MISSISSIPPI LEGISLATURE
2019 Regular Session
To: Finance
By: Senator(s) Fillingane
AN ACT TO AMEND SECTIONS 57-1-16, 57-1-18, 57-1-221, 57-1-421, 57-1-601, 57-1-701, 57-46-1, 57-61-25, 57-85-5, 57-93-1, 57-95-1, 57-111-1 AND 65-4-15, MISSISSIPPI CODE OF 1972, TO REVISE THE PROCEDURE BY WHICH UP TO 3% OF BOND PROCEEDS IN VARIOUS FUNDS MAY BE USED TO REIMBURSE THE MISSISSIPPI DEVELOPMENT AUTHORITY FOR COSTS INCURRED IN THE ADMINISTRATION OF VARIOUS GRANT, LOAN AND FINANCIAL INCENTIVE PROGRAMS, TO ALLOW THE MISSISSIPPI DEVELOPMENT AUTHORITY TO APPLY THE PROCEEDS FOR REIMBURSEMENT ACROSS FUNDS AND PROGRAMS; AND FOR RELATED PURPOSES.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:
SECTION 1. Section 57-1-16, Mississippi Code of 1972, is amended as follows:
57-1-16. (1) As used in this section:
(a) "Extraordinary economic development opportunity" means a new or expanded business or industry which maintains a strong financial condition and minimal credit risk and creates substantial employment, particularly in areas of high unemployment.
(b) "Local economic development entities" means state institutions of higher learning or public or private nonprofit local economic development entities including, but not limited to, chambers of commerce, local authorities, commissions or other entities created by local and private legislation or districts created pursuant to Section 19-5-99.
(c) "MDA" means the Mississippi Development Authority.
(2) (a) There is hereby created in the State Treasury a special fund to be designated as the ACE Fund, which shall consist of money from any public or private source designated for deposit into such fund. Unexpended amounts remaining in the fund at the end of a fiscal year shall not lapse into the State General Fund, and any interest earned on amounts in the fund shall be deposited to the credit of the fund. The purpose of the fund shall be to assist in maximizing extraordinary economic development opportunities related to any new or expanded business or industry or to assist a local unit of government as authorized in subsection (5) of this section. Such funds may be used to make grants to local economic development entities to assist any new or expanding business or industry that meets the criteria provided in this section when such assistance aids the consummation of a project within the State of Mississippi, or to make grants to a local unit of government as authorized in subsection (5) of this section.
(b) Monies in the fund
which are derived from the proceeds of general obligation bonds may be used to
reimburse reasonable actual and necessary costs incurred by the MDA * * * for the administration of the
various grant, loan and financial incentive programs administered by the MDA.
An accounting of actual costs incurred for which reimbursement is sought shall
be maintained * * * by the MDA. Reimbursement of reasonable actual and
necessary costs * * * shall not exceed three percent (3%) of the proceeds of bonds
issued * * *. * * *
Reimbursements made under this subsection shall satisfy any applicable federal
tax law requirements.
(3) The MDA shall establish a grant program to make grants from the ACE Fund created under this section. Local economic development entities may apply to the MDA for a grant under this section in the manner provided for in subsection (4) of this section. Local units of government may apply to the MDA for a grant under this section in the manner provided in subsection (5) of this section.
(4) (a) Any business or industry desiring assistance from a local economic development entity under this section shall submit an application to the local economic development entity which shall include, at a minimum:
(i) Evidence that the business or industry meets the definition of an extraordinary economic development opportunity;
(ii) A demonstration that the business or industry is at an economic disadvantage by locating the new or expanded project in the county;
(iii) A description, including the cost, of the requested assistance;
(iv) A description of the purpose for which the assistance is requested;
(v) A two-year business plan;
(vi) Financial statements or tax returns for the three (3) years immediately prior to the application;
(vii) Credit reports on all persons or entities with a twenty percent (20%) or greater interest in the business or industry; and
(viii) Any other information required by the MDA.
(b) The MDA shall require that binding commitments be entered into requiring that:
(i) The minimum requirements of this section and such other requirements as the MDA considers proper shall be met; and
(ii) If such requirements are not met, all or a portion of the funds provided by this section as determined by the MDA shall be repaid.
(c) Upon receipt of the application from a business or industry, the local economic development entity may apply to the MDA for assistance under this section. Such application must contain evidence that the business or industry meets the definition of an extraordinary economic development opportunity, a demonstration that the business or industry is at an economic disadvantage by locating the new or expanded project in the county, a description, including the cost, of the requested assistance, and a statement of what efforts have been made or are being made by the business or industry for securing or qualifying for other local, state, federal or private funds for the project.
(d) The MDA shall have sole discretion in the awarding of ACE funds, provided that the business or industry and the local economic development entity have met the statutory requirements of this section. However, in making grants under this section, the MDA shall attempt to provide for an equitable distribution of such grants among each of the congressional districts of this state in order to promote economic development across the entire state.
(5) (a) The MDA may make grants to local units of government to assist the local unit of government in purchasing real property for the benefit of an existing industry that commits to maintain a minimum of one thousand three hundred (1,300) jobs for a minimum of ten (10) years after the date the grant is made.
(b) Any local unit of government seeking a grant authorized under this subsection shall apply to MDA. The application shall contain such information as the MDA may require.
(c) The MDA shall require that binding commitments be entered into requiring that:
(i) The minimum requirements of this subsection and such other requirements as the MDA considers proper shall be met; and
(ii) If such requirements are not met, all or a portion of the funds provided by this section as determined by the MDA shall be repaid.
(6) The MDA shall promulgate rules and regulations, in accordance with the Mississippi Administrative Procedures Law, for the implementation of this section. However, before the implementation of any such rules and regulations, they shall be submitted to a committee consisting of five (5) members of the Senate Finance Committee and five (5) members of the House of Representatives Ways and Means Committee, appointed by the respective committee chairmen.
SECTION 2. Section 57-1-18, Mississippi Code of 1972, is amended as follows:
57-1-18. (1) For the purposes of this section, the following terms shall have the meanings ascribed in this section unless the context clearly indicates otherwise:
(a) "Limited population county" means a county in the State of Mississippi with a population of thirty thousand (30,000) or less according to the most recent federal decennial census at the time the county submits its application to the MDA under this section.
(b) "MDA" means the Mississippi Development Authority.
(c) "Project" means highways, streets and other roadways, bridges, sidewalks, utilities, airfields, airports, acquisition of equipment, acquisition of real property, development of real property, improvements to real property, and any other project approved by the MDA.
(d) "Small municipality" means a municipality in the State of Mississippi with a population of ten thousand (10,000) or less according to the most recent federal decennial census at the time the municipality submits its application to the MDA under this section. The term "small municipality" also includes a municipal historical hamlet as defined in Section 17-27-5.
(2) (a) There is hereby created in the State Treasury a special fund to be designated as the "Small Municipalities and Limited Population Counties Fund," which shall consist of funds appropriated or otherwise made available by the Legislature in any manner and funds from any other source designated for deposit into such fund. Unexpended amounts remaining in the fund at the end of a fiscal year shall not lapse into the State General Fund, and any investment earnings or interest earned on amounts in the fund shall be deposited to the credit of the fund. Monies in the fund shall be used to make grants to small municipalities and limited population counties or natural gas districts created by law and contained therein to assist in completing projects under this section.
