65-4-9 - Review and approval of application. - Mississippi Statutes

§ 65-4-9. Review and approval of application.
 

Upon receipt of an application by a political subdivision as provided under Section 65-4-7, Mississippi Code of 1972, the board shall review the application and may approve the application if it determines: 
 

(a) The highways or highway segments for which the political subdivision is requesting assistance in constructing or improving are necessary and essential to ensure adequate and appropriate access to the proposed project for the purpose of encouraging its location within the geographical boundaries of the political subdivision; 

(b) The project proposed by the private company meets the definition of a "high economic benefit project" as such term is defined in Section 65-4-5, Mississippi Code of 1972; 

(c) The private company has demonstrated financial soundness and appears to have such assets and credit worthiness as to permit it to secure necessary funds to complete the project according to its commitments; and 

(d) The costs for the construction or improvement of such highways or highway segments to be funded hereunder will not exceed the funds available in the Economic Development Highway Fund created by Section 65-4-15, Mississippi Code of 1972. 
 

Sources: Laws,  1988, ch. 565, § 5; Laws, 1990, ch. 580, § 4, eff from and after passage (approved April 9, 1990).