MS HB941

Changes the valuation date for the Lowndes County Reserve and Trust Fund from December 31 to August 31 of each year to allow investment income to be known before the county's fiscal year begins.

Allows the Board of Trustees (comprised of the Board of Supervisors) to determine the fund's value as of August 31 and report findings to the Board of Supervisors before July 1 of the succeeding year.

Permits up to 3% of the fund's August 31 balance to be transferred to the county general fund or other county funds upon majority Board of Supervisors vote for designated special projects.

Authorizes the Board of Supervisors to withdraw from the corpus component in the event of a declared state of emergency or local emergency, with income retained and repaid to the corpus until the original fund value is restored.

The fund will be dissolved and the act repealed if the trust account reaches a zero balance.