reglab/statecodes huggingface dataset:
Mississippi Administrative Code › Title 6 - Economic Development › Part 11 - Mississippi Gulf Coast Restoration Fund Program › Chapter 2 - GCRF Section 8 Grant Program Rules & Regulations › Rule 6-11-2.5 - Match Requirements

Current through June 25, 2024
GCRF assistance may not be used to finance one hundred
				  percent (100%) of the cost of any project; however, this limitation shall not
				  apply to projects for public schools. All applicants, excluding public schools
				  must provide a match of at least twenty percent (20%) of the total project
				  costs from non-State funds. Direct project costs accrued on or after April 20,
				  2010, the date of the Deep Horizon disaster, are eligible as matching funds if
				  they meet the other match requirements and can be documented by the recipient
				  as to how much and when the money was spent. In-kind services cannot count
				  toward the twenty percent (20%) match requirement; however, they are eligible
				  to utilized for matching funds in excess of the twenty percent
				  requirement.
Miss. Code
				  Ann. §
										57-119-1, et
				  seq.
Mississippi Administrative Code › Title 6 - Economic Development › Part 11 - Mississippi Gulf Coast Restoration Fund Program › Chapter 2 - GCRF Section 8 Grant Program Rules & Regulations › Rule 6-11-2.6 - MDA Administrative Costs

Current through June 25, 2024
MDA reserves the right to recover from applicants and
				  recipients of GCRF funds a portion of the costs associated with administering
				  assistance provided under the Act.
Miss. Code
				  Ann. §
										57-119-1, et
				  seq.
Mississippi Administrative Code › Title 6 - Economic Development › Part 11 - Mississippi Gulf Coast Restoration Fund Program › Chapter 2 - GCRF Section 8 Grant Program Rules & Regulations › Rule 6-11-2.7 - General & Administrative Costs ("Soft Costs")

Current through June 25, 2024
GCRF funds may pay for professional services
				  (architectural/engineering fees, feasibility studies, geotechnical,
				  permitting), property acquisition services (appraisal fees, land surveys),
				  legal fees, loan fees, project management, advertising, marketing and PR fees;
				  however, the allowable amount is limited to ten percent (10%) of GCRF funds.
				  GCRF funds may not be used to pay grant administration costs, salary, wages or
				  fringe costs, travel costs, or consulting costs.
Miss. Code
				  Ann. §
										57-119-1, et
				  seq.
Mississippi Administrative Code › Title 6 - Economic Development › Part 11 - Mississippi Gulf Coast Restoration Fund Program › Chapter 2 - GCRF Section 8 Grant Program Rules & Regulations › Rule 6-11-2.8 - Registering with the Secretary of State

Current through June 25, 2024
All business applicants must be licensed to do business in
				  the State by the Secretary of State's Office, as required by state
				  statute.
Miss. Code
				  Ann. §
										57-119-1, et
				  seq.
Mississippi Administrative Code › Title 6 - Economic Development › Part 11 - Mississippi Gulf Coast Restoration Fund Program › Chapter 2 - GCRF Section 8 Grant Program Rules & Regulations › Rule 6-11-2.9 - Mississippi Employment Protection Act

Current through June 25, 2024
All grant recipients entering into grant agreements with the
				  Mississippi Development Authority must represent and warrant that they will
				  ensure compliance with the Mississippi Employment Protection Act and will
				  register and participate in the E-Verify System, the federal employment status
				  verification system, of all newly hired employees.
Miss. Code
				  Ann. §
										57-119-1, et
				  seq.
Mississippi Administrative Code › Title 6 - Economic Development › Part 11 - Mississippi Gulf Coast Restoration Fund Program › Chapter 2 - GCRF Section 8 Grant Program Rules & Regulations › Rule 6-11-2.10 - Repayment of Funds

Current through June 25, 2024
Grant Agreements executed by MDA shall have provisions for
				  the repayment of funds by eligible applicants if the grant provided by MDA was
				  based upon fraudulent information provided by the applicant or the applicant
				  fails to meet performance metric requirements as described in the grant
				  agreement.
Miss. Code
				  Ann. §
										57-119-1, et
				  seq.
Mississippi Administrative Code › Title 6 - Economic Development › Part 11 - Mississippi Gulf Coast Restoration Fund Program › Chapter 2 - GCRF Section 8 Grant Program Rules & Regulations › Rule 6-11-2.11 - Submitting Applications for Funding under Section 8

Current through June 25, 2024
Applications for funding under Section 8 of the Act will be
				  accepted on a rolling basis; there is no application deadline to apply for
				  Section 8 funding. Applications for funding under Section 8 must include a
				  completed application form and all necessary supporting documentation. Any
				  application submitted for funding under Section 8 that does not contain
				  information sufficient for review will not be considered for funding.
				  Applications can be mailed to:
Mississippi Gulf Coast Restoration Fund Program
Mississippi Development Authority
Financial Resources Division
501 North West Street
Jackson, MS 39201
Miss. Code
				  Ann. §
										57-119-1, et
				  seq.
Mississippi Administrative Code › Title 6 - Economic Development › Part 11 - Mississippi Gulf Coast Restoration Fund Program › Chapter 2 - GCRF Section 8 Grant Program Rules & Regulations › Rule 6-11-2.12 - Application Requirements

