Mississippi § 57-41-3 - General powers of governing bodies.
Full text of Mississippi Mississippi Code of 1972 Annotated § 57-41-3 — General powers of governing bodies., with citation guidance and answers to common questions.
§ 57-41-3. General powers of governing bodies.
The governing body is hereby granted the following powers, together with all powers incidental thereto or necessary for the performance of those hereinafter stated, in order to effectuate the purposes of this chapter: To enter into loan agreements with an industrial enterprise with respect to one or more projects for such payments and upon such terms and conditions as the governing body may deem advisable in accordance with the provisions of this chapter; To borrow money and issue its notes for the purpose of making loans to industrial enterprises to finance one or more projects; however, no loan shall exceed five hundred thousand dollars ($500,000.00) for any one (1) project; As security for the payment of the principal of and interest on any notes so issued, to assign and pledge all or any part of its interest in and rights under the loan agreements relating thereto to financial institutions purchasing the notes, together with all notes and deeds of trust delivered to the municipality pursuant thereto. The powers conferred upon the governing body of a municipality under this chapter may be exercised only after the governing body has obtained a certificate of public convenience and necessity from the Mississippi Board of Economic Development for each project of an industrial enterprise.
Source: official Mississippi text · Last verified 2026-08-27
Frequently Asked Questions About Mississippi § 57-41-3
What does Mississippi Code of 1972 Annotated § 57-41-3 cover?
Section 57-41-3 ("General powers of governing bodies.") is part of the Mississippi Code of 1972 Annotated, the codified statutory law of Mississippi. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Mississippi § 57-41-3?
A common citation format is "Mississippi Code of 1972 Annotated § 57-41-3" (Mississippi). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Mississippi law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Mississippi official source linked on this page or consult a licensed Mississippi attorney.
How does Mississippi § 57-41-3 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Mississippi can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Mississippi.