SB 2846 — Mississippi Business Finance Corporation; extend repeal date on authority to issue bonds to finance economic development projects.

S.

2846 *SS08/R144**SS26/R144SG* ~ OFFICIAL ~ 22/SS08/R14422/SS26/R144SG ST:PAGE 7 (viii) All costs of professionals permitted to be engaged under the Mississippi Small Enterprise Development Finance Act for a loan made under such act.

Mississippi(c) Business"Assessment" Financemeans Corporation;the job development assessment fee authorized in Section 57-10-413.

PAGE 7(icj\kr) extend repeal date on authority to issue bonds to finance economic development projects.

(f) "Economic development project" means and includes the acquisition of any equipment or real estate in a county and the construction and installation thereon, and with respect thereto, of improvements and facilities necessary or desirable for improvement of the real estate, including surveys, site tests and inspections, subsurface site work, excavation, removal of structures, roadways, cemeteries and other surface obstructions, filling, grading and provision of drainage, storm water detention, installation of utilities such as water, sewer, sewage treatment, gas, electricity, communications and similar facilities, off-site construction of utility extensions to the boundaries of the real estate, and the acquisition, construction and installation of manufacturing, telecommunications, data processing, distribution orS. warehouse facilities on the real estate, for lease or financial arrangement by the corporation to an approved company for use and occupancy by the approved company or its affiliates for manufacturing, telecommunications, data processing, distribution or warehouse purposes.

Such term also includes, without S.

2846 *SS08/R144**SS26/R144SG* ~ OFFICIAL ~ 22/SS08/R14422/SS26/R144SG ST:PAGE 8 or warehouse facilities on the real estate, for lease or financial arrangement by the corporation to an approved company for use and occupancy by the approved company or its affiliates for manufacturing, telecommunications, data processing, distribution or warehouse purposes.

Such term also includes, without limitation, any project the financing of which has been approved under the Mississippi BusinessSmall Enterprise Development Finance Corporation;Act.

PAGE 8(icj\kr) extend repeal date on authority to issue bonds to finance economic development projects.

limitation, any project the financing of which has been approved under the Mississippi Small Enterprise Development Finance Act.

(ii) A private company approved by the corporation for a loan under the Mississippi Small Enterprise Development Finance Act;

(iii) A distribution or warehouse facility employing a minimum of fifty (50) people or employing a minimum of twenty (20) people and having a capital investment in such facility of at least Five Million Dollars ($5,000,000.00);

2846 *SS08/R144**SS26/R144SG* ~ OFFICIAL ~ 22/SS08/R14422/SS26/R144SG ST:PAGE 9 (ii) A private company approved by the corporation for a loan under the Mississippi Small Enterprise Development Finance Act;

Mississippi(iii) BusinessA Financedistribution Corporation;or warehouse facility employing a minimum of fifty (50) people or employing a minimum of twenty (20) people and having a capital investment in such facility of at least Five Million Dollars ($5,000,000.00);

PAGE 9(icj\kr) extend repeal date on authority to issue bonds to finance economic development projects.

The term "eligible company" does not include any medical cannabis establishment as defined in the Mississippi Medical Cannabis Act.

(i)S. "Financing agreement" means any financing documents and agreements, indentures, loan agreements, lease agreements, security agreements and the like, entered into by and among the corporation, private lenders and an approved company with respect to an economic development project.

(j) "Manufacturing" means any activity involving the manufacturing, processing, assembling or production of any property, including the processing resulting in a change in the conditions of the property and any activity functionally related thereto, together with the storage, warehousing, distribution and related office facilities in respect thereof as determined by the S.

2846 *SS08/R144**SS26/R144SG* ~ OFFICIAL ~ 22/SS08/R14422/SS26/R144SG ST:PAGE 10 (i) "Financing agreement" means any financing documents and agreements, indentures, loan agreements, lease agreements, security agreements and the like, entered into by and among the corporation, private lenders and an approved company with respect to an economic development project.

(j) "Manufacturing" means any activity involving the manufacturing, processing, assembling or production of any property, including the processing resulting in a change in the conditions of the property and any activity functionally related thereto, together with the storage, warehousing, distribution and related office facilities in respect thereof as determined by the Mississippi Business Finance Corporation;

PAGE 10(icj\kr) extend repeal date on authority to issue bonds to finance economic development projects.

Mississippi Business Finance Corporation;

Section 57-10-403, Mississippi Code of 1972, is broughtreenacted forward as follows:

57-10-403.

(1) The Legislature finds and declares that the general welfare and material well-being of citizens of the state depend in large measure upon the development and growth of industry in the state.

(2) The Legislature finds and declares further that it is in the best interest of the state to induce the location or expansion of manufacturing facilities within this state in order to advance the public purposes of relieving unemployment by creating new jobs within this state that, but for the inducements to be offered by the corporation to approved companies as herein provided, would not exist, and of creating new sources of tax revenues for the support of the public services provided by this state and country.

2846 *SS08/R144**SS26/R144SG* ~ OFFICIAL ~ 22/SS08/R14422/SS26/R144SG ST:PAGE 11 57-10-403.

Mississippi(1) BusinessThe FinanceLegislature Corporation;finds and declares that the general welfare and material well-being of citizens of the state depend in large measure upon the development and growth of industry in the state.

PAGE(2) 11(icj\kr)The extendLegislature repealfinds dateand ondeclares authorityfurther that it is in the best interest of the state to issueinduce bondsthe location or expansion of manufacturing facilities within this state in order to financeadvance economicthe developmentpublic projects.purposes of relieving unemployment by creating new jobs within this state that, but for the inducements to be offered by the corporation to approved companies as herein provided, would not exist, and of creating new sources of tax revenues for the support of the public services provided by this state and country.

Section 57-10-405, Mississippi Code of 1972, is broughtreenacted forward as follows:

In addition to its other powers and duties, the corporation shall have all the powers necessary or convenient to carry out and effectuate the purposes and provisions of Sections 57-10-401S. through 57-10-445, including, but without limiting the generality of the foregoing, the power:

(a) To provide and finance economic development projects under the provisions of Sections 57-10-401 through 57-10-445, and cooperate with counties, municipalities and eligible companies in order to promote, foster and support economic development within the counties and municipalities;

(b) To conduct hearings and inquiries, in the manner and by the methods as it deems desirable, including, without limitation, appointment of special committees, for the purpose of gathering information with respect to counties, municipalities, eligible companies and economic development projects, for the S.

