-NEW01-004) › Chapter 145 - MISSISSIPPI OPPORTUNITY LOAN PROGRAM ACT (§§ 37-145-1 — 37-145-73) › Section 37-145-9 - Administration of Fund

The company shall administer and manage all money, including all interest made on loans pursuant to this chapter and all principal repaid on loans in whatever manner maximizes the amount of money available to the Mississippi Opportunity Loan Fund that is consistent with federal reinsurance requirements and state budget practices.
Laws, 1992, ch. 475, § 5, eff. 5/6/1992.
Mississippi Code 1972 (2023) › Title 37 - EDUCATION (§§ 37-NEW-001 — 37-NEW01-004) › Chapter 145 - MISSISSIPPI OPPORTUNITY LOAN PROGRAM ACT (§§ 37-145-1 — 37-145-73) › Section 37-145-11 - Board of trustees to serve as direct lender of non-subsidized student loans; general duties

The board of trustees shall serve as the direct lender of the non-subsidized student loans authorized under this chapter and in such capacity shall:
(a)
Accept and review each loan application;
(b)
Determine the applicant's eligibility and continued eligibility;
(c)
Collect any balance which may become due as a result of default on any loan, for which purpose the board of trustees shall have all the same authority as they have for the guaranteed student loan program; and
(d)
Provide by rule for:
(i)
A mechanism for informing students of the availability of the loans;
(ii)
The creation of all applications, forms, promissory notes and other instruments necessary for the administration of the program; and
(iii)
Any other items necessary for the administration of the program.
Laws, 1992, ch. 475, § 6, eff. 5/6/1992.
Mississippi Code 1972 (2023) › Title 37 - EDUCATION (§§ 37-NEW-001 — 37-NEW01-004) › Chapter 145 - MISSISSIPPI OPPORTUNITY LOAN PROGRAM ACT (§§ 37-145-1 — 37-145-73) › Section 37-145-13 - Loan limits; coordination with certain other programs

The annual and aggregate loan limits for each eligible student borrower shall be in accordance with those limits established for the Stafford Loan Program authorized by Title IV of the Higher Education Act of 1965, as amended. The board of trustees has established an agency to carry out the functions of providing guarantees to student loans in accordance with the Stafford Loan Program. This agency, entitled the Mississippi Guarantee Student Loan Agency, guarantees payment of loans qualifying under federal law which are thereby eligible for reinsurance from the federal Department of Education. The board is authorized to operate the Mississippi Opportunity Loan Program as a guaranteed program.
Laws, 1992, ch. 475, § 7, eff. 5/6/1992.
Mississippi Code 1972 (2023) › Title 37 - EDUCATION (§§ 37-NEW-001 — 37-NEW01-004) › Chapter 145 - MISSISSIPPI OPPORTUNITY LOAN PROGRAM ACT (§§ 37-145-1 — 37-145-73) › Section 37-145-15 - Eligibility for loans

To be eligible to receive a loan under this chapter, the applicant must have been a bona fide resident of the State of Mississippi for three (3) consecutive years immediately preceding the date of the loan application and must be enrolled or accepted for enrollment by a public or private junior college, community college or institution of higher learning accredited by an appropriate accrediting body acceptable to the board of trustees.
Laws, 1992, ch. 475, § 8, eff. 5/6/1992.
Mississippi Code 1972 (2023) › Title 37 - EDUCATION (§§ 37-NEW-001 — 37-NEW01-004) › Chapter 145 - MISSISSIPPI OPPORTUNITY LOAN PROGRAM ACT (§§ 37-145-1 — 37-145-73) › Section 37-145-17 - Disposition of repaid principal and interest

