Amendment vs bill Amendment Report for Senate Bill No. 2846 vs As Passed the upper

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MISSISSIPPI LEGISLATURE REGULAR SESSION 2022 By:
House Amendments to Senate Bill No.
Senator(s) Harkins To:
2846 TO THE SECRETARY OF THE SENATE:
Finance SENATE BILL NO.
THIS IS TO INFORM YOU THAT THE HOUSE HAS ADOPTED THE AMENDMENTS SET OUT BELOW:
2846 AN ACT TO BRING FORWARD SECTIONS 57-10-401 THROUGH 57-10-445, MISSISSIPPI CODE OF 1972, WHICH PROVIDE FOR THE ISSUANCE OF BONDS BY THE MISSISSIPPI BUSINESS FINANCE CORPORATION TO FINANCE ECONOMIC DEVELOPMENT PROJECTS IN ORDER TO INDUCE THE LOCATION OR EXPANSION OF CERTAIN BUSINESSES WITHIN THIS STATE;
AMENDMENT NO.
TO BRING FORWARD SECTION 27-7-22.3, MISSISSIPPI CODE OF 1972, WHICH PROVIDES FOR A CREDIT AGAINST STATE INCOME TAXES FOR CERTAIN COMPANIES FOR DEBT SERVICE PAID BY SUCH COMPANIES UNDER FINANCING AGREEMENTS ENTERED INTO WITH THE MISSISSIPPI BUSINESS FINANCE CORPORATION UNDER SECTION 57-10-409;
1 Amend by striking all after the enacting clause and inserting in lieu thereof the following:
TO AMEND SECTION 57-10-449, MISSISSIPPI CODE OF 1972, TO EXTEND UNTIL OCTOBER 1, 2026, THE REPEAL DATE ON SECTIONS 57-10-401 THROUGH 57-10-445 AND SECTION 27-7-22.3;
AND FOR RELATED PURPOSES.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:
Section 57-10-401, Mississippi Code of 1972, is brought forward as follows:
Section 57-10-401, Mississippi Code of 1972, as amended by Senate Bill No.
2095, 2022 Regular Session, is reenacted and amended as follows:
S.
(a) "Approved company" means any eligible company seeking to locate an economic development project in a county, which eligible company is approved by the corporation.
B.
No.
2846 *SS08/R144* ~ OFFICIAL ~ G3/5 22/SS08/R144 PAGE 1 (icj\kr) (a) "Approved company" means any eligible company seeking to locate an economic development project in a county, which eligible company is approved by the corporation.
(i) Obligations incurred for equipment and labor and to contractors, subcontractors, builders and materialmen in connection with the acquisition, construction and installation of an economic development project;
(i) Obligations incurred for equipment and labor and to contractors, subcontractors, builders and materialmen in PAGE 12846 connection with the acquisition, construction and installation of an economic development project;
S.
B.
No.
2846 *SS08/R144* ~ OFFICIAL ~ 22/SS08/R144 ST:
Mississippi Business Finance Corporation;
PAGE 2(icj\kr) extend repeal date on authority to issue bonds to finance economic development projects.
(c) "Assessment" means the job development assessment fee authorized in Section 57-10-413.
PAGE 22846 (c) "Assessment" means the job development assessment fee authorized in Section 57-10-413.
(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, S.
(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 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 PAGE 32846 or warehouse purposes.
B.
No.
2846 *SS08/R144* ~ OFFICIAL ~ 22/SS08/R144 ST:
Mississippi Business Finance Corporation;
PAGE 3(icj\kr) extend repeal date on authority to issue bonds to finance economic development projects.
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 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.
S.
B.
No.
2846 *SS08/R144* ~ OFFICIAL ~ 22/SS08/R144 ST:
Mississippi Business Finance Corporation;
PAGE 4(icj\kr) extend repeal date on authority to issue bonds to finance economic development projects.
(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.
PAGE 42846 (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.
S.
B.
No.
