Bill > HB4110

This bill authorizes Oktibbeha County to establish the Oktibbeha County Reserve and Trust Fund to manage the net proceeds from the sale of OCH Regional Medical Center, which is owned by the county. The fund is intended to be a permanent endowment to maintain its value against inflation and provide sustainable revenue for county improvements without depleting the principal. The Board of Supervisors will serve as the trustees of this fund and must hire a qualified institutional fiduciary, like a bank or trust company, to manage its investments according to prudent investor standards. The fund's earnings, capped at 4% of its average market value over three years, can be used for county purposes, with up to 85% transferred to a separate fund for appropriation by the Board of Supervisors for general operations, maintenance, and capital improvements, while any remaining earnings are added back to the fund's principal. Strict limitations are placed on withdrawals from the fund's principal, requiring a supermajority vote of the Board of Supervisors, certification from the fiduciary that long-term purchasing power will not be impaired, a public hearing, and findings that no other funding source exists, with unlimited withdrawals allowed only during declared emergencies. Any invasion of the principal will suspend earnings distributions until the corpus is fully restored, and the board must file a restoration plan with the Attorney General and Chancery Court. The trustees are required to publish an audited financial report annually, and the Attorney General has the authority to enforce the act's terms, with the fund dissolving and the act being repealed if its balance ever reaches zero, triggering an investigation into potential mismanagement.

Government Affairs

https://billstatus.ls.state.ms.us/2026/pdf/history/HB/HB4110.xml