MCA Chapter 2

in effect

Miss. Code Ann. § 69-2-1 Short title.

This chapter shall be known and may be cited as the Mississippi Farm Reform Act of 1987.

Miss. Code Ann. § 69-2-3 Legislative intent.

The Legislature hereby finds and declares that there exists within the state a serious emergency as a result of the nation’s agricultural crisis and that there is a need to ensure that services are available for farmers, farm laborers, farm families and small businesses who have been adversely affected by the declining agricultural economy. Existing state programs need to be dedicated to meet these needs to the extent possible without creating additional administration. It is important that existing programs and services be coordinated into a network so that those in the agricultural and small business community can learn of these programs and services and obtain their benefits as expeditiously as possible.

Miss. Code Ann. § 69-2-5 Information regarding programs and services; assistance provided by and donations to clearinghouse; report to Governor [Repealed effective July 1, 2023].

The Mississippi Cooperative Extension Service shall act as a clearinghouse for the dissemination of information regarding programs and services which may be available to help those persons and businesses which have been adversely affected by the present emergency in the agricultural community. The Cooperative Extension Service shall develop a plan of assistance which shall identify all programs and services available within the state which can be of assistance to those affected by the present emergency. The Department of Agriculture and Commerce, Department of Finance and Administration, Department of Human Services, Department of Mental Health, State Department of Health, Board of Trustees of State Institutions of Higher Learning, Mississippi Community College Board, Research and Development Center, Mississippi Development Authority, Department of Employment Security, Office of the Governor, Board of Vocational and Technical Education, Mississippi Authority for Educational Television, and other agencies of the state which have programs and services that can be of assistance to those affected by the present emergency, shall provide information regarding their programs and services to the Cooperative Extension Service for use in the clearinghouse. The types of programs and services shall include, but not be limited to, financial counseling, farm and small business management, employment services, labor market information, job retraining, vocational and technical training, food stamp programs, personal counseling, health services, and free or low cost legal services. The clearinghouse shall provide a single contact point to provide program information and referral services to individuals interested or needing services from state-funded assistance programs affecting agriculture, horticulture, aquaculture and other agribusinesses or related industries. Such assistance information shall identify all monies available under the Small Business Financing Act, the Business Investment Act, the Emerging Crops Fund legislation and any other sources which may be used singularly or combined, to provide a comprehensive financing package. The provisions of this section in establishing a single contact point for information and referral services shall not be construed to authorize the hiring of additional personnel. The Cooperative Extension Service may accept monetary or in-kind contributions, gifts and grants for the establishment or operation of the clearinghouse. The Cooperative Extension Service shall establish a method for the dissemination of information to those who can be benefited by the existing programs and services of the state. The Cooperative Extension Service shall file an annual report with the Governor, Lieutenant Governor and Speaker of the House of Representatives regarding the efforts which have been made in the clearinghouse operation. The report shall also recommend any additional measures, including legislation, which may be needed or desired in providing programs and benefits to those affected by the agricultural emergency.

Miss. Code Ann. § 69-2-7 Encouragement of new crops and more profitable enterprises.

The Legislature states that the purpose of Sections 69-2-7 through 69-2-17 of this chapter is to encourage the production of crops (plant or animal) on Mississippi farms which have not been previously produced commercially. It is the intent of the Legislature to encourage the farm sector of this state to shift from enterprises with low profit margins to those with higher profit margins.

Miss. Code Ann. § 69-2-9 Definitions.

For the purposes of Sections 69-2-7 through 69-2-41, the following words shall have the meanings ascribed in this section unless the context otherwise requires: “Department” means the Mississippi Department of Economic and Community Development. “Emerging crop” means any new, nontraditional plant or animal crop (as designated by a board consisting of the executive directors of the department, the Mississippi Cooperative Extension Service and the Mississippi Agricultural and Forestry Experiment Station) or as specified in Section 69-2-11 which has a development time from beginning of production to harvest or initial sale of the product of not more than five (5) years. “Farmer” means a resident of Mississippi who engages in or wishes to engage in the commercial production of an emerging crop on land in Mississippi. This term shall include individuals, partnerships and corporations. “Fund” means the Emerging Crops Fund established in Section 69-2-13. “Interest loan” means a loan made from the fund to pay the interest on a loan made by a lender to a farmer to finance the nonland capital costs of establishing production of an emerging crop. “Lender” means a commercial bank, savings bank, savings and loan association, federal land bank, farm credit bank, production credit association or other farm credit agency which is domiciled or qualified to do business in Mississippi, or the Farmers Home Administration. “Agribusiness” means any agricultural, aquacultural, horticultural, industrial, manufacturing, research and development or processing enterprise or enterprises.

Miss. Code Ann. § 69-2-11 Emerging crop designations.

Emerging crop designations shall include, but not be limited to: Blueberries; Muscadines; Christmas trees; Aquaculture, including any species from the Gulf of Mexico and its tributaries; Horticulture; Rabbit farming and processing; and Others designated by the Board of Economic Development or Legislature.