Current through June 25, 2024
To apply for the Mississippi Gulf Coast Restoration Fund
				  Grant Program, applicants for funding under Section 8 of the Act must submit a
				  completed Project Information Packet (supplied by MDA) or an application that
				  includes the following:
A. The name,
				address, and contact information of the applicant and the benefiting entity, if
				different;
B. A detailed
				description of the project and a narrative explaining how the project relates
				to the statutory priorities of the Act;
C. Current employment levels at the project
				site and an estimated increase, if any, as a result of the project (if
				applicable);
D. A description of
				the applicant's investment in the project and all public and/or private sources
				of funding that have been secured and that will be utilized exclusively for the
				project;
E. Cost estimate: a cost
				estimate must be submitted by an engineer, architect, or appropriate
				official;
F. Timeline for
				implementation and completion of the project;
G. Budget sheet;
H. Project Maps and/or Construction Drawings,
				if applicable;
I. Executed copy of
				the local unit of government's resolution of authorization to apply for grant
				funds (if the applicant is a public entity);
J. Executed copy of the local unit of
				government's resolution committing matching funds to the project (if the
				applicant is a public entity);
K.
				Documentation of additional funds, if applicable (all matching funds must be
				committed and in place with documentation at the time of
				application);
L. Supporting
				documentation, such as pictures, company commitment letters, letters of support
				from stakeholders, etc., if applicable; and
M. Proof that E-Verification systems are in
				place, if applicable;
N. Proof of
				Secretary of State Status, if applicable.
Miss. Code
				  Ann. §
										57-119-1, et
				  seq.
Mississippi Administrative Code › Title 6 - Economic Development › Part 11 - Mississippi Gulf Coast Restoration Fund Program › Chapter 2 - GCRF Section 8 Grant Program Rules & Regulations › Rule 6-11-2.13 - Application Review Process

Current through June 25, 2024
MDA will review all Section 8 application submissions that
				  are complete with all the required attachments. Following the review, the
				  applicant will be contacted to provide any additional information MDA deems
				  appropriate and required.
Miss. Code
				  Ann. §
										57-119-1, et
				  seq.
Mississippi Administrative Code › Title 6 - Economic Development › Part 11 - Mississippi Gulf Coast Restoration Fund Program › Chapter 2 - GCRF Section 8 Grant Program Rules & Regulations › Rule 6-11-2.14 - Award Process

Current through June 25, 2024
Once all requested information has been completed by the
				  applicant and approved by MDA, a binding grant agreement will be executed
				  between the Mississippi Development Authority and the recipient for the
				  specific amount awarded and for the particular activity approved by the MDA.
				  Construction may not begin prior to an effective grant award date. Any expenses
				  incurred before the effective date of the grant agreement will not be
				  reimbursed by MDA.
Miss. Code
				  Ann. §
										57-119-1, et
				  seq.
Mississippi Administrative Code › Title 6 - Economic Development › Part 11 - Mississippi Gulf Coast Restoration Fund Program › Chapter 2 - GCRF Section 8 Grant Program Rules & Regulations › Rule 6-11-2.15 - Procurement

Current through June 25, 2024
All contracts and purchases must be made in accordance with
				  normal bid and purchase laws of a local unit of government or other public
				  entity if the grant is for a public purpose.
Miss. Code
				  Ann. §
										57-119-1, et
				  seq.
Mississippi Administrative Code › Title 6 - Economic Development › Part 11 - Mississippi Gulf Coast Restoration Fund Program › Chapter 2 - GCRF Section 8 Grant Program Rules & Regulations › Rule 6-11-2.16 - Minority and Women Owned Business Enterprises

Current through June 25, 2024
MDA encourages the maximum opportunity for increased
				  participation by minority and women-owned business enterprises in the
				  procurement of goods and services. MDA's Minority Business Division and the
				  Mississippi Procurement Technical Center can assist with minority and
				  women-owned business enterprise outreach efforts. See
www.mmbr.org
or
www.mscpc.com
for more information.
Miss. Code
				  Ann. §
										57-119-1, et
				  seq.
Mississippi Administrative Code › Title 6 - Economic Development › Part 11 - Mississippi Gulf Coast Restoration Fund Program › Chapter 2 - GCRF Section 8 Grant Program Rules & Regulations › Rule 6-11-2.17 - Disbursement of Funds

Current through June 25, 2024
A. All funds awarded must be spent for
				improvements within the scope of the project description as stated in the
				project information packet.
B. MDA
				will reimburse applicants for eligible costs incurred for the
				project.
C. All funded projects are
				required to begin within 12 months of the award date. Where the project has not
				commenced within 12 months, the applicant must satisfactorily demonstrate that
				the project is proceeding or the award may be deobligated.
D. Recipients will have one (1) year to
				request reimbursement for GRCF funds, with an expiration of June 30th of the
				following year after appropriation. All open projects will be subject to
				reappropriation by the Legislature in subsequent years until the project is
				complete.
E. Adequate invoices and
				other certified documentation must be submitted with a Request for Cash form
				for funds to be disbursed. A copy of the Request for Cash form and detailed
				instructions for submitting payment requests will be provided after the grant
				agreement is executed.
F. All forms
				submitted must be accurately completed or the request cannot be processed and
				will be returned to the recipient. Forms submitted with errors will delay the
				process and impact the turnaround time for funds being released because all
				information must be verified and approved for payment prior to submission to
				the Department of Finance and Administration. According to state statute, 45
				days is allowed for the processing of cash requests. If after the 45th day
				payment has not been received, recipients should contact MDA to check on the
				status of their request.
G.
				Requests for Cash overlapping the State's fiscal year (June 30th ) must be
				separated into two separate requests.
H. All requests for reimbursement of
				construction expenses must include an itemized invoice approved by the
				engineer/architect.
Miss. Code
				  Ann. §
										57-119-1, et
				  seq.
Mississippi Administrative Code › Title 6 - Economic Development › Part 11 - Mississippi Gulf Coast Restoration Fund Program › Chapter 2 - GCRF Section 8 Grant Program Rules & Regulations › Rule 6-11-2.18 - Grant Agreement Modifications

