reglab/statecodes huggingface dataset:
Mississippi Code 1972 (2023) › Title 57 - PLANNING, RESEARCH AND DEVELOPMENT (§§ 57-NEW-001 — 57-123-55) › Chapter 1 - MISSISSIPPI DEVELOPMENT AUTHORITY (§§ 57-NEW-001 — 57-1-783) › MISSISSIPPI PORTS IMPROVEMENT FUND (§§ 57-1-731 — 57-1-732) › Section 57-1-732 - 2022 MS Ports Improvements Fund created

There is created a special fund in the State Treasury to be designated as the "2022 MS Ports Improvements 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. Monies in the fund shall be disbursed by the Mississippi Development Authority (MDA), upon appropriation by the Legislature, for the purposes authorized in Section
57-1-731(2)
.
Added by Laws, 2023, ch. 447, SB 2664,§ 8, eff. 3/28/2023.
Mississippi Code 1972 (2023) › Title 57 - PLANNING, RESEARCH AND DEVELOPMENT (§§ 57-NEW-001 — 57-123-55) › Chapter 1 - MISSISSIPPI DEVELOPMENT AUTHORITY (§§ 57-NEW-001 — 57-1-783) › INCENTIVES TRANSPARENCY FOR A PROSPEROUS MISSISSIPPI ACT (§§ 57-1-751 — 57-1-761) › Section 57-1-751 - Short title

Sections
57-1-751
through
57-1-761
shall be known and may be cited as the "Incentives Transparency for a Prosperous Mississippi Act."
Amended by Laws, 2020, ch. 482, SB 2563,§ 1, eff. 7/1/2020.
Mississippi Code 1972 (2023) › Title 57 - PLANNING, RESEARCH AND DEVELOPMENT (§§ 57-NEW-001 — 57-123-55) › Chapter 1 - MISSISSIPPI DEVELOPMENT AUTHORITY (§§ 57-NEW-001 — 57-1-783) › INCENTIVES TRANSPARENCY FOR A PROSPEROUS MISSISSIPPI ACT (§§ 57-1-751 — 57-1-761) › Section 57-1-753 - Definitions

For purposes of Sections
57-1-753
through
57-1-761
, the following words shall have the meanings ascribed herein unless the context otherwise requires:
(a)
"Certified applicant" or "applicant" means any privately owned corporation, partnership, company or other for-profit business enterprise or any individual receiving one or more economic incentives worth, in total, in excess of Five Million Dollars ($5,000,000.00).
(b)
"Economic incentive" or "incentive" means any grants and/or loans awarded by the department to the certified applicant, and in exchange the certified applicant agrees to take some action that contributes to economic development.
(c)
"Qualified economic development project" means a business or other economic development project receiving one or more economic incentives worth, in total, in excess of Five Million Dollars ($5,000,000.00).
(d)
"Full-time employee" means an individual who is employed for consideration for an average of at least thirty-five (35) hours each week or who renders any other standard of service generally accepted by custom or specified by contract as full- time employment.
(e)
"Part-time employee" means an individual who is employed for consideration for an average of less than thirty-five (35) hours each week or who renders any other standard of service generally accepted by custom or specified by contract as part- time employment.
(f)
"Employee of a temporary employment agency" means an individual who is hired by a temporary employment agency providing temporary or contract jobs, where the individual performing the work is either an independent contractor or an employee of the temporary employment agency, rather than an employee of the certified applicant or qualified economic development project receiving an economic incentive.
(g)
"New employee" means a full-time employee first employed by a certified applicant after the applicant enters into an agreement to receive the economic incentive.
(h)
"Annual report" means the report described in Section
57-1-759
.
Amended by Laws, 2020, ch. 482, SB 2563,§ 2, eff. 7/1/2020.
Mississippi Code 1972 (2023) › Title 57 - PLANNING, RESEARCH AND DEVELOPMENT (§§ 57-NEW-001 — 57-123-55) › Chapter 1 - MISSISSIPPI DEVELOPMENT AUTHORITY (§§ 57-NEW-001 — 57-1-783) › INCENTIVES TRANSPARENCY FOR A PROSPEROUS MISSISSIPPI ACT (§§ 57-1-751 — 57-1-761) › Section 57-1-755 - Initial requirements

(1)
The awarding of an economic incentive to a certified applicant is contingent on a finding by the department that the applicant's qualified economic development project, including, but not limited to, the retention, expansion or location of the applicant's business is clearly in the best interests of this state. This finding shall be contained in a resolution adopted by the department. The resolution shall set forth the evidence and reasons supporting this finding, including, but not limited to:
(a)
Supporting evidence such as a feasibility study, market trends or other data demonstrating that the qualified economic development project will reach the department's stated goal of the economic incentive;
(b)
The general impact the qualified economic development project will have on the statewide and local economy and community;
(c)
The number of full-time, part-time or temporary jobs the qualified economic development project is expected to bring in to the statewide economy;
(d)
Information on direct and indirect public and private costs of the qualified economic development project; and
(e)
Negative effects from the qualified economic development project, and the assumptions on which the information is based.
(2)
The department shall share the resolution and supporting evidence described in this section with the University Research Center and, upon request, with the Governor, Speaker of the House and President of the Senate.
Amended by Laws, 2020, ch. 482, SB 2563,§ 3, eff. 7/1/2020.
Mississippi Code 1972 (2023) › Title 57 - PLANNING, RESEARCH AND DEVELOPMENT (§§ 57-NEW-001 — 57-123-55) › Chapter 1 - MISSISSIPPI DEVELOPMENT AUTHORITY (§§ 57-NEW-001 — 57-1-783) › INCENTIVES TRANSPARENCY FOR A PROSPEROUS MISSISSIPPI ACT (§§ 57-1-751 — 57-1-761) › Section 57-1-757 - Performance measures