Miss. Code Ann. § 69-2-13 Emerging Crops Fund; loans for agribusinesses and small business concerns; loans for planning and development districts; program to assist minority business enterprises; loans for regional crafts projects; financing agribusiness programs; funds for rehabilitation, maintenance and advertising of Mississippi Farmers Central Market; program of loan guaranties on behalf of qualified nonprofit entities designated as community development financial institutions to encourage financing for loans in low-income communities; grants to certain agribusiness enterprises processing, drying, storing or shipping peanuts; program of loan guaranties on behalf of certain sweet potato growing and farming agribusinesses.

There is hereby established in the State Treasury a fund to be known as the “Emerging Crops Fund,” which shall be used to pay the interest on loans made to farmers for nonland capital costs of establishing production of emerging crops on land in Mississippi, and to make loans and grants which are authorized under this section to be made from the fund. The fund shall be administered by the Mississippi Development Authority. A board comprised of the directors of the authority, the Mississippi Cooperative Extension Service, the Mississippi Small Farm Development Center and the Mississippi Agricultural and Forestry Experiment Station, or their designees, shall develop definitions, guidelines and procedures for the implementation of this chapter. Funds for the Emerging Crops Fund shall be provided from the issuance of bonds or notes under Sections 69-2-19 through 69-2-37 and from repayment of interest loans made from the fund. The Mississippi Development Authority shall develop a program which gives fair consideration to making loans for the processing and manufacturing of goods and services by agribusiness, greenhouse production horticulture, and small business concerns. It is the policy of the State of Mississippi that the Mississippi Development Authority shall give due recognition to and shall aid, counsel, assist and protect, insofar as is possible, the interests of agribusiness, greenhouse production horticulture, and small business concerns. To ensure that the purposes of this subsection are carried out, the Mississippi Development Authority shall loan not more than One Million Dollars ($1,000,000.00) to finance any single agribusiness, greenhouse production horticulture, or small business concern. Loans made pursuant to this subsection shall be made in accordance with the criteria established in Section 57-71-11. The Mississippi Development Authority may, out of the total amount of bonds authorized to be issued under this chapter, make available funds to any planning and development district in accordance with the criteria established in Section 57-71-11. Planning and development districts which receive monies pursuant to this provision shall use such monies to make loans to private companies for purposes consistent with this subsection. The Mississippi Development Authority is hereby authorized to engage legal services, financial advisors, appraisers and consultants if needed to review and close loans made hereunder and to establish and assess reasonable fees including, but not limited to, liquidation expenses. The State Auditor may conduct performance and compliance audits under this chapter according to Section 7-7-211(o) and may bill the oversight agency. The Mississippi Development Authority shall, in addition to the other programs described in this section, provide for the following programs of loans to be made to agribusiness or greenhouse production horticulture enterprises for the purpose of encouraging thereby the extension of conventional financing and the issuance of letters of credit to such agribusiness or greenhouse production horticulture enterprises by private institutions. Monies to make such loans by the Mississippi Development Authority shall be drawn from the Emerging Crops Fund. The Mississippi Development Authority may make loans to agribusiness or greenhouse production horticulture enterprises. The amount of any loan to any single enterprise under this paragraph (b) shall not exceed twenty percent (20%) of the total cost of the project for which financing is sought or Two Hundred Thousand Dollars ($200,000.00), whichever is less. No interest shall be charged on such loans, and only the amount actually loaned shall be required to be repaid. Repayments shall be deposited into the Emerging Crops Fund. The Mississippi Development Authority also may make loans under this subsection (3) to existing agribusiness or greenhouse production horticulture enterprises for the purpose of assisting such enterprises to make upgrades, renovations, repairs and other improvements to their equipment, facilities and operations, which shall not exceed Two Hundred Thousand Dollars ($200,000.00) or thirty percent (30%) of the total cost of the project for which financing is sought, whichever is less. No interest shall be charged on loans made under this paragraph, and only the amount actually loaned shall be required to be repaid. Repayments shall be deposited into the Emerging Crops Fund. The maximum aggregate amount of loans that may be made under this subsection (3) to any one (1) agribusiness shall be not more than Four Hundred Thousand Dollars ($400,000.00). Through June 30, 2010, the Mississippi Development Authority may loan or grant to qualified planning and development districts, and to small business investment corporations, bank-based community development corporations, the Recruitment and Training Program, Inc., the City of Jackson Business Development Loan Fund, the Lorman Southwest Mississippi Development Corporation, the West Jackson Community Development Corporation, the East Mississippi Development Corporation, and other entities meeting the criteria established by the Mississippi Development Authority (all referred to hereinafter as “qualified entities”), funds for the purpose of establishing loan revolving funds to assist in providing financing for minority economic development. The monies loaned or granted by the Mississippi Development Authority shall be drawn from the Emerging Crops Fund and shall not exceed Twenty-nine Million Dollars ($29,000,000.00) in the aggregate. Planning and development districts or qualified entities which receive monies pursuant to this provision shall use such monies to make loans to minority business enterprises consistent with criteria established by the Mississippi Development Authority. Such criteria shall include, at a minimum, the following: The business enterprise must be a private, for-profit enterprise. If the business enterprise is a proprietorship, the borrower must be a resident citizen of the State of Mississippi; if the business enterprise is a corporation or partnership, at least fifty percent (50%) of the owners must be resident citizens of the State of