All repaid principal and interest resulting from repayment of a loan and not required for retirement of bonds issued under authority of Sections
37-145-43
through
37-145-73
or other expenses of the Mississippi Opportunity Loan Program shall be credited to the Mississippi Opportunity Loan Fund.
Laws, 1992, ch. 475, § 9, eff. 5/6/1992.
Mississippi Code 1972 (2023) › Title 37 - EDUCATION (§§ 37-NEW-001 — 37-NEW01-004) › Chapter 145 - MISSISSIPPI OPPORTUNITY LOAN PROGRAM ACT (§§ 37-145-1 — 37-145-73) › Section 37-145-19 - Loans subject to availability of funds

The receipt of a loan under this chapter by an eligible borrower is subject to the availability of lending capital and Mississippi Opportunity Loan Fund balances.
Laws, 1992, ch. 475, § 10, eff. 5/6/1992.
Mississippi Code 1972 (2023) › Title 37 - EDUCATION (§§ 37-NEW-001 — 37-NEW01-004) › Chapter 145 - MISSISSIPPI OPPORTUNITY LOAN PROGRAM ACT (§§ 37-145-1 — 37-145-73) › Section 37-145-21 - Authority to enter into agreements and contracts

The company, the board of trustees and the State Bond Commission are hereby authorized to enter into any and all agreements and contracts as may be necessary to effectuate the purposes of this chapter.
Laws, 1992, ch. 475, § 11, eff. 5/6/1992.
Mississippi Code 1972 (2023) › Title 37 - EDUCATION (§§ 37-NEW-001 — 37-NEW01-004) › Chapter 145 - MISSISSIPPI OPPORTUNITY LOAN PROGRAM ACT (§§ 37-145-1 — 37-145-73) › Section 37-145-23 - Authority to issue general obligation bonds

The State Bond Commission shall have the power and is hereby authorized, at one (1) time or from time to time, to issue negotiable general obligation bonds of the State of Mississippi to initially fund the Mississippi Opportunity Loan Fund. The total amount of bonds which may be issued pursuant to Sections 37-145-23 through
37-145-43
shall not exceed Three Million Dollars ($3,000,000.00).
Laws, 1992, ch. 475, § 12, eff. 5/6/1992.
Mississippi Code 1972 (2023) › Title 37 - EDUCATION (§§ 37-NEW-001 — 37-NEW01-004) › Chapter 145 - MISSISSIPPI OPPORTUNITY LOAN PROGRAM ACT (§§ 37-145-1 — 37-145-73) › Section 37-145-27 - General obligation bonds negotiable and tax exempt

All general obligation bonds of the State of Mississippi and interest coupons issued under the provisions of Sections
37-145-23
through
37-145-41
shall have and are hereby declared to have all the qualities and incidents of negotiable instruments under the negotiable instruments law of the State of Mississippi. Such bonds and the income therefrom shall be exempt from all taxation within the State of Mississippi.
Laws, 1992, ch. 475, § 14, eff. 5/6/1992.
Mississippi Code 1972 (2023) › Title 37 - EDUCATION (§§ 37-NEW-001 — 37-NEW01-004) › Chapter 145 - MISSISSIPPI OPPORTUNITY LOAN PROGRAM ACT (§§ 37-145-1 — 37-145-73) › Section 37-145-29 - Sale of general obligation bonds; notice of sale

The State Bond Commission shall sell such bonds in the manner and at a price which will result in the lowest interest rate on the best terms obtainable for the state, but no such sale shall be made at a price less than par plus accrued interest to date of delivery of the bonds to the purchaser. Notice of the sale of any such bonds shall be published at least one (1) time not less than ten (10) days prior to the date of sale and shall be so published in one or more newspapers having a general circulation in the City of Jackson and in one or more other newspapers or financial journals as may be directed by the State Bond Commission.
Laws, 1992, ch. 475, § 15, eff. 5/6/1992.
Mississippi Code 1972 (2023) › Title 37 - EDUCATION (§§ 37-NEW-001 — 37-NEW01-004) › Chapter 145 - MISSISSIPPI OPPORTUNITY LOAN PROGRAM ACT (§§ 37-145-1 — 37-145-73) › Section 37-145-31 - Proceeds of sale of general obligation bonds

