MS HB379

Amends Section 19-9-29 of the Mississippi Code to extend the maximum investment period for excess county funds from one (1) year to three (3) years in interest-bearing time certificates of deposit.

Allows county boards of supervisors to invest excess funds (those exceeding seven business days of operational needs) in certificates of deposit with county or state depositories at negotiated rates of interest.

Permits investment of funds that cannot be placed in certificates of deposit into U.S. bonds, state bonds, municipal or school district bonds, or U.S. obligations subject to repurchase agreements.

Requires all proceeds from maturing certificates of deposit to be immediately reinvested according to the same investment guidelines unless the board determines funds are needed for current operations.

Takes effect July 1, 2013.