MISSISSIPPI LEGISLATURE

1998 Regular Session

To: Banks and Banking

By: Representative Livingston

AN ACT TO AMEND SECTION 7-9-21, MISSISSIPPI CODE OF 1972, TO PROVIDE THAT PUBLIC FUNDS SHALL BE DEPOSITED INTO THE STATE TREASURY BY THE END OF THE NEXT BUSINESS DAY FOLLOWING THE DAY THAT THE FUNDS ARE COLLECTED, INSTEAD OF ON THE SAME DAY THAT THE FUNDS ARE COLLECTED; TO AUTHORIZE THE STATE FISCAL OFFICER, UPON THE REQUEST OF ANY STATE AGENCY, TO PROVIDE FOR OTHER THAN DAILY DEPOSITS OF ACCOUNTS BY THAT AGENCY; TO PROVIDE THAT THE STATE FISCAL OFFICER SHALL DETERMINE THE FREQUENCY AND METHOD OF DEPOSIT FOR THE AGENCY; AND FOR RELATED PURPOSES. 

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

SECTION 1. Section 7-9-21, Mississippi Code of 1972, is amended as follows:

7-9-21. All state officials shall make a detailed report to the State Fiscal Officer and * * * pay into the State Treasury all public funds, as defined in Section 7-7-1, which are required to be paid into the Treasury. Such funds shall be deposited in the State Treasury by the end of the next business day following the day that such funds are collected, except as provided elsewhere in this section. The State Fiscal Officer and the State Treasurer are authorized to establish clearing accounts in the State Treasury as may be necessary to facilitate the transfer of monies to municipalities, counties and other special fund accounts, as provided by law. The detailed report hereinabove required shall be fully satisfied when any revenue-collecting agency on its applications for received warrants has stated the amount of money which it has collected from any source whatsoever without having to supply the names of the taxpayers who had remitted such money. At the request of any state agency, the State Fiscal Officer, with the advice and consent of the State Treasurer, may by regulation provide for other than daily deposits of accounts by that state agency. The State Fiscal Officer, with the advice and consent of the State Treasurer, shall determine the frequency and method of deposit for the agency.

SECTION 2. This act shall take effect and be in force from and after its passage.