Mississippi. The borrower must have at least five percent (5%) equity interest in the business enterprise. The borrower must demonstrate ability to repay the loan. The borrower must not be in default of any previous loan from the state or federal government. Loan proceeds may be used for financing all project costs associated with development or expansion of a new small business, including fixed assets, working capital, start-up costs, rental payments, interest expense during construction and professional fees related to the project. Loan proceeds shall not be used to pay off existing debt for loan consolidation purposes; to finance the acquisition, construction, improvement or operation of real property which is to be held primarily for sale or investment; to provide for, or free funds, for speculation in any kind of property; or as a loan to owners, partners or stockholders of the applicant which do not change ownership interest by the applicant. However, this does not apply to ordinary compensation for services rendered in the course of business. The maximum amount that may be loaned to any one (1) borrower shall be Two Hundred Fifty Thousand Dollars ($250,000.00). The Mississippi Development Authority shall review each loan before it is made, and no loan shall be made to any borrower until the loan has been reviewed and approved by the Mississippi Development Authority. For the purpose of this subsection, the term “minority business enterprise” means a socially and economically disadvantaged small business concern, organized for profit, performing a commercially useful function which is owned and controlled by one or more minorities or minority business enterprises certified by the Mississippi Development Authority, at least fifty percent (50%) of whom are resident citizens of the State of Mississippi. Except as otherwise provided, for purposes of this subsection, the term “socially and economically disadvantaged small business concern” shall have the meaning ascribed to such term under the Small Business Act (15 USCS, Section 637(a)), or women, and the term “owned and controlled” means a business in which one or more minorities or minority business enterprises certified by the Mississippi Development Authority own sixty percent (60%) or, in the case of a corporation, sixty percent (60%) of the voting stock, and control sixty percent (60%) of the management and daily business operations of the business. However, an individual whose personal net worth exceeds Five Hundred Thousand Dollars ($500,000.00) shall not be considered to be an economically disadvantaged individual. From and after July 1, 2010, monies not loaned or granted by the Mississippi Development Authority to planning and development districts or qualified entities under this subsection, and monies not loaned by planning and development districts or qualified entities, shall be deposited to the credit of the sinking fund created and maintained in the State Treasury for the retirement of bonds issued under Section 69-2-19. Notwithstanding any other provision of this subsection to the contrary, if federal funds are not available for commitments made by a planning and development district to provide assistance under any federal loan program administered by the planning and development district in coordination with the Appalachian Regional Commission or Economic Development Administration, or both, a planning and development district may use funds in its loan revolving fund, which have not been committed otherwise to provide assistance, for the purpose of providing temporary funding for such commitments. If a planning and development district uses uncommitted funds in its loan revolving fund to provide such temporary funding, the district shall use funds repaid to the district under the temporarily funded federal loan program to replenish the funds used to provide the temporary funding. Funds used by a planning and development district to provide temporary funding under this paragraph (c) must be repaid to the district’s loan revolving fund no later than twelve (12) months after the date the district provides the temporary funding. A planning and development district may not use uncommitted funds in its loan revolving fund to provide temporary funding under this paragraph (c) on more than two (2) occasions during a calendar year. A planning and development district may provide temporary funding for multiple commitments on each such occasion. The maximum aggregate amount of uncommitted funds in a loan revolving fund that may be used for such purposes during a calendar year shall not exceed seventy percent (70%) of the uncommitted funds in the loan revolving fund on the date the district first provides temporary funding during the calendar year. If the Mississippi Development Authority determines that a planning and development district or qualified entity has provided loans to minority businesses in a manner inconsistent with the provisions of this subsection, then the amount of such loans so provided shall be withheld by the Mississippi Development Authority from any additional grant funds to which the planning and development district or qualified entity becomes entitled under this subsection. If the Mississippi Development Authority determines, after notifying such planning and development district or qualified entity twice in writing and providing such planning and development district or qualified entity a reasonable opportunity to comply, that a planning and development district or qualified entity has consistently failed to comply with this subsection, the Mississippi Development Authority may declare such planning and development district or qualified entity in default under this subsection and, upon receipt of notice thereof from the Mississippi Development Authority, such planning and development district or qualified entity shall immediately cease providing loans under this subsection, shall refund to the Mississippi Development Authority for distribution to other planning and development districts or qualified entities all funds held in its revolving loan fund and, if required by the Mississippi Development Authority, shall convey to the Mississippi Development Authority all administrative and management control of loans provided by it under this subsection. If the Mississippi Development Authority determines, after notifying a planning and development district or qualified entity twice in writing and providing copies of such notification to each member of the Legislature in whose district or in a part of whose district such planning and development district or qualified entity is located and providing such planning and development district or qualified entity a reasonable opportunity to take corrective action, that a planning and development district or qualified entity administering a revolving loan fund under the provisions of this subsection is not actively engaged