Rule 6-1-8.4 - Project RequirementsA. The Applicant must be an incorporated municipality or a county.B. The Applicant may not purchase an existing building or facility for more than the appraised value.C. The Applicant may not acquire buildings or facilities from individuals, companies, or corporations with RAIL funds, and subsequently lease them to the seller or previous owner.D. The Applicant or railroad corporation will be required to retain title on all freight rail service improvements until the loan has been repaid.E. Any interest earned on the RAIL funds must be used on the project or returned to the state.Miss. Code Ann. § 57-44-7 (Supp. 2008)