MISSISSIPPI LEGISLATURE

1998 Regular Session

To: Municipalities

By: Representative Jennings

House Bill 1300

AN ACT TO AUTHORIZE A MUNICIPALITY TO ESTABLISH A RAINY DAY FUND IN THE STATE TREASURY TO BE ADMINISTERED BY THE STATE TREASURER; AND FOR RELATED PURPOSES.  

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

 

SECTION 1. Any municipality in the state may establish a special fund in the state treasury as a municipal rainy day fund. Such a special fund shall be administered by the State Treasurer. Funds specifically designated by the governing authorities of a municipality for deposit in the municipality's rainy day fund shall be deposited in the State Treasury to the credit of the municipality's rainy day fund. The interest earned in a municipality's rainy day fund shall be credited to the municipality's rainy day fund. Expenditures shall be made from the fund upon requisition of the governing authorities of a municipality, spread on the minutes and signed by the mayor of the municipality, his secretary, or the president of the city council or board of alderman. A municipality may deposit funds as needed into its rainy day fund.

SECTION 2. This act shall take effect and be in force from and after July 1, 1998.