(1)
A certified applicant awarded an economic incentive shall enter into a memorandum of understanding with the state through the department. The memorandum shall contain performance measures, determined by the department, that the applicant's qualified economic development project is expected to meet within a specified period of time determined by the department after the incentive is awarded. The performance measures shall align with the department's resolution and supporting evidence for the certified applicant's qualified economic development project as described in Section
57-1-755
. The memorandum shall contain provisions allowing the state, through the department or the State Auditor's office, to stop, readjust or recapture all or part of the economic incentive given to the applicant on noncompliance with the terms of the memorandum.
(2)
A certified applicant that fails to meet performance measures as described in this section may not receive or be awarded an economic incentive from the department for a period of five (5) years from the date of the notice of default by the department, or until a recipient either cures such default in accordance with the agreement prescribed in subsection (1) of this section, or satisfies the repayment of the economic incentive, whichever occurs first. For purposes of this subsection (2), if the applicant is an individual, the disqualification attaches to the individual, and if the applicant is a business entity, the disqualification attaches to the entity and to each owner or shareholder of twenty percent (20%) or more of the business.
Amended by Laws, 2020, ch. 482, SB 2563,§ 4, eff. 7/1/2020.
Mississippi Code 1972 (2023) › Title 57 - PLANNING, RESEARCH AND DEVELOPMENT (§§ 57-NEW-001 — 57-123-55) › Chapter 1 - MISSISSIPPI DEVELOPMENT AUTHORITY (§§ 57-NEW-001 — 57-1-783) › INCENTIVES TRANSPARENCY FOR A PROSPEROUS MISSISSIPPI ACT (§§ 57-1-751 — 57-1-761) › Section 57-1-761 - Limitations

Sections
57-1-753
through
57-1-761
shall apply only to certified applicants for economic incentives awarded by the department after July 1, 2020. Applicants awarded economic incentives prior to July 1, 2020, may file the applicable information voluntarily.
Amended by Laws, 2020, ch. 482, SB 2563,§ 6, eff. 7/1/2020.
Mississippi Code 1972 (2023) › Title 57 - PLANNING, RESEARCH AND DEVELOPMENT (§§ 57-NEW-001 — 57-123-55) › Chapter 1 - MISSISSIPPI DEVELOPMENT AUTHORITY (§§ 57-NEW-001 — 57-1-783) › FORESTRY FACILITY GRANT PROGRAM (§§ 57-1-781 — 57-1-783) › Section 57-1-781 - Short title; Forestry Facility Grant Program authorized

This section and Section
57-1-783
shall be known and may be cited as the "Forestry Facility Grant Program." The Forestry Facility Grant Program will authorize the Mississippi Development Authority, through appropriations by the Legislature, to make grants available to designated forestry facility projects that lead to the expansion of Mississippi's forestry products industry.
Added by Laws, 2023, ch. 332, SB 2525,§ 1, eff. 7/1/2023.
Mississippi Code 1972 (2023) › Title 57 - PLANNING, RESEARCH AND DEVELOPMENT (§§ 57-NEW-001 — 57-123-55) › Chapter 3 - AGRICULTURE AND INDUSTRY PROGRAM (§§ 57-3-1 — 57-3-33) › Section 57-3-1 - Statement of legislative policy

It is hereby declared that the state public welfare demands, and the state public policy requires:
(a)
That a balanced economic development of this state is essential.
(b)
That the present and prospective health, safety, morals, pursuit of happiness, right of gainful employment and the general welfare of the citizens demand as a public purpose, the development within Mississippi of commercial, industrial, agricultural and manufacturing enterprises, herein called "enterprises" by the several counties, supervisors districts and municipalities, all herein called "municipalities."
(c)
That the means and measures herein authorized to promote said enterprises are as a matter of public policy, for the public purposes of the several counties, supervisors districts, municipalities, and of the State of Mississippi.
(d)
That the present and prospective promotion of health, safety, morals, pursuit of happiness, right to gainful employment, and the general welfare of the state requires that herein and hereby authorized, and to that end the provisions hereof will help afford ready and attractive markets for farm and garden products, for the development of natural resources, and for the conversion of raw materials of farm, mine and forest into finished products for the general welfare of each of said municipalities, and of the entire people of the state.
(e)
That the accomplishment of the things herein authorized to be done by the several municipalities will give to them local benefits peculiar to each, and will accomplish the purposes set forth in this section.
Codes, 1942, § 8936-51; Laws, 1960, ch. 147, § 1, eff. 5/11/1960.
Mississippi Code 1972 (2023) › Title 57 - PLANNING, RESEARCH AND DEVELOPMENT (§§ 57-NEW-001 — 57-123-55) › Chapter 3 - AGRICULTURE AND INDUSTRY PROGRAM (§§ 57-3-1 — 57-3-33) › Section 57-3-3 - Legislative intent; requirement of certificate