2846 *SS08/R144* ~ OFFICIAL ~ 22/SS08/R144 ST:
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Mississippi Business Finance Corporation;
PAGE 5(icj\kr) extend repeal date on authority to issue bonds to finance economic development projects.
[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, this section shall read as follows:] 57-10-401.
[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, this section shall read as follows:] PAGE 52846 57-10-401.
S.
B.
No.
2846 *SS08/R144* ~ OFFICIAL ~ 22/SS08/R144 ST:
Mississippi Business Finance Corporation;
PAGE 6(icj\kr) extend repeal date on authority to issue bonds to finance economic development projects.
(v) All costs which shall be required to be paid under the terms of any contract or contracts for the acquisition, construction and installation of an economic development project;
PAGE 62846 (v) All costs which shall be required to be paid under the terms of any contract or contracts for the acquisition, construction and installation of an economic development project;
S.
B.
No.
2846 *SS08/R144* ~ OFFICIAL ~ 22/SS08/R144 ST:
Mississippi Business Finance Corporation;
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 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.
(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 PAGE 72846 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 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 S.
Such term also includes, without limitation, any project the financing of which has been approved under the Mississippi Small Enterprise Development Finance Act.
B.
No.
2846 *SS08/R144* ~ OFFICIAL ~ 22/SS08/R144 ST:
Mississippi Business Finance Corporation;
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.
(g) "Eligible company" means any corporation, partnership, sole proprietorship, business trust, or other entity which:
PAGE 82846 (g) "Eligible company" means any corporation, partnership, sole proprietorship, business trust, or other entity which:
S.
B.
No.
2846 *SS08/R144* ~ OFFICIAL ~ 22/SS08/R144 ST:
Mississippi Business Finance Corporation;
PAGE 9(icj\kr) extend repeal date on authority to issue bonds to finance economic development projects.
PAGE 92846 The term "eligible company" does not include any medical cannabis establishment as defined in the Mississippi Medical Cannabis Act.
(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.
(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;
B.
No.
2846 *SS08/R144* ~ OFFICIAL ~ 22/SS08/R144 ST:
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;
(n) "Mississippi Small Enterprise Development Finance Act" means the provisions of law contained in Section 57-71-1 et seq.
PAGE 10846 (n) "Mississippi Small Enterprise Development Finance Act" means the provisions of law contained in Section 57-71-1 et seq.
Section 57-10-403, Mississippi Code of 1972, is brought forward as follows:
Section 57-10-403, Mississippi Code of 1972, is reenacted as follows:
S.
B.
No.
2846 *SS08/R144* ~ OFFICIAL ~ 22/SS08/R144 ST:
Mississippi Business Finance Corporation;
PAGE 11(icj\kr) extend repeal date on authority to issue bonds to finance economic development projects.
SECTION 3.
PAGE 11846 SECTION 3.
Section 57-10-405, Mississippi Code of 1972, is brought forward as follows:
Section 57-10-405, Mississippi Code of 1972, is reenacted as follows:
(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.
(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 purpose of making any determinations necessary or desirable in the furtherance of Sections 57-10-401 through 57-10-445;
B.
(c) To negotiate the terms of, and enter into financing agreements with, approved companies, and in connection therewith to acquire, convey, sell, own, lease, mortgage, finance, foreclose or otherwise dispose of any property, real or personal, in connection with an economic development project, and to pay, or cause to be paid, in accordance with the provisions of a financing agreement, the approved costs of an economic development project PAGE 12846 from any funds available therefor, including, without limitation, funds available as the result of the issuance of bonds under the Mississippi Small Enterprise Development Finance Act;
No.
2846 *SS08/R144* ~ OFFICIAL ~ 22/SS08/R144 ST:
Mississippi Business Finance Corporation;
PAGE 12(icj\kr) extend repeal date on authority to issue bonds to finance economic development projects.
purpose of making any determinations necessary or desirable in the furtherance of Sections 57-10-401 through 57-10-445;
(c) To negotiate the terms of, and enter into financing agreements with, approved companies, and in connection therewith to acquire, convey, sell, own, lease, mortgage, finance, foreclose or otherwise dispose of any property, real or personal, in connection with an economic development project, and to pay, or cause to be paid, in accordance with the provisions of a financing agreement, the approved costs of an economic development project from any funds available therefor, including, without limitation, funds available as the result of the issuance of bonds under the Mississippi Small Enterprise Development Finance Act;
S.
