MISSISSIPPI LEGISLATURE

1998 Regular Session

To: Finance

By: Senator(s) Gordon

AN ACT TO CREATE A SPECIAL FUND TO BE DESIGNATED THE COUNTY REVOLVING FUND; TO PROVIDE THAT BEGINNING WITH THE END OF FISCAL YEAR 2000 AND EACH FISCAL YEAR THEREAFTER, THE STATE TREASURER SHALL TRANSFER TO THE COUNTY REVOLVING FUND AN AMOUNT EQUAL TO 18-1/2% OF THE AMOUNT THAT THE SALES TAX REVENUE COLLECTED AFTER DIVERSION IN SUCH FISCAL YEAR EXCEED THE AMOUNT OF THE SALES TAX REVENUE COLLECTED AFTER DIVERSION IN FISCAL YEAR 1999; TO PROVIDE THAT THE ENTIRE AMOUNT TRANSFERRED TO THE COUNTY REVOLVING FUND SHALL BE DISTRIBUTED ANNUALLY TO THE VARIOUS COUNTIES IN THE PROPORTION THAT THE POPULATION OF EACH COUNTY BEARS TO THE TOTAL POPULATION OF THE STATE; TO AMEND SECTION 27-104-27, MISSISSIPPI CODE OF 1972, IN CONFORMITY THERETO; AND FOR RELATED PURPOSES. 

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

SECTION 1. (1) There is hereby created in the State Treasury a special fund to be designated as the "County Revolving Fund" into which shall be deposited funds in the amount determined by this section.

(2) Beginning the fiscal year ending June 30, 2000, and at the end of each state fiscal year thereafter, the Department of Finance and Administration, the State Tax Commission and the State Treasurer shall determine to what extent, if any, collections of sales tax revenue after diversion for the fiscal year exceeded the amount of sales tax revenue that was collected after diversion during Fiscal Year 1999.

(3) On August 31, 2000, and August 31 of each succeeding year, an amount equal to eighteen and one-half percent (18-1/2%) of the sales tax revenue collected after diversion during such fiscal year that exceeds the amount of sales tax revenue collected after diversion during Fiscal Year 1999 shall be transferred by the State Treasurer to the County Revolving Fund for the benefit of the counties of the state.

(4) The distribution to the counties shall be made each year by the Department of Finance and Administration on October 1. The entire amount transferred to the County Revolving Fund shall be distributed annually to the various counties in the proportion that the population of each county bears to the total population of the state. The population of the counties and the state according to the latest federal decennial census shall be used in this computation. The distribution under this section shall be made by the Department of Finance and Administration by warrants drawn on the State Treasurer payable from the County Revolving Fund.

(5) On or before September 1, 2000, and on or before September 1 of each succeeding year, the Department of Finance and Administration shall notify each county of the amount to which such county is entitled pursuant to this section.

(6) Funds made available to counties under the provisions of this section may be used for any lawful county purpose.

SECTION 2. Section 27-104-27, Mississippi Code of 1972, is amended as follows:

27-104-27. Notwithstanding anything in Sections 27-103-101 through 27-103-139 and 27-104-1 through 27-104-29 contained, the same shall not be construed to apply to any agency supported wholly by funds granted or allotted under any act of Congress. The State Auditor of Public Accounts and after July 1, 1986, the State Fiscal Officer shall determine which special fund accounts in the State Treasury require an appropriation act and request an appropriation for such special fund accounts. For all other special fund accounts, the State Auditor of Public Accounts, or the State Fiscal Officer after July 1, 1986, shall certify that such accounts do not require an appropriation. The Legislative Budget Office shall recommend an appropriation for each special fund account existing in the State Treasury so certified as requiring an appropriation, unless exempted as hereinafter provided. In the event the Legislative Budget Committee and the State Fiscal Officer find that any state agency should not be included under the provisions of Sections 27-103-101 through 27-103-139 and 27-104-1 through 27-104-29, then the said committee and officer may, in their discretion, exempt said state agency from the provisions thereof. Sections 27-103-101 through 27-103-139 and 27-104-1 through 27-104-29 shall not apply to funds collected and disbursed by a state agency created and existing under the provisions of Sections 73-3-101 through 73-3-169. Sections 27-103-101 through 27-103-139 and 27-104-1 through 27-104-29 shall not apply to funds deposited into the special fund created pursuant to Section 45-9-101. Sections 27-103-101 through 27-103-139 and 27-104-1 through 27-104-29 shall not apply to funds deposited into the special fund created pursuant to Section 1 of Senate Bill No. 2185, 1998 Regular Session.

The State Fiscal Officer shall not promulgate or attempt to enforce any rule, order or regulation which is not in accordance with the provisions of a legally executed trust indenture agreement, nor shall Sections 27-103-101 through 27-103-139 and 27-104-1 through 27-104-29 be construed to apply to funds collected and disbursed by a state agency under Sections 65-33-45 and 65-33-47.

SECTION 3. This act shall take effect and be in force from and after July 1, 1999.