Mississippi § 57-41-1 - Definitions.

§ 57-41-1. Definitions.

Wherever used in this chapter, unless a different meaning clearly appears in the context, the following terms, whether used in the singular or plural, shall be given the following respective interpretations: “Municipality” means any county or incorporated city, town or village in the State of Mississippi; “Project” means land, buildings, improvements, fixtures, machinery, equipment and furnishings, and all real and personal properties deemed necessary in connection therewith, or any part or combination of parts of the foregoing, whether or not now in existence, which shall be suitable for use by any industrial enterprise; “Industrial enterprise” means a person, corporation, partnership or other legal entity authorized by law to engage in the business of manufacturing, processing or assembling any products of agriculture, mining or industry, excluding retail businesses; “Governing body” means the board or body in which the legislative powers of the municipality are vested; “Mortgage” means a mortgage, indenture of trust, deed of trust or any other instrument securing notes of an industrial enterprise; “Loan agreement” means an agreement providing for the governing body to loan the proceeds derived from the issuance of notes pursuant to this chapter to one or more industrial enterprises to be used to pay the cost of one or more projects and providing for the repayment of such loans by the industrial enterprises, and which shall provide for such loans to be evidenced by one or more notes, and secured by a mortgage delivered to the municipality or to the assignee of the municipality’s rights under the loan agreement.