17-17-55 - Hazardous Waste Facility Site Revolving Fund; purpose of fund; rules and regulations.
§ 17-17-55. Hazardous Waste Facility Site Revolving Fund; purpose of fund; rules and regulations.
There is hereby created within the State Treasury a revolving fund to be known as the "Hazardous Waste Facility Site Revolving Loan Fund," which shall be administered by the Department of Economic and Community Development, for the purpose of making loans to municipalities or counties in which commercial hazardous waste facilities permitted pursuant to Section 49-17-28 et seq. are located. Such loans shall be made for the purpose of constructing roads, railroads, utilities or the purchase and development of lands for industrial purposes. Any municipality or county within which such a facility is sited may make application for a loan from the Hazardous Waste Facility Site Revolving Loan Fund, and the Department of Economic and Community Development is hereby authorized and empowered to adopt and put into effect all reasonable rules and regulations that it may deem necessary to carry out the provisions of this section, which shall include, without limitation, the following:
(a) Procedures for applying for the loans;
(b) Selection criteria for evaluating if a proposed facility meets Mississippi's needs and for choosing between various loan applications;
(c) Procedures for funding and retiring loans; and
(d) Procedures to be followed if default occurs in the repayment of loans.
In addition, the Department of Economic and Community Development is empowered to designate that any part or all of those funds to be disbursed pursuant to Section 17-17-53(2)(c) be paid directly against the principal balance of any loan outstanding hereunder.
Sources: Laws, 1982, ch. 490, § 3; Laws, 1990, ch. 506, § 25, eff from and after passage (approved March 31, 1990).