(b) Monies in the fund
which are derived from proceeds of bonds issued under Sections 1 through 16 of
Chapter 538, Laws of 2002, Sections 1 through 16 of Chapter 508, Laws of 2003,
Sections 55 through 70 of Chapter 1, Laws of 2004 Third Extraordinary Session,
Sections 1 through 16 of Chapter 482, Laws of 2006, Section 15 of Chapter 580,
Laws of 2007, Section 1 of Chapter 503, Laws of 2008, Section 42 of Chapter
557, Laws of 2009, Section 38 of Chapter 533, Laws of 2010, Section 41 of
Chapter 480, Laws of 2011, Section 30 of Chapter 569, Laws of 2013, Section 4
of Chapter 530, Laws of 2014, Section 11 of Chapter 472, Laws of 2015, Section
19 of Chapter 511, Laws of 2016, or Section 5 of Chapter 452, Laws of 2018, may
be used to reimburse reasonable actual and necessary costs incurred by the MDA * * *
for the administration of the various grant, loan and financial incentive
programs administered by the MDA. An accounting of actual costs incurred
for which reimbursement is sought shall be maintained * * * by the MDA. Reimbursement of
reasonable actual and necessary costs * * * shall not exceed three percent
(3%) of the proceeds of bonds issued * * *. * * *
Reimbursements under this subsection shall satisfy any applicable federal tax
law requirements.
(3) The MDA shall establish a grant program to make grants to small municipalities and limited population counties from the Small Municipalities and Limited Population Counties Fund. Grants made under this section to a small municipality or a limited population county shall not exceed Two Hundred Fifty Thousand Dollars ($250,000.00) during any grant period established by the MDA. A small municipality or limited population county may apply to the MDA for a grant under this section in the manner provided for in this section.
(4) A small municipality or limited population county desiring assistance under this section must submit an application to the MDA. The application must include a description of the project for which assistance is requested, the cost of the project for which assistance is requested, the amount of assistance requested and any other information required by the MDA.
(5) The MDA shall have all powers necessary to implement and administer the program established under this section, and the department shall promulgate rules and regulations, in accordance with the Mississippi Administrative Procedures Law, necessary for the implementation of this section.
(6) The MDA shall file an annual report with the Governor, the Secretary of the Senate and the Clerk of the House of Representatives not later than December 1 of each year, describing all assistance provided under this section.
SECTION 3. Section 57-1-221, Mississippi Code of 1972, is amended as follows:
57-1-221. (1) As used in this section:
(a) "Approved business enterprise" means any project that:
(i) Locates or expands in this state and creates a minimum of two hundred fifty (250) new, full-time jobs with a total capital investment in the state of a minimum of Thirty Million Dollars ($30,000,000.00) in Tier 1 or Tier 2 counties;
(ii) Locates or expands in this state and creates a minimum of one hundred fifty (150) new, full-time jobs with a total capital investment in the state of a minimum of Fifteen Million Dollars ($15,000,000.00) in areas federally designated as low-income census tracts;
(iii) Locates or expands in this state and creates a minimum of one thousand (1,000) new, full-time jobs;
(iv) Is a manufacturer of high-end kitchen appliances having at least four hundred (400) employees working at its Mississippi facilities on January 1, 2015, and with a capital investment of at least Five Million Dollars ($5,000,000.00) made after July 1, 2014, through four (4) years after July 1, 2015, that expands in this state, and retains a minimum of four hundred (400) jobs; or
(v) Locates or expands in this state with significant regional impact as determined by MDA.
(b) "MDA" means the Mississippi Development Authority.
(c) "Facility related to the project" means and includes any of the following, as they may pertain to the project:
(i) Facilities to provide potable and industrial water supply systems, sewage and waste disposal systems and water, natural gas and electric transmission systems to the site of the project;
(ii) Building facilities and equipment necessary to operate the facility;
(iii) Rail lines;
(iv) Airports, airfields, air terminals and port facilities;
(v) Highways, streets and other roadways; and
(vi) Fire protection facilities, equipment and elevated water tanks.
(d) "Project" means any industrial, commercial, research and development, warehousing, distribution, transportation, processing, mining, United States government or tourism enterprise together with all real property required for construction, maintenance and operation of the enterprise that is approved by the MDA.
(2) (a) There is created a
special fund in the State Treasury to be known as the Mississippi Industry
Incentive Financing Revolving Fund which shall consist of * * * monies from any source designated
for deposit into the fund. Unexpended amounts remaining in the fund at the end
of a fiscal year shall not lapse into the State General Fund, and any interest
earned on amounts in the fund shall be deposited to the credit of the fund. * * * Monies in the fund shall be
disbursed by the Mississippi Development Authority for the purposes authorized
in subsection (3) of this section.
(b) * * * Monies in the fund that * * * are derived from the proceeds of
general obligation bonds may be used to reimburse reasonable actual and
necessary costs incurred by the MDA * * * for the administration of the
various grant, loan and financial incentive programs administered by the MDA.
An accounting of actual costs incurred for which reimbursement is sought shall
be maintained * * * by the MDA. Reimbursement of reasonable actual
and necessary costs * * * shall not exceed three percent (3%) of the proceeds
of bonds issued * * *. Reimbursements made under this subsection shall
satisfy any applicable federal tax law requirements.
(3) The MDA shall establish a program to make grants or loans from the Mississippi Industry Incentive Financing Revolving Fund to local governments, including, but not limited to, counties, municipalities, industrial development authorities and economic development districts, and approved business enterprises to construct or otherwise provide facilities related to the project. Local governments are authorized to accept grants and enter into loans authorized under the program, and to sell, lease or otherwise dispose of a project or any property related to the project in whole or in part.
(4) (a) Any business enterprise or local government desiring a grant or loan under this section shall submit an application to the MDA which shall include, at a minimum:
(i) Evidence that the business or industry meets the definition of an approved business enterprise;
(ii) A description, including the cost, of the requested assistance;
(iii) A description of the purpose for which the assistance is requested; and
(iv) Any other information required by the MDA.
(b) The MDA shall require that binding commitments be entered into requiring that:
(i) The minimum requirements of this section and such other requirements as the MDA considers proper shall be met; and
(ii) If such requirements are not met, all or a portion of the funds provided by this section as determined by the MDA shall be repaid.
(c) Upon receipt of the application from a business enterprise or local government for a grant or loan under this section, the MDA shall determine whether the enterprise meets the definition of an approved business enterprise and determine whether to provide the assistance requested in the form of a grant or a loan.
(d) The MDA shall have sole discretion in providing grants or loans under this section. The terms of a grant or loan provided under this section and the manner of repayment of any loan shall be within the discretion of the MDA. Repayments of loans made under this section shall be deposited to the credit of the Mississippi Industry Incentive Financing Revolving Fund until the uncommitted balance in the fund reaches Fifty Million Dollars ($50,000,000.00). Once the uncommitted balance in the fund reaches Fifty Million Dollars ($50,000,000.00), repayments of loans under this section shall be deposited to the credit of Fund No. 3951 in the State Treasury to pay debt service on bonds until such time as the uncommitted balance in the fund falls below Fifty Million Dollars ($50,000,000.00).
(e) The MDA shall
notify the Chairman of the Senate Finance Committee and the Chairman of the
House Ways and Means Committee of the approval of any grant or loan application
thirty (30) days prior to the disbursement of any * * * monies for the loan or grant from
the Mississippi Industry Incentive Financing Revolving Fund. The notification
shall identify the applicant and the purposes for which the loan or grant is
made.
(5) (a) Contracts, by local governments, including, but not limited to, design and construction contracts, for the acquisition, purchase, construction or installation of a project shall be exempt from the provisions of Section 31-7-13 if:
(i) The MDA finds and records such finding on its minutes, that because of availability or the particular nature of a project, it would not be in the public interest or would less effectively achieve the purposes of this section to enter into such contracts on the basis of Section 31-7-13; and
(ii) The approved business enterprise that is involved in the project concurs in such finding.
(b) When the requirements of paragraph (a) of this subsection are met:
(i) The requirements of Section 31-7-13 shall not apply to such contracts; and
(ii) The contracts may be entered into on the basis of negotiation.
(6) It is the policy of the MDA and the MDA is authorized to accommodate and support any enterprise that receives a loan under this section for a project defined in Section 17-25-23 that wishes to have a program of diversity in contracting, and/or that wishes to do business with or cause its prime contractor to do business with Mississippi companies, including those companies that are small business concerns owned and controlled by socially and economically disadvantaged individuals. The term "socially and economically disadvantaged individuals" shall have the meaning ascribed to such term under Section 8(d) of the Small Business Act (15 USCS 637(d)) and relevant subcontracting regulations promulgated pursuant thereto; except that women shall be presumed to be socially and economically disadvantaged individuals for the purposes of this subsection.