B.
No.
2846 *SS08/R144* ~ OFFICIAL ~ 22/SS08/R144 ST:
Mississippi Business Finance Corporation;
PAGE 13(icj\kr) extend repeal date on authority to issue bonds to finance economic development projects.
(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 subdivisions of the state under which funds may be pledged by or to the corporation for the payment of its bonds;
(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 PAGE 13846 purposes of Sections 57-10-401 through 57-10-445, including any financing agreements with state agencies or any political subdivisions of the state under which funds may be pledged by or to the corporation for the payment of its bonds;
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.
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.
B.
No.
2846 *SS08/R144* ~ OFFICIAL ~ 22/SS08/R144 ST:
Mississippi Business Finance Corporation;
PAGE 14(icj\kr) extend repeal date on authority to issue bonds to finance economic development projects.
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 brought forward as follows:
Section 57-10-407, Mississippi Code of 1972, is reenacted 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 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.
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 PAGE 14846 57-10-401 through 57-10-445, including, without limitation, the 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 brought forward as follows:
Section 57-10-409, Mississippi Code of 1972, is reenacted as follows:
The corporation may enter into, with any approved company, a financing agreement with respect to its economic S.
The corporation may enter into, with any approved company, a financing agreement with respect to its economic development project.
B.
No.
2846 *SS08/R144* ~ OFFICIAL ~ 22/SS08/R144 ST:
Mississippi Business Finance Corporation;
PAGE 15(icj\kr) extend repeal date on authority to issue bonds to finance economic development projects.
development project.
(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.
(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 PAGE 15846 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.
and the 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.
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.
plus 2.
plus PAGE 16846 2.
S.
B.
No.
2846 *SS08/R144* ~ OFFICIAL ~ 22/SS08/R144 ST:
Mississippi Business Finance Corporation;
PAGE 17(icj\kr) extend repeal date on authority to issue bonds to finance economic development projects.
(i) It may be assigned by the approved company only upon the prior written consent of the corporation following the adoption of a resolution by the corporation to such effect;
PAGE 17846 (i) It may be assigned by the approved company only upon the prior written consent of the corporation following the adoption of a resolution by the corporation to such effect;
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.
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 Commercial Code, as from time to time amended, or otherwise available in law or equity.
B.
No.
2846 *SS08/R144* ~ OFFICIAL ~ 22/SS08/R144 ST:
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.
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:
The terms and provisions of each financing agreement shall be determined by negotiations between the PAGE 18846 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.
(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.
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.
(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.
PAGE 19846 (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.
S.
B.
No.
2846 *SS08/R144* ~ OFFICIAL ~ 22/SS08/R144 ST:
Mississippi Business Finance Corporation;
PAGE 20(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 not to exceed three (3) years following the termination of the period of time during which the financing agreement is in effect.
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 PAGE 20846 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.
(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.
B.
No.
2846 *SS08/R144* ~ OFFICIAL ~ 22/SS08/R144 ST:
Mississippi Business Finance Corporation;
PAGE 21(icj\kr) extend repeal date on authority to issue bonds to finance economic development projects.
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.
[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.
PAGE 21846 [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:] 57-10-409.
B.
No.
2846 *SS08/R144* ~ OFFICIAL ~ 22/SS08/R144 ST:
Mississippi Business Finance Corporation;
PAGE 22(icj\kr) extend repeal date on authority to issue bonds to finance economic development projects.
57-10-409.
Nothing in this paragraph shall limit the extension of the term of a financing agreement if there is a refunding of the correlative bonds or otherwise.
Nothing in this paragraph shall limit PAGE 22846 the extension of the term of a financing agreement if there is a refunding of the correlative bonds or otherwise.
and the S.
and the 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.