Current through June 25, 2024
A. MDA must approve any request for a grant
				agreement amendment, modification, or extension. GCRF grant recipients must
				submit correspondence and documentation associated with the request, signed
				under the original signature of the chief elected official, appointed executive
				officer, or officer of any private entity supporting the need for the change(s)
				or extension.
B. MDA must approve
				any changes to the original budget. Failure to have approval may result in an
				ineligible activity which may result in the repayment of grant funds to
				MDA.
C. No approved applicant will
				be allowed to use excess funds to pay for project costs not accounted for in
				the original project description. Additionally, if a recipient completes a
				project for less than the amount awarded, excess funds can be requested for
				additional project work if there is no change from the scope of the original
				project.
Miss. Code
				  Ann. §
										57-119-1, et
				  seq.
Mississippi Administrative Code › Title 6 - Economic Development › Part 11 - Mississippi Gulf Coast Restoration Fund Program › Chapter 2 - GCRF Section 8 Grant Program Rules & Regulations › Rule 6-11-2.19 - Reporting

Current through June 25, 2024
To comply with the Act's reporting requirements, GCRF grant
				  recipients must submit a Quarterly Report to MDA no later than January
				  15th, April 15th, July
				  15th and October 15th of
				  every year. MDA will provide the Quarterly Report form. The failure to submit
				  the Quarterly Report will result in a delay in processing requests for cash and
				  close-out packages.
Miss. Code
				  Ann. §
										57-119-1, et
				  seq.
Mississippi Administrative Code › Title 6 - Economic Development › Part 11 - Mississippi Gulf Coast Restoration Fund Program › Chapter 2 - GCRF Section 8 Grant Program Rules & Regulations › Rule 6-11-2.20 - Monitoring

Current through June 25, 2024
A. Funds provided under the GCRF are subject
				to audit by the Mississippi State Auditor's office. Additionally, MDA will also
				monitor all projects to ensure compliance with the original application
				submitted. All recipients must comply with requests from MDA regarding
				information required by the Legislature.
B. During the life of the project or at
				project completion, MDA will contact the grant recipient to determine a date
				for a monitoring visit.
Miss. Code
				  Ann. §
										57-119-1, et
				  seq.
Mississippi Administrative Code › Title 6 - Economic Development › Part 11 - Mississippi Gulf Coast Restoration Fund Program › Chapter 2 - GCRF Section 8 Grant Program Rules & Regulations › Rule 6-11-2.21 - Close-Out Process

Current through June 25, 2024
A. The close-out process encompasses a series
				of activities to verify that GCRF funds have been properly spent and that all
				GCRF administrative actions and all required work on the project has been
				completed in a timely and acceptable manner.
B. The close-out process should begin when
				the following criteria have been met:
(i.) All
				costs to be paid with program funds have been paid, including any unsettled
				third- party claims.
(ii.) The
				recipient has fulfilled all its responsibilities under the grant agreement.
				This includes injection of all matching funds, all private investment,
				achieving all performance metrics and all job creation/retention commitments
				(where applicable).
Mississippi Administrative Code › Title 6 - Economic Development › Part 11 - Mississippi Gulf Coast Restoration Fund Program › Chapter 2 - GCRF Section 8 Grant Program Rules & Regulations › Rule 6-11-2.22 - File Maintenance

Current through June 25, 2024
Maintaining an efficient filing system is critical to the
				  administration and monitoring of a GCRF grant. A successful monitoring
				  experience hinges on the quality with which the recipient maintains its filing
				  system and the ease of obtaining information from those files. When
				  establishing a file system, grant recipients should consider using two
				  categories to set up their files, grant files, and project files. The grant
				  files should contain documentation and information that relate to the overall
				  funding and administration of the project. The project files should contain
				  specific documentation and information pertaining to the GCRF project and
				  should be maintained for a minimum of five (5) years from grant closeout or for
				  the period required as specified by governing regulations.
Miss. Code
				  Ann. §
										57-119-1, et
				  seq.
Mississippi Administrative Code › Title 6 - Economic Development › Part 11 - Mississippi Gulf Coast Restoration Fund Program › Chapter 2 - GCRF Section 8 Grant Program Rules & Regulations › Rule 6-11-2.23 - Waiver

Current through June 25, 2024
These guidelines may be amended by MDA at any time. MDA, at
				  its discretion, may temporarily waive any requirement of the guidelines to the
				  extent that the result of such waiver is to promote the public purpose of the
				  Act and is not prohibited by State Law.
Program Contacts.
With questions or to
				  request more information regarding the GCRF grant program, contact:
Mississippi Development Authority
Financial Resources Division
P.O. Box 849
Jackson, Mississippi 39205
601.359.3619
Mississippi Administrative Code › Title 6 - Economic Development › Part 11 - Mississippi Gulf Coast Restoration Fund Program › Chapter 3 - GCRF Loan and Loan Guaranty Program Rules & Regulations › Rule 6-11-3.1 - Program Objective

