House Bill NO. 439

By Senator(s) Minor

Amend line 41 by striking "Five Million Dollars ($5,000,000.00)" and inserting in lieu thereof "Six Million Five Hundred Thousand Dollars ($6,500,000.00)".

FURTHER, amend lines 43 and 50 by inserting the following after the word "grants":

"or loans"

FURTHER, amend line 44 by inserting the following after the word "grant":

"and loan"

(5) The Mississippi Development Authority may establish a capital access program and may contract with any financial institution to participate in the program upon such terms and conditions as the authority shall consider necessary and proper. The Mississippi Development Authority may establish loss reserve accounts at financial institutions that participate in the program and require payments by the financial institution and the borrower to such loss reserve accounts. All money in such loss reserve accounts is the property of the Mississippi Development Authority.

Under the capital access program a participating financial institution may make a loan to any borrower the Mississippi Development Authority determines to be qualified under rules and regulations adopted by the authority and be protected against losses from such loans as provided in the program. Under such rules and regulations as may be adopted by the Mississippi Development Authority, a participating financial institution may submit claims for the reimbursement for losses incurred as a result of default on loans by qualified borrowers.

Notwithstanding any provision of this chapter to the contrary, the Mississippi Development Authority may utilize not more than Seven Hundred Fifty Thousand Dollars ($750,000.00) out of the proceeds of bonds authorized to be issued in this chapter for the purpose of making payments to loan loss reserve accounts established at financial institutions that participate in the capital access program established by the Mississippi Development Authority.

(6) Notwithstanding any provision of this chapter to the contrary, the Mississippi Development Authority shall utilize not more than Two Hundred Thousand Dollars ($200,000.00) out of the proceeds of bonds authorized to be issued in this chapter for the purpose of assisting Warren County, Mississippi, in the continuation and completion of the study for the proposed Kings Point levee.

TO INCREASE FROM $5,000,000.00 TO $6,500,000.00 THE AMOUNT OF BOND PROCEEDS THAT THE MISSISSIPPI DEVELOPMENT AUTHORITY MAY UTILIZE UNDER THE MISSISSIPPI BUSINESS INVESTMENT ACT FOR THE PURPOSE OF MAKING GRANTS OR LOANS TO COUNTIES AND MUNICIPALITIES TO AID IN INFRASTRUCTURE RELATED IMPROVEMENTS, THE PURCHASE OF EQUIPMENT AND THE PURCHASE, CONSTRUCTION, REPAIR AND RENOVATION OF PUBLIC FACILITIES; TO AUTHORIZE THE MISSISSIPPI DEVELOPMENT AUTHORITY TO UTILIZE NOT MORE THAN $750,000.00 OF THE BOND PROCEEDS UNDER THE MISSISSIPPI BUSINESS INVESTMENT ACT FOR THE PURPOSE OF ESTABLISHING A CAPITAL ACCESS PROGRAM UNDER WHICH PARTICIPATING FINANCIAL INSTITUTIONS MAY MAKE LOANS TO QUALIFIED BORROWERS UNDER THE PROGRAM AND BE PROTECTED AGAINST LOSSES FROM SUCH LOANS; TO AUTHORIZE THE MISSISSIPPI DEVELOPMENT AUTHORITY TO USE NOT MORE THAN $200,000.00 OF THE BOND PROCEEDS UNDER THE MISSISSIPPI BUSINESS INVESTMENT ACT FOR THE PURPOSE OF ASSISTING WARREN COUNTY, MISSISSIPPI, IN THE CONTINUATION AND COMPLETION OF A STUDY FOR THE PROPOSED KINGS POINT LEVEE;