MS HB997

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

Establishes a Board of Trustees composed of the Board of Supervisors members, with the board president serving as chairman and authority to appoint a three-member advisory committee with investment expertise.

Divides the fund into a corpus component (inviolate principal) and an earnings component; up to 85% of annual earnings shall transfer to the county general fund for special projects, with the remainder added to the corpus.

Permits the Board of Supervisors to withdraw up to 5% of the corpus annually or any amount during declared emergencies; if corpus is withdrawn, all earnings must be retained and applied to corpus restoration before earnings distributions resume.

Authorizes fund investments under Mississippi Prepaid Affordable College Tuition Program guidelines and allows up to 10% of the fund to purchase tax-foreclosed lands in the county.