Miss. Code § 57-10-205

Current through the 2024 Regular Session

Section 57-10-205 - Definitions

As used in this article, unless the context otherwise requires:

"Bonds" shall mean any bonds, refunding bonds, notes, debentures, interim certificates or any bond, grant, revenue anticipation notes or any other evidences of indebtedness of the company, whether in temporary or definitive form and whether or not exempt from federal taxation.

"Company" shall mean the Mississippi Business Finance Corporation, formerly the Certified Development Company of Mississippi, Inc., created in Section 57-10-167, Mississippi Code of 1972.

"Cost," as applied to the eligible business, shall mean and shall include, without limitation because of enumeration, the cost of construction; the cost of acquisition of all lands, structures, rights-of-way, franchises, easements and other property rights and interests; the cost of demolishing, removing, rehabilitating or relocating any buildings or structures on lands acquired, including the cost of acquiring any such lands to which such buildings or structures may be moved, rehabilitated or relocated; the cost of all labor, materials, machinery and equipment, financing charges, letter of credit or other credit enhancement fees, insurance premiums, interest on all bonds prior to and during construction or acquisition and for a period not exceeding one (1) year after completion of such construction or acquisition; cost of engineering, financial and legal services, plans, specifications, studies, surveys, estimates of cost and of revenues, commissions, guaranty fees, other expenses necessary or incident to determining the feasibility or practicality of constructing, financing or operating a project of an eligible business; administrative expenses, provisions for working capital, reserves for interest and for extensions, enlargements, additions, improvements and replacements, and such other expenses as may be necessary or incidental to the construction or acquisition of a project of an eligible business or the financing of such construction, acquisition or expansion and the placing of a project of an eligible business in operation. Any obligation or expense incurred by the state or any agency thereof, with the approval of the company, for studies, surveys, borings, preparation of plans and specifications or other work or materials in connection with the construction or acquisition of a project of an eligible business may be regarded as a part of the cost of a project of an eligible business and may be reimbursed to the state or any agency thereof out of the proceeds of the bonds issued therefor. The construction of railroad spur tracks shall be a cost of an eligible business for which financial assistance is available under this article; and such assistance may be provided to an existing eligible business whether or not the construction of such spur tracks is related to an expansion of such eligible business.

"Eligible business" shall mean any person engaged in one or more business enterprises in the state who meets requirements the company shall determine from time to time if the company finds and determines such person is in need of its assistance.

"Indenture" shall mean any trust agreement, deed of trust, mortgage or other security agreement under which bonds authorized pursuant to this article shall be issued or secured.

"Lender" shall mean any federally or state chartered bank, federal land bank, production credit association, bank for cooperatives, state or federally chartered savings and loan association, building and loan association, small business investment company or any other financial institution qualified within the state to originate and service loans, including but not limited to insurance companies, credit unions, investment banking or brokerage companies and mortgage loan companies.

"Loan" shall mean any lease, loan agreement or sales contract as hereinafter defined:

(a) "Lease" shall mean any lease containing an option to purchase the project or projects of the eligible business being financed for a nominal sum upon payment in full, or provision thereof, of all bonds issued in connection with the eligible business and all interest thereon and principal of and premium, if any, thereon and all other expenses in connection therewith.

(b) "Loan agreement" shall mean an agreement providing for a loan of proceeds from the sale and issuance of bonds by the company or by a lender with which the company has contracted to loan such proceeds to one or more contracting parties to be used to pay the cost of one or more projects of an eligible business and providing for the repayment of such loan including but not limited to all interest thereon, and principal of and premium, if any, thereon and all other expenses in connection therewith, by such contracting party or parties and which may provide for such loans to be secured or evidenced by one or more notes, debentures, bonds or other secured or unsecured debt obligations of such contracting party or parties, delivered to the company or to a trustee under an indenture pursuant to which the bonds were issued.

(c) "Sales contract" shall mean a contract providing for the sale of one or more projects of an eligible business to one or more contracting parties and includes but is not limited to a contract providing for payment of the purchase price, including but not limited to all interest thereon, and principal of and premium, if any, thereon and all other expenses in connection therewith, in one or more installments. If the sales contract permits title to a project being sold to an eligible business to pass to such contracting party or parties prior to payment in full of the entire purchase price, it also shall provide for such contracting party or parties to deliver to the company, or to the trustee under the indenture pursuant to which the bonds were issued, one or more notes, debentures, bonds or other secured or unsecured debt obligations of such contracting party or parties providing for timely payments of the purchase price thereof.

"Municipality" shall mean any county or incorporated municipality in the state.

"Person" shall mean a natural person, partnership, association, corporation, business trust or other business entity.

"Revenue Code" shall mean the Internal Revenue Code of 1986, as amended.

"Revenues" shall mean any and all fees, rates, rentals, profits and receipts collected by, payable to, or otherwise derived by, the company, and all other moneys and income of whatsoever kind or character collected by, payable to, or otherwise derived by, the company in connection with loans to any eligible business in furtherance of the purposes of this article.

"Business enterprise" shall mean (a) any industry for the manufacturing, processing, assembling, storing, warehousing, servicing, distributing or selling of any products of agriculture, mining or industry or professional services; (b) any commercial enterprise; (c) enterprises for research and development, including but not limited to scientific laboratories; (d) any conference center, or any final destination or resort hotel having a minimum of one hundred fifty (150) rooms, or any combination of the foregoing; (e) any theme park or movie industry production studio, or any combination thereof, which would employ a minimum of two hundred (200) net full-time employees; or (f) such other businesses as will be in furtherance of the public purposes of this article as determined by the company.

"State" shall mean the State of Mississippi.

"Umbrella bonds" shall mean the bonds issued pursuant to Section 57-10-213 of this article.

Miss. Code § 57-10-205

Laws, 1985, ch. 450, § 3; Laws, 1986, ch. 355; Laws, 1987, ch. 464, § 1; Laws, 1990 Ex Sess, ch. 71, § 7; Laws, 1991, ch. 358 § 1, eff. 3/15/1991.