Upon the issuance and sale of such bonds, the State Bond Commission shall transfer the proceeds of any such sale to the State Treasurer. Immediately upon receipt of a resolution from the board of directors of the company requesting same, the State Fiscal Officer shall issue a warrant to the State Treasurer to cause to be paid into the Mississippi Opportunity Loan Fund of the company the proceeds of said bonds, less cost of issuance thereafter and accrued interest on the bonds.
Laws, 1992, ch. 475, § 16, eff. 5/6/1992.
Mississippi Code 1972 (2023) › Title 37 - EDUCATION (§§ 37-NEW-001 — 37-NEW01-004) › Chapter 145 - MISSISSIPPI OPPORTUNITY LOAN PROGRAM ACT (§§ 37-145-1 — 37-145-73) › Section 37-145-33 - Bondholder enforcement of general obligation bond rights

Any holder of bonds issued under the provisions of Sections
37-145-23
through
37-145-41
or of any of the interest coupons pertaining thereto may, either at law or in equity, by suit, action, mandamus or other proceeding, protect and enforce any and all rights granted hereunder, or under such resolution, and may enforce and compel performance of all duties required by Sections
37-145-23
through
37-145-41
to be performed, in order to provide for the payment of bonds and interest thereon.
Laws, 1992, ch. 475, § 17, eff. 5/6/1992.
Mississippi Code 1972 (2023) › Title 37 - EDUCATION (§§ 37-NEW-001 — 37-NEW01-004) › Chapter 145 - MISSISSIPPI OPPORTUNITY LOAN PROGRAM ACT (§§ 37-145-1 — 37-145-73) › Section 37-145-35 - No additional proceedings or happenings necessary for issuance of general obligation bonds; validation of bonds

Such general obligation bonds may be issued without any other proceedings or the happening of any other conditions or things than those proceedings, conditions and things which are specified or required by Sections
37-145-23
through
37-145-41
. Any resolution providing for the issuance of general obligation bonds under the provisions of Sections
37-145-23
through
37-145-41
shall become effective immediately upon its adoption by the State Bond Commission, and any such resolution may be adopted at any regular, special or adjourned meeting of the State Bond Commission by a majority of its members.
The bonds authorized under the authority of Sections
37-145-23
through
37-145-41
may, in the discretion of the State Bond Commission, be validated in the Chancery Court of the First Judicial District of Hinds County, Mississippi, in the manner and with the force and effect provided now or hereafter by Chapter 13, Title 31, Mississippi Code of 1972, for the validation of county, municipal, school district and other bonds. The necessary papers for such validation proceedings shall be transmitted to the State Bond Commission, and the required notice shall be published in a newspaper published in the City of Jackson, Mississippi.
Laws, 1992, ch. 475, § 18, eff. 5/6/1992.
Mississippi Code 1972 (2023) › Title 37 - EDUCATION (§§ 37-NEW-001 — 37-NEW01-004) › Chapter 145 - MISSISSIPPI OPPORTUNITY LOAN PROGRAM ACT (§§ 37-145-1 — 37-145-73) › Section 37-145-37 - General obligation bonds legal investments and securities

All bonds issued under the provisions of Sections
37-145-23
through
37-145-41
shall be legal investments for trustees and other fiduciaries, and for savings banks, trust companies and insurance companies organized under the laws of the State of Mississippi, and such bonds shall be legal securities which may be deposited with and shall be received by all public officers and bodies of this state and all municipalities and political subdivisions for the purpose of securing the deposit of public funds.
Laws, 1992, ch. 475, § 19, eff. 5/6/1992.
Mississippi Code 1972 (2023) › Title 37 - EDUCATION (§§ 37-NEW-001 — 37-NEW01-004) › Chapter 145 - MISSISSIPPI OPPORTUNITY LOAN PROGRAM ACT (§§ 37-145-1 — 37-145-73) › Section 37-145-39 - No additional authority necessary for issuance of general obligation bonds