(7) The MDA shall promulgate rules and regulations, in accordance with the Mississippi Administrative Procedures Law, for the implementation of this section.
SECTION 4. Section 57-1-421, Mississippi Code of 1972, is amended as follows:
57-1-421. (1) As used in this subsection:
(a) "Alternative fuel" means compressed natural gas and liquefied natural gas, as defined in Section 27-59-3, and propane fuel when used as a fuel in a motor vehicle or motor vehicles on the highways of the state.
(b) "Alternative fuel school bus" means a school bus propelled by alternative fuel either as a dedicated alternative fuel vehicle, as a bi-fuel vehicle using alternative fuel as one of its fuels, or as a dual-fuel vehicle using alternative fuel as one of its fuels.
(c) "Conversion kit" means the fuel system equipment necessary in order to retrofit a motor vehicle propelled by gasoline, diesel or other fuel so that the motor vehicle may be converted or modified into an alternative fuel motor vehicle.
(d) "Cost of qualified alternative fuel motor vehicle fuel property" means any of the following:
(i) The actual cost per school bus paid by the school district for the purchase and installation of qualified alternative fuel motor vehicle fuel property described in paragraph (l)(i) of this subsection.
(ii) The incremental cost per school bus paid by the school district upon the purchase of an OEM alternative fuel school bus for the qualified alternative fuel motor vehicle fuel property (including installation) described in paragraph (l)(ii) of this subsection.
(iii) The cost of the qualified alternative fuel motor vehicle fuel property described in paragraph (l)(iii) of this subsection and its installation.
(iv) The cost of the qualified alternative fuel motor vehicle fuel property described in paragraph (l)(iv) of this subsection and its construction and installation. The cost directly related to a refueling station shall not include costs associated with exploration and development activities necessary for severing natural resources from the soil or ground.
(e) "Fuel system equipment" means tanks, pumps, hoses, injectors, electronic controls and related supplies, materials, parts and components for the storage of alternative fuel as fuel for an alternative fuel school bus, the delivery of alternative fuel to the engine of an alternative fuel school bus, and the exhaust from an alternative fuel school bus of gases from combustion of alternative fuel used to propel an alternative fuel school bus, excluding equipment necessary for operation of a school bus on gasoline, diesel or any fuel other than alternative fuel.
(f) "Incremental cost" means:
(i) The stated MSRP of the fuel system equipment and its installation for an OEM alternative fuel school bus; or
(ii) If no separate MSRP is stated, the difference between the MSRP of the OEM alternative fuel school bus and the MSRP of the same make and model of school bus manufactured without the fuel system equipment but otherwise identically equipped.
When an OEM alternative fuel school bus is sold for less (or more) than its MSRP, the amount determined in subparagraph (i) or (ii) of this paragraph (f) shall be proportionately reduced (or increased) by the same percentage as the discount (or premium) on the MSRP, as applicable.
(g) "School district" means a public school district.
(h) "OEM alternative fuel motor vehicle" means an alternative fuel school bus manufactured by the original vehicle manufacturer (or its contractor) with the fuel system equipment installed as original equipment by the manufacturer (or its contractor) at the factory or at another installation site approved by the manufacturer (or its contractor).
(i) "Motor vehicle" shall have the meaning ascribed to such term in Section 27-59-3.
(j) "MSRP" means manufacturer's suggested retail price.
(k) "Original purchase" means the purchase directly from a dealer at retail of a new OEM alternative fuel school bus which has never been titled.
(l) "Qualified alternative fuel motor vehicle fuel property" means any of the following:
(i) A conversion kit which has not previously been used to retrofit any motor vehicle and is installed and results in a reduction in emissions.
(ii) The fuel system equipment on an OEM alternative fuel school bus which results in a reduction in emissions.
(iii) A refueling system installed at a governmental entity location for the nonpublic refueling with alternative fuel of the governmental entity's alternative fuel school buses.
(iv) A refueling station located in the state and operated by a school district for refueling of alternative fuel motor vehicles owned by the school district.
(v) Upgrades to a refueling system included in subparagraphs (iii) and (iv) of this paragraph (l).
(vi) Portable or mobile refueling systems.
(m) "Reduction in emissions" means a reduction in atmospheric emissions from fuel consumption by an alternative fuel motor vehicle as demonstrated by certification of the fuel system equipment by the federal Environmental Protection Agency or the Mississippi Department of Environmental Quality or any other test or standard recognized by the Mississippi Department of Environmental Quality.
(n) "Refueling system" means compressors (whether used separately or in combination with cascade tanks), process piping, hoses, dispensing units at the point where alternative fuel is delivered as a fuel, meters and other parts and equipment and installation supplies and materials therefor that constitute a refueling system capable of dispensing alternative fuel into fuel tanks of alternative fuel motor vehicles for use as a fuel.
(o) "Refueling station" means property constituting a facility operated for dispensing alternative fuel into fuel tanks of alternative fuel motor vehicles, which shall include:
(i) A refueling system; and
(ii) A building or other structural components constructed or installed as part of and directly related to such refueling system.
(p) "Retrofit" means the installation of a conversion kit in a school bus designed to operate on gasoline, diesel or other fuel in order to convert or modify the bus vehicle into an alternative fuel school bus.
(q) "School bus" means a vehicle owned by a school district that is primarily used by the school district to transport students.
(2) As used in this subsection:
(a) "Alternative fuel" means compressed natural gas and liquefied natural gas, as defined in Section 27-59-3, and propane fuel when used as a fuel in a motor vehicle or motor vehicles on the highways of the state.
(b) "Conversion kit" means the fuel system equipment necessary in order to retrofit a motor vehicle propelled by gasoline, diesel or other fuel so that the motor vehicle may be converted or modified into an alternative fuel motor vehicle.
(c) "Cost of qualified alternative fuel motor vehicle fuel property" means any of the following:
(i) The actual cost per vehicle paid by the municipality for the purchase and installation of qualified alternative fuel motor vehicle fuel property described in paragraph (l)(i) of this subsection.
(ii) The incremental cost per vehicle paid by the municipality upon the purchase of an OEM alternative fuel motor vehicle for the qualified alternative fuel motor vehicle fuel property (including installation) described in paragraph (l)(ii) of this subsection.
(iii) The cost of the qualified alternative fuel motor vehicle fuel property described in paragraph (l)(iii) of this subsection and its installation.
(iv) The cost of the qualified alternative fuel motor vehicle fuel property described in paragraph (l)(iv) of this subsection and its construction and installation. The cost directly related to a refueling station shall not include costs associated with exploration and development activities necessary for severing natural resources from the soil or ground.
(d) "Fuel system equipment" means tanks, pumps, hoses, injectors, electronic controls and related supplies, materials, parts and components for the storage of alternative fuel as fuel for an alternative fuel motor vehicle, the delivery of alternative fuel to the engine of an alternative fuel motor vehicle, and the exhaust from an alternative fuel motor vehicle of gases from combustion of alternative fuel used to propel an alternative fuel motor vehicle, excluding equipment necessary for operation of a motor vehicle on gasoline, diesel or any fuel other than alternative fuel.
(e) "Incremental cost" means:
(i) The stated MSRP of the fuel system equipment and its installation for an OEM alternative fuel motor vehicle; or
(ii) If no separate MSRP is stated, the difference between the MSRP of the OEM alternative fuel motor vehicle and the MSRP of the same make and model of motor vehicle manufactured without the fuel system equipment but otherwise identically equipped.
When an OEM alternative fuel motor vehicle is sold for less (or more) than its MSRP, the amount determined in subparagraph (i) or (ii) of this paragraph (e) shall be proportionately reduced (or increased) by the same percentage as the discount (or premium) on the MSRP, as applicable.