B.
No.
2846 *SS08/R144* ~ OFFICIAL ~ 22/SS08/R144 ST:
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.
The approved company shall not be required to pay estimated tax payments under Section 27-7-319, Mississippi Code of 1972.
The approved company shall not be required to PAGE 23846 pay estimated tax payments under Section 27-7-319, Mississippi Code of 1972.
and S.
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 Commercial Code, as from time to time amended, or otherwise available in law or equity.
B.
No.
2846 *SS08/R144* ~ OFFICIAL ~ 22/SS08/R144 ST:
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 57-10-411, Mississippi Code of 1972, is brought forward as follows:
Section 57-10-411, Mississippi Code of 1972, is reenacted as follows:
SECTION 7.
PAGE 24846 SECTION 7.
Section 57-10-413, Mississippi Code of 1972, is brought forward as follows:
Section 57-10-413, Mississippi Code of 1972, is reenacted 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.
[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:] 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.
(3) If an approved company shall elect to impose the assessment as a condition of employment, it shall deduct the assessment from each paycheck of each employee.
PAGE 25846 (3) If an approved company shall elect to impose the assessment as a condition of employment, it shall deduct the assessment from each paycheck of each employee.
(4) Any approved company collecting an assessment as provided in subsection (1) of this section shall make its payroll S.
(4) Any approved company collecting an assessment as provided in subsection (1) of this section shall make its payroll 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.
(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.
(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, PAGE 26846 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.
B.
No.
2846 *SS08/R144* ~ OFFICIAL ~ 22/SS08/R144 ST:
Mississippi Business Finance Corporation;
PAGE 27(icj\kr) extend repeal date on authority to issue bonds to finance economic development projects.
development project or other indebtedness.
(5) Any assessment of the wages of employees of an approved company in connection with their employment at an economic S.
PAGE 27846 (5) Any assessment of the wages of employees of an approved company in connection with their employment at an economic development project under subsection (1) of this section shall lapse on the date the bonds are retired.
B.
No.
2846 *SS08/R144* ~ OFFICIAL ~ 22/SS08/R144 ST:
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.
Section 57-10-415, Mississippi Code of 1972, is brought forward as follows:
Section 57-10-415, Mississippi Code of 1972, is reenacted as follows:
Section 57-10-417, Mississippi Code of 1972, is brought forward as follows:
Section 57-10-417, Mississippi Code of 1972, is reenacted 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.
The bonds issued by the corporation under Sections 57-10-401 through 57-10-445 shall be limited obligations PAGE 28846 of the corporation and shall not constitute a debt, liability or 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.
B.
No.
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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.
Section 57-10-419, Mississippi Code of 1972, is brought forward as follows:
Section 57-10-419, Mississippi Code of 1972, is reenacted as follows:
S.
PAGE 29846 (2) In anticipation of the issuance of bonds, the corporation may provide for the issuance, at one time or from time to time, of bond anticipation notes.
B.
No.
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Mississippi Business Finance Corporation;
PAGE 30(icj\kr) extend repeal date on authority to issue bonds to finance economic development projects.
(2) In anticipation of the issuance of bonds, the corporation may provide for the issuance, at one time or from time to time, of bond anticipation notes.
S.
Bonds of the corporation may be sold by the corporation at public PAGE 30846 or private sale, from time to time, and at such price or prices as the corporation shall determine.
B.
No.
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Mississippi Business Finance Corporation;
PAGE 31(icj\kr) extend repeal date on authority to issue bonds to finance economic development projects.
Bonds of the corporation may be sold by the corporation at public or private sale, from time to time, and at such price or prices as the corporation shall determine.
Section 57-10-421, Mississippi Code of 1972, is brought forward as follows:
Section 57-10-421, Mississippi Code of 1972, is reenacted as follows:
In addition to the requirements provided for in Section 57-10-419, any resolution authorizing the issuance of S.
In addition to the requirements provided for in Section 57-10-419, any resolution authorizing the issuance of bonds under Sections 57-10-401 through 57-10-445 may contain provisions as to:
B.