It is the intent of the legislature by the passage of this chapter to authorize municipalities to acquire, own and lease projects for the purpose of promoting industry and trade by inducing manufacturing, and industrial enterprises to locate in this state, promoting the use of agricultural products and natural resources of this state, and promoting a sound and proper balance in this state between agriculture, commerce and industry. It is intended that each project be self-liquidating. This chapter shall be liberally construed in conformity with the said intent. The powers conferred upon the municipalities hereby shall be exercised only after such municipality has obtained a certificate of public convenience and necessity from the Mississippi Agricultural and Industrial Board in the manner and form as provided in Sections
57-1-19
,
57-1-21
,
57-1-23
and
57-1-27
, with the exception that such board shall not be required to adjudicate either "that there are adequate property values and suitable financial conditions so that the total bonded indebtedness of the municipality, solely for the purposes authorized by this chapter, shall not exceed twenty per cent (20%) of the total assessed valuation of the property in the municipality," nor that the enterprise "will not become a burden upon the taxpayers of the municipality," the bonds authorized under this chapter being solely revenue bonds.
Codes, 1942, § 8936-52; Laws, 1960, ch. 147, § 2; Laws, 1964, ch. 217, § 1; Laws, 1966, ch. 235, § 1, eff. 8/1/1966.
Mississippi Code 1972 (2023) › Title 57 - PLANNING, RESEARCH AND DEVELOPMENT (§§ 57-NEW-001 — 57-123-55) › Chapter 3 - AGRICULTURE AND INDUSTRY PROGRAM (§§ 57-3-1 — 57-3-33) › Section 57-3-5 - Definitions

Wherever used in this chapter, unless a different meaning clearly appears in the context, the following terms, whether used in the singular or plural, shall be given the following respective interpretations:
(1)
"Municipality" means any county, supervisors district, incorporated city, town or village in the State of Mississippi;
(2)
"Project" means land, buildings, improvements, fixtures, machinery, equipment and furnishings, and all real and personal properties deemed necessary in connection therewith, or any part or combination of parts of the foregoing, whether or not now in existence, which shall be suitable for use by any of the following or by any combination thereof:
(a)
Any industrial enterprise for the manufacturing, processing or assembling of any products of agriculture, mining or industry;
(b)
Any industrial enterprise for storing or warehousing products of agriculture, mining or industry;
(c)
Any industrial or commercial enterprise for distributing any products of agriculture, mining or industry;
(d)
Any enterprise for the purpose of research in connection with:
(i)
Any of the foregoing;
(ii)
The development of new products or processes; or
(iii)
The improvement of existing products or known processes;
(e)
Any industrial enterprise for national, regional or divisional offices or facilities in connection with the management, supervision or service of its manufacturing, processing, assembling, storing, warehousing, distribution or research operations, wherever located; but does not include facilities designed for the sale or distribution to the public of electricity, gas, water, telephone or other services commonly classified as public utilities;
(f)
Any enterprise allowed under Section 144(a) of the Internal Revenue Code of 1986;
(g)
Any conference center, or any final destination or resort hotel having a minimum of one hundred fifty (150) rooms, or any combination of the foregoing; or
(h)
Any theme park or movie industry production studio, or any combination thereof, which would employ a minimum of two hundred (200) net full-time employees.
(3)
"Governing body" means the board or body in which the legislative powers of the municipality are vested, and as to supervisors districts such board or body shall be the county board of supervisors, acting with the consent of the member from the district affected;
(4)
"Mortgage" means a mortgage, indenture of trust, deed of trust or any other instrument securing bonds.
Codes, 1942, § 8936-53; Laws, 1960, ch. 147, § 3; Laws, 1963, 1st Ex. Sess. ch. 27, § 1; Laws, 1976, ch. 419, § 1; Laws, 1980, ch. 433, § 2; Laws, 1986, ch. 390; Laws, 1990 Ex Sess, ch. 71, § 3, eff. 6/30/1990.
Mississippi Code 1972 (2023) › Title 57 - PLANNING, RESEARCH AND DEVELOPMENT (§§ 57-NEW-001 — 57-123-55) › Chapter 3 - AGRICULTURE AND INDUSTRY PROGRAM (§§ 57-3-1 — 57-3-33) › Section 57-3-7 - Construction of chapter

Neither this chapter nor anything herein contained shall be construed as a restriction or limitation upon any powers which a municipality might otherwise have under laws of this state nor to limit or change the provisions of Sections
57-1-1
through
57-1-51
, but shall be construed as cumulative; nor shall the bonds issued hereunder be affected by or counted in connection with any statutory limitation upon the amount of bonds which otherwise may be issued by such municipality. The bonds herein authorized may be issued in addition to any bonds issued under Sections
57-1-1
through
57-1-51
, and without regard to the amount of any other bonds issued or outstanding.
Codes, 1942, § 8936-67; Laws, 1960, ch. 147, § 17, eff. 5/11/1960.
Mississippi Code 1972 (2023) › Title 57 - PLANNING, RESEARCH AND DEVELOPMENT (§§ 57-NEW-001 — 57-123-55) › Chapter 3 - AGRICULTURE AND INDUSTRY PROGRAM (§§ 57-3-1 — 57-3-33) › Section 57-3-11 - Requirement of bond issue election

Before issuing any bonds hereunder the governing body, as hereinbefore defined, of any municipality, as hereinbefore defined, shall adopt a resolution declaring its intention so to do stating the amount of bonds proposed to be issued, the purpose for which the bonds are to be issued, and the date upon which the governing body proposes to direct the issuance of such bonds. Such resolution shall be published once a week for at least three (3) consecutive weeks in at least one (1) newspaper published in the county in which such municipality is located. The first publication of such resolution shall be made not less than twenty-one (21) days prior to the date fixed in such resolution for the issuance of the bonds and the last publication shall be made not more than seven (7) days prior to such date. If no newspaper be published in such county, then such notice shall be given by publishing the resolution for the required time in some newspaper having a general circulation in such county, and, in addition, by posting a copy of such resolution for at least twenty-one (21) days next preceding the date fixed therein at three (3) public places in such county. If twenty per centum (20%) of the qualified electors of the municipality shall file a written protest against the issuance of such bonds on or before the date specified in such resolution, then an election on the question of the issuance of such bonds shall be called and held as herein provided. If no such protest be filed, then such bonds may be issued without an election on the question of the issuance thereof, at any time within a period of two (2) years after the date specified in the above-mentioned resolution. However, the governing body of such municipality, in its discretion, may nevertheless call an election on such question, in which event it shall not be necessary to publish the resolution declaring its intention to issue bonds as herein provided.
Codes, 1942, § 8936-55; Laws, 1960, ch. 147, § 5, eff. 5/11/1960.
Mississippi Code 1972 (2023) › Title 57 - PLANNING, RESEARCH AND DEVELOPMENT (§§ 57-NEW-001 — 57-123-55) › Chapter 3 - AGRICULTURE AND INDUSTRY PROGRAM (§§ 57-3-1 — 57-3-33) › Section 57-3-13 - Notice of election

