MS HB1563

Authorizes the City of Oxford, Mississippi to establish a Municipal Reserve and Trust Fund using proceeds from the termination of lease and sale of Baptist Memorial Hospital - North Mississippi facilities

Creates a 9-member board of trustees to manage the fund, including the mayor, mayor pro tempore, one appointed alderman, and six citizens appointed by the mayor with board approval

Divides the fund into a corpus component (principal that cannot be invaded) and an earnings component, with 75% of the three-year average net yield available for city use after the first three years

Limits initial annual disbursements to 3% of the fund balance for the first three fiscal years

Permits withdrawal from the corpus only upon a three-fourths majority vote during declared emergencies or when city revenues fall more than 5% below budget for three consecutive months, with all earnings retained until the corpus is fully restored