2846 *SS08/R144**SS26/R144SG* ~ OFFICIAL ~ 22/SS08/R14422/SS26/R144SG ST:PAGE 12 57-10-401 through 57-10-445, including, but without limiting the generality of the foregoing, the power:

Mississippi(a) BusinessTo Financeprovide Corporation;and finance economic development projects under the provisions of Sections 57-10-401 through 57-10-445, and cooperate with counties, municipalities and eligible companies in order to promote, foster and support economic development within the counties and municipalities;

PAGE(b) 12(icj\kr)To extendconduct repealhearings dateand oninquiries, authorityin tothe issuemanner bondsand by the methods as it deems desirable, including, without limitation, appointment of special committees, for the purpose of gathering information with respect to financecounties, municipalities, eligible companies and economic development projects.projects, for the purpose of making any determinations necessary or desirable in the furtherance of Sections 57-10-401 through 57-10-445;

purpose of making any determinations necessary or desirable in the furtherance of Sections 57-10-401 through 57-10-445;

(d) To delegate to the executive director the rights and powers of the corporation required for the proper and desirable execution of the purposes of this article;

(e) To consent, if it deems it necessary or desirable in the fulfillment of its purposes, to the modification of the terms of any financing agreements of any kind to which the corporation is a party;

(f) To include in any borrowing the amounts deemed necessary by the corporation to pay financing charges, consultant, advisory and legal fees, fees for bond insurance, letters of credit or other forms of credit enhancement, investment advisory fees, trustees' fees and other expenses necessary or incident to the borrowing;

2846 *SS08/R144**SS26/R144SG* ~ OFFICIAL ~ 22/SS08/R14422/SS26/R144SG ST:PAGE 13 (d) To delegate to the executive director the rights and powers of the corporation required for the proper and desirable execution of the purposes of this article;

Mississippi(e) BusinessTo Financeconsent, Corporation;if it deems it necessary or desirable in the fulfillment of its purposes, to the modification of the terms of any financing agreements of any kind to which the corporation is a party;

PAGE(f) 13(icj\kr)To extendinclude repealin dateany onborrowing authoritythe toamounts issuedeemed bondsnecessary by the corporation to financepay economicfinancing developmentcharges, projects.consultant, advisory and legal fees, fees for bond insurance, letters of credit or other forms of credit enhancement, investment advisory fees, trustees' fees and other expenses necessary or incident to the borrowing;

(h) To make, execute and effectuate any and all agreements or other documents with any governmental agency or any person, corporation, association, partnership, or other organization or entity, necessary or appropriate to accomplish the purposes of Sections 57-10-401 through 57-10-445, including any financing agreements with state agencies or any political subdivisionsS. of the state under which funds may be pledged by or to the corporation for the payment of its bonds;

(i) To accept gifts, devises, bequests, grants, loans, appropriations, revenue sharing, other financing and assistance and any other aid from any source and to agree to, and to comply with, conditions attached thereto;

(j) To sue and be sued in its own name, plead and be impleaded;

and (k) To invest any funds held by the corporation or its agents or trustees, under Sections 57-10-401 through 57-10-445, including, but not limited to, the proceeds of bonds issued under Sections 57-10-401 through 57-10-445, reserve or other funds, or any monies not required for immediate disbursement, and the S.

2846 *SS08/R144**SS26/R144SG* ~ OFFICIAL ~ 22/SS08/R14422/SS26/R144SG ST:PAGE 14 subdivisions of the state under which funds may be pledged by or to the corporation for the payment of its bonds;

Mississippi(i) BusinessTo Financeaccept Corporation;gifts, devises, bequests, grants, loans, appropriations, revenue sharing, other financing and assistance and any other aid from any source and to agree to, and to comply with, conditions attached thereto;

PAGE(j) 14(icj\kr)To extendsue repealand datebe onsued authorityin toits issueown bondsname, toplead financeand economicbe developmentimpleaded; projects.

and (k) To invest any funds held by the corporation or its agents or trustees, under Sections 57-10-401 through 57-10-445, including, but not limited to, the proceeds of bonds issued under Sections 57-10-401 through 57-10-445, reserve or other funds, or any monies not required for immediate disbursement, and the investment income on any of the foregoing, in obligations authorized by Sections 57-10-401 through 57-10-445.

Section 57-10-407, Mississippi Code of 1972, is broughtreenacted forward as follows:

or (c) monies which may be received from any source, including income from the corporation's operations, under Sections 57-10-401 through 57-10-445, for effectuating the purposes of Sections 57-10-401 through 57-10-445, including, without limitation, the paymentS. of the expenses of administration and operation incurred pursuant to Sections 57-10-401 through 57-10-445 and the establishment and, if deemed desirable, maintenance of a reserve or contingency fund for the administration of Sections 57-10-401 through 57-10-445.

B.

No.

2846 *SS26/R144SG* ~ OFFICIAL ~ 22/SS26/R144SG PAGE 15 payment of the expenses of administration and operation incurred pursuant to Sections 57-10-401 through 57-10-445 and the establishment and, if deemed desirable, maintenance of a reserve or contingency fund for the administration of Sections 57-10-401 through 57-10-445.

Section 57-10-409, Mississippi Code of 1972, is broughtreenacted forward as follows:

The corporation may enter into, with any approved company, a financing agreement with respect to its economic S.development project.

The terms and provisions of each financing agreement shall be determined by negotiations between the corporation and the approved company, except that each financing agreement shall include the following provisions:

(a) If the corporation issues any bonds in connection with an economic development project, the term of the financing agreement shall not be less than the last maturity of the bonds issued with respect to the economic development project, except that the financing agreement may terminate upon the earlier redemption of all of the bonds issued with respect to the economic development project and may grant to the approved company an option to purchase the economic development project from the S.

2846 *SS08/R144**SS26/R144SG* ~ OFFICIAL ~ 22/SS08/R14422/SS26/R144SG ST:PAGE 16 corporation upon the termination of the financing agreement for such consideration and under such terms and conditions the corporation may approve.

Mississippi Business Finance Corporation;

PAGE 15(icj\kr) extend repeal date on authority to issue bonds to finance economic development projects.

development project.

The terms and provisions of each financing agreement shall be determined by negotiations between the corporation and the approved company, except that each financing agreement shall include the following provisions:

(a) If the corporation issues any bonds in connection with an economic development project, the term of the financing agreement shall not be less than the last maturity of the bonds issued with respect to the economic development project, except that the financing agreement may terminate upon the earlier redemption of all of the bonds issued with respect to the economic development project and may grant to the approved company an option to purchase the economic development project from the corporation upon the termination of the financing agreement for such consideration and under such terms and conditions the corporation may approve.

and the approved company shall pay such obligation of the financing agreement to the trustee for bonds issued for the benefit of the S.approved company, at such time and in such amounts sufficient to amortize such bonds.

B.

No.

