Section 57-10-401 - [Repealed Effective 10/1/2025] Definitions[In cases involving an economic development project for which the Mississippi Business Finance Corporation has not issued bonds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:]
As used in Sections 57-10-401 through 57-10-445, the following terms shall have the meanings ascribed to them herein unless the context clearly indicates otherwise:
(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) "Approved costs" means: (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;(ii) The cost of acquiring land or rights in land and any cost incidental thereto, including recording fees;(iii) The cost of contract bonds and of insurance of all kinds that may be required or necessary during the course of acquisition, construction and installation of an economic development project which is not paid by the contractor or contractors or otherwise provided for;(iv) All costs of architectural and engineering services, including test borings, surveys, estimates, plans and specifications, preliminary investigations, and supervision of construction, as well as for the performance of all the duties required by or consequent upon the acquisition, construction and installation of an economic development project;(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;(vi) All costs, expenses and fees incurred in connection with the issuance of bonds pursuant to Sections 57-10-401 through 57-10-445;(vii) All costs funded by a loan made under the Mississippi Small Enterprise Development Finance Act; and(viii) All costs of professionals permitted to be engaged under the Mississippi Small Enterprise Development Finance Act for a loan made under such act.(c) "Assessment" means the job development assessment fee authorized in Section 57-10-413.(d) "Bonds" means the revenue bonds, notes or other debt obligations of the corporation authorized to be issued by the corporation on behalf of an eligible company or other state agency.(e) "Corporation" means the Mississippi Business Finance Corporation created under Section 57-10-167, Mississippi Code of 1972.(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. Such term also includes, without limitation, any project the financing of which has been approved under the Mississippi Small Enterprise Development Finance Act. 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 that portion of the project for which such company is attempting to obtain financing that is in excess of the value of the closed facility shall be included within the definition of the term "economic development project." The Mississippi Business Finance Corporation shall promulgate rules and regulations to govern the determination of the difference between the value of the closed facility and the new facility.
(g) "Eligible company" means any corporation, partnership, sole proprietorship, business trust, or other entity which: (i) Engaged in manufacturing which meets the standards promulgated by the corporation under Sections 57-10-401 through 57-10-445;(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);(iv) A telecommunications or data/information processing business meeting criteria established by the Mississippi Business Finance Corporation;(v) National or regional headquarters meeting criteria established by the Mississippi Business Finance Corporation;(vi) Research and development facilities meeting criteria established by the Mississippi Business Finance Corporation; or(vii) Technology intensive enterprises or facilities meeting criteria established by the Mississippi Business Finance Corporation. The term "eligible company" does not include any medical cannabis establishment as defined in the Mississippi Medical Cannabis Act.
(h) "Executive director" means the Executive Director of the Mississippi Business Finance Corporation.(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; however, in no event shall "manufacturing" include mining, coal or mineral processing, or extraction of Mississippi minerals.(k) "State agency" means any state board, commission, committee, council, university, department or unit thereof created by the Constitution or laws of this state.(l) "Revenues" shall not be considered state funds.(m) "State" means the State of Mississippi.(n) "Mississippi Small Enterprise Development Finance Act" means the provisions of law contained in Section 57-71-1 et seq.Laws, 1993, ch. 565, § 1; Laws, 1994, ch. 525, § 2; reenacted without change, Laws, 1997, ch. 576, § 1; Laws, 1998, ch. 397, § 1; reenacted without change, Laws, 2000, ch. 425, § 1; reenacted without change, Laws, 2001, ch. 337, § 1; reenacted without change, Laws, 2005, ch. 399, § 1; Laws, 2005, 3rd Ex Sess, ch. 1, § 68; reenacted without change, Laws, 2007, ch. 389, § 1; reenacted without change, Laws, 2011, ch. 519, § 1, eff. 7/1/2011.Reenacted and amended by Laws, 2022, ch. 381, SB 2846,§ 1, eff. 7/1/2022.Amended by Laws, 2022, ch. 303, SB 2095,§ 86, eff. 2/2/2022.Reenacted without change by Laws, 2017, ch. 325, SB 2474, 1, eff. 7/1/2017.Reenacted without change by Laws, 2015, ch. 398, SB 2658, 1, eff. 7/1/2015.Amended by Laws, 2014, ch. 454, SB 2376, 1, eff. 1/1/2014.This section is set out more than once due to postponed, multiple, or conflicting amendments.