Mississippi Code Title 57. Planning, Research and Development § 57-1-631

(2)(a) Monies in the fund shall be disbursed by the Mississippi Development Authority for the purpose of providing grants or loans to fund certain projects, as defined in Section 57-75-5(f)(xxxii), Mississippi Code of 1972, for the manufacture and assembly of battery cells for electric commercial vehicles and industrial applications. Any state agency that receives funds from the Mississippi Development Authority for certain projects, as defined in Section 57-75-5(f)(xxxii), may accept, budget, receive and expend these funds in accordance with rules and regulations of the Department of Finance and Administration in the manner consistent with the escalation of federal funds.

(b) In addition to the purposes in paragraph (a) of this subsection, monies appropriated out of the fund may be used to reimburse reasonable actual and necessary oversight costs and engineering expenses incurred by the Mississippi Development Authority in providing grants or loans under this section. The Mississippi Development Authority shall maintain an accounting of actual costs and expenses incurred for which reimbursement is sought for each grant or loan. Reimbursement of reasonable actual and necessary costs and expenses for assistance shall not exceed one and twenty-five one-hundredths percent (1.25%) of the monies appropriated out of the fund. Reimbursements made under this paragraph shall satisfy any applicable federal tax law requirements.