Mississippi Code 1972 (2023) › Title 57 - PLANNING, RESEARCH AND DEVELOPMENT (§§ 57-NEW-001 — 57-123-55) › Chapter 10 - SMALL BUSINESS ASSISTANCE (§§ 57-10-1 — 57-10-731) › Article 11 - BONDS TO FINANCE ECONOMIC DEVELOPMENT PROJECTS (§§ 57-10-401 — 57-10-449) › Section 57-10-405 - [Repealed effective 10/1/2025] General powers and duties of corporation

In addition to its other powers and duties, the corporation shall have all the powers necessary or convenient to carry out and effectuate the purposes and provisions of Sections
57-10-401
through
57-10-445
, including, but without limiting the generality of the foregoing, the power:
(a)
To provide and finance economic development projects under the provisions of Sections
57-10-401
through
57-10-445
, and cooperate with counties, municipalities and eligible companies in order to promote, foster and support economic development within the counties and municipalities;
(b)
To conduct hearings and inquiries, in the manner and by the methods as it deems desirable, including, without limitation, appointment of special committees, for the purpose of gathering information with respect to counties, municipalities, eligible companies and economic development projects, for the purpose of making any determinations necessary or desirable in the furtherance of Sections
57-10-401
through
57-10-445
;
(c)
To negotiate the terms of, and enter into financing agreements with, approved companies, and in connection therewith to acquire, convey, sell, own, lease, mortgage, finance, foreclose or otherwise dispose of any property, real or personal, in connection with an economic development project, and to pay, or cause to be paid, in accordance with the provisions of a financing agreement, the approved costs of an economic development project from any funds available therefor, including, without limitation, funds available as the result of the issuance of bonds under the Mississippi Small Enterprise Development Finance Act;
(d)
To delegate to the executive director the rights and powers of the corporation required for the proper and desirable execution of the purposes of this article;
(e)
To consent, if it deems it necessary or desirable in the fulfillment of its purposes, to the modification of the terms of any financing agreements of any kind to which the corporation is a party;
(f)
To include in any borrowing the amounts deemed necessary by the corporation to pay financing charges, consultant, advisory and legal fees, fees for bond insurance, letters of credit or other forms of credit enhancement, investment advisory fees, trustees' fees and other expenses necessary or incident to the borrowing;
(g)
To make and publish administrative regulations respecting its programs and other administrative regulations necessary or appropriate to effectuate the purposes of Sections
57-10-401
through
57-10-445
, and necessary to administer the procedures and program as provided for in Sections
57-10-401
through
57-10-445
;
(h)
To make, execute and effectuate any and all agreements or other documents with any governmental agency or any person, corporation, association, partnership, or other organization or entity, necessary or appropriate to accomplish the purposes of Sections
57-10-401
through
57-10-445
, including any financing agreements with state agencies or any political subdivisions of the state under which funds may be pledged by or to the corporation for the payment of its bonds;
(i)
To accept gifts, devises, bequests, grants, loans, appropriations, revenue sharing, other financing and assistance and any other aid from any source and to agree to, and to comply with, conditions attached thereto;
(j)
To sue and be sued in its own name, plead and be impleaded; and
(k)
To invest any funds held by the corporation or its agents or trustees, under Sections
57-10-401
through
57-10-445
, including, but not limited to, the proceeds of bonds issued under Sections
57-10-401
through
57-10-445
, reserve or other funds, or any monies not required for immediate disbursement, and the investment income on any of the foregoing, in obligations authorized by Sections
57-10-401
through
57-10-445
.
Laws, 1993, ch. 565, § 3; reenacted without change, Laws, 1997, ch. 576, § 3; reenacted without change, Laws, 2000, ch. 425, § 3; reenacted without change, Laws, 2001, ch. 337, § 3; reenacted without change, Laws, 2005, ch. 399, § 3; reenacted without change, Laws, 2007, ch. 389, § 3; reenacted without change, Laws, 2011, ch. 519, § 3, eff. 7/1/2011.
Reenacted without change by Laws, 2022, ch. 381, SB 2846,§ 3, eff. 7/1/2022.
Reenacted without change by Laws, 2017, ch. 325, SB 2474, 3, eff. 7/1/2017.
Reenacted without change by Laws, 2015, ch. 398, SB 2658, 3, eff. 7/1/2015.