in lending as defined by the rules and regulations of the Mississippi Development Authority, the Mississippi Development Authority may declare such planning and development district or qualified entity in default under this subsection and, upon receipt of notice thereof from the Mississippi Development Authority, such planning and development district or qualified entity shall immediately cease providing loans under this subsection, shall refund to the Mississippi Development Authority for distribution to other planning and development districts or qualified entities all funds held in its revolving loan fund and, if required by the Mississippi Development Authority, shall convey to the Mississippi Development Authority all administrative and management control of loans provided by it under this subsection. The Mississippi Development Authority shall develop a program which will assist minority business enterprises by guaranteeing bid, performance and payment bonds which such minority businesses are required to obtain in order to contract with federal agencies, state agencies or political subdivisions of the state. The Mississippi Development Authority may secure letters of credit, as determined necessary by the authority, to guarantee bid, performance and payment bonds pursuant to this subsection. Monies for such program shall be drawn from the monies allocated under subsection (4) of this section to assist the financing of minority economic development and shall not exceed Three Million Dollars ($3,000,000.00) in the aggregate. The Mississippi Development Authority may promulgate rules and regulations for the operation of the program established pursuant to this subsection. For the purpose of this subsection (5), the term “minority business enterprise” has the meaning assigned such term in subsection (4) of this section. The Mississippi Development Authority may loan or grant to public entities and to nonprofit corporations funds to defray the expense of financing (or to match any funds available from other public or private sources for the expense of financing) projects in this state which are devoted to the study, teaching and/or promotion of regional crafts and which are deemed by the authority to be significant tourist attractions. The monies loaned or granted shall be drawn from the Emerging Crops Fund and shall not exceed Two Hundred Fifty Thousand Dollars ($250,000.00) in the aggregate. Through June 30, 2006, the Mississippi Development Authority shall make available to the Mississippi Department of Agriculture and Commerce funds for the purpose of establishing loan revolving funds and other methods of financing for agribusiness programs administered under the Mississippi Agribusiness Council Act of 1993. The monies made available by the Mississippi Development Authority shall be drawn from the Emerging Crops Fund and shall not exceed One Million Two Hundred Thousand Dollars ($1,200,000.00) in the aggregate. The Mississippi Department of Agriculture and Commerce shall establish control and auditing procedures for use of these funds. These funds will be used primarily for quick payment to farmers for vegetable and fruit crops processed and sold through vegetable processing plants associated with the Department of Agriculture and Commerce and the Mississippi State Extension Service. From and after July 1, 1996, the Mississippi Development Authority shall make available to the Mississippi Small Farm Development Center One Million Dollars ($1,000,000.00) to be used by the center to assist small entrepreneurs as provided in Section 37-101-25, Mississippi Code of 1972. The monies made available by the Mississippi Development Authority shall be drawn from the Emerging Crops Fund. [Repealed] The Mississippi Development Authority shall make available to the Small Farm Development Center at Alcorn State University funds in an aggregate amount not to exceed Three Hundred Thousand Dollars ($300,000.00), to be drawn from the cash balance of the Emerging Crops Fund. The Small Farm Development Center at Alcorn State University shall use such funds to make loans to producers of sweet potatoes and cooperatives anywhere in the State of Mississippi owned by sweet potato producers to assist in the planting of sweet potatoes and the purchase of sweet potato production and harvesting equipment. A report of the loans made under this subsection shall be furnished by January 15 of each year to the Chairman of the Senate Agriculture Committee and the Chairman of the House Agriculture Committee. The Mississippi Development Authority shall make available to the Mississippi Department of Agriculture and Commerce “Make Mine Mississippi” program an amount not to exceed One Hundred Fifty Thousand Dollars ($150,000.00) to be drawn from the cash balance of the Emerging Crops Fund. The Mississippi Development Authority shall make available to the Mississippi Department of Agriculture and Commerce an amount not to exceed One Hundred Fifty Thousand Dollars ($150,000.00) to be drawn from the cash balance of the Emerging Crops Fund to be used for the rehabilitation and maintenance of the Mississippi Farmers Central Market in Jackson, Mississippi. The Mississippi Development Authority shall make available to the Mississippi Department of Agriculture and Commerce an amount not to exceed Twenty-five Thousand Dollars ($25,000.00) to be drawn from the cash balance of the Emerging Crops Fund to be used for advertising purposes related to the Mississippi Farmers Central Market in Jackson, Mississippi. The Mississippi Development Authority shall, in addition to the other programs described in this section, provide for a program of loan guaranties to be made on behalf of any nonprofit entity qualified under Section 501(c)(3) of the Internal Revenue Code and certified by the United States Department of the Treasury as a community development financial institution for the purpose of encouraging the extension of financing to such an entity which financing the entity will use to make funds available to other entities for the purpose of making loans available in low-income communities in Mississippi. Monies to make such loan guaranties by the Mississippi Development Authority shall be drawn from the Emerging Crops Fund and shall not exceed Two Million Dollars ($2,000,000.00) in the aggregate. The amount of a loan guaranty on behalf of such an entity under this subsection (14) shall not exceed Two Million Dollars ($2,000,000.00). Assistance received by an entity under this subsection (14) shall not disqualify the entity from obtaining any other assistance under this chapter. An entity desiring assistance under this subsection (14) must submit an application to the Mississippi Development Authority. The application must include any information required by the Mississippi Development Authority. The Mississippi Development Authority shall have all powers necessary to implement and administer