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MS SB2973
Bill
AI Summary
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Requires the Board of Trustees of the City of Oxford Municipal Reserve and Trust Fund to invest fund assets in accordance with the Mississippi Uniform Prudent Investor Act instead of following investment guidelines authorized for the Public Employees' Retirement System of Mississippi
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The Municipal Reserve and Trust Fund was established to hold proceeds from the sale of Baptist Memorial Hospital-North Mississippi facilities on Lamar Avenue in Oxford
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The fund structure remains unchanged with a corpus component (principal that cannot be invaded) and an earnings component equal to 3% of the total fund balance annually available for city use
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The nine-member Board of Trustees includes the mayor, mayor pro tem, one appointed alderman, and six citizen members appointed by the mayor with board of aldermen consent
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Emergency withdrawals from the corpus require three-fourths majority approval, while non-emergency corpus withdrawals require unanimous approval and are limited to 10% per four-year term
Legislative Description
City of Oxford; amend code reference to conform to governing law change from PERS to MS Uniform Prudent Investor Act.
Last Action
Died In Committee
4/1/2021