HB1036_S_Subst_1_to_Amend

SECTION 1. From July 1, 2003, until June 30, 2004, the State Treasurer shall transfer to the Budget Contingency Fund created in Section 27-103-301, Mississippi Code of 1972, an amount equal to Fourteen Million One Hundred Sixty-six Thousand Six Hundred Sixty-seven Dollars ($14,166,667.00) each month from the aggregate of special funds in the State Treasury. The State Treasurer shall determine which special funds shall be transferred to the Budget Contingency Fund each month and shall notify the appropriate agency, except that the Working Cash-Stabilization Reserve Fund, trust funds, bond proceed funds, federal funds, special-source funds used to match federal funds and special-source funds to the credit of the Department of Mental Health derived from client care shall be exempt from any required transfer under this section. Upon this notification, the agency shall make such transfer from its special funds as required by the State Treasurer. Transfers required under the provisions of this section shall be prorated among all appropriate special funds in the State Treasury.

SECTION 2. (1) From and after July 1, 2003, the State Treasurer shall monthly charge and collect a cash management fee from each state agency that has special funds in the State Treasury that are held in an account to which the interest and investment earnings on monies in the account are deposited to the credit of the account, for managing the cash balances of the account for the benefit of the state agency. The amount of the cash management fee shall be equal to one percent (1%) of the average balance in the account.

(2) The cash management fees collected for the period from July 1, 2003, until June 30, 2004, shall be deposited into the Budget Contingency Fund created in Section 27-103-301, Mississippi Code of 1972. The cash management fees collected for each annual period from and after July 1, 2004, shall be deposited into a special fund that is created in the State Treasury to the credit of the Office of the State Treasurer, which shall be expended, upon appropriation by the Legislature, for the purpose of paying maturing bonds and interest on the full faith and credit bonds of the state and paying service charges to banks for acting as agents of the state in paying bonds and interest on the full faith and credit bonds of the state. Unexpended amounts remaining in the special fund at the end of a fiscal year shall not lapse into the State General Fund, and any interest earned or investment earnings on amounts in the special fund shall be deposited to the credit of the special fund.

SECTION 3. (1) The State Treasurer shall transfer to the Budget Contingency Fund created in Section 27-103-301, Mississippi Code of 1972, out of the following enumerated funds, amounts listed below for each fund throughout the period beginning upon passage of this act and through June 30, 2003:

Agency/Fund Fund No. Amount

State General Fund $ 3,600,000.00

Working Cash-Stabilization

Reserve Fund $3,754,000.00

Department of Transportation 3941 $50,000,000.00

UM - State Court Education Program 3257 $ 100,000.00

Department of Health 3301 $ 2,500,000.00

Workers' Compensation Trust Fund 3642 $ 5,000,000.00

Employment Compensation Revolving

Fund 3644 $1,000,000.00

Tort Claims Fund 3080 $1,000,000.00

Unclaimed Property Fund 3178 $5,000,000.00

Gaming Commission 3188 $ 299,391.00

Department of Insurance 3501/3503 $ 400,000.00

Oil and Gas Board 3493 $1,000,000.00

Camp Shelby Timber Fund 3700 $ 100,000.00

Real Estate Appraisers Licensing

and Certification Board 3836 $ 100,000.00

Public Contractors Board 3834 $ 300,000.00

DPS - Law Enforcement Officers'

Standards and Training Board 3742 $2,300,000.00

DPS - Emergency Telecommunications

Standards and Training Board 3744 $2,000,000.00

DPS - County Jail Officers Board 3741 $ 200,000.00

Board of Bar Admissions 3055 $ 300,000.00

Board of Nursing 3838 $ 200,000.00

Motor Vehicle Commission 3839 $ 100,000.00

Board of Registration of Foresters 3844 $ 100,000.00

Board of Pharmacy 3846 $ 750,000.00

Criminal Justice Fund 3086 $ 350,000.00

MDA - CAP Loan Program 34KX $ 1,500,000.00

Securities Act Enforcement Fund 3114 $ 2,600,000.00

Total $84,553,391.00

Funds transferred in this act from the Workers' Compensation Trust Fund shall be covered by a noninterest bearing note payable from the State General Fund to the Workers' Compensation Trust Fund in the amount transferred. This note payable shall be of indefinite maturity, however, at any time the Workers' Compensation Trust Fund requires payment to be received on the note in order to cover claims expenses or ordinary, necessary, and reasonable operating expenses, the amount so needed shall be transferred back to the Workers' Compensation Trust Fund from the State General Fund and the balance of the note payable shall be reduced to reflect such transfer. Further, the Workers' Compensation Trust Fund shall utilize all other cash and investment resources available in the payment of claims and operating expenses before making a demand for payment on this note payable. Further, the note payable shall be carried as an asset on the financial statements of the Workers' Compensation Trust Fund.

The State Bond Commission is hereby directed and authorized to determine, approve and execute the terms and conditions of this note with the Workers' Compensation Trust Fund and such terms and conditions shall be subject to yearly renewal and/or review by the State Bond Commission.

(2) From and after July 1, 2003, the State Treasurer shall transfer to the Budget Contingency Fund created in Section 27-103-301, Mississippi Code of 1972, out of the following enumerated funds, amounts listed below for each fund throughout the period beginning July 1, 2003, and through June 30, 2004:

Agency/Fund Fund No. Amount

State General Fund $ 95,020,054.00

DPS - Emergency Telecommunications

Standards and Training Board 3744 $1,000,000.00

Workers' Compensation Commission 3521 $ 100,000.00

Board of Bar Admissions 3055 $ 50,000.00

Auctioneers Commission 3820 $ 100,000.00

Board of Pharmacy 3846 $ 250,000.00

MDA - CAP Loan Program 34KX $ 2,000,000.00

School Ad Valorem Tax Reduction Fund $46,000,000.00

Total $144,520,054.00

In addition to the amounts transferred to the Budget Contingency Fund under the provisions of this act, the Budget Contingency Fund is hereby authorized to receive any additional funds that may become available to the fund from any source during the period beginning upon passage of this act and through June 30, 2004.

SECTION 4. (1) There is created in the State Treasury a special fund to be known as the Special Funds Transfer Fund, which shall be comprised of the monies required to be deposited into the fund under Section 27-65-75(18). Upon receipt of monies deposited into the fund under Section 27-65-75(18), the State Treasurer shall transfer those monies to special funds.

(2) Unexpended amounts remaining in the fund at the end of a fiscal year shall not lapse into the State General Fund, and any interest earned or investment earnings on amounts in the fund shall be deposited to the credit of the fund.

SECTION 5. This act shall take effect and be in force from and after its passage.