the program established under this subsection (14), and the Mississippi Development Authority shall promulgate rules and regulations, in accordance with the Mississippi Administrative Procedures Law, necessary for the implementation of this subsection (14). The Mississippi Development Authority shall, in addition to the other programs described in this section, provide for a program of grants to agribusiness enterprises that process, dry, store or ship peanuts and if the enterprise has invested prior to April 17, 2009, a minimum of Six Million Dollars ($6,000,000.00) in land, facilities and equipment in this state that are utilized to process, dry, store or ship peanuts. Monies to make such grants by the Mississippi Development Authority shall be drawn from the Emerging Crops Fund and shall not exceed One Million Dollars ($1,000,000.00) in the aggregate. The amount of a grant under this subsection (15) shall not exceed One Million Dollars ($1,000,000.00). An entity desiring assistance under this subsection (15) must submit an application to the Mississippi Development Authority. The application must include a description of the project for which assistance is requested, the cost of the project for which assistance is requested, the amount of assistance requested and any other information required by the Mississippi Development Authority. As a condition of the receipt of a grant under this subsection (15), an entity must agree to remain in business in this state for not less than five (5) years and must meet other conditions established by the Mississippi Development Authority to ensure that the assistance results in an economic benefit to the state. The Mississippi Development Authority shall require that binding commitments be entered into requiring that: The minimum requirements provided for in this subsection (15) and the conditions established by the Mississippi Development Authority are met; and If such commitments and conditions are not met, all or a portion of the funds provided pursuant to this subsection (15) shall be repaid. The Mississippi Development Authority shall have all powers necessary to implement and administer the program established under this subsection (15), and the Mississippi Development Authority shall promulgate rules and regulations, in accordance with the Mississippi Administrative Procedures Law, necessary for the implementation of this subsection (15). The Mississippi Development Authority, in addition to the other programs described in this section, shall provide for a program of loan guaranties to be made on behalf of certain agribusinesses engaged in sweet potato growing and farming for the purpose of encouraging thereby the extension of conventional financing and the issuance of letters of credit to such agribusinesses by lenders. The amount of a loan guaranty made on behalf of such an agribusiness shall be ninety percent (90%) of the amount of assistance made available by a lender for the purposes authorized under this subsection (16). Monies to make such loan guaranties by the Mississippi Development Authority shall be drawn from the Emerging Crops Fund and shall not exceed Seventeen Million Dollars ($17,000,000.00) in the aggregate. In order to be eligible for assistance under this subsection (16) an agribusiness must: Have been actively engaged in sweet potato growing and farming in this state before January 1, 2010; Have incurred a disaster-related loss for sweet potato growing and farming purposes for calendar year 2009, as determined by a lender; Agree to obtain and maintain federal Noninsured Agricultural Program (NAP) insurance coverage for the outstanding balance of any assistance received under this subsection (16); and Satisfy underwriting criteria established by a lender related to loans under this subsection (16). 1. Information verifying the length of time the applicant has been actively engaged in sweet potato growing and farming in this state; 2. Information regarding the number of acres used by the applicant for sweet potato growing and farming purposes during the 2009 calendar year, as certified to by the Farm Services Authority (FSA) or the Mississippi Department of Agriculture and Commerce (MDAC), and the number of acres the applicant intends to use for such purposes during the 2010 calendar year; 3. The average cost per acre incurred by the applicant for sweet potato growing and farming purposes during the 2009 calendar year, as certified to by the FSA or MDAC, and an estimate of the average cost per acre to be incurred by the applicant for such purposes during the calendar year for which application is made; 4. The amount of assistance requested; 5. A statement from the applicant agreeing that he will obtain and maintain NAP insurance coverage for the outstanding balance of any assistance received under this subsection (16); and 6. Any other information required by the lender and/or the MDA. An entity desiring assistance under this subsection must submit an application for assistance to a lender not later than August 1, 2010. The application must include: The lender shall review the application for assistance and determine whether the applicant qualifies for assistance under this subsection (16). If the lender determines that the applicant qualifies for assistance, the lender shall loan funds to the applicant subject to the provisions of this subsection (16). Loans made under this subsection (16) shall be subject to the following conditions: The maximum amount of a loan to a borrower shall not exceed One Thousand Seven Hundred Dollars ($1,700.00) per acre and shall exclude any machinery and equipment costs. The proceeds of a loan may be used only for paying a borrower’s sweet potato planting, production and harvesting costs, excluding machinery and equipment costs. The proceeds of a loan may not be used to repay, satisfy or finance existing debt. The time allowed for repayment of a loan shall not be more than five (5) years, and there shall be no penalty, fee or other charge imposed for the prepayment of a loan. The receipt of assistance by a person or other entity under any other program described in this section shall not disqualify the person or entity from obtaining a loan under the program established in this subsection (16) if the person or entity is otherwise eligible under this program. In addition, the receipt of a loan by a person or other entity under the program established under this subsection (16) shall not disqualify the person or entity from obtaining assistance under any other program described in this section. The Mississippi Development Authority shall have all powers necessary to implement and administer the program established under this subsection (16), and the Mississippi Development Authority shall promulgate rules and regulations, in accordance with the Mississippi Administrative Procedures Law, necessary for the implementation of this subsection (16).

