Section 57-75-21 - Expenditures with certain small business concerns(1)(a) The authority shall set a goal to expend not less than ten percent (10%) of the total amounts expended by the authority on planning, construction, training, research, development, testing, evaluation, personal services, procurement, and for the operation and maintenance of any facilities or activities controlled by such authority, with minority small business concerns owned and controlled by socially and economically disadvantaged individuals. For the purpose of determining the total amounts expended with such minority small business concerns, credit shall be given for that portion of any prime contract entered into with the authority which inures to the benefit of such minority small business concern as a subcontractor thereunder.(b) For the purposes of this section, the term "socially and economically disadvantaged individuals" shall have the meaning ascribed to such term under Section 8(d) of the Small Business Act (15 U.S.C.S., Section 637(d)) and relevant subcontracting regulations promulgated pursuant thereto.(c) For the purposes of this section, the term "minority small business concern" means any small business concern: (i) Which is at least fifty-one percent (51%) owned by one or more socially and economically disadvantaged individuals; or, in the case of any publicly owned businesses, at least fifty-one percent (51%) of the stock of which is owned by one or more socially and economically disadvantaged individuals; and(ii) Whose management and daily business operations are controlled by one or more of such individuals.(d) For the purpose of this section, the term "small business concern" shall mean "small business" as the latter term is defined in Section 57-10-155, Mississippi Code of 1972.(2) In order to comply in a timely manner with its minority small business participation mandate, the authority shall set an annual goal to expend not less than ten percent (10%) of its aggregate yearly expenditures with minority small business concerns.(3) The authority shall: (a) Monitor the minority small business concerns assistance programs prescribed in this section.(b) Review and determine the business capabilities of minority small business concerns.(c) Establish standards for a certification procedure for minority small business concerns seeking to do business with the authority.(d) Provide technical assistance services to minority small business concerns. Such technical assistance shall include but not be limited to: (ii) Assistance in obtaining bonds;(iv) Certification of business concerns;(v) Marketing assistance; and(vi) Joint venture and capital development.(e) Develop alternative bidding and contracting procedures for minority small business concerns in conjunction with the State Fiscal Management Board and the Governor's Office of General Services.(f) Utilize such alternative bidding and contracting procedures in lieu of those prescribed in Title 31, Chapters 5 and 7, Mississippi Code of 1972, when contracting with minority small business concerns that have qualified to bid for contracts and have satisfied any other disclosure provisions required by the authority.(g) Be authorized to accept in lieu of any bond otherwise required from minority small business concerns or small business concerns contracting with the authority, in an amount equal to one hundred percent (100%) of the total cost of the contracted project, any combination of the following: (ii) Certificates of deposit from any bank or banking corporation insured by the Federal Deposit Insurance Corporation or the Federal Savings and Loan Insurance Corporation;(iii) Federal treasury bills;(iv) Letters of credit issued by a bank as that term is defined in Section 81-3-1, Mississippi Code of 1972; or(v) Surety bonds issued by an insurance company licensed and qualified to do business in the State of Mississippi.(h) Be authorized, in its discretion, to waive any bond required on any project which does not exceed a total dollar value of One Hundred Thousand Dollars ($100,000.00). A retainage shall be held by the authority in an amount not to exceed fifteen percent (15%) from each draw according to American Institute of Architects (AIA) standards. Upon satisfactory completion of such project, ten percent (10%) of the total cost of the contract shall be held in an interest-bearing escrow account for one (1) year. Funds deposited in such escrow account shall stand as a surety for any defects in workmanship or materials detected within twelve (12) months of completion. The balance of all monies so escrowed including accrued interest shall be paid to the contractor at the end of such twelve-month period.(i) Be empowered to provide an incentive of bimonthly payments to any prime contractors utilizing minority small business concerns as subcontractors on twenty-five percent (25%) or more of the total dollar value of any single project or contract.(j) Submit an annual report on its progress concerning minority small business contracts to the Legislature by January 30 of each year.(k) Take all steps necessary to implement the provisions of this section. Laws, 1989, ch. 534, § 11, eff. 4/17/1989.