Sections
37-145-23
through
37-145-41
shall be deemed to be full and complete authority for the exercise of the powers therein granted.
Laws, 1992, ch. 475, § 20, eff. 5/6/1992.
Mississippi Code 1972 (2023) › Title 37 - EDUCATION (§§ 37-NEW-001 — 37-NEW01-004) › Chapter 145 - MISSISSIPPI OPPORTUNITY LOAN PROGRAM ACT (§§ 37-145-1 — 37-145-73) › Section 37-145-41 - Attorney for State Bond Commission; expenses of Commission for general obligation bond issuance

The State Bond Commission shall select an attorney or attorneys to represent the State Bond Commission in issuing, selling and validating bonds provided for in Sections
37-145-23
through 37-145-41, and the bond commission is hereby authorized and empowered to expend from the proceeds derived from the sale of the bonds authorized hereunder all necessary administrative, legal and other expenses incidental and related to the issuance of bonds authorized under Sections
37-145-23
through 37-145-41.
Laws, 1992, ch. 475, § 21, eff. 5/6/1992.
Mississippi Code 1972 (2023) › Title 37 - EDUCATION (§§ 37-NEW-001 — 37-NEW01-004) › Chapter 145 - MISSISSIPPI OPPORTUNITY LOAN PROGRAM ACT (§§ 37-145-1 — 37-145-73) › Section 37-145-43 - Authority to issue student loan revenue bonds; purpose of bonds

The company, in addition to any other powers and duties, shall have the power to issue student loan revenue bonds as hereinafter provided in Sections 37-145-43 through
37-145-73
in order to provide funds for deposit into the Mississippi Opportunity Loan Fund and to provide funds to the board of trustees to use in support of the board of trustees' student loan guaranty function.
Laws, 1992, ch. 475, § 22, eff. 5/6/1992.
Mississippi Code 1972 (2023) › Title 37 - EDUCATION (§§ 37-NEW-001 — 37-NEW01-004) › Chapter 145 - MISSISSIPPI OPPORTUNITY LOAN PROGRAM ACT (§§ 37-145-1 — 37-145-73) › Section 37-145-45 - Student loan revenue bonds not a public obligation

No bonds issued by the company under Sections
37-145-43
through
37-145-73
shall constitute a debt, liability or general obligation of the state or any political subdivision thereof (other than the company), or a pledge of the faith and credit of the state or any political subdivision thereof (other than the company), but shall be payable solely as provided by the company. No member or officer of the board of directors of the company nor any person executing the bonds shall be liable personally on the bonds by reason of the issuance thereof. Each bond issued under Sections
37-145-43
through
37-145-73
shall contain on the face thereof a statement that neither the state, nor any other political subdivision thereof, shall be obligated to pay the same or the interest thereon or other costs incident thereto except from the revenue or money pledged by the company and that neither the faith and credit nor the taxing power of the state or any political subdivision thereof is pledged to the payment of the principal of, or the interest on, such bond.
Laws, 1992, ch. 475, § 23, eff. 5/6/1992.
Mississippi Code 1972 (2023) › Title 37 - EDUCATION (§§ 37-NEW-001 — 37-NEW01-004) › Chapter 145 - MISSISSIPPI OPPORTUNITY LOAN PROGRAM ACT (§§ 37-145-1 — 37-145-73) › Section 37-145-47 - Issuance of student loan revenue bonds