2846 *SS08/R144* ~ OFFICIAL ~ 22/SS08/R144 ST:

Mississippi Business Finance Corporation;

PAGE 16(icj\kr) extend repeal date on authority to issue bonds to finance economic development projects.

approved company, at such time and in such amounts sufficient to amortize such bonds.

1.S.

B.

No.

2846 *SS26/R144SG* ~ OFFICIAL ~ 22/SS26/R144SG PAGE 17 1.

S.however, to the extent that financing agreement annual payments exceed credits received and assessments collected in any year, the excess payment may be recouped from excess credits or assessment collections in succeeding years.

(ii) If during any fiscal year of the financing agreement the total of the income tax credit granted to the approved company plus the assessment collected from the wages of the employees equals the annual payment pursuant to the financing agreement, and if all excess payments pursuant to the financing agreement accumulated in prior years have been recouped, the S.

2846 *SS08/R144**SS26/R144SG* ~ OFFICIAL ~ 22/SS08/R14422/SS26/R144SG ST:PAGE 18 assessment collected from the wages of the employees shall cease for the remainder of the fiscal year of the financing agreement.

Mississippi Business Finance Corporation;

PAGE 17(icj\kr) extend repeal date on authority to issue bonds to finance economic development projects.

however, to the extent that financing agreement annual payments exceed credits received and assessments collected in any year, the excess payment may be recouped from excess credits or assessment collections in succeeding years.

(ii) If during any fiscal year of the financing agreement the total of the income tax credit granted to the approved company plus the assessment collected from the wages of the employees equals the annual payment pursuant to the financing agreement, and if all excess payments pursuant to the financing agreement accumulated in prior years have been recouped, the assessment collected from the wages of the employees shall cease for the remainder of the fiscal year of the financing agreement.

and (ii) Upon the default by the approved company in the obligation to render its annual payment, the corporation shall have the right, at its option, to declare the financing agreement in default and to accelerate the total of all annual payments that are to be made or to terminate the financing agreement and cause to be sold the economic development project at public or private sale, or to pursue any other remedies available under the Uniform S.Commercial Code, as from time to time amended, or otherwise available in law or equity.

[In cases involving an economic development project for which the Mississippi Business Finance Corporation has not issued bonds for the purpose of financing the approved costs of such project prior to July 1, 1994, but has issued bonds for such project prior to July 1, 1997, or in cases involving an economic development project which has been induced by a resolution of the Board of Directors of the Mississippi Business Finance Corporation that has been filed with the State Tax Commission prior to July 1, 1997, this section shall read as follows:] S.

2846 *SS08/R144**SS26/R144SG* ~ OFFICIAL ~ 22/SS08/R14422/SS26/R144SG ST:PAGE 19 57-10-409.

Mississippi Business Finance Corporation;

PAGE 18(icj\kr) extend repeal date on authority to issue bonds to finance economic development projects.

Commercial Code, as from time to time amended, or otherwise available in law or equity.

[In cases involving an economic development project for which the Mississippi Business Finance Corporation has not issued bonds for the purpose of financing the approved costs of such project prior to July 1, 1994, but has issued bonds for such project prior to July 1, 1997, or in cases involving an economic development project which has been induced by a resolution of the Board of Directors of the Mississippi Business Finance Corporation that has been filed with the State Tax Commission prior to July 1, 1997, this section shall read as follows:] 57-10-409.

(a) If the corporation issues any bonds in connection with an economic development project, the term of the financing agreement shall not be less than the last maturity of the bonds issued with respect to the economic development project, except that the financing agreement may terminate upon the earlier redemption of all of the bonds issued with respect to the economic development project and may grant to the approved company an option to purchase the economic development project from the S.corporation upon the termination of the financing agreement for such consideration and under such terms and conditions the corporation may approve.

B.

No.

2846 *SS08/R144* ~ OFFICIAL ~ 22/SS08/R144 ST:

Mississippi Business Finance Corporation;

PAGE 19(icj\kr) extend repeal date on authority to issue bonds to finance economic development projects.

corporation upon the termination of the financing agreement for such consideration and under such terms and conditions the corporation may approve.

and the approvedS. company shall pay such obligation of the financing agreement to the trustee for bonds issued for the benefit of the approved company, at such time and in such amounts sufficient to amortize such bonds.

(c) If the corporation loans funds to an approved company that is a private company under the Mississippi Small Enterprise Development Finance Act, the financing agreement shall include the terms and conditions of the loan required by Section 57-71-1 et seq.

(d) (i) In consideration for financing agreement payment, the approved company may be permitted the following during the period of time in which the financing agreement is in effect, not to exceed twenty-five (25) years:

S.

2846 *SS08/R144**SS26/R144SG* ~ OFFICIAL ~ 22/SS08/R14422/SS26/R144SG ST:PAGE 20 approved company shall pay such obligation of the financing agreement to the trustee for bonds issued for the benefit of the approved company, at such time and in such amounts sufficient to amortize such bonds.

(c) If the corporation loans funds to an approved company that is a private company under the Mississippi BusinessSmall Enterprise Development Finance Corporation;Act, the financing agreement shall include the terms and conditions of the loan required by Section 57-71-1 et seq.

PAGE(d) 20(icj\kr)(i) extendIn repealconsideration datefor onfinancing authorityagreement topayment, issuethe bondsapproved company may be permitted the following during the period of time in which the financing agreement is in effect, not to financeexceed economictwenty-five development(25) projects.years:

(e) (i) The financing agreement shall provide that the assessments, when added to the credit for the state corporate incomeS. tax herein granted, shall not exceed the total financing agreement annual payment by the approved company in any year;

however, to the extent that financing agreement annual payments exceed credits received and assessments collected in any year, the excess payment may be recouped from excess credits or assessment collections in succeeding years not to exceed three (3) years following the termination of the period of time during which the financing agreement is in effect.

(ii) If during any fiscal year of the financing agreement the total of the income tax credit granted to the approved company plus the assessment collected from the wages of the employees equals the annual payment pursuant to the financing agreement, and if all excess payments pursuant to the financing S.

2846 *SS08/R144**SS26/R144SG* ~ OFFICIAL ~ 22/SS08/R14422/SS26/R144SG ST:PAGE 21 income tax herein granted, shall not exceed the total financing agreement annual payment by the approved company in any year;

Mississippihowever, Businessto Financethe Corporation;extent that financing agreement annual payments exceed credits received and assessments collected in any year, the excess payment may be recouped from excess credits or assessment collections in succeeding years not to exceed three (3) years following the termination of the period of time during which the financing agreement is in effect.