Current through June 25, 2024
A. The Mississippi Gulf Coast Restoration
				Fund (GCRF) Loan Program administered by the Mississippi Development Authority
				(MDA) is designed for making loans to finance projects to promote economic
				growth in the Gulf Coast region as defined in the federal RESTORE Act, or
				twenty-five (25) miles from the northern boundaries of the three (3) coastal
				counties of Harrison, Hancock, and Jackson, but not to expand beyond the
				boundaries of Hancock, Harrison, Jackson, Pearl River, Stone, and George
				counties. If a county is included in the coastal zone, then the county seat and
				the land lying to the east, west, and south within that county would be
				considered a part of the coastal zone.
B. The Mississippi Gulf Coast Restoration
				Fund Loan Program is authorized under Miss. Code Ann. §
									57-119-1,
et seq.
(the "Act"). Funding for loans for eligible applicants is derived from
				appropriations or funds otherwise made available by the State
				Legislature.
Miss. Code
				  Ann. §
										57-119-1, et
				  seq.
Mississippi Administrative Code › Title 6 - Economic Development › Part 11 - Mississippi Gulf Coast Restoration Fund Program › Chapter 3 - GCRF Loan and Loan Guaranty Program Rules & Regulations › Rule 6-11-3.2 - Eligible Loan Purposes and Uses

Current through June 25, 2024
The intent of the Act is to stimulate growth and economic
				  development in Pearl River, Stone, George, Jackson, Harrison, and Hancock
				  counties. The projects must have the potential to generate increased economic
				  activity in the Gulf Coast region, and MDA will give priority to projects that
				  meet the following objectives established by the Act:
A. Projects that will impact the long-term
				competitiveness of the region and may result in a significant positive impact
				on tax base, private sector job creation, and private sector investment in the
				region;
B. Projects that
				demonstrate the maximum long-term economic benefits and longterm growth
				potential of the region based on a financial analysis such as a cost benefit
				analysis or a return-on-investment analysis;
C. Projects that demonstrate long-term
				financial sustainability, including clear performance metrics, over the
				duration of the project;
D.
				Projects that leverage or encourage leveraging of other private sector, local,
				state and federal funding sources with preference to projects that can
				demonstrate contributions from other sources than funds from the BP
				settlement;
E. Projects that are
				supported by multiple government or private sector entities;
F. Projects that can move quickly and
				efficiently to the design, engineering, and permitting phase;
G. Projects that enhance the quality of
				life/place and business environment of the region, including tourism and
				recreational opportunities;
H.
				Projects that expand the region's ability to attract high-growth industries or
				establish new high-growth industries in the region;
I. Projects that leverage or further enhance
				key regional assets, including educational institutions, research facilities,
				ports, airports, rails, and military bases;
J. Projects that are transformational for the
				future of the region but create a wider regional impact;
K. Projects that enhance the marketability of
				existing industrial properties;
L.
				Projects that enhance a targeted industry cluster or create a Center of
				Excellence unique to the region;
M.
				Infrastructure projects for business retention and development;
N. Projects that enhance research and
				innovative technologies in the region; and
O. Projects that provide outcome and return
				on investment measures, to be judged by clear performance metrics, over the
				duration of the project or program.
GCRF loan/loan guaranty proceeds must be used for a "business
				  purpose." A business purpose includes, but is not limited to, startup costs,
				  working capital, equipment, and inventory, as well as the purchase,
				  construction, renovation or tenant improvements of an eligible place of
				  business that is not for passive real estate investment
				  purposes.
Miss. Code
				  Ann. §
										57-119-1, et
				  seq.
Mississippi Administrative Code › Title 6 - Economic Development › Part 11 - Mississippi Gulf Coast Restoration Fund Program › Chapter 3 - GCRF Loan and Loan Guaranty Program Rules & Regulations › Rule 6-11-3.3 - Ineligible Loan Purposes and Uses

Current through June 25, 2024
Under the program, loans made for the following uses or
				  purposes are not eligible to apply:
A.
				Refinancing existing debt
B.
				Financing the acquisition, construction, improvement, or operation of real
				property, which is to be held primarily for sale or investment, such as
				commercial real estate ownership
C.
				Financing any business engaged in lending, directly or indirectly
D. Repaying delinquent federal or state
				income taxes
E. Reimbursing funds
				owed to any owner, including any equity injection
F. Financing working capital and/or rolling
				stock
G. Financing a non-business
				purpose
Miss. Code
				  Ann. §
										57-119-1, et
				  seq.
Mississippi Administrative Code › Title 6 - Economic Development › Part 11 - Mississippi Gulf Coast Restoration Fund Program › Chapter 3 - GCRF Loan and Loan Guaranty Program Rules & Regulations › Rule 6-11-3.4 - Qualified Borrowers

Current through June 25, 2024
A. Mississippi new or existing small
				businesses with up to 250 employees and less than $7,000,000 in gross revenues
				or $1,000,000 in profit after taxes -The company must be financially sound,
				present evidence that it can repay the debt, and must not have defaulted on any
				previous loan from the state or federal government.
B. Governmental Entities and Economic
				Development Organization, when the financing is for a "business purpose" -
				including, but not limited to, local units of government, institutions of
				higher learning, ports, airports, public-private partnerships, and public,
				local economic development entities.
Miss. Code
				  Ann. §
										57-119-1, et
				  seq.
Mississippi Administrative Code › Title 6 - Economic Development › Part 11 - Mississippi Gulf Coast Restoration Fund Program › Chapter 3 - GCRF Loan and Loan Guaranty Program Rules & Regulations › Rule 6-11-3.5 - Eligible Loan Guaranty Financial Institutions