Miss. Code Ann. § 69-2-15 Interest loans from Emerging Crops Fund.

Any lender which has made a loan to a farmer to finance the nonland capital costs of establishing production of an emerging crop on land in Mississippi may make application to the department for payment of the interest on the loan during the period from beginning of production to harvest or initial sale of the product, which payment shall be made from the fund. The maximum amount of interest loans from the fund for the benefit of any one (1) farmer shall be Fifty Thousand Dollars ($50,000.00). During the period that the department pays the interest on a loan, the maximum rate of interest which may be charged on the loan by the lender shall be four percent (4%) per annum above the New York prime rate. By payment of the interest on a loan, neither the department nor the State of Mississippi shall be a guarantor of the loan, but the state shall have a lien junior to any lien that the lender may have on the loan. If a farmer defaults on the interest loan the Attorney General of the State of Mississippi shall take the necessary legal action, as soon as practicable, to recover the monies due and owing to the State of Mississippi. A suit against a defaulting party under this section may be brought in the county in which the lender is located, or in any Hinds County court.

Miss. Code Ann. § 69-2-17 Repayment of interest loans from Emerging Crops Fund.

Repayment of the interest loan from the fund shall be deferred for a period of time not more than five (5) years or the time when the emerging crop should reach maturity. The schedule for repayment of the interest loan shall be a period of time equal to two (2) times the period that interest is paid on the loan for that emerging crop from the fund. No interest shall be charged on interest loans from the fund, and only the amount actually loaned from the fund shall be required to be repaid. Repayment of interest loans from the fund shall be made to the lender, which shall remit the amounts collected to the department for deposit into the fund. However, if the repayment period for an interest loan exceeds the time for repayment of the principal loan amount to the lender, when the final principal payment is made to the lender all subsequent interest loan payments shall be made by the farmer, directly to the department to be deposited into the fund. The lender shall notify the department, as soon as possible, of any change in the principal loan status, release of collateral or any other matter that may adversely affect the security of the state’s loan.

Miss. Code Ann. § 69-2-19 Issuance of general obligation bonds for Emerging Crops Fund; limit on amount of bonds issued.

The Mississippi Development Authority is authorized, at one time, or from time to time, to declare by resolution the necessity for issuance of negotiable general obligation bonds of the State of Mississippi to provide funds for the Emerging Crops Fund established in Section 69-2-13. Upon the adoption of a resolution by the board, declaring the necessity for the issuance of any part or all of the general obligation bonds authorized by Sections 69-2-19 through 69-2-39, the authority shall deliver a certified copy of its resolution or resolutions to the State Bond Commission. Upon receipt of same, the State Bond Commission, in its discretion, shall act as the issuing agent, prescribe the form of the bonds, advertise for and accept bids, issue and sell the bonds so authorized to be sold, and do any and all other things necessary and advisable in connection with the issuance and sale of such bonds. The amount of bonds issued under Sections 69-2-19 through 69-2-39 shall not exceed One Hundred Nine Million Dollars ($109,000,000.00) in the aggregate; however: An additional amount of bonds may be issued under Sections 69-2-19 through 69-2-39 in an amount not to exceed Two Million Dollars ($2,000,000.00), and the proceeds of any such additional bonds shall be used solely for the purposes described in Section 69-2-13(14); and An additional amount of bonds may be issued under Sections 69-2-19 through 69-2-39 in an amount not to exceed Seventeen Million Dollars ($17,000,000.00), and the proceeds of such additional bonds shall be used solely for the purposes described in Section 69-2-13(16). No bonds may be issued under Sections 69-2-19 through 69-2-39 after October 1, 2019.

Miss. Code Ann. § 69-2-21 Full faith, credit, and taxing power of state pledged to payment of bonds.