Where an election is to be called as provided in Section
57-3-11
, notice of such election shall be signed by the clerk of the governing body of any municipality, and shall be published once a week for at least three (3) consecutive weeks, in at least one (1) newspaper published in such county. The first publication of such notice shall be made not less than twenty-one (21) days prior to the date fixed for such election and the last publication shall be made not more than seven (7) days prior to such date. If no newspaper is published in such county, then such notice shall be given by publishing the same for the required time in some newspaper having a general circulation in such county, and, in addition, by posting a copy of such notice for at least twenty-one (21) days next preceding such election at three (3) public places in such county.
Codes, 1942, § 8936-56; Laws, 1960, ch. 147, § 6, eff. 5/11/1960.
Mississippi Code 1972 (2023) › Title 57 - PLANNING, RESEARCH AND DEVELOPMENT (§§ 57-NEW-001 — 57-123-55) › Chapter 3 - AGRICULTURE AND INDUSTRY PROGRAM (§§ 57-3-1 — 57-3-33) › Section 57-3-15 - Conduct of election; form of ballot

The election provided for in Section
57-3-11
shall be held, as far as is practicable, in the same manner as other elections are held in municipalities. At such election, all qualified electors of such municipality may vote, and the ballots used at such election shall have printed thereon a brief statement of the amount and purpose of the proposed bond issue and the words "FOR THE BOND ISSUE" and "AGAINST THE BOND ISSUE," and the voter shall vote by placing a cross (x) or check mark (TICK) opposite his choice on the proposition.
Codes, 1942, § 8936-57; Laws, 1960, ch. 147, § 7, eff. 5/11/1960.
Mississippi Code 1972 (2023) › Title 57 - PLANNING, RESEARCH AND DEVELOPMENT (§§ 57-NEW-001 — 57-123-55) › Chapter 3 - AGRICULTURE AND INDUSTRY PROGRAM (§§ 57-3-1 — 57-3-33) › Section 57-3-17 - Determination of results of election; time period for issuance of bonds

When the results of the election on the question of the issuance of such bonds as hereinabove provided for shall have been canvassed by the election commissioners of such municipality and certified by them to the governing body of such municipality, it shall be the duty of such governing body to determine and adjudicate whether or not a majority of the qualified electors who voted thereon in such election voted in favor of the issuance of such bonds, and unless a majority of the qualified electors who voted thereon in such election shall have voted in favor of the issuance of such bonds, then such bonds shall not be issued. Should a majority of the qualified electors who vote thereon in such election vote in favor of the issuance of such bonds, then the governing body of the municipality may issue such bonds, either in whole or in part, within two (2) years from the date of such election, or within two (2) years after the final favorable termination of any litigation affecting the issuance of such bonds, as such governing body shall deem best.
Codes, 1942, § 8936-58; Laws, 1960, ch. 147, § 8, eff. 5/11/1960.
Mississippi Code 1972 (2023) › Title 57 - PLANNING, RESEARCH AND DEVELOPMENT (§§ 57-NEW-001 — 57-123-55) › Chapter 3 - AGRICULTURE AND INDUSTRY PROGRAM (§§ 57-3-1 — 57-3-33) › Section 57-3-23 - Requirements respecting lease of projects

Prior to the leasing of any project, the governing body must determine and find the following: the amount necessary in each year to pay the principal of and the interest on the bonds proposed to be issued to finance such project; the amount necessary to be paid each year into any reserve funds, which amounts may include deposits in escrow or reserve amounts as advance sums for the payment of insurance, which the governing body may deem it advisable to establish in connection with the retirement of the proposed bonds and the maintenance of the project; and, unless the terms under which the project is to be leased provide that the lessee shall maintain the project and carry all proper insurance with respect thereto, the estimated cost of maintaining the project in good repair and keeping it properly insured. The determinations and findings of the governing body required to be made in the preceding sentence shall be set forth in the proceedings under which the proposed bonds are to be issued; and prior to the issuance of such bonds, the municipality shall lease the project to a lessee under an agreement conditioned upon completion of the project and providing for payment to the municipality of such rentals as, upon the basis of such determinations and findings, will be sufficient (a) to pay the principal of and interest on the bonds issued to finance the project, (b) to build up and maintain any reserve deemed by the governing body to be advisable in connection therewith, and (c) unless the agreement of lease obligated the lessee to pay for the maintenance and insurance of the project, to pay the cost of maintaining the project in good repair and keeping it properly insured. Such lease shall be made upon such other terms and conditions and for the time which may be determined by the municipality and may contain provisions authorizing the purchase of the entire project or any portion thereof by the industry or its assignee after all bonds (if any) issued thereunder have been paid in full, for such consideration and upon such terms and conditions as the municipality may determine.
Codes, 1942, § 8936-61; Laws, 1960, ch. 147, § 11; Laws, 1964, ch. 217, § 5; Laws, 1966, ch. 235, § 5, eff. 8/1/1966.
Mississippi Code 1972 (2023) › Title 57 - PLANNING, RESEARCH AND DEVELOPMENT (§§ 57-NEW-001 — 57-123-55) › Chapter 3 - AGRICULTURE AND INDUSTRY PROGRAM (§§ 57-3-1 — 57-3-33) › Section 57-3-25 - Refunding bonds