PAGE 31846 (a) The setting aside of reserves or sinking funds and the regulations and disposition thereof;
No.
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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:
(a) The setting aside of reserves or sinking funds and the regulations and disposition thereof;
or S.
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.
B.
PAGE 32846 SECTION 12.
No.
Section 57-10-423, Mississippi Code of 1972, is reenacted as follows:
2846 *SS08/R144* ~ OFFICIAL ~ 22/SS08/R144 ST:
Mississippi Business Finance Corporation;
PAGE 33(icj\kr) extend repeal date on authority to issue bonds to finance economic development projects.
(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 12.
Section 57-10-423, Mississippi Code of 1972, is brought forward as follows:
Section 57-10-425, Mississippi Code of 1972, is brought forward as follows:
Section 57-10-425, Mississippi Code of 1972, is reenacted 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 brought forward as follows:
Section 57-10-427, Mississippi Code of 1972, is reenacted as follows:
The bonds may be secured by an indenture by and between the corporation and a corporate trustee which may be any bank or other corporation having the power of a trust company or any trust company within or without this state.
The bonds may be secured by an indenture by and between the corporation and a corporate trustee which may be any bank or other corporation having the power of a trust company or PAGE 33846 any trust company within or without this state.
Section 57-10-429, Mississippi Code of 1972, is brought forward as follows:
Section 57-10-429, Mississippi Code of 1972, is reenacted 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.
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 if such members or officers had remained in office until such delivery.
B.
No.
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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 brought forward as follows:
Section 57-10-431, Mississippi Code of 1972, is reenacted as follows:
57-10-431.
PAGE 34846 57-10-431.
Section 57-10-433, Mississippi Code of 1972, is brought forward as follows:
Section 57-10-433, Mississippi Code of 1972, is reenacted as follows:
Section 57-10-435, Mississippi Code of 1972, is brought forward as follows:
Section 57-10-435, Mississippi Code of 1972, is reenacted 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.
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 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.
PAGE 35846 SECTION 19.
No.
Section 57-10-437, Mississippi Code of 1972, is reenacted as follows:
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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 19.
Section 57-10-437, Mississippi Code of 1972, is brought forward as follows:
Section 57-10-439, Mississippi Code of 1972, is brought forward as follows:
Section 57-10-439, Mississippi Code of 1972, is reenacted 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 PAGE 36846 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.
B.
No.
2846 *SS08/R144* ~ OFFICIAL ~ 22/SS08/R144 ST:
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.
Section 57-10-441, Mississippi Code of 1972, is brought forward as follows:
Section 57-10-441, Mississippi Code of 1972, is reenacted 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.
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 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 PAGE 37846 belonging to them.
B.
No.
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Mississippi Business Finance Corporation;
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.
Section 57-10-443, Mississippi Code of 1972, is brought forward as follows:
Section 57-10-443, Mississippi Code of 1972, is reenacted as follows:
Section 57-10-445, Mississippi Code of 1972, is brought forward as follows:
Section 57-10-445, Mississippi Code of 1972, is reenacted 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.
Insofar as the provisions of Sections 57-10-401 through 57-10-445 are inconsistent with the provisions of any other law, the provisions of Sections 57-10-401 through 57-10-445 shall be controlling, and the powers conferred by Sections 57-10-401 through 57-10-445 shall be regarded as supplemental and additional to powers conferred by any other laws.
Insofar as the provisions of Sections 57-10-401 through 57-10-445 are inconsistent with the provisions of any other law, the provisions of Sections 57-10-401 through 57-10-445 shall be controlling, and the powers conferred by PAGE 38846 Sections 57-10-401 through 57-10-445 shall be regarded as supplemental and additional to powers conferred by any other laws.
Section 57-10-447, Mississippi Code of 1972, is brought forward as follows:
Section 57-10-447, Mississippi Code of 1972, is reenacted as follows:
S.
B.
No.
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Mississippi Business Finance Corporation;
PAGE 40(icj\kr) extend repeal date on authority to issue bonds to finance economic development projects.
