1998 Regular Session
By: Senator(s) Ferris
Senate Bill 2762
(As Passed the Senate)
AN ACT TO EMPOWER LOCAL SCHOOL BOARDS TO ENTER INTO CONTRACTS FOR THE INVESTMENT AND MANAGEMENT OF SCHOOL DISTRICT FUNDS, SUBJECT TO CERTAIN CONDITIONS; AND FOR RELATED PURPOSES.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:
SECTION 1. The school board of any school district is empowered, in accordance with its authority to invest certain district funds pursuant to Sections 29-3-113, 31-19-5 and 37-59-43, Mississippi Code of 1972, and subject to a plan or strategy of investment duly approved and adopted by the school board, to enter into contracts and agreements for the investment and management of said funds upon such terms and conditions deemed by the school board in the best interest of the district; provided, however, investments of said funds pursuant to such contract or agreement shall comply with any and all restrictions and limitations on the kinds and types of investments permitted under Sections 29-3-113, 31-19-5 and 37-59-43, Mississippi Code of 1972. Any such contract or agreement shall provide that the person and/or entity contracting with the school district for the investment and management of school funds shall indemnify and hold harmless the school district and the members of the school board, individually and collectively, for damages, losses and expenses arising out of the failure by such person and/or entity to invest and manage said funds in accordance with applicable laws and regulations, the school board's plan or strategy of investment and the contract or agreement; and may provide, in the discretion of the school board, for the payment of compensation or fees, including brokerage fees, to such person and/or entity for services rendered in connection with the investment and management of said funds.
SECTION 2. This act shall take effect and be in force from and after its passage.