Bill > SB3270

This bill clarifies and modifies the legal framework for the City of Oxford Municipal Reserve and Trust Fund, which was established using proceeds from the sale of Baptist Memorial Hospital-North Mississippi facilities. The bill defines key terms and establishes a nine-member Board of Trustees, including the mayor, mayor pro tem, one appointed alderman, and six additional members appointed by the mayor with board consent. The fund is divided into two components: a corpus (principal) component and an earnings component. The earnings component is defined as 3% of the fund's balance, calculated using a rolling twelve-quarter average of quarter-end market values. The trustees can use earnings to cover fund management expenses and can transfer the earnings to the city's general fund, with a restriction that no distribution occurs if the fund balance falls below the initial deposit. The bill also provides mechanisms for withdrawing from the corpus component in specific circumstances, such as during a declared emergency or significant budget shortfalls, with strict limitations and repayment requirements. Trustees are required to invest funds prudently, prepare annual reports, and maintain transparency, with the ability to be dissolved by the governing authorities if deemed necessary.

Government Affairs

https://billstatus.ls.state.ms.us/2025/pdf/history/SB/SB3270.xml