MISSISSIPPI LEGISLATURE

1997 Regular Session

To: Economic Dev, Tourism and Parks; Finance

By: Senator(s) Hall, Horhn, Blackmon, Johnson (19th)

AN ACT TO CREATE SECTION 57-61-38, MISSISSIPPI CODE OF 1972, TO AUTHORIZE THE MISSISSIPPI DEPARTMENT OF ECONOMIC AND COMMUNITY DEVELOPMENT TO PROVIDE INTEREST-FREE LOANS TO LOCAL GOVERNMENT TO AID IN RETIRING INTEREST-BEARING LOANS THAT WERE UTILIZED FOR THE PURCHASE OF A MOTION PICTURE SOUND STAGE OUT OF THE PROCEEDS OF BONDS ISSUED UNDER THE MISSISSIPPI BUSINESS INVESTMENT ACT; AND FOR RELATED PURPOSES. 

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:

SECTION 1. The following provision shall be codified as Section 57-61-38, Mississippi Code of 1972:

57-61-38. Notwithstanding any provision of this chapter to the contrary, the Department of Economic and Community Development shall utilize not more than Eight Hundred Thousand Dollars ($800,000.00) out of the proceeds of bonds authorized to be issued in this chapter to be made available as interest-free loans to municipalities to aid in retiring interest-bearing loans that were utilized for the purchase of a motion picture sound stage.

The requirements of Section 57-61-9 shall not apply to any loan made under this section. The Department of Economic and Community Development shall establish criteria and guidelines to govern loans made pursuant to this section.

SECTION 2. This act shall take effect and be in force from and after its passage.