Senate Bill 2561

(As Passed the Senate)

AN ACT TO AMEND SECTION 57-71-5, MISSISSIPPI CODE OF 1972, TO REVISE THE DEFINITION OF THE TERM "PRIVATE COMPANY" UNDER THE MISSISSIPPI SMALL ENTERPRISE DEVELOPMENT ACT TO INCLUDE ANY COMMERCIAL ENTERPRISE APPROVED BY THE MISSISSIPPI BUSINESS FINANCE CORPORATION; AND FOR RELATED PURPOSES.

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

SECTION 1. Section 57-71-5, Mississippi Code of 1972, is amended as follows:

57-71-5. The following words and phrases when used in this act shall have the meaning given to them in this section unless the context clearly indicates otherwise:

(a) "MBFC" or "company" means the Mississippi Business Finance Corporation.

(b) "Private company" means any agricultural, aquacultural, horticultural, industrial, manufacturing or research and development enterprise or enterprises, or the lessor thereof, or any commercial enterprise approved by the Mississippi Business Finance Corporation; however, the term "private company" shall not include any business, corporation or entity having a gaming license issued under Section 75-76-1 et seq.

(c) "Qualified financial institution" means any commercial bank or savings and loan institution approved by the Mississippi Business Finance Corporation to provide letters of credit under this act.

(d) "Letter of credit" means a letter of credit obligation from a qualified financial institution approved by the Mississippi Business Finance Corporation.

(e) "Planning and development districts" means the organized planning and development districts in Mississippi.

(f) "Director" means the Executive Director of the Mississippi Business Finance Corporation.

(g) "Seller" means the State Bond Commission.

SECTION 2. This act shall take effect and be in force from and after July 1, 2007.