There is hereby created an independent public body corporate and politic to be known as the Mississippi Development Bank. Such bank is created solely to accomplish the purposes of the state under this chapter and the exercise by the bank of the powers conferred by this act shall be deemed and held to be the performance of an essential public function.
The bank and its corporate existence shall continue until terminated by law; provided, however, that no such law shall take effect so long as the bank shall have bonds or other obligations outstanding, unless provision has been made for the full and complete payment thereof. Upon termination of the existence of the bank, all its rights and properties shall pass to and be vested in the state. No net earnings of the bank may inure to the benefit of any person, entity or bank other than the state.
Structure Mississippi Code
Title 31 - Public Business, Bonds and Obligations
Chapter 25 - Mississippi Development Bank Act
Article 1 - General Provisions
§ 31-25-3. Legislative intent; construction
§ 31-25-7. Mississippi Development Bank created
§ 31-25-9. Bank's powers vested in board
§ 31-25-11. Quorum for conducting business; per diem compensation; expenses
§ 31-25-15. Disclosure of contractual interest
§ 31-25-17. Acceptance of membership on bank; nonforfeiture of office or employment
§ 31-25-20. Power of bank to loan money to local governmental unit
§ 31-25-21. Power of bank to loan money to local governmental unit
§ 31-25-23. Loans to local governmental units; purchase or sale of municipal securities
§ 31-25-25. Prohibited transactions
§ 31-25-33. Exemption from taxation
§ 31-25-35. Report; audit of books and accounts
§ 31-25-39. Resolution of Board authorizing or relating to issuance of bonds; contracts
§ 31-25-41. Pledge of revenues or other moneys
§ 31-25-43. Establishment of funds or accounts
§ 31-25-45. Purchase of bonds by Bank
§ 31-25-47. Agreements or contracts for safekeeping of municipal bonds or other investments
§ 31-25-49. Reservation of State power