HB 23 — Mississippi Major Economic Impact Authority; revise certain authority concerning loan for certain economic development project.

          (bb)  To enter into contractual agreements to warrant any site work for a project defined in Section 57-75-5(f)(iv)1;

provided, however, that the aggregate amount of such warranties shall not exceed Fifteen Million Dollars ($15,000,000.00).

          (cc)  To provide grant funds to an enterprise operating a project defined in Section 57-75-5(f)(iv)1 in an amount not to exceed Thirty-nine Million Dollars ($39,000,000.00).

          (dd)  (i)  To own surface water transmission lines constructed with the proceeds of bonds issued pursuant to this act and in connection therewith to purchase and provide water to any project defined in Section 57-75-5(f)(iv) and to certificated water providers;

and               (ii)  To lease such surface water transmission lines to a public agency or public utility to provide water to such project and to certificated water providers.

          (ee)  To provide grant funds to an enterprise operating a project defined in Section 57-75-5(f)(v) or, in connection with a facility related to such a project, for job training, recruiting and infrastructure.

          (ff)  To enter into negotiations with persons proposing projects defined in Section 57-75-5(f)(xi) and execute acquisition options and conduct planning, design and environmental impact studies with regard to such project.

          (gg)  To establish such guidelines, rules and regulations as the authority may deem necessary and appropriate from time to time in its sole discretion, to promote the purposes of this act.

          (hh)  In connection with projects defined in Section 57-75-5(f)(ii):

              (i)  To provide grant funds or loans to a public agency or an enterprise owning, leasing or operating a project defined in Section 57-75-5(f)(ii) in amounts not to exceed the amount authorized in Section 57-75-15(3)(b);

              (ii)  To supervise the use of all such grant funds or loans;

and               (iii)  To requisition money in the Mississippi Major Economic Impact Authority Revolving Loan Fund in connection with such loans.

          (ii)  In connection with projects defined under Section 57-75-5(f)(xiv):

              (i)  To provide grant funds or loans to an enterprise owning, leasing or operating a project defined in Section 57-75-5(f)(xiv);

however, the aggregate amount of any such loans under this paragraph (ii) shall not exceed Eighteen Million Dollars ($18,000,000.00) and the aggregate amount of any such grants under this paragraph (ii) shall not exceed Six Million Dollars ($6,000,000.00);

              (ii)  To supervise the use of all such grant funds or loans;

and               (iii)  Notwithstanding any provision of this act to the contrary, such loans shall be for a term not to exceed twenty (20) years as may be determined by the authority, shall bear interest at such rates as may be determined by the authority, shall, in the sole discretion of the authority, be secured in an amount and a manner as may be determined by the authority.

          (jj)  In connection with projects defined under Section 57-75-5(f)(xviii):

              (i)  To provide grant funds of Twenty-five Million Dollars ($25,000,000.00) to an enterprise owning or operating a project defined in Section 57-75-5(f)(xviii) to be used for real estate improvements and which may be disbursed as determined by the authority;

              (ii)  To provide loans to an enterprise owning or operating a project defined in Section 57-75-5(f)(xviii) or make payments to a lender providing financing to the enterprise;

subject to the following provisions:

                   1.  Not more than Ten Million Dollars ($10,000,000.00) may be loaned to such an enterprise for the purpose of defraying costs incurred by the enterprise for site preparation and real property improvements during the construction of the project in excess of budgeted costs;

however, the amount of any such loan shall not exceed fifty percent (50%) of such excess costs;

                   2.  Not more than Sixty Million Dollars ($60,000,000.00) may be loaned to such an enterprise or paid to a lender providing financing to the enterprise for purposes determined appropriate by the authority, and the enterprise shall be obligated to repay the amount of the loan or payment plus any expenses incurred by the state as a result of the issuance of bonds pursuant to Section 57-75-15(3)(p);

however, no such loan or payment may be made before the beginning of the fifth year after issuance by the enterprise of debt in like amount the proceeds of which are to be used in connection with the project;

              (iii)  To supervise the use of all such loan funds;

              (iv)  Loans under this paragraph (jj) may be for any term determined appropriate by the authority provided that the payments on any loan must be in an amount sufficient to pay the state's debt service on bonds issued for the purpose of providing funds for such a loan;

and               (v)  The repayment obligation of the enterprise for any loan or payment authorized under this paragraph (jj) shall, in the discretion of the authority, be secured in an amount and a manner as may be determined by the authority.

