35 Miss. Code R. § 3-02-04-107
Current through May 31, 2024
If the governmental agency merely acts as guarantors on loans made by a private lender, such loans are not construed to be direct obligations of the government and the interest accruing on such loans is taxable. A governmental obligation that is secondary, indirect or contingent, such as a guaranty of a non-governmental obligor's primary obligation to pay the principal amount of and interest on a note, is not an obligation of the type exempted under 31 U.S.C. Section 3124(a).
35 Miss. Code. R. § 3-02-04-107