Any bonds issued hereunder and at any time outstanding may at any time and from time to time be refunded by a municipality by the issuance of its refunding bonds in such amount as the governing body may deem necessary but not exceeding an amount sufficient to refund the principal of the bonds so to be refunded, together with any unpaid interest thereon and any premiums and commissions necessary to be paid in connection therewith. Any such refunding may be effected whether the bonds to be refunded shall have been matured or shall thereafter mature, either by sale of the refunding bonds and the application of the proceeds thereof for the payment of the bonds to be refunded thereby, or by exchange of the refunding bonds for the bonds to be refunded thereby, provided that the holders of any bonds so to be refunded shall not be compelled without their consent to surrender their bonds for payment or exchange prior to the date on which they are payable or, if they are called for redemption, prior to the date on which they are by their terms subject to redemption. Any refunding bonds issued under the authority of this section shall be payable solely from the revenues out of which the bonds to be refunded hereby were payable, and shall be subject to the provisions contained in Section
57-3-11
, and may be secured in accordance with the provisions of Section
57-3-21
.
Codes, 1942, § 8936-62; Laws, 1960, ch. 147, § 12, eff. 5/11/1960.
Mississippi Code 1972 (2023) › Title 57 - PLANNING, RESEARCH AND DEVELOPMENT (§§ 57-NEW-001 — 57-123-55) › Chapter 3 - AGRICULTURE AND INDUSTRY PROGRAM (§§ 57-3-1 — 57-3-33) › Section 57-3-27 - Use of proceeds from sale of bonds

The proceeds from the sale of any bonds issued under authority of this chapter shall be applied only for the purpose for which the bonds were issued. However, any accrued interest and premium received in any such sale shall be applied to the payment of the principal of or the interest on the bonds sold; and, if for any reason, any portion of such proceeds shall not be needed for the purpose for which the bonds were issued, then such unneeded portion of said proceeds shall be applied to the payment of the principal of or the interest on said bonds. The cost of acquiring any project shall be deemed to include the following: the actual cost of the construction of any part of a project which may be constructed, including equipment, machinery, facilities, attorney's, architect's and engineer's fees; abstracts, cost of preparing and recording warranty deeds; the purchase price of any part of a project that may be acquired by purchase; the deposit into a reserve or escrow fund advance payments for insurance, in the event that the prospective lessee shall be in default of any payments and the municipality has to take over the operation of said project; all expenses in connection with the authorization, sale and issuance of the bonds to finance such acquisition; and the interest on such bonds for a reasonable time prior to construction, during construction, and for not exceeding six (6) months after completion of construction. Proceeds of said bonds shall be placed in the municipal treasury or with the trustee named in the mortgage or indentured trust as provided in Section
57-3-21
as a special fund and shall be used for no other purpose than the purpose set forth in the original resolution, and any officer diverting or assisting to divert any such fund to any other purpose than the purpose originally set forth in said resolution of the governing authority of said municipality shall be guilty of a misdemeanor, shall be punished accordingly, and shall also be liable both personally and on his official bond for such diversion, together with the costs of collection and reasonable attorney's fees. The Mississippi Agricultural and Industrial Board is authorized to employ necessary competent attorneys to proceed by action for injunction or mandamus to require compliance with said original resolution by any officer or municipal board.
Codes, 1942, § 8936-63; Laws, 1960, ch. 147, § 13; Laws, 1964, ch. 217, § 6; Laws, 1966, ch. 235, § 6; Laws, 1978, ch. 491, § 2, eff. 7/1/1978.
Mississippi Code 1972 (2023) › Title 57 - PLANNING, RESEARCH AND DEVELOPMENT (§§ 57-NEW-001 — 57-123-55) › Chapter 3 - AGRICULTURE AND INDUSTRY PROGRAM (§§ 57-3-1 — 57-3-33) › Section 57-3-29 - Contribution by municipalities to projects; acceptance of donations by municipalities

No municipality shall have the power to pay out of its general funds or otherwise contribute any part of the costs of acquiring a project, but, the entire cost of acquiring any project must be paid out of the proceeds from the sale of bonds issued under the authority of this chapter. This provision shall not be construed to prevent a municipality from accepting donation of property to be used as a part of any such project or money to be used for defraying any part of the cost of any such project.
Codes, 1942, § 8936-64; Laws, 1960, ch. 147, § 14, eff. 5/11/1960.
Mississippi Code 1972 (2023) › Title 57 - PLANNING, RESEARCH AND DEVELOPMENT (§§ 57-NEW-001 — 57-123-55) › Chapter 3 - AGRICULTURE AND INDUSTRY PROGRAM (§§ 57-3-1 — 57-3-33) › Section 57-3-31 - Investment in bonds

Bonds issued under the provisions of this chapter shall be legal investments for savings banks and insurance companies organized under the laws of this state.
Codes, 1942, § 8936-65; Laws, 1960, ch. 147, § 15, eff. 5/11/1960.
Mississippi Code 1972 (2023) › Title 57 - PLANNING, RESEARCH AND DEVELOPMENT (§§ 57-NEW-001 — 57-123-55) › Chapter 3 - AGRICULTURE AND INDUSTRY PROGRAM (§§ 57-3-1 — 57-3-33) › Section 57-3-33 - Exemption from taxation of bonds, etc.; time limit for ad valorem tax exemption