          (kk)  In connection with projects defined in Section 57-75-5(f)(xxi) or a facility related to such a project:

              (i)  To provide grant funds to reimburse public agencies, Itawamba Community College, Northeast Mississippi Community College, and/or East Mississippi Community College, public or private nonprofits or an enterprise owning or operating a project as defined in Section 57-75-5(f)(xxi) for site preparation, real estate improvements, utilities, railroads, roads, infrastructure, job training, recruiting and any other expenses approved by the authority in amounts not to exceed the amount authorized in Section 57-75-15(3)(s);

              (ii)  To supervise the use of all such grant funds so reimbursed;

and               (iii)  To enter into contractual agreements to warrant site preparation and availability for a project defined in Section 57-75-5(f)(xxi).

          (ll)  In connection with a project related to a Tier One supplier:

              (i)  To provide grant funds to reimburse public agencies, public or private nonprofits and Tier One suppliers for site preparation, real estate improvements, utilities, railroads, roads, infrastructure, job training, recruiting and any other expenses approved by the authority in amounts not to exceed the amount authorized in Section 57-75-15(3)(t);

              (ii)  To supervise the use of all such grant funds so reimbursed.

          (mm)  In connection with projects defined in Section 57-75-5(f)(xxii) or a facility related to such a project:

              (i)  To provide grant funds to reimburse public agencies or an enterprise owning or operating a project as defined in Section 57-75-5(f)(xxii) for site preparation, real estate improvements, utilities, fire protection, wastewater, railroads, roads, infrastructure, job training, recruiting and any other expenses approved by the authority in amounts not to exceed the amount authorized in Section 57-75-15(3)(u);

and               (ii)  To supervise the use of all such grant funds so reimbursed.

          (nn)  It is the policy of the authority and the authority is authorized to accommodate and support any enterprise owning or operating a project defined in Section 57-75-5(f)(xviii), 57-75-5(f)(xxi), 57-75-5(f)(xxii), 57-75-5(f)(xxvi), 57-75-5(f)(xxvii), 57-75-5(f)(xxviii), 57-75-5(f)(xxix) or 57-75-5(f)(xxx) or an enterprise developing or owning a project defined in Section 57-75-5(f)(xx), 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 paragraph.

          (oo)  To provide grant funds to an enterprise developing or owning a project defined in Section 57-75-5(f)(xx) for reimbursement of costs incurred by such enterprise for infrastructure improvements in the initial phase of development of the project, upon dedication of such improvements to the appropriate public agency.

          (pp)  In connection with projects defined in Section 57-75-5(f)(xxiii):

              (i)  To provide grant funds to reimburse public agencies or an enterprise operating a project as defined in Section 57-75-5(f)(xxiii) for site preparation, utilities, real estate improvements, infrastructure, roads, public works, job training and any other expenses approved by the authority in amounts not to exceed the amount authorized in Section 57-75-15(3)(v);

and               (ii)  To supervise the use of all such grant funds so reimbursed.

          (qq)  (i)  To provide grant funds for the expansion of a publicly owned building for the project defined in Section 57-75-5(f)(xxiv) or loans to an enterprise owning, leasing or operating a project defined in Section 57-75-5(f)(xxiv) for the purchase and/or relocation of equipment, or for any other purpose related to the project as approved by the authority;

however, the aggregate amount of any such loans under this paragraph (qq) shall not exceed Six Million Dollars ($6,000,000.00) and the aggregate amount of any such grants under this paragraph (qq) shall not exceed Seven Million Dollars ($7,000,000.00);

              (ii)  To supervise the use of all such grant funds or loans;

and               (iii)  Notwithstanding any provision of this act to the contrary, such loans shall be for a term not to exceed ten (10) years as may be determined by the authority, shall bear a rate of interest to be determined by the authority, and shall be secured in an amount and a manner as may be determined by the authority.

          (rr)  (i)  To provide grant funds to an enterprise owning or operating a project defined in Section 57-75-5(f)(xxv) for reimbursement of costs incurred by the enterprise in reconfiguring the manufacturing plant and for the purchase of equipment, or for any other purpose related to the project as approved by the authority;

              (ii)  To supervise the use of all such grant funds.

          (ss)  In connection with projects defined under Section 57-75-5(f)(xxvi):

              (i)  To provide grant funds and/or loans to a public agency in an amount not to exceed Fifteen Million Dollars ($15,000,000.00) for the construction of a publicly owned building to be leased by the enterprise owning or operating the project;

              (ii)  To provide loan guarantees in an amount not to exceed the total cost of the project for which financing is sought or Twenty Million Dollars ($20,000,000.00), whichever is less, for the purpose of encouraging the extension of conventional financing and the issuance of letters of credit to the enterprise owning or operating the project;

              (iii)  In connection with any loan guarantee made pursuant to this paragraph, to make payments to lenders providing financing to the enterprise owning or operating the project and the enterprise shall be obligated to repay the amount of the payment plus any expenses incurred by the state as a result of the issuance of bonds pursuant to Section 57-75-15(3)(y);

              (iv)  To supervise the use of all such grant funds, loan funds or payments;

and               (v)  To require the enterprise owning or operating the project to provide security for the repayment obligation for any loan guarantee authorized under this paragraph in an amount and in a manner as may be determined by the authority.

