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 are defined as all sale proceeds after debts and costs. At least 80% of these net proceeds must be deposited into this fund, which will serve as a permanent endowment to maintain its value against inflation and provide sustainable revenue for the county. The Board of Supervisors of Oktibbeha County will act as the trustees of this fund and must hire a qualified institutional fiduciary, such as a bank or trust company, to manage its investments according to prudent investor laws. The fund's earnings, which are defined as net interest, dividends, and capital gains after administrative expenses, can be distributed annually, with up to 85% of remaining earnings potentially transferred to a separate Oktibbeha County OCH Proceeds Fund for general county purposes like operations and improvements, but only if the fund's inflation-adjusted value is not below its initial deposit. Strict limitations are placed on withdrawals from the fund's principal, or "corpus," which is the initial deposit plus any undistributed income and inflation adjustments; such withdrawals are only allowed for extraordinary capital needs with a supermajority vote of the supervisors, public notice, and fiduciary certification, or for unlimited amounts during declared emergencies, and any invasion of the corpus suspends earnings distributions until it is fully restored. The trustees are required to publish audited financial reports annually, and the Attorney General has the authority to enforce the act's terms, with the fund dissolving if its balance reaches zero, triggering an investigation into potential mismanagement.

Government Affairs

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