Reports - Mississippi Renewal

More documents

Recommendations

Info

146 | FINANCEChart 1. Segmentation of themunicipal bond market by type.contact. MBFC is a public corporationof the state organized pursuant to Miss.Code Ann. Sections 57-10-167 and 57-10-201 et seq. MBFC administers severalfinancing programs including SmallEnterprise Development Finance Program(SED), the Industrial DevelopmentRevenue Bond Program (taxableand tax-exempt), and the EquipmentLease program.■ SED Program. Under the SED Program,eligible companies may borrowup to $2 million from MBFC tofinance capital projects. MBFC providescompanies an opportunity toparticipate in the SED Program bymaking long-term loans to eligiblecompanies at tax-exempt interestrates. To participate in the SED Program,the company must be approvedby MBFC and provide an irrevocable,direct pay letter of credit from an approvedbank and additional collateralas required by MBFC.■ Industrial Development Revenue BondProgram—Tax-Exempt. Through itsSource: Federal Reserve Flow of Funds Datatax-exempt IRB Program, MBFCprovides long-term financing formanufacturing or processing companiesat tax-exempt interest rates.The bond issue may be structured asa fixed interest rate or variable interestrate financing. As security for thebonds, MBFC may require a letter ofcredit from a qualifying bank or othercollateral.■ Industrial Development Revenue BondProgram—Taxable. MBFC may issueits taxable Industrial DevelopmentRevenue Bonds for commercial businessesapproved by MBFC for a termnot to exceed 30 years. As security forthe bonds, MBFC may require a letterof credit from a qualifying bank orother collateral.■ MBFC Equipment Lease Program.Under the MBFC Equipment LeaseProgram, qualifying companies maylease manufacturing equipmentthrough a major leasing company attax-exempt interest rates (variable rateor a fixed rate). The company’s obligationunder the lease is secured bythe machinery/equipment, which isfinanced under the lease agreement.Economic DevelopmentIncentives through MBFCCompanies may be eligible to financemanufacturing facilities, certainwarehouse or distribution centers, andtelecommunications and data processingcenters through MBFC’s financeprograms and also receive income taxcredits on Mississippi corporate incometaxes. Credits for eligible companiesare computed on the company’s annualdebt service for the project financedsubject to the limitations discussedbelow. For eligible projects financedthrough MBFC programs, companiesmay also receive sales or use tax exemp-
THE GOVERNOR’S COMMISSION REPORT | 147tions for project expenditures. This exemptionwould include a sales/use taxexemption for equipment purchasesor building material purchases madeby the company as part of an eligibleproject. Companies are also eligible fora 10-year ad valorem tax exemption forproject expenditures at the discretion ofthe county and/or the city where theproject is located.■ Rural Economic Development AssistanceProgram (“RED”). Companiesmay receive income tax creditson Mississippi corporate incometaxes pursuant to Miss. Code Ann.Section 57-10-401 et seq. Eligiblecompanies, including manufacturingfacilities, certain warehouse or distributioncenters, and telecommunicationsand data processing centers;may receive credits on Mississippicorporate income taxes. Credits arecomputed on the company’s annualdebt service for the project financedthrough the MBFC Industrial DevelopmentBond Program. The incometax credit taken each year cannotexceed 80 percent of the company’sincome tax liability. Annual debt servicefor a project includes all costs associatedwith the issuance of bonds,letters of credit, annual service fees,and principal and interest payments.The income tax credits may be carriedforward for three years after thedate the credit is earned. 