Title 57, Planning, Research and Development

The authority shall not undertake to develop any project or facility related to the project within a county, municipality and/or school district without the concurrence of the affected county, municipality and/or school district.

(1) (a) The authority shall set a goal to expend not less than ten percent (10%) of the total amounts expended by the authority on planning, construction, training, research, development, testing, evaluation, personal services, procurement, and for the operation and maintenance o…

Any highways or highway segments constructed or improved by the Mississippi Department of Transportation under the provisions of this chapter for a project as defined in Section 57-75-5(f)(iv) shall become a state highway and shall be placed under the jurisdiction of the Mississi…

The provisions of this act are cumulative of other statutes now or hereafter enacted relating to the authority, and the authority may exercise all presently held powers in the furtherance of this act. If any section, paragraph, sentence, clause, phrase or any part of the provisio…

No member of the Legislature, elected official or appointed official, or any partner or associate of any member of the Legislature, elected official or appointed official, shall derive any income from the issuance of any bonds under this act contrary to the provisions of Section …

Notwithstanding any provision of Chapter 61, Title 57, Mississippi Code of 1972, to the contrary, the Mississippi Major Economic Impact Authority shall certify to the Department of Economic and Community Development the amount of money necessary for the Major Economic Impact Auth…

(a) The Legislature hereby finds and declares that:(a) There exists in the State of Mississippi a continuing need for gainful employment for the citizens of this state.(b) To help provide employment opportunities, a division within the Mississippi Development Authority should be …

The board of supervisors of a county or the governing authorities of a municipality may each enter into an agreement with an enterprise operating a project as defined in Section 57-75-5(f)(iv)1, Section 57-75-5(f)(xxi), Section 57-75-5(f)(xxii), Section 57-75-5(f)(xxviii), Sectio…

The board of supervisors of a county or the governing authorities of a municipality may enter into an agreement with an enterprise operating a project as defined in Section 57-75-5(f)(iv)1, Section 57-75-5(f)(xxi) or 57-75-5 (f)(xxii), providing that the board of supervisors or g…

(1) (a) (i) Any county in which there is to be constructed a project as defined in Section 57-75-5(f)(xviii) is authorized to assist in defraying the costs incurred or to be incurred by the enterprise establishing such project by:1. Contributing a sum of up to Five Million Dollar…

(a) Words and phrases used in this chapter shall have meanings as follows, unless the context clearly indicates a different meaning:(a) “Act” means the Mississippi Major Economic Impact Act as originally enacted or as hereafter amended.(b) “Authority” means the Mississippi Major …

(1) There is created within the Department of Economic Development a division to be known as the “Mississippi Major Economic Impact Authority” for the performance of essential public functions. The Executive Director of the Department of Economic Development or his designee shall…

(1) The authority is hereby designated and empowered to act on behalf of the state in submitting a siting proposal for any project eligible for assistance under this act. The authority is empowered to take all steps appropriate or necessary to effect the siting, development, and …

This chapter shall be known, and may be cited, as the “Venture Capital Act of 1994.”

(1) The Magnolia Venture Capital Corporation shall be formed and operated pursuant to the laws of this state. The articles of incorporation, bylaws and any other agreement relating to the organization or operation of the Magnolia Venture Capital Corporation must comply with the p…

Magnolia Venture Capital Corporation, but not the shareholders thereof, is exempt from all state income taxes and corporate license fees.

The Magnolia Capital Corporation shall make application for a loan to the department in a form satisfactory to the department.

(a) The department shall lend funds under this chapter to Magnolia Capital Corporation in accordance with the following terms and conditions:(a) Loan funds received by Magnolia Capital Corporation in accordance with this chapter shall remain, and shall be considered to be, public…

The department shall assist the Magnolia Capital Corporation with such corporation’s compliance with the program provided for in this chapter.

The Legislature finds that the Venture Capital Act of 1994, Sections 57-77-1 through 57-77-39, Mississippi Code of 1972, has not been implemented in accordance with the legislative intent. The Legislature finds that the Venture Capital Act of 1994 needs to be amended for the purp…

(a) Magnolia Capital Corporation shall submit the following reports to the department:(a) An annual audit of loan funds received in connection with the program;(b) Quarterly reports describing all venture capital assistance provided to businesses by Magnolia Venture Capital Corpo…

Subject to the provisions of this section, Magnolia Capital Corporation and Magnolia Venture Capital Corporation are hereby authorized to engage legal counsel, accountants, financial advisors, appraisers, consultants and others as needed in connection with providing venture capit…

