MISSISSIPPI SENATE - Mississippi Code of 1972 as amended under section 57-1-221 was designed to 'actively locate or expand' an 'approved business enterprise' in order to create new jobs and industry. The Mississippi Development Authority is the State Agency which determines the regional impact of this 'approved business enterprise'. The MS Industry Incentive Financing Revolving Fund was created in which loan repayments, used to pay debt service, if the balance exceeds $50,000,000.00, be placed in this fund. Click Here for complete Bill as Amended.
An amendment providing these repayments to section 57-1-221 of Mississippi Code of 1972 was introduced by Senator Joey Fillingane, District 41 and has passed the Senate. The Bill will become effective July 1, 2012. The amendment is as follows;
The Title: AN ACT TO AMEND SECTION 57-1-221, MISSISSIPPI CODE OF 1972, TO PROVIDE THAT REPAYMENTS OF LOANS MADE FROM THE MISSISSIPPI INDUSTRY INCENTIVE FINANCING REVOLVING FUND SHALL BE DEPOSITED TO THE CREDIT OF THE MISSISSIPPI INDUSTRY INCENTIVE FINANCING REVOLVING FUND UNTIL THE BALANCE IN THE FUND REACHES $50,000,000.00; TO PROVIDE THAT ONCE THE BALANCE IN THE FUND REACHES $50,000,000.00, REPAYMENTS OF SUCH LOANS SHALL BE DEPOSITED TO THE CREDIT OF FUND NO. 3951 IN THE STATE TREASURY TO PAY DEBT SERVICE ON BONDS UNTIL SUCH TIME AS THE BALANCE IN THE FUND FALLS BELOW $50,000,000.00; TO REQUIRE THE MISSISSIPPI DEVELOPMENT AUTHORITY TO NOTIFY THE CHAIRMAN OF THE SENATE FINANCE COMMITTEE AND THE CHAIRMAN OF THE HOUSE WAYS AND MEANS COMMITTEE OF THE APPROVAL OF ANY GRANT OR LOAN APPLICATION; AND FOR RELATED PURPOSES.
Source: FCNews Staff; Public Record