1■ Exemption for Eligible Purchases.Mississippi Code Ann. Sections 57-10-255 and 57-10-439 provide anexemption for all purchases requiredto establish the enterprise which arefinanced by proceeds of MBFC revenuebonds. This exemption wouldinclude an exemption from sales/usetaxes for project purchases for the enterprisefinanced. Project purchasesinclude equipment purchases andbuilding material purchases made directlyby the borrower as part of theproject financed.■ Ad Valorem Tax Exemption. As providedin the MBFC guidelines, any advalorem tax exemption granted in connectionwith the Rural Economic DevelopmentAssistance Program shall beinitiated by a local political subdivision.The school tax portion of the ad valoremtax exemption shall not be granted.A resolution from the political subdivisionsauthorizing any ad valorem taxexemptions for a period up to 10 yearsshall be submitted to MBFC prior toclosing the bond financing. 2Loan Programs and OtherFinance ProgramsThe Mississippi Development Au-thority (MDA) provides a number offinance programs to encourage eco-nomic development:■ MBIA Loan Program. The Mississip-Chart 2. Segmentation of themunicipal bond market byunderlying rating distribution.Source: Securities Data Company
Page 3 and 4:
Governor’s Commissionon Recovery,
Page 5 and 6:
THE GOVERNOR’S COMMISSION REPORT
Page 7 and 8:
Page 9 and 10:
Page 11 and 12:
Page 13 and 14:
Page 15 and 16:
Page 17 and 18:
Page 19:
INFRASTRUCTUREThe four subcommittee
Page 22 and 23:
12 | LAND USE■ City land use plan
Page 24 and 25:
14 | LAND USEgional level, coastal
Page 26 and 27:
16 | LAND USElored for South Missis
Page 28 and 29:
18 | LAND USEThe qualityof life and
Page 30 and 31:
20 | LAND USEand building requireme
Page 32 and 33:
22 | LAND USEThroughout the Renewal
Page 34 and 35:
24 | LAND USEapproval process for c
Page 36 and 37:
26 | INTERMODAL TRANSPORTATIONINTER
Page 38 and 39:
28 | INTERMODAL TRANSPORTATIONson C
Page 40 and 41:
30 | INTERMODAL TRANSPORTATIONOn pu
Page 42 and 43:
32 | INTERMODAL TRANSPORTATIONOn th
Page 44 and 45:
34 | INTERMODAL TRANSPORTATIONOn th
Page 46 and 47:
36 | PUBLIC SERVICESPUBLICSERVICESK
Page 48 and 49:
38 | PUBLIC SERVICEStic tank use; a
Page 50 and 51:
40 | PUBLIC SERVICESsources. The go
Page 52 and 53:
42 | PUBLIC SERVICESBefore Katrinan
Page 54 and 55:
44 | PUBLIC SERVICEScoverage capabi
Page 56 and 57:
46 | PUBLIC SERVICESThe methods by
Page 58 and 59:
48 | AFFORDABLE HOUSINGAFORDABLEHOU
Page 60 and 61:
50 | AFFORDABLE HOUSINGTable 1, bel
Page 62 and 63:
52 | AFFORDABLE HOUSINGlived below
Page 64 and 65:
54 | AFFORDABLE HOUSINGthat about 6
Page 66 and 67:
56 | AFFORDABLE HOUSINGbe helpful.
Page 68 and 69:
58 | AFFORDABLE HOUSING[I]t would a
Page 70 and 71:
60 | AFFORDABLE HOUSINGcities or co
Page 72 and 73:
62 | AFFORDABLE HOUSINGand heavy tr
Page 74 and 75:
64 | AFFORDABLE HOUSINGInvestment A
Page 76 and 77:
66 | AFFORDABLE HOUSINGmendations i
Page 78 and 79:
68 | AFFORDABLE HOUSINGadvice on th
Page 80 and 81:
70 | AFFORDABLE HOUSINGAs insurance
Page 82 and 83:
72 | AFFORDABLE HOUSINGRecommendati
Page 85 and 86:
Page 87 and 88:
ECONOMICDEVELOPMENTIn this section
Page 89 and 90:
Page 91 and 92:
Page 93 and 94:
Page 95 and 96:
Page 97 and 98:
Page 99 and 100:
Page 101 and 102:
Page 103 and 104:
Page 105 and 106: THE GOVERNOR’S COMMISSION REPORT
Page 131 and 132: HUMANSERVICESThe reports that follo
Page 151 and 152: SPECIALREPORTSWhere do we go from h
Page 155: THE GOVERNOR’S COMMISSION REPORT
show all

Reports - Mississippi Renewal

Create successful ePaper yourself

Delete template?

Save as template?