(1) The department shall adopt and publish the eligibility criteria for Magnolia Capital Corporation to participate in the program as set forth in this chapter, a timetable and process for review of applications from Magnolia Capital Corporation, and program report forms, all in …

No assistance shall be provided to a business under this chapter unless the business certifies to the Magnolia Venture Capital Corporation, in a form satisfactory to the department, that it will not discriminate against any employee or against any applicant for employment because…

(1) There is hereby created a special fund in the State Treasury, to be known as the Venture Capital Fund, out of which loans to Magnolia Capital Corporation authorized in connection with the program shall be disbursed. All monies received by issuance of bonds to carry out the pu…

It is the purpose of this chapter to establish the Magnolia Capital Corporation, the Magnolia Venture Capital Corporation and the Magnolia Venture Capital Fund Limited Partnership for the purposes of increasing the rate of capital formation; stimulating new growth-oriented busine…

(1) All bonds issued under the authority of this chapter shall be redeemed at maturity, together with all interest due, from time to time, on the bonds, and these principal and interest payments shall be paid from the general fund. (2) In the event that all or any part of the bon…

(1) The seller is authorized to borrow, on the credit of the state, money not exceeding the aggregate sum of Twenty Million Dollars ($20,000,000.00). Such borrowing may be evidenced by the issuance of bonds or notes, and the rate of interest on any such bonds or notes which are n…

(1) Whenever bonds are issued, they shall be offered for sale at not less than par value and accrued interest and shall be sold by the seller at public or private sale, from time to time, in such manner and at such price as may be determined by the seller to be most advantageous.…

(1) The proceeds realized from the sale of bonds and notes under this chapter shall be paid to the State Treasurer and deposited into the Venture Capital Fund and specifically dedicated to the purposes enumerated in this chapter. (2) All nonfederal funds which may become availabl…

Except as otherwise authorized in Section 7-5-39, the Attorney General of the State of Mississippi shall represent the seller in issuing, selling and validating bonds or notes herein provided for, and the seller is hereby authorized and empowered to expend from the proceeds deriv…

(a) The following words shall have the meaning ascribed herein unless the context clearly requires otherwise:(a) “Fund” means the Magnolia Venture Capital Fund Limited Partnership, a limited partnership, established and operated as described in this chapter.(b) “Corporation” mean…

A taxpayer is entitled to a credit, determined in accordance with Section 27-7-22.11, which must be applied against the state tax liability which may be imposed on the taxpayer.

(1) The Magnolia Capital Corporation shall be formed and operated pursuant to the laws of this state. The articles of incorporation, bylaws and any other agreement relating to the organization or operation of the corporation must comply with the provisions set forth in this secti…

This chapter shall be known and may be cited as the “Mississippi Main Street Revitalization Grant Program Act.”

The Mississippi Main Street Revitalization Grant Program Act will authorize the Legislature, as well as the Mississippi Development Authority through appropriations by the Legislature, to make grants available to eligible recipients for projects leading to the revitalization of M…

(1) For the purposes of this section:(a) “Eligible recipient” means a:(i) Main Street Designated Community, or local Main Street program that has achieved and maintained Designated Community Status by the Mississippi Main Street Association (MMSA), that is a good-standing member …

This chapter shall be known and may be cited as the “Mississippi Small Town Development Act.”

The Mississippi Department of Economic and Community Development is authorized to contract with other public agencies, as well as private not-for-profit corporations, to further the purposes of this chapter.

(a) The Legislature finds that:(a) Many small towns and cities will benefit from professional and financial assistance;(b) The improvement of small towns and cities benefit the economic and general welfare of the people of the State of Mississippi;(c) Establishment of the Mississ…

(a) For the purposes of this chapter, the following terms shall have the meanings ascribed herein unless the context shall otherwise require:(a) “Small town” shall mean any city, town or village with a population of five thousand (5,000) or fewer persons according to the most rec…

There is hereby authorized the creation of the Mississippi Small Town Development Program.

(a) The Mississippi Small Town Development Program shall consist of the following:(a) The Mississippi Small Town Development Fund, administered by the Mississippi Department of Economic and Community Development. Such fund shall be used to further the purposes of this chapter, sp…

This chapter shall be known and may be cited as the “Growth and Prosperity Act.”

The MDA shall promulgate rules and regulations, in accordance with the Mississippi Administrative Procedures Law, for the implementation and administration of this chapter.

The Legislature finds and determines that there exists in this state a continuing need for programs to assist certain counties in encouraging economic development, the consequent job creation and retention, additional private investment and increased local and state revenue which…