The bonds authorized by this chapter, the income therefrom, all mortgages or deeds of trust executed as security therefor, all lease or purchase agreements made pursuant to the provisions hereof, and all purchases required to establish the enterprise and financed by bond proceeds shall be exempt from all taxation in the State of Mississippi except the contractors' tax imposed by Section
27-65-21
and the tax levied by Section
27-65-24(1)(b)
and all projects and the revenue derived from any lease thereof shall be exempt from all taxation in the State of Mississippi, except the tax levied by Sections
27-65-21
and
27-65-24(1)(b)
. From and after July 1, 1989, there shall be no new exemption under this section or under Chapter 10, Title 57, Mississippi Code of 1972, from ad valorem taxes levied for school district purposes. The time of any ad valorem tax exemption provided for hereunder shall not exceed a total of ten (10) years, which shall run from the date of completion of the project. In no event shall the term of the ad valorem tax exemption provided for hereunder be limited, terminated or otherwise affected by payment in full of the bonds issued under this chapter or by the change from a leasehold to a fee title in the enterprise financed with bonds issued under this chapter.
Codes, 1942, § 8936-66; Laws, 1960, ch. 147, § 16; Laws, 1964, ch. 217, § 7; Laws, 1966, ch. 235, § 7; Laws, 1989, ch. 524, § 22; Laws, 1990 Ex Sess, ch. 71, § 4; Laws, 1992, ch. 518, § 4; Laws, 1995, ch. 355, § 2; Laws, 2010, ch. 449, § 6, eff. 7/1/2010.
Mississippi Code 1972 (2023) › Title 57 - PLANNING, RESEARCH AND DEVELOPMENT (§§ 57-NEW-001 — 57-123-55) › Chapter 4 - INDUSTRIAL DEVELOPMENT FUND (§§ 57-4-1 — 57-4-23) › Section 57-4-1 - Establishment

There is hereby established in the State Treasury a revolving fund to be designated as the "industrial development fund." Such funds as may be deposited in the fund shall be used, either as loans or grants, for the purpose of making the state's contribution for matching federal grants available under the provisions of Section 304, Public Works and Economic Development Act of 1965, as amended, for political subdivisions of the state as hereinafter set forth.
Laws, 1977, ch. 492, § 1(1); Laws, 1984, ch. 324, § 1, eff. 4/10/1984.
Mississippi Code 1972 (2023) › Title 57 - PLANNING, RESEARCH AND DEVELOPMENT (§§ 57-NEW-001 — 57-123-55) › Chapter 4 - INDUSTRIAL DEVELOPMENT FUND (§§ 57-4-1 — 57-4-23) › Section 57-4-3 - State contributions made as loans deemed full faith and credit obligations of political subdivisions

Any state contribution made as a loan on behalf of a political subdivision under the provisions of this chapter is hereby made a full faith and credit obligation of such political subdivision to the State of Mississippi, and binding on the governing body obtaining such state contribution and their successors in office until repaid in full as to principal and interest thereon, without regard to existing statutory limitations.
Laws, 1977, ch. 492, § 1(2), eff. 4/15/1977.
Mississippi Code 1972 (2023) › Title 57 - PLANNING, RESEARCH AND DEVELOPMENT (§§ 57-NEW-001 — 57-123-55) › Chapter 4 - INDUSTRIAL DEVELOPMENT FUND (§§ 57-4-1 — 57-4-23) › Section 57-4-5 - Content and form of copy of political subdivision's resolution, order or excerpt of minutes

The agricultural and industrial board shall require a certified copy of a resolution, order or other appropriate excerpt of the official minutes of the governing authority, to be of such general form and content as the board may deem appropriate, together with application forms for such state contribution.
Laws, 1977, ch. 492, § 1(3), eff. 4/15/1977.
Mississippi Code 1972 (2023) › Title 57 - PLANNING, RESEARCH AND DEVELOPMENT (§§ 57-NEW-001 — 57-123-55) › Chapter 4 - INDUSTRIAL DEVELOPMENT FUND (§§ 57-4-1 — 57-4-23) › Section 57-4-7 - Contributions made as loans to be evidenced by negotiable promissory notes

All contributions made as loans by the state under the provisions of this chapter shall be evidenced by negotiable promissory notes of the political subdivision to be in such standard form and content of acceptable banking standards, shall mature at such time, to bear interest as hereinafter provided, and shall bear the signature of the president or presiding officer and the clerk or secretary of the political subdivision and the official seal.
Laws, 1977, ch. 492, § 1(4), eff. 4/15/1977.
Mississippi Code 1972 (2023) › Title 57 - PLANNING, RESEARCH AND DEVELOPMENT (§§ 57-NEW-001 — 57-123-55) › Chapter 4 - INDUSTRIAL DEVELOPMENT FUND (§§ 57-4-1 — 57-4-23) › Section 57-4-9 - Interest rate on indebtedness for loan

The indebtedness for a loan incurred hereunder shall bear interest at the rate of five percent (5%) per annum.
Laws, 1977, ch. 492, § 1(5), eff. 4/15/1977.
Mississippi Code 1972 (2023) › Title 57 - PLANNING, RESEARCH AND DEVELOPMENT (§§ 57-NEW-001 — 57-123-55) › Chapter 4 - INDUSTRIAL DEVELOPMENT FUND (§§ 57-4-1 — 57-4-23) › Section 57-4-11 - Length of indebtedness incurred as loan; repayment in equal annual installments; applicability of debt limitation

Indebtedness incurred as a loan under the provisions of this chapter shall not exceed five (5) years from the date of the contribution by the state, and any such indebtedness shall be repaid in equal annual installments. Any indebtedness incurred as a loan under the provisions of this chapter shall not be included in computing the debt limit under any other statute.
Laws, 1977, ch. 492, § 1(6), eff. 4/15/1977.
Mississippi Code 1972 (2023) › Title 57 - PLANNING, RESEARCH AND DEVELOPMENT (§§ 57-NEW-001 — 57-123-55) › Chapter 4 - INDUSTRIAL DEVELOPMENT FUND (§§ 57-4-1 — 57-4-23) › Section 57-4-13 - Levy of tax for repayment of indebtedness; proceedings upon default in repayment of indebtedness