(f) "Municipality" means an incorporated city, town or village in the State of Mississippi.
(g) "OEM alternative fuel motor vehicle" means an alternative fuel motor vehicle manufactured by the original vehicle manufacturer (or its contractor) with the fuel system equipment installed as original equipment by the manufacturer (or its contractor) at the factory or at another installation site approved by the manufacturer (or its contractor).
(h) "Motor vehicle" shall have the meaning ascribed to such term in Section 27-59-3.
(i) "MSRP" means manufacturer's suggested retail price.
(j) "Alternative fuel motor vehicle" means a motor vehicle propelled by alternative fuel either as a dedicated alternative fuel vehicle, as a bi-fuel vehicle using alternative fuel as one of its fuels, or as a dual fuel vehicle using alternative fuel as one of its fuels.
(k) "Original purchase" means the purchase directly from a dealer at retail of a new OEM alternative fuel motor vehicle which has never been titled.
(l) "Qualified alternative fuel motor vehicle fuel property" means any of the following:
(i) A conversion kit which has not previously been used to retrofit any motor vehicle and is installed and results in a reduction in emissions.
(ii) The fuel system equipment on an OEM alternative fuel motor vehicle which results in a reduction in emissions.
(iii) A refueling system installed at a municipality location for the nonpublic refueling with alternative fuel of the municipality's alternative fuel motor vehicles.
(iv) A refueling station located in the state and operated by a municipality for refueling of alternative fuel motor vehicles owned by the municipality.
(v) Upgrades to a refueling system included in subparagraphs (iii) and (iv) of this paragraph (l).
(vi) Portable or mobile refueling systems.
(m) "Reduction in emissions" means a reduction in atmospheric emissions from fuel consumption by an alternative fuel motor vehicle as demonstrated by certification of the fuel system equipment by the federal Environmental Protection Agency or the Mississippi Department of Environmental Quality or any other test or standard recognized by the Mississippi Department of Environmental Quality.
(n) "Refueling system" means compressors (whether used separately or in combination with cascade tanks), process piping, hoses, dispensing units at the point where alternative fuel is delivered as a fuel, meters and other parts and equipment and installation supplies and materials therefor that constitute a refueling system capable of dispensing alternative fuel into fuel tanks of alternative fuel motor vehicles for use as a fuel.
(o) "Refueling station" means property constituting a facility operated for dispensing alternative fuel into fuel tanks of alternative fuel motor vehicles, which shall include:
(i) A refueling system; and
(ii) A building or other structural components constructed or installed as part of and directly related to such refueling system.
(p) "Retrofit" means the installation of a conversion kit in a motor vehicle designed to operate on gasoline, diesel or other fuel in order to convert or modify such motor vehicle into an alternative fuel motor vehicle.
(3) (a) The Mississippi Development Authority shall establish a revolving loan program to provide loans to (i) school districts for the purpose of assisting school districts with paying the cost of qualified alternative fuel motor vehicle fuel property and (ii) municipalities for the purpose of assisting municipalities with paying the cost of qualified alternative fuel motor vehicle fuel property. Loans made under this section shall bear no interest.
(b) A school district or municipality desiring a loan under this section must submit an application to the Mississippi Development Authority. The application shall include:
(i) A description of the purpose for which the loan is requested;
(ii) The amount of the loan requested; and
(iii) Any other information required by the Mississippi Development Authority.
(c) Repayments of loans made under this section shall be deposited to the credit of the Mississippi Alternative Fuel School Bus and Municipal Motor Vehicle Revolving Loan Fund.
(4) (a) There is created in the State Treasury a special fund to be designated as the "Mississippi Alternative Fuel School Bus and Municipal Motor Vehicle Revolving Loan Fund," which shall consist of funds appropriated or otherwise made available by the Legislature in any manner and funds from any other source designated for deposit into such fund. Unexpended amounts remaining in the fund at the end of a fiscal year shall not lapse into the State General Fund, and any investment earnings or interest earned on amounts in the fund shall be deposited to the credit of the fund. Monies in the fund shall be used by the Mississippi Development Authority for the purposes described in this section.
(b) Monies in the fund
which are derived from the proceeds of general obligation bonds may be used to
reimburse reasonable actual and necessary costs incurred by the Mississippi
Development Authority * * * for the administration of the various grant, loan and
financial incentive programs administered by the authority. * * *
Reimbursements made under this subsection shall satisfy any applicable federal
tax law requirements.
(5) The Mississippi Development Authority shall have all powers necessary to implement and administer the program established under this section, and the Mississippi Development Authority shall promulgate rules and regulations, in accordance with the Mississippi Administrative Procedures Law, necessary for the implementation of this section.
SECTION 5. Section 57-1-601, Mississippi Code of 1972, is amended as follows:
57-1-601. (1) For the purposes of this section, the following words shall have the following meanings ascribed in this section, unless the context clearly otherwise requires:
(a) "MDA" means the Mississippi Development Authority.
(b) "Municipality" means any municipality with a population of less than fifteen thousand (15,000) according to the latest federal decennial census at the time the municipality submits an application to the MDA under this section.
(c) "Revitalization zone" means an area in a municipality officially designated by ordinance or resolution of the governing authorities of the municipality as a revitalization zone and approved and certified by the MDA as meeting the requirements of this section.
(2) (a) There is created in the State Treasury a special fund to be designated as the "Mississippi Main Street Investment Revolving Loan Fund" which shall consist of funds from any source designated for deposit into the fund. Unexpended amounts remaining in the fund at the end of a fiscal year shall not lapse into the State General Fund, and any interest earned on amounts in the fund shall be deposited to the credit of the fund. Monies in the fund shall be used by the MDA for the purposes authorized in subsection (3) of this section.
(b) Monies in the fund
which are derived from the proceeds of general obligation bonds may be used to
reimburse reasonable actual and necessary costs incurred by the MDA * * * for the administration
of the various grant, loan and financial incentive programs administered by the
MDA. An accounting of actual costs incurred for which reimbursement is
sought shall be maintained * * *. Reimbursement of reasonable
actual and necessary costs * * * shall not exceed three percent
(3%) of the proceeds of bonds issued * * *. Reimbursements made
under this subsection shall satisfy any applicable federal tax law
requirements.
(3) The MDA shall establish a program to make loans to municipalities to assist with maintaining and improving the viability of revitalization zones. The proceeds of a loan made to a municipality under this section may be used for maintaining and/or improving the viability of a revitalization zone through means deemed appropriate by the governing authorities of the municipality, including, but not limited to, making loans, grants and/or other forms of assistance to any person or public or private association or other entity for use for infrastructure projects, improvements to properties, signage and other purposes related to maintaining and/or improving the viability of the revitalization zone.
(4) (a) A municipality desiring a loan under this section shall submit an application to the MDA seeking (i) approval and certification of the proposed revitalization zone and (ii) a loan for the purposes authorized in this section. The application shall include, at a minimum:
1. The name of the proposed revitalization zone, which shall include the name of the municipality in which the revitalization zone is to be located, together with the words, "revitalization zone";
2. A description of the revitalization zone by metes and bounds;
3. A map showing the parcels of real property included in the revitalization zone and the present use of such parcels;
4. A master plan for the revitalization zone that has been approved by sixty percent (60%) of the property owners within the zone at the time the municipality submits the application; and
5. Any other information required by the MDA. The governing authorities of a municipality may designate the boundaries of a proposed revitalization zone by adoption of an ordinance or resolution that is spread upon its minutes and describes the boundaries of the zone.
(b) The MDA shall review the application to confirm that the revitalization zone meets the requirements of this section. A revitalization zone may embrace two (2) or more separate parcels of real property, and such property may be publicly and/or privately owned. Each revitalization zone shall be of such size and form as to include all properties that, in the determination of the municipality and the MDA, constitute an integral part of the revitalization zone. If the MDA determines that the boundaries of the proposed revitalization zone exceed the area that is reasonably deemed to be integral to the revitalization zone, the MDA may reduce the boundaries of the proposed area.