For the payment of such bonds and the interest thereon, the full faith, credit, and taxing power of the State of Mississippi are hereby irrevocably pledged. If the Legislature finds that there are sufficient funds available in the General Fund of the State Treasury to pay maturing principal and accruing interest of the bonds, and if the Legislature appropriates such available funds for the purpose of paying such maturing principal and accruing interest, then the maturing principal and accruing interest of the bonds shall be paid from appropriations made by the Legislature from the General Fund of the State Treasury. However, if there are not sufficient funds available in the General Fund of the State Treasury to pay the maturing principal and accruing interest of the bonds, or if such funds are available but the Legislature fails to appropriate a sufficient amount thereof to pay such maturing principal and accruing interest as the same becomes due, then there shall be levied annually upon all taxable property in the State of Mississippi an ad valorem tax at the rate sufficient to provide the funds required to pay the bonds at maturity and the interest on the bonds as it accrues.

Miss. Code Ann. § 69-2-23 Execution, delivery, conversion, redemption, and sale of general obligation bonds.

Such bonds may be executed and delivered by the state at any time and from time to time, may be in such form and denominations and of such terms and maturities, may be in fully registered form or in bearer form registrable either as to principal or interest, or both, may bear such conversion privileges and be payable in such installments and at such time or times not exceeding twenty (20) years from the date thereof, may be payable at such place or places, whether within or without the State of Mississippi, may bear interest payable at such time or times and at such place or places and evidenced in such manner, and may contain such provisions not inconsistent herewith, all as shall be provided in the proceedings of the State Bond Commission under which the bonds are authorized to be issued. Such bonds shall not bear a greater overall maximum interest rate to maturity than that authorized by law for general obligation bonds. If deemed advisable by the State Bond Commission, there may be retained in the proceedings under which any such bonds are authorized to be issued an option to redeem all or any part thereof as may be specified in such proceedings, at such price or prices and after such notice or notices and on such terms and conditions as may be set forth in such proceedings and briefly recited or referred to on the face of the bonds, but nothing herein contained shall be construed to confer on the state any right or option to redeem any bonds, except as may be provided in the proceedings under which they shall be issued. Any such bonds shall be sold on sealed bids at public sale, and for such price as the State Bond Commission determines to be in the best interest of the State of Mississippi, but no such sale shall be made at a price less than par value plus accrued interest to date of delivery of the bonds to the purchaser. The state may pay all expenses, premiums and commissions which the State Bond Commission may deem necessary or advantageous in connection with the issuance thereof, but solely from the proceeds of the bonds. The issuance by the state of one or more series of bonds shall not preclude it from issuing other series of bonds, but the proceedings under which any subsequent bonds may be issued shall recognize and protect any prior pledge made for any prior issuance of bonds.

Miss. Code Ann. § 69-2-25 Interest and interest rates on bonds.

No bond issued under Sections 69-2-19 through 69-2-39 of this chapter shall bear more than one (1) rate of interest; each bond shall bear interest from its date to its stated maturity date at the interest rate specified on the bonds; and all bonds of the same maturity shall bear the same rate of interest from date to maturity. All interest accruing on bonds shall be payable semiannually or annually, except the first interest coupon attached to any bond may be for any period not exceeding one (1) year. If bonds are issued in coupon form, no interest payment shall be evidenced by more than one (1) coupon, and neither cancelled nor supplemental coupons shall be permitted. If serial bonds, such bonds shall mature annually, and the first maturity date thereof shall not be more than five (5) years from the date of such bonds.

Miss. Code Ann. § 69-2-27 Notice of bond sales.

Notice of the sale of any such bonds shall be published at least one time which shall be made not less than ten (10) days prior to the date of sale, and shall be so published in one or more newspapers having a general circulation in the City of Jackson selected by the State Bond Commission.

Miss. Code Ann. § 69-2-29 Execution procedures for bonds and coupons.

All bonds shall be executed on behalf of the state by the manual or facsimile signature of the chairman of the State Bond Commission and shall be countersigned by the manual or facsimile signature of the secretary of the State Bond Commission. All coupons shall be executed on behalf of the state by the facsimile signatures of the chairman and secretary of the State Bond Commission. If the officers whose signatures or countersignatures appear on the bonds or interest coupons shall cease to be such officers before delivery of the bonds, such signatures or countersignatures shall nevertheless be valid and sufficient for all purposes, the same as if they had remained in office until such delivery, or had been in office on the date such bonds may bear.

Miss. Code Ann. § 69-2-30 Borrowing funds for Emerging Crops Fund in lieu of issuing bonds.

In lieu of the issuance of bonds pursuant to the authority granted in Section 69-2-19, Mississippi Code of 1972, the State Bond Commission is authorized and empowered, if more economically feasible, to borrow funds in an aggregate principal amount not to exceed the amount specified in Section 69-2-19, Mississippi Code of 1972. The Bond Commission, to evidence such loan, may issue and sell the negotiable coupon notes of the State of Mississippi, which notes may be issued in series, from time to time, as the proceeds thereof are needed. The notes shall be in such form and shall have such details as may be provided by the commission, except that the notes of each series shall be issued with final maturity not more than five (5) years from the date of such series. For the prompt payment of such notes at maturity, both principal and interest, the same pledges may be made as are authorized for the repayment of bonds in Section 69-2-21, Mississippi Code of 1972. The notes herein authorized shall be sold from time to time by the Bond Commission as the need for the proceeds thereof may arise, and the Bond Commission shall advertise and accept bids therefor and issue and sell such notes at a price which will result in the lowest interest rate on the best terms obtainable for the state. The Bond Commission in providing for the issuance of the notes herein authorized shall have discretion in fixing the terms and details thereof and may provide for the issuance of such notes in such form, executed in such manner, and payable at such place or places, and containing such terms, covenants and provisions as the Bond Commission may provide.