The governing authority of any county or municipality incurring indebtedness under this chapter is hereby authorized to annually levy a millage on all of the taxable property of such political subdivision at any time after the indebtedness is incurred in an amount sufficient to repay any such indebtedness, and it shall not be charged against the existing authority as to limitations of millage for local governmental purposes. In the event that such indebtedness has not been repaid in accordance with the contract, the agricultural and industrial board shall determine that there is a default in the terms of the promissory note, including interest due thereon, shall enter an order to that effect upon its official minutes, and shall send a certified copy of said order by certified mail to the governing authority of such political subdivision and to the state tax commission. If the default is not satisfied within ninety (90) days after such certified notice, the state tax commission shall deduct from any funds held by the state for disbursement to said political subdivision such amount as is in default, and shall remit it to the agricultural and industrial board for deposit into the industrial development fund.
Laws, 1977, ch. 492, § 1(7), eff. 4/15/1977.
Mississippi Code 1972 (2023) › Title 57 - PLANNING, RESEARCH AND DEVELOPMENT (§§ 57-NEW-001 — 57-123-55) › Chapter 4 - INDUSTRIAL DEVELOPMENT FUND (§§ 57-4-1 — 57-4-23) › Section 57-4-15 - Proceeds of state contributions to be used only for matching federal funds

The proceeds of all state contributions as a loan or grant shall be used only for matching federal funds as provided under the provisions of this chapter. The federal funds may also be matched by the provision of in-kind services, equipment, personnel, supplies or other in-kind matching.
Laws, 1977, ch. 492, § 1(8), eff. 4/15/1977.
Mississippi Code 1972 (2023) › Title 57 - PLANNING, RESEARCH AND DEVELOPMENT (§§ 57-NEW-001 — 57-123-55) › Chapter 4 - INDUSTRIAL DEVELOPMENT FUND (§§ 57-4-1 — 57-4-23) › Section 57-4-17 - Records

The agricultural and industrial board shall require governing authorities to keep such records as are necessary to assure that the funds are spent in accordance with this chapter.
Laws, 1977, ch. 492, § 1(9), eff. 4/15/1977.
Mississippi Code 1972 (2023) › Title 57 - PLANNING, RESEARCH AND DEVELOPMENT (§§ 57-NEW-001 — 57-123-55) › Chapter 4 - INDUSTRIAL DEVELOPMENT FUND (§§ 57-4-1 — 57-4-23) › Section 57-4-19 - Deposit of repayments

All funds received by the board of economic development in repayment of state contributions or unused funds from any project approved by the board shall be promptly deposited into the industrial development fund.
Laws, 1977, ch. 492, § 1(10); Laws, 1984, ch. 324, § 2, eff. 4/10/1984.
Mississippi Code 1972 (2023) › Title 57 - PLANNING, RESEARCH AND DEVELOPMENT (§§ 57-NEW-001 — 57-123-55) › Chapter 4 - INDUSTRIAL DEVELOPMENT FUND (§§ 57-4-1 — 57-4-23) › Section 57-4-21 - Payment of expenditures for state contributions to be upon warrants drawn on fund

All expenditures for approved state contributions shall be paid upon warrants drawn on the industrial development fund as created pursuant to this chapter, and the state auditor of public accounts shall issue warrants upon requisitions signed by the director of the agricultural and industrial board, after approval of such state contributions by the board.
Laws, 1977, ch. 492, § 2, eff. 4/15/1977.
Mississippi Code 1972 (2023) › Title 57 - PLANNING, RESEARCH AND DEVELOPMENT (§§ 57-NEW-001 — 57-123-55) › Chapter 4 - INDUSTRIAL DEVELOPMENT FUND (§§ 57-4-1 — 57-4-23) › Section 57-4-23 - Purposes for which funds may be used

The state participation shall be used only for the purposes of Title I, Public Works and Economic Development Act of 1965, as amended, and expenditures from the industrial development fund shall be used primarily for the development of industrial parks, exclusive of land purchases. If the board determines that such funds will serve a more useful purpose when expended for other purposes approved under said Title I, it shall have the authority to approve applications for such additional purposes and make contributions in accordance with the provisions of this chapter. Prior to the approval of any application for a purpose other than development of an industrial park, the board shall spread upon its minutes the reasons for its determination that the additional purpose will be a better use of the available funds.
No funds shall be expended from the fund for any projects other than those approved by the board, and only after such approval has been spread on the minutes of the board. In the event the board receives applications which would exceed the funds available, it shall approve those projects which appear to have the greatest potential for immediate benefit to the areas most in need of an improved economy.
No applicant shall receive a state contribution in excess of ten percent (10%) of the amount appropriated to the industrial development fund by the 1977 Regular Session of the Mississippi Legislature.
Laws, 1977, ch. 492, § 3, eff. 4/15/1977.
Mississippi Code 1972 (2023) › Title 57 - PLANNING, RESEARCH AND DEVELOPMENT (§§ 57-NEW-001 — 57-123-55) › Chapter 5 - INDUSTRIAL PARKS AND DISTRICTS (§§ 57-5-1 — 57-5-23) › Section 57-5-1 - Declaration of public policy

