AMENDMENT No. 1 PROPOSED TO
Committee Sub. for HB NO. 430
By Representative(s) Eaton
AMEND by striking lines 73 through 92 and inserting in lieu thereof the following:
"(b) The Mississippi Development Authority shall, in addition to the other programs described in this section, provide for a program of loans or loan guaranties, or both, to be made to or on behalf of any agribusiness enterprise engaged in beef processing for the purpose of encouraging thereby the extension of conventional financing and the issuance of letters of credit to such agribusiness enterprises by private institutions. Monies to make such loans or loan guaranties, or both, by the Mississippi Development Authority shall be drawn from the Emerging Crops Fund and shall not exceed Twenty-one Million Dollars ($21,000,000.00) in the aggregate. The amount of a loan to any single agribusiness enterprise or loan guaranty on behalf of such agribusiness enterprise, or both, under this paragraph (b) shall not exceed the total cost of the project for which financing is sought or Twenty-one Million Dollars ($21,000,000.00), whichever is less. The interest charged on a loan made under this paragraph (b) shall be at a rate determined by the Mississippi Development Authority. All repayments of any loan made under this paragraph (b) shall be deposited into the Emerging Crops Fund. Assistance received by an agribusiness enterprise under this paragraph (b) shall not disqualify the agribusiness enterprise from obtaining any other assistance under this chapter."
AMEND FURTHER the title on line 3 by striking "$20,000,000.00" and inserting in lieu thereof "$21,000,000.00"
AMEND FURTHER on line 3 by striking the word "TO" after the word "LOANS" and inserting in lieu thereof the language "AND LOAN GUARANTIES TO OR ON BEHALF OF"