Miss. Code Ann. § 69-2-31 Transfer and disbursement of proceeds of sale of bonds and notes.

Upon the issuance and sale of bonds or notes, the State Bond Commission shall transfer the proceeds of any such sale or sales to the Emerging Crops Fund. The proceeds of such bonds or notes shall be disbursed solely upon the order of the department under such restrictions, if any, as may be contained in the resolution providing for the issuance of the bonds or notes.

Miss. Code Ann. § 69-2-33 Duties of Attorney General with respect to bonds and notes; costs of issuing bonds and notes.

Except as otherwise authorized in Section 7-5-39, the Attorney General of the State of Mississippi shall represent the department in issuing, selling and validating bonds or notes authorized under Sections 69-2-19 through 69-2-39 of this chapter, and the department is authorized to pay from the proceeds derived from the sale of such bonds or notes, or from other funds available to the department, the reasonable cost of approving attorney’s fees, validating, printing and cost of delivery of such bonds or notes.

Miss. Code Ann. § 69-2-35 Bonds and notes as legal investments for banks and other entities.

Bonds or notes issued under Sections 69-2-19 through 69-2-39 of this chapter shall be legal investments for commercial banks, trust companies, savings and loan associations, and insurance companies organized under the laws of this state.

Miss. Code Ann. § 69-2-37 Tax treatment of bonds and notes, and income therefrom.

All bonds or notes issued under Sections 69-2-19 through 69-2-39 of this chapter and the income therefrom shall be exempt from all taxation in the State of Mississippi except gift, transfer and inheritance taxes.

Miss. Code Ann. § 69-2-39 Empowering clause; exemption from limitations generally imposed on state obligations.

Sections 69-2-19 through 69-2-39 of this chapter, without reference to any statute not referred to herein, shall be deemed to be full and complete authority for the issuance of such bonds or notes, and shall be construed as an additional and alternative method therefor, and none of the present restrictions, requirements, conditions or limitations of law applicable to the issuance or sale of bonds, notes or other obligations by the state shall apply to the issuance and sale of bonds or notes under Sections 69-2-19 through 69-2-39 of this chapter, and no proceedings shall be required for the issuance of such bonds or notes other than those provided for and required herein, and all powers necessary to be exercised in order to carry out the provisions of Sections 69-2-13 through 69-2-37 of this chapter are hereby conferred.

Miss. Code Ann. § 69-2-40 Limits on attorney fees; government officials and associates not to derive income from issuance of bonds or disposition of property.

Any attorney’s fees paid as the result of the issuance of bonds under Sections 69-2-19 through 69-2-39 of this chapter shall be in compliance with the limits on attorney’s fees for bond issues as adopted by the State Bond Commission. Attorney’s fees paid as the result of the issuance of such bonds are subject to negotiation but in no event may they exceed the limits established by the State Bond Commission. A detailed accounting of all expenses incurred by all persons, firms, corporations, associations or other organizations involved in such bond issues shall be submitted to the State Bond Commission within ninety (90) days after the issuance of such bonds and shall be a matter of public record. 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 or the disposition of any property under Sections 69-2-19 through 69-2-39 of this chapter contrary to the provisions of Section 109, Mississippi Constitution of 1890, or Article 3, Chapter 4, Title 25, Mississippi Code of 1972.

Miss. Code Ann. § 69-2-41 Savings clause.

If for any reason any section, paragraph, provision, clause or part of Sections 69-2-13 through 69-2-39 of this chapter shall be held unconstitutional or invalid, that section shall not affect or invalidate any other section, paragraph, provision, clause or part of this chapter not in and of itself invalid, but the remaining portions thereof shall be in force without regard to that so invalidated.

Miss. Code Ann. § 69-2-43 Repealed.

Repealed by Laws of 1990, ch. 496, § 5, eff from and after July 1, 1992. § 69-2-43 through § 69-2-49 . [Laws, 1987, ch. 482, §§ 22-25; reenacted, Laws, 1988, ch. 425, §§ 1-4; reenacted, Laws, 1990, ch. 496, §§ 1-4, eff from and after July 1, 1990] Editor’s Notes — Former §§ 69-2-43 to 69-2-49 related to the creation and operation of the Voluntary Farm Debt Mediation Program.

Miss. Code Ann. § 69-2-51 Prospective repeal of voluntary mediation provisions.

Sections 69-2-43 through 69-2-49 of this chapter, which create a Farm Mediation Office in the Department of Agriculture and Commerce and which provide for the mediation of certain agricultural debts, shall stand repealed from and after July 1, 1992.