MS HB1683

Eliminates per diem payments for nongovernmental trustee members of the City of Oxford Municipal Reserve and Trust Fund, limiting them to reimbursement for travel and lodging expenses only

Expands trustees' authority to manage all "income" from the fund rather than just "interest income," with income defined as all interest and dividends from fund investments

Redefines the earnings component as 3% of the full fund balance every fiscal year, rather than only during the first three fiscal years as previously specified

Guarantees the 3% earnings component will be available for distribution regardless of whether the corpus component generates any income in a given fiscal year

Requires all annual income exceeding the 3% earnings component to remain in the fund as part of the corpus component