(c) The MDA shall establish a deadline for the submitting of applications during a state fiscal year. Upon expiration of the application deadline, the MDA shall review and evaluate all completed applications and approve and select no more than two (2) municipal revitalization zone projects in the state during each state fiscal year. Upon the approval and selection of a municipal revitalization zone project, the MDA shall certify the revitalization zone.
(d) Repayments of loans made under this section shall be deposited to the credit of the Mississippi Main Street Investment Revolving Loan Fund.
(5) The MDA shall have all powers necessary to implement and administer the program established under this section, and the MDA shall promulgate rules and regulations, in accordance with the Mississippi Administrative Procedures Law, necessary for the implementation of this section.
SECTION 6. Section 57-1-701, Mississippi Code of 1972, is amended as follows:
57-1-701. (1) For the purposes of this section, the following words and phrases shall have the meanings ascribed in this subsection unless the context clearly indicates otherwise:
(a) "Eligible entity" means any (i) county, (ii) municipality or (iii) public or private nonprofit local economic development entity including, but not limited to, local authorities, commissions, or other entities created by local and private legislation or pursuant to Section 19-5-99.
(b) "Eligible expenditures" means:
(i) Fees for architects, engineers, environmental consultants, attorneys, and such other advisors, consultants and agents that MDA determines are necessary to complete site due diligence associated with site development improvements located on industrial property that is publicly owned; and/or
(ii) Contributions toward site development improvements, as approved by MDA, located on industrial property that is publicly owned.
(c) "MDA" means the Mississippi Development Authority.
(d) "Site development improvements" means site clearing, grading, and environmental mitigation; improvements to drainage systems; easement and right-of-way acquisition; sewer systems; transportation directly affecting the site, including roads, bridges or rail; bulkheads; land reclamation; water supply (storage, treatment and distribution); aesthetic improvements; the dredging of channels and basins; or other improvements as approved by MDA.
(2) (a) There is hereby created in the State Treasury a special fund to be designated as the "Mississippi Site Development Grant Fund," which shall consist of funds made available by the Legislature in any manner and funds from any other source designated for deposit into such fund. Unexpended amounts remaining in the fund at the end of a fiscal year shall not lapse into the State General Fund, and any investment earnings or interest earned on amounts in the fund shall be deposited to the credit of the fund. Monies in the fund shall be used to make grants to assist eligible entities as provided in this section.
(b) Monies in the fund
which are derived from proceeds of bonds issued under Section 2 of Chapter 390,
Laws of 2017, or Section 5 of Chapter 412, Laws of 2018, may be used to reimburse
reasonable actual and necessary costs incurred by MDA * * *
for the administration of the various grant, loan and financial incentive
programs administered by MDA. An accounting of actual costs incurred for
which reimbursement is sought shall be maintained * * * by MDA. Reimbursement of
reasonable actual and necessary costs * * * shall not exceed three percent
(3%) of the proceeds of bonds issued * * *. Reimbursements under this subsection shall satisfy any
applicable federal tax law requirements.
(3) (a) MDA shall establish a program to make grants to eligible entities to match local or other funds associated with improving the marketability of publicly owned industrial property for industrial economic development purposes and other property improvements as approved by MDA. An eligible entity may apply to MDA for a grant under this program in the manner provided for in this section. An eligible entity desiring assistance under this section must provide matching funds in an amount determined by MDA. Matching funds may be provided in the form of cash and/or in-kind services as determined by MDA.
(b) An eligible entity desiring assistance under this section must submit an application to MDA. The application must include:
(i) A description of the eligible expenditures for which assistance is requested;
(ii) The amount of assistance requested;
(iii) The amount and type of matching funds to be provided by the eligible entity; and
(iv) Any other information required by MDA.
(c) Upon request by MDA, an eligible entity shall provide MDA with access to all studies, reports, documents and/or plans developed as a result of or related to an eligible entity receiving assistance under this section.
(4) MDA shall have all powers necessary to implement and administer the program established under this section, and the department shall promulgate rules and regulations, in accordance with the Mississippi Administrative Procedures Law, necessary for the implementation of this section.
(5) MDA shall file an annual report with the Governor, the Secretary of the Senate and the Clerk of the House of Representatives not later than December 1 of each year, describing all assistance provided under this section.
SECTION 7. Section 57-46-1, Mississippi Code of 1972, is amended as follows:
57-46-1. (1) (a) There is created a special fund in the State Treasury to be known as the Mississippi Railroad Improvements Fund which shall consist of monies from any source designated for deposit into the fund. Unexpended amounts remaining in the fund at the end of a fiscal year shall not lapse into the State General Fund, and any investment earnings or interest earned on amounts in the fund shall be deposited to the credit of the fund. Monies in the fund shall be disbursed by the Mississippi Development Authority (MDA) for the purposes authorized in subsection (2) of this section.
(b) Monies in the fund
that are derived from the proceeds of general obligation bonds may be used to
reimburse reasonable actual and necessary costs incurred by the MDA * * * for the administration of the various
grant, loan and financial incentive programs administered by the MDA. An
accounting of actual costs incurred for which reimbursement is sought shall be
maintained * * * by the MDA. Reimbursement of reasonable actual and necessary
costs * * *
shall not exceed three percent (3%) of the proceeds of bonds issued * * *. Reimbursements made
under this subsection shall satisfy any applicable federal tax law
requirements.
(2) The MDA shall establish a program to make grants from the Mississippi Railroad Improvements Fund to assist in paying a portion of the costs associated with the repair, rehabilitation, construction, reconstruction, upgrading and improvement of railroad lines and related facilities, including projects necessary to ensure safety and structural integrity of rail lines, rail beds and bridges.
(3) (a) An entity desiring a grant under this section shall submit an application to the MDA which shall include, at a minimum:
(i) A description, including the cost, of the requested assistance;
(ii) A description of the purpose for which the assistance is requested; and
(iii) Any other information required by the MDA.
(b) The MDA shall have sole discretion in providing grants under this section. The terms of a grant shall be within the discretion of the MDA.
(4) The MDA shall have all powers necessary to implement and administer the program established under this section, including the establishing of requirements for matching funds and criteria regarding the evaluation of applications for assistance. The MDA shall promulgate rules and regulations, in accordance with the Mississippi Administrative Procedures Law, necessary for the implementation and administration of this section.
SECTION 8. Section 57-61-25, Mississippi Code of 1972, is amended as follows:
57-61-25. (1) The seller is authorized to borrow, on the credit of the state upon receipt of a resolution from the Mississippi Development Authority requesting the same, monies not exceeding the aggregate sum of Three Hundred Sixty-two Million Five Hundred Thousand Dollars ($362,500,000.00), not including monies borrowed to refund outstanding bonds, notes or replacement notes, as may be necessary to carry out the purposes of this chapter. The rate of interest on any such bonds or notes which are not subject to taxation shall not exceed the rates set forth in Section 75-17-101, Mississippi Code of 1972, for general obligation bonds.
(2) As evidence of indebtedness authorized in this chapter, general or limited obligation bonds of the state shall be issued, from time to time, to provide monies necessary to carry out the purposes of this chapter for such total amounts, in such form, in such denominations payable in such currencies (either domestic or foreign, or both) and subject to such terms and conditions of issue, redemption and maturity, rate of interest and time of payment of interest as the seller directs, except that such bonds shall mature or otherwise be retired in annual installments beginning not more than five (5) years from date thereof and extending not more than thirty (30) years from date thereof.
(3) All bonds and notes issued under authority of this chapter shall be signed by the chairman of the seller, or by his facsimile signature, and the official seal of the seller shall be affixed thereto, attested by the secretary of the seller.
(4) All bonds and notes issued under authority of this chapter may be general or limited obligations of the state, and the full faith and credit of the State of Mississippi as to general obligation bonds, or the revenues derived from projects assisted as to limited obligation bonds, are hereby pledged for the payment of the principal of and interest on such bonds and notes.
