MS SB3128

Authorizes the City of Oxford, Mississippi to establish the City of Oxford Municipal Reserve and Trust Fund, funded by proceeds from the termination of the Baptist Memorial Hospital-North Mississippi lease and sale of related property on Lamar Avenue.

Establishes a nine-member Board of Trustees consisting of the mayor, mayor pro tem, one appointed alderman, and six additional appointed members with business or financial expertise, with the mayor pro tem serving as chairman.

Divides the fund into a corpus component (principal, kept inviolate except under specified circumstances) and an earnings component (3% of fund balance for first three years, then 75% of average net yield from previous three years), with earnings transferred to the city's general fund for appropriation.

Permits withdrawal from the corpus component upon three-fourths board of aldermen vote with mayoral approval in cases of declared emergencies or when city revenues fall more than 5% below budget for three consecutive months; permits withdrawal of up to 10% of corpus upon unanimous vote with public hearing, limited to once per four-year term.

Requires trustees to annually prepare financial reports by July 1, invest funds according to Mississippi Prepaid Affordable College Tuition Program guidelines, and replenish corpus from earnings if withdrawals occur before resuming earnings distributions.