It is hereby declared that the state public welfare demands and the state public policy requires legislation to encourage the establishment of standard industrial parks or districts by various subdivisions of the state in order to further stimulate the industrial development of the state.
Codes, 1942, § 8940-01; Laws, 1960, ch. 386, § 1, eff. 7/1/1960.
Mississippi Code 1972 (2023) › Title 57 - PLANNING, RESEARCH AND DEVELOPMENT (§§ 57-NEW-001 — 57-123-55) › Chapter 5 - INDUSTRIAL PARKS AND DISTRICTS (§§ 57-5-1 — 57-5-23) › Section 57-5-3 - Encouragement of establishment of parks

The Mississippi Agricultural and Industrial Board, hereinafter referred to as the "board," shall be and is hereby authorized, empowered and directed to encourage the establishment of such industrial parks or districts where said parks or districts are found to be necessary to the development of the several municipalities of this state, including counties, supervisors districts, cities, towns or villages, or combinations thereof lying in the same or in adjacent counties, all hereinafter referred to as "municipalities."
Codes, 1942, § 8940-02; Laws, 1960, ch. 143, § 1, eff. 7/1/1960.
Mississippi Code 1972 (2023) › Title 57 - PLANNING, RESEARCH AND DEVELOPMENT (§§ 57-NEW-001 — 57-123-55) › Chapter 5 - INDUSTRIAL PARKS AND DISTRICTS (§§ 57-5-1 — 57-5-23) › Section 57-5-5 - Establishment of minimum requirements for industrial park or district

The board shall establish, adopt and promulgate certain specific minimum requirements that will clearly describe and define the minimum requirements for an industrial park or district within the meaning of this chapter. Such minimum requirements shall, in all cases, include a complete engineering study composed of maps of the proposed park or district, details of proposed development, and itemized estimate of all costs involved in acquiring and developing such industrial park or district. Such engineering study, including the details of the proposed development and the cost estimates shall be made by a reputable engineer or engineering firm licensed to do business in Mississippi and qualified to make a survey or study of the cost and feasibility of such an industrial park or district.
Codes, 1942, § 8940-03; Laws, 1960, ch. 386, § 3, eff. 7/1/1960.
Mississippi Code 1972 (2023) › Title 57 - PLANNING, RESEARCH AND DEVELOPMENT (§§ 57-NEW-001 — 57-123-55) › Chapter 5 - INDUSTRIAL PARKS AND DISTRICTS (§§ 57-5-1 — 57-5-23) › Section 57-5-7 - Assistance to municipality in studying feasibility of establishing industrial park; conduct of joint study by state and municipality

When any municipality shall desire to have a study made to determine the cost and feasibility of establishing a standard industrial park or district, the governing body of such municipality may, by resolution, make application to the agricultural and industrial board for the assistance to the municipality provided by this chapter. Upon receipt of a written request for such assistance from the governing body of such municipality, the board is authorized and empowered to jointly undertake the study by mutual and written consent with the municipality, and to jointly employ an engineer or engineering firm to make the study. In case of such joint action by the board and the municipality, the board is authorized and empowered to pay up to twenty-five percent (25%) of the cost of such jointly authorized engineering study. However, the amount to be paid by the board shall not exceed a total of two thousand dollars ($2,000.00) for any one municipality.
Codes, 1942, § 8940-04; Laws, 1960, ch. 386, § 4, eff. 7/1/1960.
Mississippi Code 1972 (2023) › Title 57 - PLANNING, RESEARCH AND DEVELOPMENT (§§ 57-NEW-001 — 57-123-55) › Chapter 5 - INDUSTRIAL PARKS AND DISTRICTS (§§ 57-5-1 — 57-5-23) › Section 57-5-9 - Determination of necessity for establishment of industrial park or district

The board is charged with the duty of making effective the declared public policy of the state and municipalities as hereinabove set forth, and for that purpose is hereby authorized and empowered to determine whether the public convenience and necessity require that any municipality shall have the right to acquire lands, and thereon to bring into completion such "standard" industrial districts or parks and to dispose of or rent, let or lease any part or parts or all of such developed parks or districts for industrial purposes.
Codes, 1942, § 8940-05; Laws, 1960, ch. 386, § 5, eff. 7/1/1960.
Mississippi Code 1972 (2023) › Title 57 - PLANNING, RESEARCH AND DEVELOPMENT (§§ 57-NEW-001 — 57-123-55) › Chapter 5 - INDUSTRIAL PARKS AND DISTRICTS (§§ 57-5-1 — 57-5-23) › Section 57-5-11 - Application for certificate by municipality; hearings on application

Each municipality within this state shall have the right to apply to the board for a certificate of public convenience and necessity from the board as to whether the general welfare requires that such municipality enter into the development of such a "standard" industrial park or district. In determining whether such certificate shall be issued, the board may hold hearings, make such investigation as may be desired, and shall have power to summon witnesses, administer oaths, hear testimony and make a record of all things had and done at such hearings or investigations, and to order issued such certificates of convenience and necessity as to the board may seem advisable.
Codes, 1942, § 8940-06; Laws, 1960, ch. 386, § 6, eff. 7/1/1960.
Mississippi Code 1972 (2023) › Title 57 - PLANNING, RESEARCH AND DEVELOPMENT (§§ 57-NEW-001 — 57-123-55) › Chapter 5 - INDUSTRIAL PARKS AND DISTRICTS (§§ 57-5-1 — 57-5-23) › Section 57-5-15 - Terms and conditions of certificate

If and when the certificate is issued, the board therein shall fix and determine:
(1)
The extent and the amount to which the municipality may issue bonds or make expenditures for such development;
(2)
what property may be acquired therefor;
(3)
the terms upon which such acquisition may be had;
(4)
what expenditures may be made to properly develop said property into a "standard" industrial park or district; and,
(5)
the method of operation of said industrial park by the municipality.
Codes, 1942, § 8940-08; Laws, 1960, ch. 386, § 8, eff. 7/1/1960.