(5) Such bonds and notes and the income therefrom shall be exempt from all taxation in the State of Mississippi.
(6) The bonds may be issued as coupon bonds or registered as to both principal and interest, as the seller may determine. If interest coupons are attached, they shall contain the facsimile signature of the chairman and secretary of the seller.
(7) The seller is authorized to provide, by resolution, for the issuance of refunding bonds for the purpose of refunding any debt issued under the provisions of this chapter and then outstanding, either by voluntary exchange with the holders of the outstanding debt or to provide funds to redeem and the costs of issuance and retirement of the debt, at maturity or at any call date. The issuance of the refunding bonds, the maturities and other details thereof, the rights of the holders thereof and the duties of the issuing officials in respect to the same shall be governed by the provisions of this section, insofar as they may be applicable.
(8) As to bonds issued hereunder and designated as taxable bonds by the seller, any immunity of the state to taxation by the United States government of interest on bonds or notes issued by the state is hereby waived.
(9) The proceeds of bonds
issued under this chapter after April 9, 2002, may be used to reimburse
reasonable actual and necessary costs incurred by the Mississippi Development
Authority * * *
for the administration of the various grant, loan and financial incentive
programs administered by the authority. An accounting of actual costs
incurred for which reimbursement is sought shall be maintained * * * by the Mississippi
Development Authority. Reimbursement of reasonable actual and necessary costs * * * shall not exceed
three percent (3%) of the proceeds of bonds issued * * *. * * * Reimbursements under this subsection shall satisfy any
applicable federal tax law requirements.
SECTION 9. Section 57-85-5, Mississippi Code of 1972, is amended as follows:
57-85-5. (1) For the purposes of this section, the following words and phrases shall have the meanings ascribed in this section unless the context clearly indicates otherwise:
(a) "MDA" means the Mississippi Development Authority.
(b) "Project" means construction, rehabilitation or repair of buildings; sewer systems and transportation directly affecting the site of the proposed rural business; sewer facilities, acquisition of real property, development of real property, improvements to real property, and any other project approved by the Mississippi Development Authority.
(c) "Rural business" means a new or existing business located or to be located in a rural community or a business or industry located or to be located within five (5) miles of a rural community. "Rural business" does not include gaming businesses or utility businesses.
(d) "Rural community" means a county in the State of Mississippi that meets the population criteria for the term "limited population county" as provided in Section 57-1-18. "Rural community" also means a municipality in the State of Mississippi that meets the population criteria for the term "small municipality" as provided in Section 57-1-18.
(2) (a) There is created in the State Treasury a special fund to be designated as the "Mississippi Rural Impact Fund," which shall consist of funds appropriated or otherwise made available by the Legislature in any manner and funds from any other source designated for deposit into such fund. Unexpended amounts remaining in the fund at the end of a fiscal year shall not lapse into the State General Fund, and any investment earnings or interest earned on amounts in the fund shall be deposited to the credit of the fund. Monies in the fund shall be used to make grants and loans to rural communities and loan guaranties on behalf of rural businesses to assist in completing projects under this section.
(b) Monies in the fund
which are derived from proceeds of bonds issued after April 15, 2003, may be
used to reimburse reasonable actual and necessary costs incurred by the MDA * * *
for the administration of the various grant, loan and financial incentive
programs administered by the MDA. An accounting of actual costs incurred
for which reimbursement is sought shall be maintained * * * by the MDA. Reimbursement of
reasonable actual and necessary costs * * * shall not exceed three percent
(3%) of the proceeds of bonds issued * * *. Reimbursements under this paragraph (b) shall satisfy any
applicable federal tax law requirements.
(c) The MDA may use monies in the fund to pay for the services of architects, engineers, attorneys and such other advisors, consultants and agents that the MDA determines are necessary to review loan and grant applications and to implement and administer the program established under this section.
(d) The State Auditor may conduct performance and compliance audits under this chapter according to Section 7-7-211(o) and may bill the oversight agency.
(3) The MDA shall establish a program to make grants and loans to rural communities and loan guaranties on behalf of rural businesses from the Mississippi Rural Impact Fund. A rural community may apply to the MDA for a grant or loan under this section in the manner provided for in this section. A rural business may apply to the MDA for a loan guaranty under this section in the manner provided in this section.
(4) A rural community desiring assistance under this section must submit an application to the MDA. The application must include a description of the project for which assistance is requested, the cost of the project for which assistance is requested and any other information required by the MDA. A rural business desiring assistance under this section must submit an application to the MDA. The application must include a description of the purpose for which assistance is requested and any other information required by the MDA. The MDA may waive any requirements of the program established under this section in order to expedite funding for unique projects.
(5) The MDA shall have all powers necessary to implement and administer the program established under this section, and the MDA shall promulgate rules and regulations, in accordance with the Mississippi Administrative Procedures Law, necessary for the implementation of this section.
SECTION 10. Section 57-93-1, Mississippi Code of 1972, is amended as follows:
57-93-1. (1) As used in this section:
(a) "Existing industry" means a manufacturing enterprise that has been operating in this state for not less than two (2) consecutive years that meets minimum criteria established by the Mississippi Development Authority.
(b) "Long-term fixed assets" means assets that:
(i) Through new technology will improve an enterprise's productivity and competitiveness; and
(ii) Meet criteria established by the Mississippi Development Authority.
(c) "MDA" means the Mississippi Development Authority.
(2) (a) There is established the Mississippi Existing Industry Productivity Loan Program to be administered by the MDA for the purpose of providing loans to:
(i) Existing industries to deploy long-term fixed assets that through new technology will improve productivity and competitiveness;
(ii) Existing industries for the purchase or refinancing of land, buildings or equipment; and
(iii) Counties or incorporated municipalities to assist existing industries in deploying long-term fixed assets that through new technology will improve productivity and competitiveness and to assist existing industries through the purchase of land, buildings and equipment.
(b) (i) An existing industry that accepts a loan under this program shall not reduce employment by more than twenty percent (20%) through the use of the long-term fixed assets for which the loan is granted.
(ii) An existing industry that accepts assistance from a county or incorporated municipality through a loan made under this program shall not reduce employment by more than twenty percent (20%) through the use of the long-term fixed assets for which the assistance is granted.
(c) An existing industry desiring a loan under this section must submit an application to the MDA. The application shall include:
(i) A description of the purpose for which the loan is requested;
(ii) The amount of the loan requested;
(iii) The estimated total cost of the project;
(iv) A two-year business plan for the project;
(v) Financial statements or tax returns for the existing industry for the two (2) years immediately prior to the application;
(vi) Credit reports on all persons or entities with a twenty percent (20%) or greater interest in the enterprise; and
(vii) Any other information required by the MDA.
(d) A county or incorporated municipality desiring a loan under this section must submit an application to the MDA. The application shall include:
(i) A description of the purpose for which the loan is requested;
(ii) The amount of the loan requested;
(iii) The estimated total cost of the project;
(iv) A statement showing the sources of funding for the project;
(v) A two-year business plan for the project;
(vi) Financial statements or tax returns for the existing industry for the two (2) years immediately prior to the application;
(vii) Credit reports on all persons or entities with a twenty percent (20%) or greater interest in the existing industry;
(viii) Any commitment by the existing industry to pay rental on, or to make loan repayments related to, the assistance; and
(ix) Any other information required by the MDA.
(e) The MDA shall require that binding commitments be entered into requiring that:
(i) The minimum requirements of this section and such other requirements as the MDA considers proper shall be met; and
(ii) If such requirements are not met, all or a portion of the funds provided by this section as determined by the MDA shall be repaid.
(f) The rate of interest on loans under this section shall be set by the MDA.
(g) The MDA shall have all powers necessary to implement and administer the program established under this section, and the MDA shall promulgate rules and regulations, in accordance with the Mississippi Administrative Procedures Law, necessary for the implementation of this section. However, in making loans under this section, the MDA shall attempt to provide for an equitable distribution of such loans among each of the congressional districts of this state in order to promote economic development across the entire state.
