MS HB1708

Authorizes Coahoma County governing authorities to establish a Reserve and Trust Fund and deposit all or part of lease proceeds from Northwest Mississippi Regional Medical Center property into the fund.

Establishes a Board of Trustees consisting of the five serving supervisors of the Coahoma County Board of Supervisors to administer, manage, and invest the fund according to Mississippi Prepaid Affordable College Tuition Program investment standards (with restrictions on covered call/put options and real estate funds).

Divides the fund into a corpus component (principal that remains inviolate except under emergency circumstances) and an earnings component (annual interest that may be transferred to the county's general fund for appropriation).

Permits the board of supervisors to withdraw up to 5% annually from the corpus component, or any amount during declared state or local emergencies; any withdrawals trigger a suspension of earnings distributions until the corpus is fully restored.

Requires annual financial reports to the governing authorities by July 1 each year detailing the fund's accounting and financial condition; the fund dissolves if the balance reaches zero.