          (tt)  In connection with projects defined under Section 57-75-5(f)(xxvii):

              (i)  To provide loans to a public agency in an amount not to exceed Fifty Million Dollars ($50,000,000.00) for the construction of a publicly owned building and acquisition of equipment to be leased by the enterprise owning or operating the project; * * *and               (ii)  To supervise the use of all such loan funds;

and               (iii)  To renegotiate the payment of principal and interest of all such loans made to a public agency to include, but not limited to, the maturity, deferment and repayment of such loans as determined by the authority.

          (uu)  In connection with projects defined under Section 57-75-5(f)(xxviii):

              (i)  To provide grant funds to reimburse public agencies or an enterprise operating a project for site preparation, utilities, real estate purchase and improvements, infrastructure, roads, rail improvements, public works, job training and any other expenses approved by the authority in amounts not to exceed the amount authorized in Section 57-75-15(3)(aa);

              (ii)  To supervise the use of all such grant funds so reimbursed.

          (vv)  In connection with projects defined under Section 57-75-5(f)(xxix):

              (i)  To provide grant funds to reimburse or otherwise defray the costs incurred by public agencies or an enterprise operating a project for site preparation, utilities, real estate purchases, purchase options and improvements, infrastructure, roads, rail improvements, public works, buildings and fixtures, job recruitment and training, as well as planning, design, environmental mitigation and environmental impact studies with respect to a project, and any other purposes approved by the authority in amounts not to exceed the amount authorized in Section 57-75-15(3)(bb);

              (ii)  To provide loans to public agencies for site preparation, utilities, real estate purchases, purchase options and improvements, infrastructure, roads, rail improvements, public works, buildings and fixtures, job recruiting and training, as well as planning, design, environmental mitigation and environmental impact studies with respect to a project, and any other purposes approved by the authority in amounts not to exceed the amount authorized in Section 57-75-15(3)(bb);

              (iii)  To supervise the use of all such grant funds so reimbursed and/or loans so made;

and               (iv)  To the extent that the authority enters into any construction or similar contract for site preparation work or for the construction of any improvements on a project site, to assign or otherwise transfer to an enterprise or affiliate thereof that owns or operates such a project on such project site any and all contractual, express or implied warranties of any kind arising from such contract or work performed or materials purchased in connection therewith, and cause any such contract to contain terms and provisions designating such enterprise as a third-party beneficiary under the contract.

          (ww)  In connection with projects defined under Section 57-75-5(f)(xxx):

              (i)  To provide grant funds to reimburse or otherwise defray the costs incurred by public agencies or an enterprise operating a project for public infrastructure needs, site preparation, building improvements, purchase of launch systems, recruitment of employees to fill new full-time jobs, providing internal company training and train prospective, new and existing employees of the enterprise associated with the project, including training of company employees who will utilize such instruction to teach other prospective, new and existing employees of the company and other workforce expenses and any other expenses approved by the authority in amounts not to exceed the amount authorized in Section 57-75-15(3)(cc);

and               (ii)  To supervise the use of all such grant funds so reimbursed.

          (xx)  (i)  In addition to any other requirements or conditions under this chapter, the authority shall require that any application for assistance regarding a project under this chapter include, at a minimum:

                   1.  A two-year business plan (which shall include pro forma balance sheets, income statements and monthly cash flow statements);

                   2.  Financial statements or tax returns for the three (3) years immediately prior to the application (if the project is a new company or enterprise, personal financial statements or tax returns will be required);

                   3.  Credit reports on all persons or entities with a twenty percent (20%) or greater interest in the project;

                   4.  Data supporting the expertise of the project's principals;

                   5.  A cost-benefit analysis of the project performed by a state institution of higher learning or other entity selected by the authority;

and                    6.  Any other information required by the authority.

              (ii)  The authority shall require that binding commitments be entered into requiring that:

                   1.  The applicable minimum requirements of this chapter and such other requirements as the authority considers proper shall be met;

and                    2.  If the agreed upon commitments are not met, all or a portion of the funds provided under this chapter as determined by the authority shall be repaid.

              (iii)  Where appropriate, in the discretion of the authority, the authority shall acquire a security interest in or other lien upon any applicable collateral.

              (iv)  The provisions of this paragraph (xx) shall not apply to a project defined in Section 57-75-5(f)(xxiii).

     SECTION 2.  Section 21-33-303, Mississippi Code of 1972, is amended as follows:

     SECTION 3. 2.  This act shall take effect and be in force from and after its passage.