MS SB2846

Amends Section 7-9-43 of the Mississippi Code to extend the depository contract term for state institutions of higher learning and the Department of Human Services from an unspecified previous period to five (5) years.

Banks selected as depositories must receive written approval from the State Fiscal Officer and qualify as state depositories under Section 27-105-5 before receiving funds.

Depository banks must enter into written contracts to perform all required duties, receive and disburse funds on checks countersigned by institutional presidents or board chairs, and maintain accounts conforming to General Accounting Office requirements.

Private hospitals are exempted from providing depositories.

The act takes effect July 1, 2011.