(3) (a) There is created in the State Treasury a special fund to be designated as the "Mississippi Existing Industry Productivity Loan Fund," which shall consist of funds appropriated or otherwise made available by the Legislature in any manner and funds from any other source designated for deposit into such fund. Unexpended amounts remaining in the fund at the end of a fiscal year shall not lapse into the State General Fund, and any investment earnings or interest earned on amounts in the fund shall be deposited to the credit of the fund. Monies in the fund shall be used by the MDA for the purposes described in this section.
(b) Monies in the fund
which are derived from the proceeds of general obligation bonds may be used to
reimburse reasonable actual and necessary costs incurred by the MDA * * * for the administration of the various
grant, loan and financial incentive programs administered by the MDA. An
accounting of actual costs incurred for which reimbursement is sought shall be
maintained * * * by the MDA. Reimbursement of reasonable actual and necessary
costs shall not exceed three percent (3%) of the proceeds of bonds that are
deposited into the fund. * * * Monies authorized for a particular loan may not be used to reimburse
administrative costs for unrelated loans. Reimbursements made under
this subsection shall satisfy any applicable federal tax law requirements.
(c) (i) There is hereby created the Mississippi Existing Industry Productivity Loan Program Bond Sinking Fund from which the principal and interest on bonds whose proceeds are deposited into the Mississippi Existing Industry Productivity Loan Fund and utilized to provide loans authorized under this section, shall be repaid. Unexpended amounts remaining in the bond sinking fund at the end of a fiscal year shall not lapse into the State General Fund, and any interest earned or investment earnings on amounts in the bond sinking fund shall be deposited into the bond sinking fund. At any time when the funds required to pay the principal and interest on bonds whose proceeds are deposited into the Mississippi Existing Industry Productivity Loan Fund and are utilized to provide loans under this section are more than the amount available in the bond sinking fund, the Legislature shall appropriate the balance of the funds necessary to pay the principal and interest on such bonds.
(ii) Money repaid on loans authorized under this section that are derived from the proceeds of bonds deposited into the Mississippi Existing Industry Productivity Loan Fund shall be deposited into the Mississippi Existing Industry Productivity Loan Program Bond Sinking Fund.
(4) (a) A county that receives a loan under this section shall pledge for repayment of the loan any part of the homestead exemption annual tax loss reimbursement to which it may be entitled under Section 27-33-77. An incorporated municipality that receives a loan under this section shall pledge for repayment of the loan any part of the sales tax revenue distribution to which it may be entitled under Section 27-65-75. Each loan agreement shall provide for monthly payments, semiannual payments or other periodic payments, the annual total of which shall not exceed the annual total for any other year of the loan by more than fifteen percent (15%). The loan agreement shall provide for the repayment of all funds received within not more than twenty (20) years from the date of project completion.
(b) The State Auditor, upon request of the MDA, shall audit the receipts and expenditures of a county or an incorporated municipality whose loan payments appear to be in arrears, and if he finds that the county or municipality is in arrears in such payments, he shall immediately notify the Executive Director of the Department of Finance and Administration who shall withhold all future payments to the county of homestead exemption reimbursements under Section 27-33-77 and all sums allocated to the county or the municipality under Section 27-65-75 until such time as the county or the municipality is again current in its loan payments as certified by the MDA. In addition, the State Auditor may conduct performance and compliance audits under this chapter according to Section 7-7-211(o) and may bill the oversight agency.
(c) Evidences of indebtedness which are issued pursuant to this chapter shall not be deemed indebtedness within the meaning specified in Section 21-33-303 with regard to cities or incorporated towns, and in Section 19-9-5 with regard to counties.
SECTION 11. Section 57-95-1, Mississippi Code of 1972, is amended as follows:
57-95-1. (1) As used in this section:
(a) "At-risk industry" means any enterprise that has been operating in this state for not less than three (3) consecutive years that has lost jobs or is at risk to lose jobs because such jobs have been outsourced.
(b) "MDA" means the Mississippi Development Authority.
(c) "Outsource" means to send out work or jobs of a certain provider or manufacturer of the State of Mississippi to an overseas provider or manufacturer or a provider or manufacturer located outside the boundaries of the United States or any territory of the United States.
(2) (a) There is established the Mississippi Job Protection Act to be administered by the MDA for the purpose of providing grants and loans to:
(i) At-risk industries to be used for job retention and to improve productivity and competitiveness; and
(ii) Counties and incorporated municipalities to provide assistance to at-risk industries to be used for job retention and to improve productivity and competitiveness.
(b) (i) An at-risk industry that accepts a grant or loan under this program shall not reduce employment by more than twenty percent (20%).
(ii) An at-risk industry that accepts assistance from a county or incorporated municipality through a loan or grant made under this section shall not reduce employment by more than twenty percent (20%).
(c) An at-risk industry desiring a grant or loan under this section must submit an application to the MDA. The application shall include:
(i) A description of the purpose for which the grant or loan is requested;
(ii) The amount of the grant or loan requested;
(iii) The estimated total cost of the project;
(iv) A two-year business plan for the project;
(v) Financial statements or tax returns for the at-risk industry for the two (2) years immediately prior to the application;
(vi) Credit reports on all persons or entities with a twenty percent (20%) or greater interest in the at-risk industry; and
(vii) Any other information required by the MDA.
(d) A county or incorporated municipality desiring a grant or loan under this section must submit an application to the MDA. The application shall include:
(i) A description of the purpose for which the loan is requested;
(ii) The amount of the grant or loan requested;
(iii) The estimated total cost of the project;
(iv) A statement showing the sources of funding for the project;
(v) A two-year business plan for the project;
(vi) Financial statements or tax returns for the at-risk industry for the two (2) years immediately prior to the application;
(vii) Credit reports on all persons or entities with a twenty percent (20%) or greater interest in the at-risk industry;
(viii) Any commitment by the at-risk industry to pay rental on, or to make loan repayments related to, the assistance; and
(ix) Any other information required by the MDA.
(e) The MDA shall require that binding commitments be entered into requiring that:
(i) The minimum requirements of this section and such other requirements as the MDA considers proper shall be met; and
(ii) If such requirements are not met, all or a portion of the funds provided by this section as determined by the MDA shall be repaid.
(f) The amount of a grant or loan under this section shall not exceed fifty percent (50%) of the total cost of the project.
(g) The MDA shall have all powers necessary to implement and administer the program established under this section, and the MDA shall promulgate rules and regulations, in accordance with the Mississippi Administrative Procedures Law, necessary for the implementation of this section.
(3) Grants under this section shall not exceed Two Hundred Thousand Dollars ($200,000.00).
(4) (a) There is created in the State Treasury a special fund to be designated as the "Mississippi Job Protection Act Fund," which shall consist of funds appropriated or otherwise made available by the Legislature in any manner and funds from any other source designated for deposit into such fund. Unexpended amounts remaining in the fund at the end of a fiscal year shall not lapse into the State General Fund, and any investment earnings or interest earned on amounts in the fund shall be deposited to the credit of the fund. Monies in the fund shall be used by the MDA for the purposes described in this section.
(b) Monies in the fund
which are derived from the proceeds of general obligation bonds may be used to
reimburse reasonable actual and necessary costs incurred by the MDA * * * for the administration of the
various grant, loan and financial incentive programs administered by the MDA.
An accounting of actual costs incurred for which reimbursement is sought shall
be maintained * * * by the MDA. Reimbursement of reasonable actual
and necessary costs shall not exceed three percent (3%) of the proceeds of
bonds issued under Sections 40 through 55 of Chapter 1, Laws of Third
Extraordinary Session of 2005. * * *
Reimbursements made under this subsection shall satisfy any applicable federal
tax law requirements.