Current through June 25, 2024
All financial institutions must be preapproved by MDA before
				  participating in the program. Eligible participating Financial Institutions
				  must have operations in Mississippi and may include:
A. Commercial banks
B. Savings banks
C. Federal land banks
D. Farm credit banks, agricultural credit
				associations, or other farm credit agencies
E. Mississippi Planning and Development
				Districts
F. Community development
				corporations
G. Community
				development financial institutions
To be approved for participation in the program, an eligible
				  financial institution must submit an
Application for
				  Participation
to MDA. The application document and list of required
				  attachments will be reviewed by MDA and considered for approval for
				  participation in the program. An MDA-approved financial institution will be
				  required to enter into the GCRF
Loan Guaranty Program
				  Agreement
. This agreement establishes the terms and conditions of the
				  program and obligates the lender to meet program requirements.
Miss. Code
				  Ann. §
										57-119-1, et
				  seq.
Mississippi Administrative Code › Title 6 - Economic Development › Part 11 - Mississippi Gulf Coast Restoration Fund Program › Chapter 3 - GCRF Loan and Loan Guaranty Program Rules & Regulations › Rule 6-11-3.6 - Lender Participation

Current through June 25, 2024
A. An eligible financial institution must be
				approved for participation in the GCRF Loan Guaranty Program by MDA. To be
				approved for participation in the program, an eligible financial institution
				must submit an
Application for Participation
to MDA. The
				application document and list of required attachments will be reviewed by MDA
				and considered for approval for participation in the program.
B. An MDA-approved financial institution will
				be required to enter into the GCRF
Loan Guaranty Program
				Agreement
. This agreement establishes the terms and conditions of the
				program and obligates the lender to meet program requirements.
Miss. Code
				  Ann. §
										57-119-1, et
				  seq.
Mississippi Administrative Code › Title 6 - Economic Development › Part 11 - Mississippi Gulf Coast Restoration Fund Program › Chapter 3 - GCRF Loan and Loan Guaranty Program Rules & Regulations › Rule 6-11-3.7 - Ineligible Borrowers

Current through June 25, 2024
A. The borrower may not be an executive
				officer, director, or principal shareholder of the partnering Financial
				Institution or a member of the immediate family of an executive officer,
				director, or principal shareholder of the partnering Financial Institution.
				Immediate family is defined as spouse, parent, child, or sibling of the
				applicant.
B. The borrower may not
				earn more than half its annual net revenue from lending activities and may not
				be a business that is engaged in the following activities:
i. Speculative activities that develop
				profits from fluctuations in price rather than the normal course of
				trade
ii. Pyramid sales, where a
				participant's primary incentive is based on the sales made by an
				ever-increasing number of participants
iii. Gambling enterprises
iv. Activities that are prohibited by federal
				law or applicable law in the jurisdiction where the business is located or
				conducted
Mississippi Administrative Code › Title 6 - Economic Development › Part 11 - Mississippi Gulf Coast Restoration Fund Program › Chapter 3 - GCRF Loan and Loan Guaranty Program Rules & Regulations › Rule 6-11-3.8 - Application Fee

Current through June 25, 2024
A $5,000 application fee is due when an application is filed
				  with MDA.
Miss. Code
				  Ann. §
										57-119-1, et
				  seq.
Mississippi Administrative Code › Title 6 - Economic Development › Part 11 - Mississippi Gulf Coast Restoration Fund Program › Chapter 3 - GCRF Loan and Loan Guaranty Program Rules & Regulations › Rule 6-11-3.9 - Applying for Funding

Current through June 25, 2024
A. Applications for funding will be accepted
				on a rolling basis; there is no application deadline. All applicants requesting
				GCRF loan funding must submit a completed application form and all necessary
				supporting documentation. The application must include the following:
(i.) A detailed description of the
				project;
(ii) A cost estimate for
				the project, as well as a detailed breakdown of all public or private sources
				of funding;
(iii) Information
				regarding the purpose of the proposed loan, including the activities to be
				funded with loan proceeds and the cost of each;
(iv) Documentation on how the proposed loan
				relates to the priorities outlined in the Act; and
(v) The time schedule for implementation and
				completion of the project evidencing an expeditious completion of the
				project.
Mississippi Administrative Code › Title 6 - Economic Development › Part 11 - Mississippi Gulf Coast Restoration Fund Program › Chapter 3 - GCRF Loan and Loan Guaranty Program Rules & Regulations › Rule 6-11-3.10 - Registering with the Secretary of State

Current through June 25, 2024
All business applicants must be licensed to do business in
				  the State by the Secretary of State's Office, as required by state
				  statute.
Miss. Code
				  Ann. §
										57-119-1, et
				  seq.
Mississippi Administrative Code › Title 6 - Economic Development › Part 11 - Mississippi Gulf Coast Restoration Fund Program › Chapter 3 - GCRF Loan and Loan Guaranty Program Rules & Regulations › Rule 6-11-3.11 - Mississippi Employment Protection Act

Current through June 25, 2024
All loan recipients entering into loan agreements with the
				  Mississippi Development Authority must represent and warrant that they will
				  ensure compliance with the Mississippi Employment Protection Act and will
				  register and participate in the E-Verify System, the federal employment status
				  verification system, of all newly hired employees.
Miss. Code
				  Ann. §
										57-119-1, et
				  seq.
Mississippi Administrative Code › Title 6 - Economic Development › Part 11 - Mississippi Gulf Coast Restoration Fund Program › Chapter 3 - GCRF Loan and Loan Guaranty Program Rules & Regulations › Rule 6-11-3.12 - Loan Terms and Conditions

