Purpose

Purpose. The Local Governments Capital Improvements Revolving Loan Program (“CAP”) administered by the Mississippi Development Authority (“MDA”) is designed for making loans to counties or municipalities (“Applicant”) to finance capital improvements in Mississippi. Applicants are encouraged to use these loans in connection with state and federal programs. Funding for loans to Applicants is derived from the issuance of state bonds. The State Legislature enacted CAP during the regular 1994 session. (See Section 57-1-301 through 57-1- 335 et seq., Mississippi Code, Annotated.)