MS HB1492

Amends the Lafayette County Reserve and Trust Fund to require the Board of Trustees to invest fund assets in accordance with the Mississippi Uniform Prudent Investor Act (Section 91-9-601 et seq.) instead of investments authorized for the Public Employees' Retirement System.

The fund consists of proceeds from the termination of the Baptist Memorial Hospital-North Mississippi lease and sale of related real and personal property on Lamar Avenue in Oxford, Mississippi.

Divides the fund into a corpus component (principal to be maintained and invested) and an earnings component (3% of full fund balance annually available for distribution to the county for special projects).

Board of Supervisors may withdraw up to 5% of the corpus annually or any amount during declared state or local emergencies; earnings distributions cease and income is retained to replenish corpus until it reaches pre-withdrawal levels.

Fund dissolves and the act repeals if the trust account reaches a zero balance.