MS HB1114

Changes language in Section 19-9-29 from "shall invest" to "may invest" excess county funds, making investment discretionary rather than mandatory.

Allows counties to invest excess funds in interest-bearing time certificates of deposit (14 days to 1 year) with county or state depositories at negotiated rates at least equal to passbook savings rates.

Permits investment of excess funds in U.S. bonds, state bonds, or local government bonds if approved by a bond attorney or validated by chancery court, with any maturity date prior to when funds are needed.

Allows counties to invest excess funds in U.S. obligations subject to repurchase agreements or in interest-bearing accounts with county or state depositories if bonds cannot be used.

Effective July 1, 2013.