MS HB1092

Authorizes the Lowndes County Board of Supervisors to establish a Reserve and Trust Fund using proceeds from the termination of lease and sale of Baptist Memorial Hospital-Golden Triangle facilities on 5th Street North in Columbus, Mississippi.

Fund is divided into two components: a corpus component (principal that remains inviolate except under specific circumstances) and an earnings component (annual interest income available for distribution).

Board of Trustees (comprised of the Board of Supervisors) may invest fund assets using the same investments authorized under the Mississippi Prepaid Affordable College Tuition Program and may appoint a three-member advisory committee with investment expertise.

Up to 85% of annual earnings from the fund shall be transferred to the county's general fund for "special" projects designated by the Board of Supervisors; remaining earnings are added to the corpus.

Board of Supervisors may withdraw up to 5% of corpus annually by majority vote, or withdraw any amount during declared state or local emergencies; all income must be retained and applied to corpus repayment until the corpus is fully restored.