35 Miss. Code. R. 10-11-303
Current through October 31, 2024
Temporary borrowings in anticipation of the issuance of the bonds authorized by this program will mirror the exemption of the bonds. A promissory note from the Local Sponsor to the State evidences these borrowings. If the project agreement is unfulfilled, the State can require the Local Sponsor and/or the private company to repay the unpaid loan principal with interest and penalties. If necessary, a portion of the Local Sponsor's sales tax and/or homestead exemption reimbursement may be withheld in an amount that is sufficient to repay the obligation.
35 Miss. Code. R. 10-11-303