MISSISSIPPI LEGISLATURE

1998 Regular Session

To: Municipalities

By: Representative Jennings

AN ACT TO AUTHORIZE A MUNICIPALITY TO ESTABLISH A RESERVE FUND IN A SEPARATE ACCOUNT OF THE MUNICIPALITY TO BE ADMINISTERED BY THE MUNICIPALITY; 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 as a municipal reserve fund. Funds specifically designated by the governing authorities of a municipality for deposit in the municipality's reserve fund shall be deposited in a separate city account established for such prupose. The interest earned in a municipality's reserve fund shall be credited to the municipality's reserve fund. Legal 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 aldermen. A municipality may deposit funds as needed into its reserve fund.

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