Current through June 25, 2024
A. The borrower must inject a minimum of ten
				percent (10%) equity into the project.
B. The minimum loan amount is
				$250,000.
C. The term of the loan
				shall be the determined useful life of the asset to be financed or up to twenty
				(20) years, whichever is less.
D.
				The rate of interest on the loan will be at a fixed rate. MDA will determine
				the interest rate of a loan on a project-by-project basis based on a review of
				the application.
Miss. Code
				  Ann. §
										57-119-1, et
				  seq.
Mississippi Administrative Code › Title 6 - Economic Development › Part 11 - Mississippi Gulf Coast Restoration Fund Program › Chapter 3 - GCRF Loan and Loan Guaranty Program Rules & Regulations › Rule 6-11-3.13 - Loan Guaranty Terms and Conditions

Current through June 25, 2024
A. The amount of the loan guaranty will not
				exceed eighty percent (80%) of the loan amount or $500,000, whichever is less.
				The minimum amount will not be less than $50,000.
B. The loan guaranty percentage will be
				determined by the type of loan and the risk profile of the loan. To determine
				the percentage of guaranty approved for each loan, the guaranty application
				will be reviewed by MDA's GCRF Loan Review Committee. The committee will
				consider credit history, experience, and history of the borrower, collateral
				coverage, and job creation in its evaluation and will set the guaranty
				percentage based on these factors.
(i)
				Working capital, lines of credit, and accounts receivable loans will be
				eligible for a loan guaranty of up to fifty percent (50%).
(ii) Loans to finance fixed assets, such as
				equipment and real estate, will be eligible for a loan guaranty of up to eighty
				percent (80%), based on the risk associated with the loan.
Mississippi Administrative Code › Title 6 - Economic Development › Part 11 - Mississippi Gulf Coast Restoration Fund Program › Chapter 3 - GCRF Loan and Loan Guaranty Program Rules & Regulations › Rule 6-11-3.14 - Repayment

Current through June 25, 2024
Principal and interest payments will be due monthly, with a
				  fixed amount to be paid over the life of the loan.
Miss. Code
				  Ann. §
										57-119-1, et
				  seq.
Mississippi Administrative Code › Title 6 - Economic Development › Part 11 - Mississippi Gulf Coast Restoration Fund Program › Chapter 3 - GCRF Loan and Loan Guaranty Program Rules & Regulations › Rule 6-11-3.15 - Liens

Current through June 25, 2024
Each loan will be secured by a lien to provide adequate
				  security for MDA to recover its investment in case of default on the loan.
				  Liens may be in the form of, but are not limited to, personal guarantees, liens
				  on equipment installed, or a security interest in other
				  assets.
Miss. Code
				  Ann. §
										57-119-1, et
				  seq.
Mississippi Administrative Code › Title 6 - Economic Development › Part 11 - Mississippi Gulf Coast Restoration Fund Program › Chapter 3 - GCRF Loan and Loan Guaranty Program Rules & Regulations › Rule 6-11-3.16 - Guaranties

Current through June 25, 2024
For business applicants, individuals or entities with twenty
				  percent (20%) or more ownership in the company will be required to provide
				  personal guaranties and life insurance.
Miss. Code
				  Ann. §
										57-119-1, et
				  seq.
Mississippi Administrative Code › Title 6 - Economic Development › Part 11 - Mississippi Gulf Coast Restoration Fund Program › Chapter 3 - GCRF Loan and Loan Guaranty Program Rules & Regulations › Rule 6-11-3.17 - Loan and Loan Guaranty Approval

Current through June 25, 2024
MDA shall review all GCRF loan/loan guaranty applications
				  received during the appropriated year for consideration under the Act, and all
				  completed loan applications will be presented for consideration to MDA's GCRF
				  Loan Review Committee. If a loan has been applied for under Section 8 of the
				  Act and the review committee has approved a loan application, the loan
				  commitment is valid for ninety (90) days. If the loan has not closed within
				  ninety (90) days, updated information may be required and the loan will be
				  resubmitted to the review committee for approval before the loan can proceed to
				  closing.
Miss. Code
				  Ann. §
										57-119-1, et
				  seq.
Mississippi Administrative Code › Title 6 - Economic Development › Part 11 - Mississippi Gulf Coast Restoration Fund Program › Chapter 3 - GCRF Loan and Loan Guaranty Program Rules & Regulations › Rule 6-11-3.18 - Loan Closing

Current through June 25, 2024
A. Based upon the terms and conditions
				established by MDA, MDA will have all security and loan documents, including
				but not limited to the loan agreement and promissory note, prepared by outside
				counsel. Prior to disbursement of any funds, all loan documents must be fully
				executed.
B. The borrower will also
				be responsible for paying for all costs associated with the closing of the
				loan, including document preparation, attorney's fees, title searches and
				filing fees.
Miss. Code
				  Ann. §
										57-119-1, et
				  seq.
Mississippi Administrative Code › Title 6 - Economic Development › Part 11 - Mississippi Gulf Coast Restoration Fund Program › Chapter 3 - GCRF Loan and Loan Guaranty Program Rules & Regulations › Rule 6-11-3.19 - Administrative Costs

Current through June 25, 2024
MDA reserves the right to recover from applicants and
				  recipients of GCRF funds a portion of the costs associated with administering
				  assistance provided under the Act.
Miss. Code
				  Ann. §
										57-119-1, et
				  seq.
Mississippi Administrative Code › Title 6 - Economic Development › Part 11 - Mississippi Gulf Coast Restoration Fund Program › Chapter 3 - GCRF Loan and Loan Guaranty Program Rules & Regulations › Rule 6-11-3.20 - Disbursement Process

