Term, interest rate, denominations, etc. of bonds; use of proceeds; rules and regulations

  1. Law
  2. Mississippi Code
  3. Planning, Research and Development
  4. Small Business Assistance
  5. Mississippi Small Business Financing Act
  6. Term, interest rate, denominations, etc. of bonds; use of proceeds; rules and regulations

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  1. The bonds shall be authorized by a resolution of the company, shall bear such date or dates, and shall mature at such time or times as such resolution may provide, except that no bond shall mature more than thirty (30) years from the date of issue. Bonds which are not subject to taxation shall bear interest at such rate or rates, be in such denominations, be in such form, carry such registration privileges, be executed in such manner, be payable in such medium of payment, at such place or places, and be subject to such terms of redemption, including redemption prior to maturity, as such resolution may provide. Except as expressly provided otherwise in this article, the provisions of other laws of the state relating to the issuance of revenue bonds shall not apply to bonds issued by the company. As to bonds issued hereunder and designated as taxable bonds by the company, any immunity to taxation by the United States Government of interest on such bonds or notes is hereby waived. Bonds of the company may be sold by the company at public or private sale, from time to time, and at such price or prices as the company shall determine.
    1. The company shall make available from the proceeds of bonds issued the amount of One Million Dollars ($1,000,000.00) to every certified development company created by a planning and development district in this state, which monies shall be used by such certified development companies to assist businesses within the planning and development districts in a manner consistent with the provisions of this chapter and with the provisions of the federal act.
    2. The company shall promulgate rules and regulations governing the activities authorized herein, including but not limited to:
      1. Procedures for the submission of requests or proposals by the certified development companies;
      2. The reinvestment by the certified development companies of bond proceeds;
      3. Assurance that the eligible business to be financed will improve employment or otherwise improve industrial development in the state;
      4. Rates, fees, charges and other terms and conditions of loans between the certified development companies and the borrowers;
      5. The type and amount of collateral or security to be provided to assure repayment of bond proceeds and interest;
      6. Standards and requirements for the allocation of available money among the certified development companies; and
      7. Any other appropriate matters related to the duties or exercise of the company's power hereunder.


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