MS SB3072

Amends the Lafayette County Reserve and Trust Fund to change investment requirements from those authorized for the Public Employees' Retirement System to compliance with the Mississippi Uniform Prudent Investor Act (Section 91-9-601 et seq.)

Fund consists of proceeds from the termination of lease and sale of Baptist Memorial Hospital-North Mississippi facilities on Lamar Avenue in Oxford, divided into a corpus component (principal to be preserved) and earnings component (3% of annual full fund balance available for distribution)

Board of Supervisors serves as the Board of Trustees managing the fund and may appoint a three-member advisory committee with investment expertise to provide guidance on fund management

Board of Supervisors may withdraw up to 5% of corpus annually or withdraw any amount during declared state or local emergencies; any corpus withdrawals trigger suspension of earnings distributions until corpus is restored to pre-withdrawal levels

Fund dissolves and this act is repealed if the trust account balance reaches zero