PAGE(ii) 21(icj\kr)If extendduring repealany datefiscal onyear authorityof the financing agreement the total of the income tax credit granted to issuethe bondsapproved company plus the assessment collected from the wages of the employees equals the annual payment pursuant to financethe economicfinancing developmentagreement, projects.and if all excess payments pursuant to the financing agreement accumulated in prior years have been recouped, the assessment collected from the wages of the employees shall cease for the remainder of the fiscal year of the financing agreement.

agreement accumulated in prior years have been recouped, the assessment collected from the wages of the employees shall cease for the remainder of the fiscal year of the financing agreement.

and (ii) Upon the default by the approved company in the obligation to render its annual payment, the corporation shall have the right, at its option, to declare the financing agreement in default and to accelerate the total of all annual payments that areS. to be made or to terminate the financing agreement and cause to be sold the economic development project at public or private sale, or to pursue any other remedies available under the Uniform Commercial Code, as from time to time amended, or otherwise available in law or equity.

[In cases involving an economic development project for which the Mississippi Business Finance Corporation has not issued bonds for the purpose of financing the approved costs of such project prior to July 1, 1997, or in cases involving an economic development project which has not been induced by a resolution of the Board of Directors of the Mississippi Business Finance Corporation that has been filed with the State Tax Commission prior to July 1, 1997, this section shall read as follows:] S.

2846 *SS08/R144**SS26/R144SG* ~ OFFICIAL ~ 22/SS08/R14422/SS26/R144SG ST:PAGE 22 are to be made or to terminate the financing agreement and cause to be sold the economic development project at public or private sale, or to pursue any other remedies available under the Uniform Commercial Code, as from time to time amended, or otherwise available in law or equity.

[In cases involving an economic development project for which the Mississippi Business Finance Corporation;Corporation has not issued bonds for the purpose of financing the approved costs of such project prior to July 1, 1997, or in cases involving an economic development project which has not been induced by a resolution of the Board of Directors of the Mississippi Business Finance Corporation that has been filed with the State Tax Commission prior to July 1, 1997, this section shall read as follows:] 57-10-409.

PAGE 22(icj\kr) extend repeal date on authority to issue bonds to finance economic development projects.

57-10-409.

(a) If the corporation issues any bonds in connection with an economic development project, the term of the financing agreement shall not be less than the last maturity of the bonds issued with respect to the economic development project, except that the financing agreement may terminate upon the earlier redemption of all of the bonds issued with respect to the economic developmentS. project and may grant to the approved company an option to purchase the economic development project from the corporation upon the termination of the financing agreement for such consideration and under such terms and conditions the corporation may approve.

B.

No.

2846 *SS26/R144SG* ~ OFFICIAL ~ 22/SS26/R144SG PAGE 23 development project and may grant to the approved company an option to purchase the economic development project from the corporation upon the termination of the financing agreement for such consideration and under such terms and conditions the corporation may approve.

and the S.approved company shall pay such obligation of the financing agreement to the trustee for bonds issued for the benefit of the approved company, at such time and in such amounts sufficient to amortize such bonds.

(c) If the corporation loans funds to an approved company that is a private company under the Mississippi Small Enterprise Development Finance Act, the financing agreement shall include the terms and conditions of the loan required by Section 57-71-1 et seq.

(d) (i) In consideration for financing agreement payment, the approved company may be permitted a tax credit on the amount provided for in Section 27-7-22.3(2), Mississippi Code of S.

2846 *SS08/R144**SS26/R144SG* ~ OFFICIAL ~ 22/SS08/R14422/SS26/R144SG ST:PAGE 24 1972, during the period of time in which the financing agreement is in effect, not to exceed twenty-five (25) years.

Mississippi Business Finance Corporation;

PAGE 23(icj\kr) extend repeal date on authority to issue bonds to finance economic development projects.

approved company shall pay such obligation of the financing agreement to the trustee for bonds issued for the benefit of the approved company, at such time and in such amounts sufficient to amortize such bonds.

(c) If the corporation loans funds to an approved company that is a private company under the Mississippi Small Enterprise Development Finance Act, the financing agreement shall include the terms and conditions of the loan required by Section 57-71-1 et seq.

(d) (i) In consideration for financing agreement payment, the approved company may be permitted a tax credit on the amount provided for in Section 27-7-22.3(2), Mississippi Code of 1972, during the period of time in which the financing agreement is in effect, not to exceed twenty-five (25) years.

and S.(ii) Upon the default by the approved company in the obligation to render its annual payment, the corporation shall have the right, at its option, to declare the financing agreement in default and to accelerate the total of all annual payments that are to be made or to terminate the financing agreement and cause to be sold the economic development project at public or private sale, or to pursue any other remedies available under the Uniform Commercial Code, as from time to time amended, or otherwise available in law or equity.

SECTION 6.

Section 57-10-411, Mississippi Code of 1972, is reenacted as follows:

S.

2846 *SS08/R144**SS26/R144SG* ~ OFFICIAL ~ 22/SS08/R14422/SS26/R144SG ST:PAGE 25 57-10-411.

Mississippi Business Finance Corporation;

PAGE 24(icj\kr) extend repeal date on authority to issue bonds to finance economic development projects.

(ii) Upon the default by the approved company in the obligation to render its annual payment, the corporation shall have the right, at its option, to declare the financing agreement in default and to accelerate the total of all annual payments that are to be made or to terminate the financing agreement and cause to be sold the economic development project at public or private sale, or to pursue any other remedies available under the Uniform Commercial Code, as from time to time amended, or otherwise available in law or equity.

SECTION 6.

Section 57-10-411, Mississippi Code of 1972, is brought forward as follows:

57-10-411.

Section 57-10-413, Mississippi Code of 1972, is broughtreenacted forward as follows:

[In cases involving an economic development project for which the Mississippi Business Finance Corporation has issued bonds for the purpose of financing the approved costs of such project prior to July 1, 1994, this section shall read as follows:] S.57-10-413.

B.

No.

2846 *SS08/R144* ~ OFFICIAL ~ 22/SS08/R144 ST:

Mississippi Business Finance Corporation;

PAGE 25(icj\kr) extend repeal date on authority to issue bonds to finance economic development projects.

57-10-413.

(a)S. Two percent (2%), if the gross wages of the employee are equivalent to Five Dollars ($5.00) or more per hour but less than Seven Dollars ($7.00) per hour;

B.

No.

2846 *SS26/R144SG* ~ OFFICIAL ~ 22/SS26/R144SG PAGE 26 (a) Two percent (2%), if the gross wages of the employee are equivalent to Five Dollars ($5.00) or more per hour but less than Seven Dollars ($7.00) per hour;

(4) Any approved company collecting an assessment as provided in subsection (1) of this section shall make its payroll S.books and records available to the corporation at such reasonable times as the corporation shall request and shall file with the corporation documentation respecting the assessment as the corporation may require.

