35 Miss. Code. R. 10-11-303
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.
Notes
State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be added as we have more versions to compare.