Mississippi Legislature
2005 5th Extraordinary Session

House Bill 10

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Bill Text

History of Actions

Background

Title

Description: Disaster relief; establish the Disaster Small Business Bridge Loan Program.

Bill Text: [Introduced]

History of Actions:

1 09/27 (H) Referred To Ways and Means
2 10/07 (H) Died In Committee

Background Information:

Effective datePassage
DispositionDead
DeadlineNone
RevenueNo
Vote type requiredThree/Fifths

House Committee:

Principal Author: Brown

Additional Author: Watson

Title: AN ACT TO ESTABLISH THE MISSISSIPPI DISASTER SMALL BUSINESS BRIDGE LOAN ACT TO PROVIDE SHORT-TERM LOANS FOR SMALL BUSINESSES THAT SUFFER PHYSICAL DAMAGE AS A RESULT OF A DISASTER FOR WHICH THE GOVERNOR HAS ISSUED A DISASTER DECLARATION TO ASSIST SMALL BUSINESSES IN RETURNING TO BUSINESS AS SOON AS POSSIBLE; TO PROVIDE THAT THE MISSISSIPPI DEVELOPMENT AUTHORITY SHALL ADMINISTER THE LOAN PROGRAM AND SHALL HAVE THE AUTHORITY TO ESTABLISH THE DISASTER LOAN PROGRAM WITH FEDERALLY INSURED FINANCIAL INSTITUTIONS; TO PROVIDE THE MINIMUM AND MAXIMUM AMOUNT OF LOANS AUTHORIZED UNDER THIS ACT; TO PROVIDE THE TERM OF SUCH LOANS; TO ESTABLISH CERTAIN ELIGIBILITY REQUIREMENTS FOR THE RECEIPT OF SUCH LOANS; TO PROVIDE THAT UPON THE ISSUANCE OF A DISASTER DECLARATION BY THE GOVERNOR AND A DETERMINATION OF NEED BY THE MISSISSIPPI DEVELOPMENT AUTHORITY, THE STATE BOND COMMISSION IS AUTHORIZED TO OBTAIN A LINE OF CREDIT IN AN AMOUNT NOT TO EXCEED $25,000,000.00 FOR ANY ONE DISASTER, FROM A COMMERCIAL LENDER, INVESTMENT BANKING GROUP OR A CONSORTIUM OF EITHER OR BOTH, FOR THE PURPOSE OF FUNDING THE LOAN PROGRAM; AND FOR RELATED PURPOSES.


Information pertaining to this measure was last updated on 10/07/05 at 20:04.

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