MS HB1508

Amends the definition of "income" for the Lowndes County Reserve and Trust Fund to include capital gains (realized or unrealized) along with interest and dividends from fund investments.

Establishes that the Board of Trustees must meet at least once annually, with anticipated quarterly meetings, and requires all meetings be open to the public under Mississippi's open meetings law.

Designates the Lowndes County Reserve and Trust Fund as a political subdivision under Mississippi tort claims law, providing the fund and its trustees with associated immunities and protections.

Authorizes the Board of Trustees to delegate investment authority to investment advisors and allows management expense payments to be drawn from the income component if insufficient to cover fund administration costs.

Revises the annual income distribution calculation to 3% of the total fund balance (rather than a percentage of earnings) and prohibits distributions that would reduce the fund balance below the original deposit amount; allows corpus withdrawals only during declared state or local emergencies.