The bonds issued pursuant to Sections
37-145-43
through
37-145-73
shall be authorized by a resolution of the company, shall bear such date or dates, and shall mature at such time or times as such resolution may provide, except that no bond shall mature more than thirty (30) years from the date of issue. Bonds which are not subject to taxation shall bear interest at such rate or rates not exceeding that authorized by Section
75-17-103
, including variations of such rates, be in such denominations, be in such form, carry such registration privileges, be executed in such manner, be payable in such medium of payment, at such place or places, and be subject to such terms of redemption, including redemption prior to maturity, as such resolution may provide. Except as expressly provided otherwise in Sections
37-145-43
through
37-145-73
, the provisions of other laws of the state relating to the issuance of revenue bonds shall not apply to bonds issued by the company. As to bonds issued hereunder and designated as taxable bonds by the company, any immunity to taxation by the United States government of interest on such bonds or notes is hereby waived. Bonds of the company may be sold by the company at public or private sale, from time to time, and at such price or prices as the company shall determine.
Laws, 1992, ch. 475, § 24, eff. 5/6/1992.
Mississippi Code 1972 (2023) › Title 37 - EDUCATION (§§ 37-NEW-001 — 37-NEW01-004) › Chapter 145 - MISSISSIPPI OPPORTUNITY LOAN PROGRAM ACT (§§ 37-145-1 — 37-145-73) › Section 37-145-49 - Terms and conditions related to student loan revenue bonds and their issuance

Any resolution authorizing the issuance of bonds pursuant to Sections
37-145-43
through
37-145-73
may contain provisions as to:
(a)
Pledging all or any part of the revenues of the company to secure the payment of the bonds subject to the terms of the proceedings relating to other bonds of the company as may then exist;
(b)
Pledging all or any part of the assets of the company, including the Mississippi Opportunity Loan Fund, including loans and obligations securing the same, to secure the payment of the bonds, subject to the terms of the proceedings relating to other bonds of the company as may then exist;
(c)
The use and disposition of the gross income from loans owned by the company and payment of the principal of loans owned by the company;
(d)
The setting aside of reserves or sinking funds and the regulations and disposition thereof;
(e)
Limitations on the purposes to which the proceeds from the sale of bonds may be applied and pledging the proceeds to secure the payment of the bonds;
(f)
Limitations on the issuance of additional bonds, the terms upon which additional bonds may be issued and secured, and the refunding of outstanding or other bonds;
(g)
The procedure, if any, by which the terms of any of the proceedings under which the bonds are being issued may be amended or abrogated, the number or percentage of bondholders who or which must consent thereto, and the manner in which the consent may be given;
(h)
The vesting in a trustee or trustees of such property, rights, powers and duties in trust as the company may determine, and limiting or abrogating the right of bondholders to appoint a trustee or limiting the rights, powers and duties of the trustee;
(i)
Defining the act or omissions to act which shall constitute a default and the obligations or duties of the company to the holders of the bonds, and providing for the rights and remedies of the holders of the bonds in the event of default, which rights and remedies may include the general laws of the state and other provisions of Sections
37-145-43
through
37-145-73
; or
(j)
Any other matter, of like or different character, which in any way affects the security or protection of the holders of the bonds.
Laws, 1992, ch. 475, § 25, eff. 5/6/1992.
Mississippi Code 1972 (2023) › Title 37 - EDUCATION (§§ 37-NEW-001 — 37-NEW01-004) › Chapter 145 - MISSISSIPPI OPPORTUNITY LOAN PROGRAM ACT (§§ 37-145-1 — 37-145-73) › Section 37-145-51 - Pledge upon student loan revenue bonds

Any pledge made by the company shall be valid and binding from the time when the pledge was made. The revenues or properties so pledged and thereafter received by the company shall immediately be subject to the lien of such pledge without any physical delivery thereof or further act, and the lien of any such pledge shall be valid and binding as against all parties having claims of any kind in tort, contract or otherwise against the company, irrespective of whether the parties have notice thereof. Neither the resolution nor any other instrument by which a pledge is created need be recorded.
Laws, 1992, ch. 475, § 26, eff. 5/6/1992.
Mississippi Code 1972 (2023) › Title 37 - EDUCATION (§§ 37-NEW-001 — 37-NEW01-004) › Chapter 145 - MISSISSIPPI OPPORTUNITY LOAN PROGRAM ACT (§§ 37-145-1 — 37-145-73) › Section 37-145-53 - Purchase of student loan revenue bonds by issuing company

