MS HB1220

Deposits $5,000,000 annually of interest earned on the Working Cash-Stabilization Reserve Fund into the Ayers Settlement Fund through June 30, 2031 (10 fiscal years).

Removes the requirement to reduce the Ayers Endowment Trust by equal amounts as deposits are made into the Ayers Settlement Fund.

Funds deposited into the Ayers Settlement Fund shall be appropriated to the Board of Trustees of State Institutions of Higher Learning for the benefit of Jackson State University, Alcorn State University, and Mississippi Valley State University.

Eliminates the previous $70,000,000 cap on total deposits into the Ayers Settlement Fund, replacing it with a time-limited deposit schedule through June 30, 2031.

Effective date is July 1, 2021.