Mississippi § 31-25-5 - Definitions.

§ 31-25-5. Definitions.

As used in this act, the following words and terms have the following meanings, unless a different meaning clearly appears from the context: “Act” means this Mississippi Development Bank Act. “Bank” means the Mississippi Development Bank created by this act. “Board” means the Board of Directors of the Mississippi Business Finance Corporation. “Bondholder” or “holder” or any similar term when used with reference to a bond of the bank means any person who shall be the bearer of any outstanding bond of the bank registered to bearer or not registered, or the registered owner of any outstanding bond of the bank which shall at the time be registered other than to bearer. “Bonds” means bonds, notes or other evidences of indebtedness of the bank issued pursuant to this act. “County” shall mean a county of this state. “Fully marketable form” means a duly and validly issued security accompanied by an approving legal opinion of a bond counsel of recognized standing in the field of bond law whose opinions are generally accepted by purchasers of municipal bonds, provided that the security so executed need not be printed or lithographed nor be in more than one (1) denomination. “Local governmental unit” means (i) any county, municipality, utility district, regional solid waste authority, county cooperative service district or political subdivision of the State of Mississippi, (ii) the State of Mississippi or any agency thereof, (iii) the institutions of higher learning of the State of Mississippi, (iv) any education building corporation established for institutions of higher learning, or (v) any other governmental unit created under state law. “Municipality” means any municipality of the state, whether operating under the code charter, the commission form of government, a special charter or any other form of government. “Security” means a bond, note or other evidence of indebtedness issued by a local governmental unit pursuant to the provisions of this act. “Revenues” means all fees, charges, monies, profits, payments of principal of or interest on securities and other investments, gifts, grants, contributions, appropriations and all other income derived by the bank under this act. “State” means the State of Mississippi.