B.

No.

2846 *SS08/R144* ~ OFFICIAL ~ 22/SS08/R144 ST:

Mississippi Business Finance Corporation;

PAGE 26(icj\kr) extend repeal date on authority to issue bonds to finance economic development projects.

books and records available to the corporation at such reasonable times as the corporation shall request and shall file with the corporation documentation respecting the assessment as the corporation may require.

[In cases involving an economic development project for which the Mississippi Business Finance Corporation has not issued bonds forS. the purpose of financing the approved costs of such project prior to July 1, 1994, but has issued bonds for such project prior to July 1, 1997, or in cases involving an economic development project which has been induced by a resolution of the Board of Directors of the Mississippi Business Finance Corporation that has been filed with the State Tax Commission prior to July 1, 1997, this section shall read as follows:] 57-10-413.

(1) Except as otherwise provided for in subsection (6) of this section, the approved company may require that each employee whose gross wages are equivalent to Five Dollars ($5.00) or more per hour, as a condition of employment, agrees to pay a job development assessment fee not to exceed a certain percentage of the gross wages of each such employee whose job was created as a result of the economic development project, for the purpose of retiring the bonds which fund the economic S.

2846 *SS08/R144**SS26/R144SG* ~ OFFICIAL ~ 22/SS08/R14422/SS26/R144SG ST:PAGE 27 for the purpose of financing the approved costs of such project prior to July 1, 1994, but has issued bonds for such project prior to July 1, 1997, or in cases involving an economic development project which has been induced by a resolution of the Board of Directors of the Mississippi Business Finance Corporation that has been filed with the State Tax Commission prior to July 1, 1997, this section shall read as follows:] 57-10-413.

Mississippi(1) BusinessExcept Financeas Corporation;otherwise provided for in subsection (6) of this section, the approved company may require that each employee whose gross wages are equivalent to Five Dollars ($5.00) or more per hour, as a condition of employment, agrees to pay a job development assessment fee not to exceed a certain percentage of the gross wages of each such employee whose job was created as a result of the economic development project, for the purpose of retiring the bonds which fund the economic development project or other indebtedness.

PAGE 27(icj\kr) extend repeal date on authority to issue bonds to finance economic development projects.

development project or other indebtedness.

and (c)S. Six percent (6%), if the gross wages of the employee are equivalent to Nine Dollars ($9.00) or more per hour.

B.

No.

2846 *SS26/R144SG* ~ OFFICIAL ~ 22/SS26/R144SG PAGE 28 (c) Six percent (6%), if the gross wages of the employee are equivalent to Nine Dollars ($9.00) or more per hour.

(5) Any assessment of the wages of employees of an approved company in connection with their employment at an economic S.development project under subsection (1) of this section shall lapse on the date the bonds are retired.

(6) If an eligible company closes a facility in this state and becomes an approved company under the provisions of Sections 57-10-401 through 57-10-449, only those jobs created in excess of those that existed at the closed facility at the time of the closure shall be eligible for the imposition of the job development assessment fee.

The Mississippi Business Finance Corporation shall promulgate rules and regulations to govern the S.

2846 *SS08/R144**SS26/R144SG* ~ OFFICIAL ~ 22/SS08/R14422/SS26/R144SG ST:PAGE 29 determination of the number of jobs upon which the job development assessment fee may be imposed.

Mississippi Business Finance Corporation;

PAGE 28(icj\kr) extend repeal date on authority to issue bonds to finance economic development projects.

development project under subsection (1) of this section shall lapse on the date the bonds are retired.

(6) If an eligible company closes a facility in this state and becomes an approved company under the provisions of Sections 57-10-401 through 57-10-449, only those jobs created in excess of those that existed at the closed facility at the time of the closure shall be eligible for the imposition of the job development assessment fee.

The Mississippi Business Finance Corporation shall promulgate rules and regulations to govern the determination of the number of jobs upon which the job development assessment fee may be imposed.

Section 57-10-415, Mississippi Code of 1972, is broughtreenacted forward as follows:

Section 57-10-417, Mississippi Code of 1972, is broughtreenacted forward as follows:

The bonds issued by the corporation under Sections 57-10-401 through 57-10-445 shall be limited obligations of the corporation and shall not constitute a debt, liability or S.general obligation of the state or any political subdivision thereof (other than the corporation), or a pledge of the faith and credit of the state or any political subdivision thereof (other than the corporation), but shall be payable solely as provided by the corporation under Sections 57-10-401 through 57-10-445.

No member or officer of the board of directors of the corporation nor any person executing the bonds shall be liable personally on the bonds by reason of the issuance thereof.

Each bond issued under Sections 57-10-401 through 57-10-445 shall contain on the face S.

2846 *SS08/R144**SS26/R144SG* ~ OFFICIAL ~ 22/SS08/R14422/SS26/R144SG ST:PAGE 30 thereof a statement that neither the state, nor any other political subdivision thereof, shall be obligated to pay the same or the interest thereon or other costs incident thereto except from the revenue or money pledged by the corporation and that neither the faith and credit nor the taxing power of the state or any political subdivision thereof is pledged to the payment of the principal of, or the interest on, such bond.

Mississippi Business Finance Corporation;

PAGE 29(icj\kr) extend repeal date on authority to issue bonds to finance economic development projects.

general obligation of the state or any political subdivision thereof (other than the corporation), or a pledge of the faith and credit of the state or any political subdivision thereof (other than the corporation), but shall be payable solely as provided by the corporation under Sections 57-10-401 through 57-10-445.

No member or officer of the board of directors of the corporation nor any person executing the bonds shall be liable personally on the bonds by reason of the issuance thereof.

Each bond issued under Sections 57-10-401 through 57-10-445 shall contain on the face thereof a statement that neither the state, nor any other political subdivision thereof, shall be obligated to pay the same or the interest thereon or other costs incident thereto except from the revenue or money pledged by the corporation and that neither the faith and credit nor the taxing power of the state or any political subdivision thereof is pledged to the payment of the principal of, or the interest on, such bond.

Section 57-10-419, Mississippi Code of 1972, is broughtreenacted forward as follows:

S.

B.

No.

2846 *SS08/R144* ~ OFFICIAL ~ 22/SS08/R144 ST:

Mississippi Business Finance Corporation;

PAGE 30(icj\kr) extend repeal date on authority to issue bonds to finance economic development projects.

(3) The bonds issued under Sections 57-10-401 through 57-10-445 shall be authorized by a resolution of the corporation, shallS. bear such date or dates, and shall mature at such time or times as such resolution may provide, except that no bond shall mature more than twenty-five (25) years from the date of issue.

B.

No.

