MS HB1584

Changes investment authority for the City of Oxford Municipal Reserve and Trust Fund from the Mississippi Prepaid Affordable College Tuition Program to investments authorized under the Public Employees' Retirement System of Mississippi per Section 25-11-121(1).

Maintains existing fund structure with a nine-member Board of Trustees consisting of the mayor, mayor pro tem, one alderman, and six appointed members with business or financial expertise.

Preserves the corpus component as inviolate principal and establishes an earnings component equal to three percent (3%) of the full fund balance annually, with remaining investment income added to the corpus.

Allows withdrawal of corpus funds only upon three-fourths majority board vote for emergencies or budget shortfalls exceeding five percent (5%) for three consecutive months, or upon unanimous vote for specific purposes limited to once per four-year term and not exceeding ten percent (10%) of corpus.

Requires earnings component to be transferred to the city's general fund and available for appropriation by governing authorities, with fund management expenses paid from earnings.