Current through June 25, 2024
MDA will release loan funds on a reimbursement or services
				  rendered basis for approved eligible costs of the project as incurred. The
				  borrower shall certify to MDA that the expenses were incurred and were in
				  accordance with the project as approved by MDA. Funds will be released
				  periodically upon receipt of supporting documentation from the borrower based
				  upon a schedule established by MDA.
Miss. Code
				  Ann. §
										57-119-1, et
				  seq.
Mississippi Administrative Code › Title 6 - Economic Development › Part 11 - Mississippi Gulf Coast Restoration Fund Program › Chapter 3 - GCRF Loan and Loan Guaranty Program Rules & Regulations › Rule 6-11-3.21 - Reporting/Monitoring

Current through June 25, 2024
To comply with the Act's reporting requirements, borrowers
				  must submit a Quarterly Report to MDA no later than January
				  15th, April 15th, July
				  15th and October 15th of
				  every year. MDA will provide the Quarterly Report form. The failure to submit
				  the Quarterly Report will result in a delay in processing requests for cash and
				  close-out packages.
Miss. Code
				  Ann. §
										57-119-1, et
				  seq.
Mississippi Administrative Code › Title 6 - Economic Development › Part 11 - Mississippi Gulf Coast Restoration Fund Program › Chapter 3 - GCRF Loan and Loan Guaranty Program Rules & Regulations › Rule 6-11-3.22 - Audit

Current through June 25, 2024
Funds provided under the GCRF Loan program are subject to
				  audit by the Mississippi State Auditor's office. Additionally, MDA will also
				  monitor all projects to ensure compliance with the original application
				  submitted. All borrowers must comply with requests from MDA regarding
				  information required by the Legislature.
Miss. Code
				  Ann. §
										57-119-1, et
				  seq.
Mississippi Administrative Code › Title 6 - Economic Development › Part 11 - Mississippi Gulf Coast Restoration Fund Program › Chapter 3 - GCRF Loan and Loan Guaranty Program Rules & Regulations › Rule 6-11-3.23 - Waiver

Current through June 25, 2024
These guidelines may be amended by MDA at any time. MDA, in
				  its discretion, may temporarily waive any requirement of the guidelines to the
				  extent that the result of such waiver is to promote the public purpose of the
				  Act and is not prohibited by State Law.
Contact Information.
Program inquiries
				  should be directed to:
Mississippi Development Authority
Financial Resources Division
P.O. Box 849
Jackson, Mississippi 39205
601.359.3619
Miss. Code
				  Ann. §
										57-119-1, et
				  seq.
Mississippi Administrative Code › Title 6 - Economic Development › Part 401 - PEARL RIVER BASIN DEVELOPMENT DISTRICT › Chapter 1 - REGULATIONS › Rule 6-401-1.1 - PURPOSE

Current through June 25, 2024
The Pearl River Basin Development District is an agency of
				  the State of Mississippi and a body politic and corporate established pursuant
				  to Sections
				  51-11-1
				  et seq. of the Mississippi Code of 1972, as amended. The purpose of The Pearl
				  River Basin Development District as set out in Chapter 11 of Title 51, includes
				  the preservation, conservation, storage, and regulation of the waters of the
				  Pearl River and its tributaries and their overflow waters for domestic,
				  commercial, municipal, industrial, agricultural, and manufacturing purposes,
				  for recreational uses, for flood control, timber development, irrigation,
				  navigation, and pollution abatement, and for the preservation, conservation,
				  and development of the soil of the Pearl River Basin for the general welfare of
				  the entire people of the state.
Miss. Code Ann. §
										51-11-1
Mississippi Administrative Code › Title 6 - Economic Development › Part 401 - PEARL RIVER BASIN DEVELOPMENT DISTRICT › Chapter 1 - REGULATIONS › Rule 6-401-1.2 - DEFINITIONS

Current through June 25, 2024
For purposes of these regulations, the following words and
				  terms shall have the meaning ascribed herein, to wit:
(a) "Section" or "Sections" unless otherwise noted, shall
				  refer to the Mississippi Code of 1972, as amended.
(b) "District" shall mean the Pearl River Basin Development
				  District.
(c) "Board" shall mean the Board of Directors of the Pearl
				  River Basin Development District.
Miss. Code Ann. §
										51-11-1,
				  et seq.
Mississippi Administrative Code › Title 6 - Economic Development › Part 401 - PEARL RIVER BASIN DEVELOPMENT DISTRICT › Chapter 1 - REGULATIONS › Rule 6-401-1.3 › Article 6-401-1.3-I › Section 6-401-1.3-I-1 - NAME

Current through June 25, 2024
The name of this body politic and corporate shall be The
						Pearl River Basin Development District.
Mississippi Administrative Code › Title 6 - Economic Development › Part 401 - PEARL RIVER BASIN DEVELOPMENT DISTRICT › Chapter 1 - REGULATIONS › Rule 6-401-1.3 › Article 6-401-1.3-I › Section 6-401-1.3-I-2 - OFFICE

Current through June 25, 2024
The principal office of the District shall be located at
						such place as the Board of Directors from time to time
						determine.
Mississippi Administrative Code › Title 6 - Economic Development › Part 401 - PEARL RIVER BASIN DEVELOPMENT DISTRICT › Chapter 1 - REGULATIONS › Rule 6-401-1.3 › Article 6-401-1.3-II › Section 6-401-1.3-II-1 - POWERS OF THE DISTRICT

Current through June 25, 2024
The powers of the District shall be as set forth in Title
						51, Chapter 11, Mississippi Code of 1972, as now or hereafter
						amended.
Mississippi Administrative Code › Title 6 - Economic Development › Part 401 - PEARL RIVER BASIN DEVELOPMENT DISTRICT › Chapter 1 - REGULATIONS › Rule 6-401-1.3 › Article 6-401-1.3-II › Section 6-401-1.3-II-2 - POWERS VESTED FN BOARD OF DIRECTORS

