MS HB1365

Authorizes the Lowndes County Board of Supervisors to establish a Reserve and Trust Fund and deposit proceeds from the sale of county-owned hospital facilities into the fund.

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

Divides the fund into a corpus component (principal, which remains inviolate except as provided) and an earnings component, with up to 85% of annual earnings transferred to the county general fund for special projects.

Allows the Board of Supervisors to withdraw up to 5% of the corpus annually or any amount during declared emergencies; withdrawals trigger a repayment requirement where all earnings are retained until the corpus is restored to pre-withdrawal amounts.

Permits fund investments under the same rules as the Mississippi Prepaid Affordable College Tuition Program and authorizes use of up to 10% of the fund to purchase tax-foreclosed lands in the county.