MS SB3270

Clarifies the earnings component of the City of Oxford Municipal Reserve and Trust Fund as 3% of the full fund balance calculated using a rolling twelve-quarter average of quarter-end market values, with all remaining annual income added to the corpus.

Authorizes trustees to expend from the corpus component amounts needed for fund management (accounting, legal, investment advisor fees) if the earnings component is insufficient to cover these costs.

Prohibits distribution of earnings to the city's general fund if the full fund balance falls below the initial deposit amount at fiscal year end.

Requires a three-fourths majority vote to withdraw corpus funds during declared emergencies or when budgeted revenue collections fall more than 5% below estimates for three consecutive months, limited to 98% of projected shortfalls.

Allows a one-time withdrawal of up to 10% of corpus during each four-year aldermen term upon unanimous board vote and mayor approval, after a public hearing, with mandatory repayment before subsequent withdrawals under this provision.