MS SB2567

Amends municipal investment authority under Section 21-33-323 to allow excess funds to be invested in interest-bearing accounts with municipal and state depositories, in addition to existing bond and obligation investments.

Revises county depository qualifications under Section 27-105-315 to permit financial institutions with Federal Deposit Insurance Corporation coverage to qualify as county depositories, including through multi-bank deposit arrangements.

Establishes county surplus fund investment procedures under Section 19-9-29, requiring excess funds beyond seven (7) business days of operating needs to be invested in interest-bearing certificates of deposit or authorized bonds and obligations.

Requires county and municipal investments to mature or be redeemable before funds are needed for expenditure, with interest either deposited to general funds or returned to the original fund source depending on fund type.

Takes effect July 1, 2012.