MS SB3008

Changes the investment standard for the City of Oxford Municipal Reserve and Trust Fund from the Public Employees' Retirement System of Mississippi (PERS) investment options to compliance with the Mississippi Uniform Prudent Investor Act (Section 91-9-601 et seq.).

Maintains the fund's two-component structure: a corpus component (principal that generally cannot be invaded) and an earnings component (3% of full fund balance annually available for distribution).

Requires the board of trustees to establish a comprehensive investment plan and permits withdrawal of corpus funds only under emergency conditions (declared state/local emergency or budget shortfalls exceeding 5% for three consecutive months) or by unanimous vote of aldermen with one withdrawal per four-year term limited to 10% of corpus.

Specifies the nine-member Board of Trustees composition including the mayor, mayor pro tem, one alderman, and six appointed members with demonstrated financial expertise.

Requires annual financial reporting to city governing authorities and ensures all board meetings comply with Mississippi open meetings laws.