Mississippi Administrative Code
Title 6 - Economic Development
Part 4 - Community Services
Chapter 3 - Amended Local Governments Capital Improvements Revolving Loan Program (CAP)
Rule 6-4-3.13 - Delinquent Notice Process
Current through September 24, 2024
Invoices will be sent to communities with an active CAP loan status. Failure to submit timely payments will prohibit that community from other MDA assistance until the loan is no longer delinquent. In addition, the following procedures will take place:
A. If a community is 60 days delinquent, MDA may issue a letter stating the catch-up amount, terms of their loan agreement and explain the process for turning collection over to the State Auditor.
B. If a community is 90 days delinquent, MDA may issue a letter stating in 30 days if the catch-up payment amount has not been received, then MDA will turn the community over to the State Auditor.
C. If a community is 180 days delinquent, MDA may request the State Auditor to audit the receipts and expenditures of the loan (Section 57-1-303(5)). If the State Auditor finds that the county or municipality is in arrears in payments, he shall immediately notify the Executive Director of the Department of Finance and Administration who shall withhold all future payments to the county of homestead exemption reimbursements under Section 27-33-77 and all sums allocated to the county or the municipality under Section 27-65-75 until such time as the county or the municipality is again current in its loan payments as certified by the Mississippi Development Authority.
Miss. Code Ann § 57-1-301 et seq (Rev. 2014).