2846 *SS26/R144SG* ~ OFFICIAL ~ 22/SS26/R144SG PAGE 31 shall bear such date or dates, and shall mature at such time or times as such resolution may provide, except that no bond shall mature more than twenty-five (25) years from the date of issue.

S.

B.

No.

2846 *SS08/R144* ~ OFFICIAL ~ 22/SS08/R144 ST:

Mississippi Business Finance Corporation;

PAGE 31(icj\kr) extend repeal date on authority to issue bonds to finance economic development projects.

(5) The principal and interest on the bonds issued by the corporation shall be payable solely and only from proceeds derived underS. a financing agreement and shall be secured solely by the economic development project, the proceeds of the financing agreement, and such other assets as may be available, but not including revenues of the state.

B.

No.

2846 *SS26/R144SG* ~ OFFICIAL ~ 22/SS26/R144SG PAGE 32 under a financing agreement and shall be secured solely by the economic development project, the proceeds of the financing agreement, and such other assets as may be available, but not including revenues of the state.

Section 57-10-421, Mississippi Code of 1972, is broughtreenacted forward as follows:

In addition to the requirements provided for in Section 57-10-419, any resolution authorizing the issuance of S.bonds under Sections 57-10-401 through 57-10-445 may contain provisions as to:

B.

No.

2846 *SS08/R144* ~ OFFICIAL ~ 22/SS08/R144 ST:

Mississippi Business Finance Corporation;

PAGE 32(icj\kr) extend repeal date on authority to issue bonds to finance economic development projects.

bonds under Sections 57-10-401 through 57-10-445 may contain provisions as to:

(c) The procedure, if any, by which the terms of any of the proceedings under which the bonds are being issued may be amended or abrogated, the number or percentage of bondholders who orS. which must consent thereto, and the manner in which the consent may be given;

(d) The vesting in a trustee or trustees of such property, rights, powers and duties in trust as the company may determine, and limiting or abrogating the right of bondholders to appoint a trustee or limiting the rights, powers and duties of the trustee;

(e) Defining the act or omissions to act which shall constitute a default and the obligations or duties of the corporation to the holders of the bonds, and providing for the rights and remedies of the holders of the bonds in the event of default, which rights and remedies may include the general laws of the state and other provisions of Sections 57-10-401 through 57-10-445;

or S.

2846 *SS08/R144**SS26/R144SG* ~ OFFICIAL ~ 22/SS08/R14422/SS26/R144SG ST:PAGE 33 or which must consent thereto, and the manner in which the consent may be given;

Mississippi(d) BusinessThe Financevesting Corporation;in a trustee or trustees of such property, rights, powers and duties in trust as the company may determine, and limiting or abrogating the right of bondholders to appoint a trustee or limiting the rights, powers and duties of the trustee;

PAGE(e) 33(icj\kr)Defining extendthe repealact dateor onomissions authorityto act which shall constitute a default and the obligations or duties of the corporation to issuethe holders of the bonds, and providing for the rights and remedies of the holders of the bonds toin financethe economicevent developmentof projects.default, which rights and remedies may include the general laws of the state and other provisions of Sections 57-10-401 through 57-10-445;

or (f) Any other matter, of like or different character, which in any way affects the security or protection of the holders of the bonds.

Section 57-10-423, Mississippi Code of 1972, is broughtreenacted forward as follows:

The revenues or properties so pledged and thereafter received by the corporation shall immediately be subject to the lien of such pledge without any physical delivery thereof or further act, and the lien of any such pledge shall be valid and binding as against allS. parties having claims of any kind in tort, contract or otherwise against the corporation, irrespective of whether the parties have notice thereof.

B.

No.

2846 *SS26/R144SG* ~ OFFICIAL ~ 22/SS26/R144SG PAGE 34 all parties having claims of any kind in tort, contract or otherwise against the corporation, irrespective of whether the parties have notice thereof.

Section 57-10-425, Mississippi Code of 1972, is broughtreenacted forward as follows:

S.

B.

No.

2846 *SS08/R144* ~ OFFICIAL ~ 22/SS08/R144 ST:

Mississippi Business Finance Corporation;

PAGE 34(icj\kr) extend repeal date on authority to issue bonds to finance economic development projects.

Section 57-10-427, Mississippi Code of 1972, is broughtreenacted forward as follows:

The corporation may provide by the indenture for the paymentS. of the proceeds of the bonds and revenues to the trustee under the indenture or other depository, and for the method of disbursement thereof, with such safeguards and restrictions as the corporation may determine.

B.

No.

2846 *SS26/R144SG* ~ OFFICIAL ~ 22/SS26/R144SG PAGE 35 payment of the proceeds of the bonds and revenues to the trustee under the indenture or other depository, and for the method of disbursement thereof, with such safeguards and restrictions as the corporation may determine.

Section 57-10-429, Mississippi Code of 1972, is broughtreenacted forward as follows:

In the event that any of the members or officers of the board of directors of the corporation shall cease to be members or officers of the board prior to the delivery of any bonds signed by them, their signatures or facsimiles thereof shall nevertheless be valid and sufficient for all purposes, the same as S.if such members or officers had remained in office until such delivery.

B.

No.

2846 *SS08/R144* ~ OFFICIAL ~ 22/SS08/R144 ST:

Mississippi Business Finance Corporation;

PAGE 35(icj\kr) extend repeal date on authority to issue bonds to finance economic development projects.

if such members or officers had remained in office until such delivery.

Section 57-10-431, Mississippi Code of 1972, is broughtreenacted forward as follows:

Section 57-10-433, Mississippi Code of 1972, is broughtreenacted forward as follows:

The corporation shall have the power to contract with the holders of any of its bonds issued under Sections 57-10-401 through 57-10-445 as to the custody, collection, securing,S. investment and payment of any money of the corporation, and of any money held in trust or otherwise for the payment of bonds, and to carry out such contract.

B.

No.

2846 *SS26/R144SG* ~ OFFICIAL ~ 22/SS26/R144SG PAGE 36 securing, investment and payment of any money of the corporation, and of any money held in trust or otherwise for the payment of bonds, and to carry out such contract.

Section 57-10-435, Mississippi Code of 1972, is broughtreenacted forward as follows:

Amendments to Sections 57-10-401 through 57-10-445, enacted after July 1, 1993, shall not limit the rights vested in the corporation with respect to any agreements made with, or remedies available to, the holders of bonds issued under S.this article or Section 27-7-22.3 prior to the enactment of the amendments until the bonds, together with all interest thereon, and all costs and expenses in connection with any proceeding by or on behalf of the holders, are fully met and discharged.

B.

No.