Any member of the Legislature, any elected or appointed official, any member of the immediate family of a member of the Legislature, or any partner or associate of such a member of the Legislature or elected or appointed official, shall not derive any income from the issuance of any bonds under Sections 57-10-401 through 57-10-445, contrary to the provisions of Section 109, Mississippi Constitution of 1890, or Article 3, Chapter 4, Title 25, Mississippi Code of 1972.
Any member of the Legislature, any elected or appointed official, any member of the immediate family of a member of the Legislature, or any partner or associate of such a member of the Legislature or elected or appointed official, shall not derive any income from the issuance of any bonds under Sections PAGE 39846 57-10-401 through 57-10-445, contrary to the provisions of Section 109, Mississippi Constitution of 1890, or Article 3, Chapter 4, Title 25, Mississippi Code of 1972.
Section 27-7-22.3, Mississippi Code of 1972, is brought forward as follows:
Section 27-7-22.3, Mississippi Code of 1972, is reenacted as follows:
[In cases involving an economic development project for which the Mississippi Business Finance Corporation has issued bonds for S.
[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.
B.
No.
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Mississippi Business Finance Corporation;
PAGE 41(icj\kr) extend repeal date on authority to issue bonds to finance economic development projects.
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 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.
PAGE 40846 (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 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 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.
[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:] 27-7-22.3.
B.
No.
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Mississippi Business Finance Corporation;
PAGE 42(icj\kr) extend repeal date on authority to issue bonds to finance economic development projects.
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 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.
PAGE 41846 (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 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.
[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:] 27-7-22.3.
B.
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 PAGE 42846 Section 57-10-409;
No.
2846 *SS08/R144* ~ OFFICIAL ~ 22/SS08/R144 ST:
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;
S.
B.
No.
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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 and 27-7-22.3 shall be repealed from and after October 1, * * * 2026.
Sections 57-10-401 through * * * 57-10-447 and 27-7-22.3 shall be repealed from and after October 1, * * * 2025.
S.
Further, amend by striking the title in its entirety and inserting in lieu thereof the following:
B.
AN ACT TO REENACT SECTIONS 57-10-401 THROUGH 57-10-447, MISSISSIPPI CODE OF 1972, WHICH PROVIDE FOR THE ISSUANCE OF BONDS BY THE MISSISSIPPI BUSINESS FINANCE CORPORATION TO FINANCE ECONOMIC DEVELOPMENT PROJECTS IN ORDER TO INDUCE THE LOCATION OR EXPANSION OF CERTAIN BUSINESSES WITHIN THIS STATE;
No.
TO AMEND REENACTED SECTION 57-10-401, MISSISSIPPI CODE OF 1972, AS AMENDED BY SENATE BILL NO.
2846 *SS08/R144* ~ OFFICIAL ~ 22/SS08/R144 PAGE 45(icj\kr)
2095, 2022 REGULAR SESSION, TO CONFORM TO AMENDMENTS MADE TO THAT SECTION BY SENATE BILL NO.
2095, 2022 REGULAR SESSION;
TO REENACT SECTION 27-7-22.3, MISSISSIPPI CODE OF 1972, WHICH PROVIDES FOR A CREDIT AGAINST STATE INCOME TAXES FOR PAGE 43846 CERTAIN COMPANIES FOR DEBT SERVICE PAID BY SUCH COMPANIES UNDER FINANCING AGREEMENTS ENTERED INTO WITH THE MISSISSIPPI BUSINESS FINANCE CORPORATION UNDER SECTION 57-10-409;
TO AMEND SECTION 57-10-449, MISSISSIPPI CODE OF 1972, TO EXTEND UNTIL OCTOBER 1, 2025, THE REPEAL DATE ON SECTIONS 57-10-401 THROUGH 57-10-447 AND SECTION 27-7-22.3;
AND FOR RELATED PURPOSES.
HR26\SB2846A.J Andrew Ketchings Clerk of the House of Representatives PAGE 44846