The company, subject to the provisions in proceedings relating to outstanding bonds as may then exist, may purchase bonds out of any funds available therefor, which shall thereupon be cancelled, at any reasonable price which, if the bonds are then redeemable, shall not exceed the redemption price (and premium, if any) then applicable plus accrued interest to the redemption date thereof.
Laws, 1992, ch. 475, § 27, eff. 5/6/1992.
Mississippi Code 1972 (2023) › Title 37 - EDUCATION (§§ 37-NEW-001 — 37-NEW01-004) › Chapter 145 - MISSISSIPPI OPPORTUNITY LOAN PROGRAM ACT (§§ 37-145-1 — 37-145-73) › Section 37-145-55 - Security for student loan revenue bonds

The bonds may be secured by an indenture by and between the company and a corporate trustee which may be any bank or other corporation having the power of a trust company or any trust company within or without this state. Such indenture may contain such provisions for protecting and enforcing the rights and remedies of the bondholders as may be reasonable and proper and not in violation of law, including covenants setting forth the duties of the company in relation to the exercise of its powers.
Laws, 1992, ch. 475, § 28, eff. 5/6/1992.
Mississippi Code 1972 (2023) › Title 37 - EDUCATION (§§ 37-NEW-001 — 37-NEW01-004) › Chapter 145 - MISSISSIPPI OPPORTUNITY LOAN PROGRAM ACT (§§ 37-145-1 — 37-145-73) › Section 37-145-57 - Validity and sufficiency of signatures upon bonds

In the event that any of the members or officers of the board of directors of the company shall cease to be members or officers of the board prior to the delivery of any bonds signed by them, their signatures or facsimiles thereof shall nevertheless be valid and sufficient for all purposes, the same as if such members or officers had remained in office until such delivery.
Laws, 1992, ch. 475, § 29, eff. 5/6/1992.
Mississippi Code 1972 (2023) › Title 37 - EDUCATION (§§ 37-NEW-001 — 37-NEW01-004) › Chapter 145 - MISSISSIPPI OPPORTUNITY LOAN PROGRAM ACT (§§ 37-145-1 — 37-145-73) › Section 37-145-59 - Funds and accounts to carry out provisions relating to student loan revenue bonds

The company may create and establish such funds and accounts as may be necessary or desirable for its purposes pursuant to Sections
37-145-43
through
37-145-73
.
Laws, 1992, ch. 475, § 30, eff. 5/6/1992.
Mississippi Code 1972 (2023) › Title 37 - EDUCATION (§§ 37-NEW-001 — 37-NEW01-004) › Chapter 145 - MISSISSIPPI OPPORTUNITY LOAN PROGRAM ACT (§§ 37-145-1 — 37-145-73) › Section 37-145-61 - Issuer authorized to contract with bondholders; trusts and security for payment of bonds

The company shall have the power to contract with the holders of any of its bonds as to the custody, collection, securing, investment and payment of any money of the company, and of any money held in trust or otherwise for the payment of bonds, and to carry out such contract. Money held in trust or otherwise for the payment of bonds or in any way to secure bonds and deposits of money may be secured in the same manner as money of the company, and all banks and trust companies are authorized to give security for the deposits.
Laws, 1992, ch. 475, § 31, eff. 5/6/1992.
Mississippi Code 1972 (2023) › Title 37 - EDUCATION (§§ 37-NEW-001 — 37-NEW01-004) › Chapter 145 - MISSISSIPPI OPPORTUNITY LOAN PROGRAM ACT (§§ 37-145-1 — 37-145-73) › Section 37-145-63 - Subsequent amendments not to limit vested rights of bondholders

Subsequent amendments to Sections
37-145-43
through
37-145-73
shall not limit the rights vested in the company with respect to any agreements made with, or remedies available to, the holders of bonds issued under Sections
37-145-43
through
37-145-73
prior to the enactment of the amendments until the bonds, together with all interest thereon, and all costs and expenses in connection with any proceeding by or on behalf of the holders, are fully met and discharged.
Laws, 1992, ch. 475, § 32, eff. 5/6/1992.
Mississippi Code 1972 (2023) › Title 37 - EDUCATION (§§ 37-NEW-001 — 37-NEW01-004) › Chapter 145 - MISSISSIPPI OPPORTUNITY LOAN PROGRAM ACT (§§ 37-145-1 — 37-145-73) › Section 37-145-65 - Payment of expenses of company issuing bonds; no state or public liability or indebtedness