2846 *SS08/R144* ~ OFFICIAL ~ 22/SS08/R144 ST:

Mississippi Business Finance Corporation;

PAGE 36(icj\kr) extend repeal date on authority to issue bonds to finance economic development projects.

this article or Section 27-7-22.3 prior to the enactment of the amendments until the bonds, together with all interest thereon, and all costs and expenses in connection with any proceeding by or on behalf of the holders, are fully met and discharged.

Section 57-10-437, Mississippi Code of 1972, is broughtreenacted forward as follows:

Nothing in Sections 57-10-401 through 57-10-445 shall be construed to authorize the corporation to incur indebtednessS. or liability on behalf of or payable by the state or any other political subdivision thereof.

B.

No.

2846 *SS26/R144SG* ~ OFFICIAL ~ 22/SS26/R144SG PAGE 37 indebtedness or liability on behalf of or payable by the state or any other political subdivision thereof.

Section 57-10-439, Mississippi Code of 1972, is broughtreenacted forward as follows:

S.(2) With the approval of the appropriate local taxing authority, all mortgages or deeds of trust executed as security therefor, all lease or purchase agreements made pursuant to the provisions hereof, and all purchases required to establish the industrial enterprise and financed by proceeds from bonds issued under Sections 57-10-401 through 57-10-445, shall likewise be exempt from all taxation in the State of Mississippi except the contractors' tax imposed by Section 27-65-21 and the tax levied by Section 27-65-24(1)(b), and except ad valorem taxes levied for school district purposes.

All projects and the revenue derived therefrom from any lease thereof shall be exempt from all taxation in the State of Mississippi, except the tax levied by Sections S.

2846 *SS08/R144**SS26/R144SG* ~ OFFICIAL ~ 22/SS08/R14422/SS26/R144SG ST:PAGE 38 27-65-21 and 27-65-24(1)(b), except the tax levied under Chapter 7, Title 27, Mississippi Code of 1972, and except ad valorem taxes levied for school district purposes.

Mississippi Business Finance Corporation;

PAGE 37(icj\kr) extend repeal date on authority to issue bonds to finance economic development projects.

(2) With the approval of the appropriate local taxing authority, all mortgages or deeds of trust executed as security therefor, all lease or purchase agreements made pursuant to the provisions hereof, and all purchases required to establish the industrial enterprise and financed by proceeds from bonds issued under Sections 57-10-401 through 57-10-445, shall likewise be exempt from all taxation in the State of Mississippi except the contractors' tax imposed by Section 27-65-21 and the tax levied by Section 27-65-24(1)(b), and except ad valorem taxes levied for school district purposes.

All projects and the revenue derived therefrom from any lease thereof shall be exempt from all taxation in the State of Mississippi, except the tax levied by Sections 27-65-21 and 27-65-24(1)(b), except the tax levied under Chapter 7, Title 27, Mississippi Code of 1972, and except ad valorem taxes levied for school district purposes.

Section 57-10-441, Mississippi Code of 1972, is broughtreenacted forward as follows:

The bonds issued by and under the authority of Sections 57-10-401 through 57-10-445 by the corporation are declared to be legal investments in which all public officers or public bodies of the state, its political subdivisions, all municipalities and municipal subdivisions, all insurance companies and associations, and other persons carrying on insurance business, all banks, bankers, banking associations, trust companies, savings associations, including savings and loan S.associations, building and loan associations, investment companies, and other persons carrying on a banking business, all administrators, guardians, executors, trustees and other fiduciaries, and all other persons who are now or may later be authorized to invest in bonds or in other obligations of the state, may invest funds, including capital, in their control or belonging to them.

Such bonds are also hereby made securities which may be deposited with and received by all public officers and bodies of the state or any agency or political subdivision of the state and all municipalities and public corporations for any purpose for which the deposit of bonds or other obligations of the state is now or may be later authorized by law.

S.

2846 *SS08/R144**SS26/R144SG* ~ OFFICIAL ~ 22/SS08/R14422/SS26/R144SG ST:PAGE 39 SECTION 22.

Section 57-10-443, Mississippi BusinessCode Financeof Corporation;1972, is reenacted as follows:

PAGE 38(icj\kr) extend repeal date on authority to issue bonds to finance economic development projects.

associations, building and loan associations, investment companies, and other persons carrying on a banking business, all administrators, guardians, executors, trustees and other fiduciaries, and all other persons who are now or may later be authorized to invest in bonds or in other obligations of the state, may invest funds, including capital, in their control or belonging to them.

Such bonds are also hereby made securities which may be deposited with and received by all public officers and bodies of the state or any agency or political subdivision of the state and all municipalities and public corporations for any purpose for which the deposit of bonds or other obligations of the state is now or may be later authorized by law.

SECTION 22.

Section 57-10-443, Mississippi Code of 1972, is brought forward as follows:

Section 57-10-445, Mississippi Code of 1972, is broughtreenacted forward as follows:

S.

B.

No.

2846 *SS08/R144* ~ OFFICIAL ~ 22/SS08/R144 ST:

Mississippi Business Finance Corporation;

PAGE 39(icj\kr) extend repeal date on authority to issue bonds to finance economic development projects.

The provisions of Sections 57-10-401 through 57-10-445 shall be liberally construed to accomplish the purposes of Sections 57-10-401 through 57-10-445.

The powers granted and the duties imposed in Sections 57-10-401 through 57-10-445 shall be construed to be independent and severable.

If any one or more sections, subsections, sentences or parts of any of Sections 57-10-401 through 57-10-445 shall be adjudged unconstitutional or invalid, such adjudication shall not affect, impair or invalidate the remaining provisions thereof, but shall be confined in its operation to the specific provisions so held unconstitutional or invalid.

SECTION 24.

Section 57-10-447, Mississippi Code of 1972, is brought forward as follows:

2846 *SS08/R144**SS26/R144SG* ~ OFFICIAL ~ 22/SS08/R14422/SS26/R144SG ST:PAGE 40 The provisions of Sections 57-10-401 through 57-10-445 shall be liberally construed to accomplish the purposes of Sections 57-10-401 through 57-10-445.

MississippiThe Businesspowers Financegranted Corporation;and the duties imposed in Sections 57-10-401 through 57-10-445 shall be construed to be independent and severable.

PAGEIf 40(icj\kr)any extendone repealor datemore onsections, authoritysubsections, tosentences issueor bondsparts of any of Sections 57-10-401 through 57-10-445 shall be adjudged unconstitutional or invalid, such adjudication shall not affect, impair or invalidate the remaining provisions thereof, but shall be confined in its operation to financethe economicspecific developmentprovisions projects.so held unconstitutional or invalid.

SECTION 24.

