Mississippi Legislature

1998 Regular Session

Senate Bill 2920

[Introduced] [Committee Substitute] [Passed Senate]

Instructions Bill Status Menu





History of Actions

Background

Title

Description: Magnolia Venture Capital Act; repeal on July 1, 1998, and prohibit the use of funds to finance certain businesses.

History of Actions:

101/19/98(S)Referred To Economic Dev, Tourism and Parks
202/03/98(S)Title Suff Do Pass Comm Sub
302/12/98(S)Committee Substitute Adopted
402/12/98(S)Amended
502/12/98(S)Passed As Amended
602/16/98(S)Transmitted To House
702/17/98(H)Referred To Ways and Means
802/27/98(H)Title Suff Do Pass As Amended
903/11/98(H)Recommitted to Committee
1003/11/98(H)Died In Committee

Background Information:

Effective date*July 1, 1998
DispositionDead
DeadlineGeneral Bill/Constitutional Amendment
RevenueNo
3/5ths vote requiredNo

Senate Committee:

House Committee:

Principal Author: Horhn

Code Sections: A 057-0077-0029, RP 057-0077-0027, RP 057-0077-0025, RP 057-0077-0023, RP 057-0077-0021, RP 057-0077-0019, RP 057-0077-0017, RP 057-0077-0015, RP 057-0077-0013, RP 057-0077-0011, RP 057-0077-0009, RP 057-0077-0007, RP 057-0077-0005, RP 057-0077-0003, RP 027-0007-0022.11

Title: AN ACT TO REPEAL THE CHARTER OF INCORPORATION OF THE MAGNOLIA CAPITAL CORPORATION AND THE MAGNOLIA VENTURE CAPITAL CORPORATION; TO PROVIDE THAT ALL OUTSTANDING FUNDS AND OTHER ASSETS OF THE MAGNOLIA CAPITAL CORPORATION AND THE MAGNOLIA VENTURE CAPITAL CORPORATION SHALL BE LIQUIDATED AND PAID INTO THE VENTURE CAPITAL FUND; TO PROVIDE THAT THE MONETARY OBLIGATIONS OF THE MAGNOLIA CAPITAL CORPORATION AND THE MAGNOLIA VENTURE CAPITAL CORPORATION SHALL NOT BE IMPAIRED AND SHALL BE SATISFIED FROM THE VENTURE CAPITAL FUND; TO PROVIDE THAT ALL ZERO COUPON BONDS PURCHASED UNDER THE VENTURE CAPITAL ACT OF 1994 PRIOR TO THE EFFECTIVE DATE OF THIS ACT SHALL BE UNDER THE MANAGEMENT AND CONTROL OF THE STATE TREASURER; TO PROVIDE THAT THE STATE TREASURER SHALL INVEST, LIQUIDATE OR OTHERWISE MANAGE SUCH ZERO COUPON BONDS IN THE MANNER THAT HE FEELS IS IN THE BEST INTEREST OF THE STATE; TO PROVIDE THAT CERTAIN PROCEEDS REALIZED FROM THE MANAGEMENT OF THE ZERO COUPON BONDS SHALL BE DEPOSITED INTO THE VENTURE CAPITAL FUND; TO AMEND SECTION 57-77-29, MISSISSIPPI CODE OF 1972, TO PROVIDE THAT MONEY IN THE VENTURE CAPITAL FUND SHALL BE UTILIZED BY THE STATE TREASURER TO SATISFY ANY VALID MONETARY OBLIGATIONS OF THE MAGNOLIA CAPITAL CORPORATION OR THE MAGNOLIA VENTURE CAPITAL CORPORATION; TO PROVIDE THAT MONEY REMAINING IN THE FUND AFTER THE SATISFACTION OF SUCH MONETARY OBLIGATIONS SHALL BE APPLIED TO PAY THE DEBT SERVICE ON BONDS ISSUED UNDER THE VENTURE CAPITAL ACT OF 1994; TO PROVIDE THAT MONEY REMAINING IN THE FUND AFTER THE PAYMENT OF SUCH OBLIGATIONS OR DEBT SERVICE SHALL BE DEPOSITED INTO THE STATE GENERAL FUND; TO REPEAL SECTIONS 57-77-3, 57-77-5, 57-77-7, 57-77-9, 57-77-11, 57-77-13, 57-77-15, 57-77-17, 57-77-19, 57-77-21, 57-77-23, 57-77-25 AND 57-77-27, MISSISSIPPI CODE OF 1972, WHICH PROVIDE FOR THE FORMATION OF THE MAGNOLIA CAPITAL CORPORATION AND THE MAGNOLIA VENTURE CAPITAL CORPORATION, PROVIDE FOR A CERTAIN LOAN TO THE MAGNOLIA CAPITAL CORPORATION BY THE DEPARTMENT OF ECONOMIC AND COMMUNITY DEVELOPMENT AND THE TERMS AND CONDITIONS OF SUCH LOAN AND GRANT CERTAIN POWERS TO THE MAGNOLIA CAPITAL CORPORATION AND THE MAGNOLIA VENTURE CAPITAL CORPORATION; TO REPEAL SECTION 27-7-22.11, MISSISSIPPI CODE OF 1972, WHICH PROVIDES FOR AN INCOME TAX CREDIT FOR CERTAIN INVESTMENTS UNDER THE VENTURE CAPITAL ACT OF 1994; AND FOR RELATED PURPOSES.


Information pertaining to this measure was last updated on 03/11/98 at 11:25.



End Of Document

1998/History/SB\SB2920.htm