Industrial Development Fund

Miss. Code Ann. tit. 57, ch. 4
in effect

Miss. Code Ann. § 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.

Miss. Code Ann. § 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.

Miss. Code Ann. § 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.

Miss. Code Ann. § 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.

Miss. Code Ann. § 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.

Miss. Code Ann. § 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.

Miss. Code Ann. § 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.

Miss. Code Ann. § 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.

Miss. Code Ann. § 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.

Miss. Code Ann. § 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.

Miss. Code Ann. § 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.

Miss. Code Ann. § 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.

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