MS HB1466

Amends Chapter 938, Local and Private Laws of 2011, to correct an internal code reference regarding the Board of Trustees of the City of Oxford Municipal Reserve and Trust Fund.

Changes the investment standard reference from Section 25-11-121(1) to Section 91-9-601, et seq. (Mississippi Uniform Prudent Investor Act) for fund investment authority.

Board of Trustees consists of nine members: the mayor, mayor pro tem, one appointed alderman, and six appointed citizens with business or financial expertise.

Fund is divided into corpus component (principal to be preserved and invested) and earnings component (3% of annual fund balance available for distribution to city general fund).

Corpus may be withdrawn only upon three-fourths majority board vote in emergencies or budget shortfalls exceeding 5%, or upon unanimous vote for specific purposes up to 10% of corpus once per four-year term.