MS HB998

Authorizes Lowndes County Board of Supervisors to establish a Reserve and Trust Fund for deposits of proceeds from the sale of county hospital facilities and investment income.

Designates the Board of Supervisors as the Board of Trustees to manage the fund, with authority to appoint a three-member advisory committee with investment expertise.

Divides the fund into a corpus component (principal, to remain inviolate except as provided) and an earnings component available for county spending on designated special projects.

Allows up to 85% of annual earnings to transfer to the county general fund for appropriation; permits withdrawal of up to 5% of corpus annually or unlimited amounts during declared emergencies, with earnings redirected to replenish corpus until pre-withdrawal levels are restored.

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