Current through June 25, 2024
All powers conferred by Title 51, Chapter 11, Mississippi
						Code of 1972, as now amended, are vested in the Board of Directors of the Pearl
						River Basin Development District and shall be exercised by authority of said
						Board of Directors.
Mississippi Administrative Code › Title 6 - Economic Development › Part 401 - PEARL RIVER BASIN DEVELOPMENT DISTRICT › Chapter 1 - REGULATIONS › Rule 6-401-1.3 › Article 6-401-1.3-III › Section 6-401-1.3-III-1 - BOARD OF DIRECTORS

Current through June 25, 2024
The Board of Directors of the District shall be selected
						and composed as set forth in Title 51, Chapter 11, Mississippi Code of 1972, as
						amended.
Mississippi Administrative Code › Title 6 - Economic Development › Part 401 - PEARL RIVER BASIN DEVELOPMENT DISTRICT › Chapter 1 - REGULATIONS › Rule 6-401-1.3 › Article 6-401-1.3-III › Section 6-401-1.3-III-2 - OATH OF OFFICE

Current through June 25, 2024
Each director shall take and subscribe to the general
						oath of office required by 268 of the Constitution of the State of Mississippi,
						before a chancery clerk, that he will faithfully discharge the duties of the
						office, which oath shall be filed with the said clerk and by him preserved.
						Upon taking the oath, each Director should request the clerk to mail a copy of
						the oath to the District office.
Mississippi Administrative Code › Title 6 - Economic Development › Part 401 - PEARL RIVER BASIN DEVELOPMENT DISTRICT › Chapter 1 - REGULATIONS › Rule 6-401-1.3 › Article 6-401-1.3-III › Section 6-401-1.3-III-3 - PER DIEM AND EXPENSES

Current through June 25, 2024
Each director shall receive a per diem as authorized by
						applicable state law for attending each day's meeting of the Board and for each
						day spent attending to the necessary business of the District, and, in
						addition, he shall receive reimbursement for actual expenses, including travel
						expenses, not to exceed the amount authorized by law.
Mississippi Administrative Code › Title 6 - Economic Development › Part 401 - PEARL RIVER BASIN DEVELOPMENT DISTRICT › Chapter 1 - REGULATIONS › Rule 6-401-1.3 › Article 6-401-1.3-III › Section 6-401-1.3-III-4 - BONDS OF DIRECTORS

Current through June 25, 2024
Each director shall give bond in the sum of Ten Thousand
						and No/100 Dollars ($10,000.00), with sureties qualified to do business in this
						state, payable to the State of Mississippi and conditioned that the director
						will faithfully perform all duties of his office and account for all money or
						other assets which shall come into his custody as director of the District. The
						Treasurer and Assistant Treasurer of the District, in lieu of the aforesaid
						bond, shall give bond in the sum of Fifty Thousand and No/100 Dollars
						($50,000.00), with sureties qualified to do business in this state, payable to
						the State of Mississippi and conditioned that the Treasurer and Assistant
						Treasurer will faithfully perform all duties of the office of the Treasurer and
						account for all money or other assets which shall come into the custody of the
						office of Treasurer of the District. The premiums on the aforesaid bonds shall
						be an expense of and shall be paid by the District.
Mississippi Administrative Code › Title 6 - Economic Development › Part 401 - PEARL RIVER BASIN DEVELOPMENT DISTRICT › Chapter 1 - REGULATIONS › Rule 6-401-1.3 › Article 6-401-1.3-IV › Section 6-401-1.3-IV-1 - OFFICERS

Current through June 25, 2024
The Board of Directors shall annually elect from its
						number a President, a Vice-President, a Secretary and a Treasurer of the
						District, and such other officers as, in the judgment of the Board, are
						necessary. The Board may combine the offices of Secretary and Treasurer. The
						presiding officer of the Board may appoint one or more Assistant Secretaries
						and Assistant Treasurers, as deemed necessary.
Mississippi Administrative Code › Title 6 - Economic Development › Part 401 - PEARL RIVER BASIN DEVELOPMENT DISTRICT › Chapter 1 - REGULATIONS › Rule 6-401-1.3 › Article 6-401-1.3-IV › Section 6-401-1.3-IV-2 - ELECTION OF OFFICERS

Current through June 25, 2024
(a) Prior to the
					 date for election of officers, members of the Board will be circulated
					 nomination ballots. Prior to the Board meeting at which election of officers
					 shall be held, these ballots shall be tabulated by the Secretary to the Board,
					 the Assistant Secretary and the Comptroller in the presence of the Auditor and
					 Legal Counsel. The names of the two Directors receiving the highest point
					 totals for nominations will be placed on the blackboard in alphabetical order.
					 (In case of a tie, three names will be listed). In the event one or both of the
					 nominees declines to run for an office, the Director or Directors with the next
					 highest point total will be designated a nominee or nominees. Additional
					 nominations may be made from the floor.
(b) Each Director should write the name of
					 one nominee on the line provided on the ballot for the particular office and
					 sign the ballot. Ballots that are not signed will not be counted. If there are
					 more than two nominees, a runoff between the two top nominees will be necessary
					 unless one nominee receives a majority on the first ballot. The ballots will be
					 counted by the Secretary to the Board, the Assistant Secretary and the
					 Comptroller in the presence of the Auditor and Legal Counsel.
(c) The winner for each office will be
					 announced by the presiding officer. The votes of each Director will be recorded
					 in the Minutes of the meeting, in accordance with the Open Meetings
					 Law.