House Bill 1238

AN ACT TO ESTABLISH A LOAN PROGRAM TO ENABLE PRIVATE FIRMS AND NONPROFIT ORGANIZATIONS TO PURCHASE ALTERNATIVE FUELS CONVERSION SYSTEMS FOR VEHICLES OR TO PURCHASE NEW VEHICLES WITH SUCH SYSTEMS; TO PROVIDE ELIGIBILITY REQUIREMENTS; TO PROVIDE FOR THE MAXIMUM DURATION AND MAXIMUM INTEREST OF SUCH LOANS; TO AUTHORIZE THE MISSISSIPPI DEVELOPMENT AUTHORITY TO PROMULGATE RULES AND REGULATIONS TO IMPLEMENT THIS ACT; AND FOR RELATED PURPOSES.

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

SECTION 1. (1) The Mississippi Development Authority shall establish a program to make loans for the purpose of enabling private firms and nonprofit organizations to obtain funds to purchase, acquire and install an alternative fuels conversion system in an eligible vehicle or to purchase eligible vehicles equipped with an alternative fuels conversion system.

(2) (a) To be eligible to participate in the loan program established by this act a private firm applicant must:

(i) Be a privately owned Mississippi based firm;

(ii) Provide a nongovernmental service;

(iii) Operate a fleet of three (3) or more vehicles for commercial purposes; and

(iv) Be financially solvent.

(b) To be eligible to participate in the loan program established by this act a nonprofit organization must:

(i) Have legal standing in the State of Mississippi as a nonprofit organization;

(ii) Have legal standing with the Internal Revenue Service as a nonprofit organization;

(iii) Operate a fleet of three (3) or more vehicles for purposes of providing a nongovernmental service; and

(iv) Be financially solvent.

(3) Loans under this act shall be for no more than six (6) years and the maximum interest rate shall be three percent (3%).

(4) The Mississippi Development Authority shall promulgate rules and regulations, in accordance with the Mississippi Administrative Procedures Law, for the implementation of this act.

SECTION 2. This act shall take effect and be in force from and after July 1, 2012.