Section 57-10-447, Mississippi Code of 1972, is reenacted as follows:

The provisions of this section shall not apply to any person performing clerical or administrativeS. functions, which are other than legal services provided by an attorney, that are associated with the issuance of any bonds under Sections 57-10-401 through 57-10-445, such as the printing of bonds or other materials.

Any person convicted of a violation of this section shall be punished by imprisonment for not less than one (1) year and not more than five (5) years and a fine of not less than Two Thousand Five Hundred Dollars ($2,500.00) and not more than Ten Thousand Dollars ($10,000.00).

SECTION 25.

Section 27-7-22.3, Mississippi Code of 1972, is brought forward as follows:

[In cases involving an economic development project for which the Mississippi Business Finance Corporation has issued bonds for S.

2846 *SS08/R144**SS26/R144SG* ~ OFFICIAL ~ 22/SS08/R14422/SS26/R144SG ST:PAGE 41 administrative functions, which are other than legal services provided by an attorney, that are associated with the issuance of any bonds under Sections 57-10-401 through 57-10-445, such as the printing of bonds or other materials.

MississippiAny Businessperson Financeconvicted Corporation;of a violation of this section shall be punished by imprisonment for not less than one (1) year and not more than five (5) years and a fine of not less than Two Thousand Five Hundred Dollars ($2,500.00) and not more than Ten Thousand Dollars ($10,000.00).

PAGESECTION 41(icj\kr)25. extend repeal date on authority to issue bonds to finance economic development projects.

theSection purpose27-7-22.3, ofMississippi financingCode the approved costs of such1972, projectis priorreenacted to July 1, 1994, this section shall read as follows:]follows: 27-7-22.3.

[In cases involving an economic development project for which the Mississippi Business Finance Corporation has issued bonds for the purpose of financing the approved costs of such project prior to July 1, 1994, this section shall read as follows:] 27-7-22.3.

(2) For any approved company as defined in Section 57-10-401, there shall be allowed against the taxes imposed by this chapter on the income of the approved company generated by or arisingS. out of the economic development project (as defined in Section 57-10-401), a credit in an amount not to exceed the total debt service paid under a financing agreement entered into under Section 57-10-409.

The tax credit allowed in this subsection shall not exceed the amount of taxes due the State of Mississippi.

[In cases involving an economic development project for which the Mississippi Business Finance Corporation has not issued bonds for the purpose of financing the approved costs of such project prior to July 1, 1994, but has issued bonds for such project prior to July 1, 1997, or in cases involving an economic development project which has been induced by a resolution of the Board of Directors of the Mississippi Business Finance Corporation that has S.

2846 *SS08/R144**SS26/R144SG* ~ OFFICIAL ~ 22/SS08/R14422/SS26/R144SG ST:PAGE 42 arising out of the economic development project (as defined in Section 57-10-401), a credit in an amount not to exceed the total debt service paid under a financing agreement entered into under Section 57-10-409.

MississippiThe Businesstax Financecredit Corporation;allowed in this subsection shall not exceed the amount of taxes due the State of Mississippi.

PAGE[In 42(icj\kr)cases extendinvolving repealan dateeconomic ondevelopment authorityproject for which the Mississippi Business Finance Corporation has not issued bonds for the purpose of financing the approved costs of such project prior to issueJuly 1, 1994, but has issued bonds for such project prior to financeJuly 1, 1997, or in cases involving an economic development projects.project which has been induced by a resolution of the Board of Directors of the Mississippi Business Finance Corporation that has been filed with the State Tax Commission prior to July 1, 1997, this section shall read as follows:] 27-7-22.3.

been filed with the State Tax Commission prior to July 1, 1997, this section shall read as follows:] 27-7-22.3.

(2) For any approved company as defined in Section 57-10-401, there shall be allowed against the taxes imposed by this chapter on the income of the approved company generated by or arisingS. out of the economic development project (as defined in Section 57-10-401), a credit in an amount not to exceed the total debt service paid under a financing agreement entered into under Section 57-10-409.

B.

No.

2846 *SS26/R144SG* ~ OFFICIAL ~ 22/SS26/R144SG PAGE 43 arising out of the economic development project (as defined in Section 57-10-401), a credit in an amount not to exceed the total debt service paid under a financing agreement entered into under Section 57-10-409.

[In cases involving an economic development project for which the Mississippi Business Finance Corporation has not issued bonds for the purpose of financing the approved costs of such project S.prior to July 1, 1997, or in cases involving an economic development project which has not been induced by a resolution of the Board of Directors of the Mississippi Business Finance Corporation that has been filed with the State Tax Commission prior to July 1, 1997, this section shall read as follows:] 27-7-22.3.

For any approved company as defined in Section 57-10-401, there shall be allowed against the taxes imposed by this chapter on the income of the approved company generated by or arising out of the economic development project (as defined in Section 57-10-401), a credit in an amount not to exceed the total debt service paid under a financing agreement entered into under Section 57-10-409;

provided, however, that the tax credit allowed in this subsection shall not exceed eighty percent (80%) of the S.

2846 *SS08/R144**SS26/R144SG* ~ OFFICIAL ~ 22/SS08/R14422/SS26/R144SG ST:PAGE 44 amount of taxes due the State of Mississippi prior to the application of the credit.

Mississippi Business Finance Corporation;

PAGE 43(icj\kr) extend repeal date on authority to issue bonds to finance economic development projects.

prior to July 1, 1997, or in cases involving an economic development project which has not been induced by a resolution of the Board of Directors of the Mississippi Business Finance Corporation that has been filed with the State Tax Commission prior to July 1, 1997, this section shall read as follows:] 27-7-22.3.

For any approved company as defined in Section 57-10-401, there shall be allowed against the taxes imposed by this chapter on the income of the approved company generated by or arising out of the economic development project (as defined in Section 57-10-401), a credit in an amount not to exceed the total debt service paid under a financing agreement entered into under Section 57-10-409;

provided, however, that the tax credit allowed in this subsection shall not exceed eighty percent (80%) of the amount of taxes due the State of Mississippi prior to the application of the credit.

S.

B.

No.

2846 *SS08/R144* ~ OFFICIAL ~ 22/SS08/R144 ST:

Mississippi Business Finance Corporation;

PAGE 44(icj\kr) extend repeal date on authority to issue bonds to finance economic development projects.

Sections 57-10-401 through 57-10-445* * * 57-10-447 and 27-7-22.3 shall be repealed from and after October 1, * * * 2026.2025.

2846 *SS08/R144**SS26/R144SG* ~ OFFICIAL ~ 22/SS08/R14422/SS26/R144SG PAGEST: 45(icj\kr)

Mississippi Business Finance Corporation;

PAGE 45 extend repeal date on authority to issue bonds to finance economic development projects.