MISSISSIPPI LEGISLATURE

1998 Regular Session

To: Appropriations

By: Representative Thornton

House Bill 616

AN ACT TO CREATE A SPECIAL FUND IN THE STATE TREASURY TO BE KNOWN AS THE MISSISSIPPI FIRE FIGHTERS MEMORIAL BURN CENTER ENDOWMENT FUND; TO PROVIDE FOR THE TRANSFER OF ONE MILLION DOLLARS FROM THE STATE GENERAL FUND TO THE ENDOWMENT FUND DURING EACH OF THE NEXT 20 FISCAL YEARS; TO PROVIDE THAT THE STATE TREASURER SHALL INVEST THE MONIES IN THE ENDOWMENT FUND; TO PROVIDE THAT AFTER 20 YEARS, THE SUM OF THE AMOUNTS TRANSFERRED FROM THE GENERAL FUND TO THE ENDOWMENT FUND SHALL BE RETURNED TO THE GENERAL FUND, AND THE REMAINDER OF THE MONIES IN THE ENDOWMENT FUND SHALL BE TRANSFERRED TO THE MISSISSIPPI FIRE FIGHTERS MEMORIAL BURN CENTER FUND TO BE PART OF THE PRINCIPAL OF THAT TRUST FUND; TO AMEND SECTION 7-9-70, MISSISSIPPI CODE OF 1972, IN CONFORMITY TO THE PROVISIONS OF THIS ACT; AND FOR RELATED PURPOSES. 

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:

SECTION 1. (1) There is created in the State Treasury a special fund to be known as the Mississippi Fire Fighters Memorial Burn Center Endowment Fund (the "endowment fund"). The State Fiscal Officer shall transfer the sum of One Million Dollars ($1,000,000.00) from the State General Fund to the endowment fund during each of the next twenty (20) fiscal years, beginning in fiscal year 1999 and ending after fiscal year 2018, with the transfers to be made in four (4) equal quarterly payments during each fiscal year.

(2) The State Treasurer shall invest the monies in the endowment fund in the same manner as the principal of the Education Improvement Trust Fund is invested under Section 7-9-103. Monies in the endowment fund at the end of a fiscal year shall not lapse into the State General Fund, and all interest and income earned on amounts in the endowment fund shall be deposited to the credit of the endowment fund.

(3) On July 1, 2018, the State Fiscal Officer shall transfer the sum of Twenty Million Dollars ($20,000,000.00) from the endowment fund to the State General Fund, and shall transfer the remainder of the monies in the endowment fund to the Mississippi Fire Fighters Memorial Burn Center Fund created under Section 7-9-70. The monies transferred to the Mississippi Fire Fighters Memorial Burn Center Fund shall be part of the principal of that trust fund. After the State Fiscal Officer has transferred all of the monies from the endowment fund, the endowment fund shall be closed.

SECTION 2. Section 7-9-70, Mississippi Code of 1972, is amended as follows:

7-9-70. (1) There is hereby created and established in the State Treasury a special trust fund to be known as the "Mississippi Fire Fighters Memorial Burn Center Fund." There shall be deposited in such fund (a) all such fees as the State Treasurer is directed to deposit therein under subsection (4) of Section 27-19-56.1, under subsection (4) of Section 27-19-56.2 and under subsection (5)(b) of Section 27-19-56.4; (b) all monies transferred to the fund from the Mississippi Fire Fighters Memorial Burn Center Endowment Fund under Section 1 of this act; and (c) any gift, donation, bequest, trust, grant, endowment, transfer of money or securities or any other monies from any source whatsoever as may be designated for deposit in the fund.

(2) The principal of the trust fund created under subsection (1) of this section shall remain inviolate and shall be invested as provided by law. Interest and income derived from investment of the principal of the trust fund may be appropriated by the Legislature and expended exclusively for the support and maintenance of the Mississippi Fire Fighters Memorial Burn Center.

SECTION 3. This act shall take effect and be in force from and after July 1, 1998.