(c) (i) There is hereby created the Mississippi Job Protection Act Bond Sinking Fund from which the principal and interest on bonds whose proceeds are deposited into the Mississippi Job Protection Act Fund and utilized to provide loans authorized under this section, shall be repaid. Unexpended amounts remaining in the bond sinking fund at the end of a fiscal year shall not lapse into the State General Fund, and any interest earned or investment earnings on amounts in the bond sinking fund shall be deposited into the bond sinking fund. At any time when the funds required to pay the principal and interest on bonds whose proceeds are deposited into the Mississippi Job Protection Act Fund and are utilized to provide loans under this section are more than the amount available in the bond sinking fund, the Legislature shall appropriate the balance of the funds necessary to pay the principal and interest on such bonds.
(ii) Money repaid on loans authorized under this section that are derived from the proceeds of bonds deposited into the Mississippi Job Protection Act Fund shall be deposited into the Mississippi Job Protection Act Bond Sinking Fund.
(5) (a) A county that receives a loan under this section shall pledge for repayment of the loan any part of the homestead exemption annual tax loss reimbursement to which it may be entitled under Section 27-33-77. An incorporated municipality that receives a loan under this section shall pledge for repayment of the loan any part of the sales tax revenue distribution to which it may be entitled under Section 27-65-75. Each loan agreement shall provide for monthly payments, semiannual payments or other periodic payments, the annual total of which shall not exceed the annual total for any other year of the loan by more than fifteen percent (15%). The loan agreement shall provide for the repayment of all funds received within not more than twenty (20) years from the date of project completion.
(b) The State Auditor, upon request of the MDA, shall audit the receipts and expenditures of a county or an incorporated municipality whose loan payments appear to be in arrears, and if he finds that the county or municipality is in arrears in such payments, he shall immediately notify the Executive Director of the Department of Finance and Administration who shall withhold all future payments to the county of homestead exemption reimbursements under Section 27-33-77 and all sums allocated to the county or the municipality under Section 27-65-75 until such time as the county or the municipality is again current in its loan payments as certified by the MDA. The State Auditor may conduct performance and compliance audits under this chapter according to Section 7-7-211(o) and may bill the oversight agency.
(c) Evidences of indebtedness which are issued pursuant to this section shall not be deemed indebtedness within the meaning specified in Section 21-33-303 with regard to cities or incorporated towns, and in Section 19-9-5 with regard to counties.
SECTION 12. Section 57-111-1, Mississippi Code of 1972, is amended as follows:
57-111-1. (1) As used in this section:
(a) "MDA" means the Mississippi Development Authority.
(b) "Program" means the Mississippi Small Business and Existing Forestry Industry Enterprise Participating Loan Program established in this section.
(c) "Small business" means any commercial enterprise with less than one hundred (100) full-time employees, less than Seven Million Dollars ($7,000,000.00) in gross revenues or less than Seven Hundred Fifty Thousand Dollars ($750,000.00) in net annual profit after taxes.
(d) "Existing forestry industry enterprise" means a manufacturing enterprise that:
(i) Has its principal place of business in this state;
(ii) Has been operating in this state for not less than three (3) consecutive years preceding the date of submitting an application for assistance under this section;
(iii) Performs the initial processing of pine logs and/or hardwood logs in the production of lumber products or is engaged in the production of poles and/or timbers; and
(iv) Has employed an average of not less than fifteen (15) employees based on the most recent thirty-six-month period preceding the date that the enterprise submits an application for assistance under this section.
The term "existing forestry industry enterprise" does not include any (a) enterprise with the primary business of producing chips or (b) pulp manufacturer and/or paper manufacturer.
(2) The MDA shall establish a program of loans to be made to small businesses and existing forestry industry enterprises for the purpose of encouraging the extension of conventional financing and the issuance of letters of credit to small businesses and existing forestry industry enterprises by private institutions. Money to make the loans under the program shall be drawn by the MDA from the Small Business Participating Loan Program Revolving Fund. The amount of a loan to any single small business or existing forestry industry enterprise under the program shall not exceed fifty percent (50%) of the total cost of the project for which financing is sought. Interest shall be charged on the loans at a rate equal to one percent (1%) above the current published prime rate. The term of any loan made under this section shall not exceed five (5) years. Repayments of loans made by the MDA under the program shall be deposited to the credit of the Small Business and Existing Forestry Industry Enterprise Participating Loan Program Revolving Fund. Small businesses may utilize loan proceeds for buildings, equipment and working capital. An existing forestry industry enterprise that receives a loan under this section may use the loan proceeds for the purpose of providing working capital, acquiring machinery and equipment, making upgrades and improvements to machinery and equipment, acquiring raw materials and any other purposes approved by the MDA.
(3) There is created a special fund in the State Treasury to be known as the Small Business and Existing Forestry Industry Enterprise Participating Loan Program Revolving Fund which shall consist of money from any source designated for deposit into the fund. Unexpended amounts remaining in the fund at the end of a fiscal year shall not lapse into the State General Fund, and any investment earnings or interest earned on amounts in the fund shall be deposited to the credit of the fund. Money in the fund shall be disbursed by the Mississippi Development Authority for the purposes authorized in subsection (2) of this section.
(4) Money in the fund that
is derived from the proceeds of general obligation bonds may be used to
reimburse reasonable actual and necessary costs incurred by the MDA * * * for the administration of the various
grant, loan and financial incentive programs administered by the MDA. An
accounting of actual costs incurred for which reimbursement is sought shall be
maintained * * * by the MDA. Reimbursement of reasonable actual and necessary
costs * * *
shall not exceed three percent (3%) of the proceeds of bonds issued * * *. Reimbursements made under this
subsection shall satisfy any applicable federal tax law requirements.
SECTION 13. Section 65-4-15, Mississippi Code of 1972, is amended as follows:
65-4-15. (1) There is hereby established a special fund in the State Treasury to be known as the "Economic Development Highway Fund" which shall consist of such monies as the Legislature shall appropriate thereto or such other monies as the Legislature may designate to be deposited therein. Any monies to the credit of such fund may be expended by the Mississippi Department of Transportation or political subdivision, as appropriate, upon approval of requisitions therefor by the Mississippi Development Authority for any expenses incurred by the Transportation Department or political subdivision in constructing and improving highways and highway segments which have been approved by the Mississippi Development Authority under the provisions of this chapter. From and after July 1, 2004, no monies to the credit of the fund may be expended for the construction and improvement of highways for high economic benefit projects that are being developed for the primary purpose of conducting retail sales unless the Mississippi Development Authority has received an application for the project prior to July 1, 2004. With regard to a high economic benefit project as defined in Section 65-4-5(1)(c)(xiii) for which the Mississippi Development Authority approved and allocated monies in the fund before January 1, 2016, for constructing or improving a highway or highway segment related to the high economic benefit project, the Mississippi Development Authority may reallocate such monies from the original highway or highway segment purpose and allocate the funds for constructing or improving another highway or highway segment provided that such highway or highway segment is located within three (3) miles of the high economic benefit project for which the Mississippi Development Authority originally allocated and approved the monies. The Office of State Aid Road Construction shall be entitled to reimbursement from monies in the fund, upon approval by the Mississippi Development Authority of requisitions therefor by the State Aid Engineer, for the actual expenses incurred by the office in administering and providing engineering services to political subdivisions. Monies remaining unexpended to the credit of such special fund at the end of a fiscal year shall not lapse into the State General Fund, and any interest earned on the investment of monies in the special fund shall be deposited to the credit of the fund.
(2) Monies in the Economic
Development Highway Fund which are derived from proceeds of bonds issued under
this chapter after July 1, 2003, may be used to reimburse reasonable actual and
necessary costs incurred by the Mississippi Development Authority * * * for the administration of the various grant, loan and
financial incentive programs administered by the authority. An accounting
of actual costs incurred for which reimbursement is sought shall be maintained * * * by the Mississippi
Development Authority. Reimbursement of reasonable actual and necessary costs * * * shall not exceed three percent
(3%) of the proceeds of bonds issued * * *. * * *
Reimbursements to the Mississippi Development Authority under this subsection
shall satisfy any applicable federal tax law requirements.
SECTION 14. This act shall take effect and be in force from and after July 1, 2019.