All expenses incurred by the company in carrying out the provisions of this chapter shall be payable from funds in the Mississippi Opportunity Loan Fund, and nothing in Sections
37-145-43
through
37-145-73
shall be construed to authorize the company to incur indebtedness or liability on behalf of or payable by the state or any other political subdivision thereof.
Laws, 1992, ch. 475, § 33, eff. 5/6/1992.
Mississippi Code 1972 (2023) › Title 37 - EDUCATION (§§ 37-NEW-001 — 37-NEW01-004) › Chapter 145 - MISSISSIPPI OPPORTUNITY LOAN PROGRAM ACT (§§ 37-145-1 — 37-145-73) › Section 37-145-67 - Public function; student loan revenue bond income tax exempt

The company is hereby declared to be performing a public function and to be a public body corporate and a political subdivision of the state. Accordingly, the income, including any profit made on the sale thereof from all bonds issued by the company pursuant to Sections
37-145-43
through
37-145-73
, shall at all times be exempt from all taxation by the state or any public subdivision thereof. If, after all indebtedness and other obligations of the company are discharged the company is dissolved, its remaining assets shall inure to the benefit of the state.
Laws, 1992, ch. 475, § 34, eff. 5/6/1992.
Mississippi Code 1972 (2023) › Title 37 - EDUCATION (§§ 37-NEW-001 — 37-NEW01-004) › Chapter 145 - MISSISSIPPI OPPORTUNITY LOAN PROGRAM ACT (§§ 37-145-1 — 37-145-73) › Section 37-145-69 - Student loan revenue bonds legal investments and securities

The bonds issued by and under the authority of Sections
37-145-43
through
37-145-73
by the company are declared to be legal investments in which all public officers or public bodies of the state, its political subdivisions, all municipalities and municipal subdivisions, all insurance companies and associations, and other persons carrying on insurance business, all banks, bankers, banking associations, trust companies, savings associations, including savings and loan associations, building and loan associations, investment companies, and other persons carrying on a banking business, all administrators, guardians, executors, trustees and other fiduciaries, and all other persons who are now or may later be authorized to invest in bonds or in other obligations of the state, may invest funds, including capital, in their control or belonging to them. Such bonds are also hereby made securities which may be deposited with and received by all public officers and bodies of the state or any agency or political subdivision of the state and all municipalities and public corporations for any purpose for which the deposit of bonds or other obligations of the state is now or may be later authorized by law.
Laws, 1992, ch. 475, § 35, eff. 5/6/1992.
Mississippi Code 1972 (2023) › Title 37 - EDUCATION (§§ 37-NEW-001 — 37-NEW01-004) › Chapter 145 - MISSISSIPPI OPPORTUNITY LOAN PROGRAM ACT (§§ 37-145-1 — 37-145-73) › Section 37-145-71 - Borrowing funds to support guaranty student loan function; limit on obligation; debt solely that of board of trustees

The board of trustees is authorized to borrow funds from public or private sources under such provisions pertaining to rates of interest, repayment schedules, collateral and other requirements as may be approved by the board of trustees for the support of the guaranty student loan function of the board. The obligations so incurred by the board of trustees shall be limited to the amount of indebtedness as may be supported by revenues available from the board's guaranty student loan function and such obligations shall not constitute a debt, liability or general obligation of the state or any political subdivision thereof (other than the board of trustees), or a pledge of the faith and credit of the state or any political subdivision thereof (other than the board of trustees), but shall be payable solely as provided by the board of trustees.
Laws, 1992, ch. 475, § 36, eff. 5/6/1992.