MS SB2945

Authorizes the Lafayette County Board of Supervisors to establish the Lafayette County Reserve and Trust Fund and deposit proceeds from the termination of lease and sale of Baptist Memorial Hospital-North Mississippi facilities located on Lamar Avenue in Oxford.

Establishes a Board of Trustees composed of the Board of Supervisors members, with the board president as chairman and vice president as vice chairman, and authorizes appointment of a three-member advisory committee with investment expertise.

Divides the fund into a corpus component (principal, kept inviolate except as provided) and an earnings component (annual interest available for distribution and county general fund use).

Allows transfer of up to 85 percent of annual earnings to the county's general fund for designated special projects, with remaining earnings added back to corpus; permits withdrawal of up to 5 percent of corpus annually or any amount during declared emergencies, after which earnings must be retained to rebuild corpus.

Requires the board of trustees to invest fund assets according to Mississippi Prepaid Affordable College Tuition Program guidelines and submit annual financial reports by July 1; dissolves the trust upon zero balance.