HB 1662 Summary

• Authorizes expenditure of $1,217,960.00 in special funds for the Pearl River Basin Development District for fiscal year 2014 (July 1, 2013 - June 30, 2014).

• Authorizes 5 full-time permanent positions and 3 part-time permanent positions within the district.

• Allows the Director to escalate and expend up to $500,000.00 from any source for the Lower Pearl Restoration Project and South Jackson Clearing Project in accordance with the Army Corps of Engineers cooperation agreement.

• Requires the Pearl River Basin Development District to maintain accounting and personnel records at the same level of detail as fiscal year 2013 and prohibits salary increases unless specifically exempted by legislative authorization.

• Mandates funds be deposited at interest with state depositories at a rate not less than 1% below the bank discount rate on comparable U.S. Treasury bills, effective July 1, 2013.