Mississippi § 57-61-34 - Loans for business incubation centers.

§ 57-61-34. Loans for business incubation centers.

Notwithstanding any provision of this chapter to the contrary, the Mississippi Development Authority shall utilize not more than Sixteen Million Dollars ($16,000,000.00) out of the proceeds of bonds authorized to be issued in this chapter to be made available as interest-bearing loans to municipalities or private companies to aid in the establishment of business incubation centers and the creation of new and expanding research and development and technology-based business and industry. In making loans under this section, the Mississippi Development Authority shall attempt to provide for an equitable distribution of such loans among each of the congressional districts of this state in order to promote economic development across the entire state. The Mississippi Development Authority shall require that any private company receiving a loan under subsection (1) of this section enter into a binding commitment to meet the following minimum obligations, in return for obtaining a loan derived from the proceeds of any bonds issued under this section after July 1, 2005: The private company shall create a certain minimum number of jobs over a certain period of time, as determined by the authority, and such jobs must be held by persons eligible for employment in the United States under applicable state and federal law; The private company shall invest, over a certain period of time, a certain minimum amount of capital within the state, as determined by the authority; and The private company must meet such other requirements as the Mississippi Development Authority considers proper. If the private company fails to satisfy any commitment under this subsection, then the company must repay an amount equal to all or a portion of the funds loaned by the state under this subsection, as determined by the Mississippi Development Authority. In exercising the power given it under this section, the Mississippi Development Authority shall work in conjunction with the University Research Center and may contract with the center to provide space and assistance to business incubation centers as the center is authorized to do pursuant to Section 57-13-13. The requirements of Section 57-61-9 shall not apply to any loan made under this section. The Mississippi Development Authority shall establish criteria and guidelines to govern loans made pursuant to this section.