MISSISSIPPI LEGISLATURE
2020 Regular Session
To: County Affairs; Accountability, Efficiency, Transparency
By: Senator(s) Blackwell, Jackson (11th), Jordan
AN ACT TO AMEND SECTION 27-105-305, MISSISSIPPI CODE OF 1972, TO PROVIDE COUNTY BOARDS OF SUPERVISORS THE DISCRETION TO DETERMINE THE INTERVAL OF TIME FOR PROVIDING NOTICE TO FINANCIAL INSTITUTIONS OF THE OPENING OF THE BIDDING PROCESS FOR SERVING AS DEPOSITORIES OF COUNTY FUNDS; TO CLARIFY THAT THE SELECTION OF DEPOSITORIES IS TO BE BASED UPON ALL RELEVANT FACTORS; AND FOR RELATED PURPOSES.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:
SECTION 1. Section 27-105-305, Mississippi Code of 1972, is amended as follows:
27-105-305. The board of
supervisors at the regular December 1997 meeting, and annually thereafter or,
in the discretion of the board of supervisors, * * * thereafter at such other
interval of time as determined by the board of supervisors, but no less
frequently than every four (4) years, shall give notice to all financial
institutions in its county whose accounts are insured by the Federal Deposit
Insurance Corporation (or any successor thereto), by publication, that bids
will be received from financial institutions at the following January meeting,
or some subsequent meeting, for the privilege of keeping the county funds, or
any part thereof, which notice shall refer by name to this article and it shall
not be necessary to incorporate in the notice the provisions of this article;
and at the January meeting, or a subsequent meeting as may be designated in the
notice, as the case may be, the board of supervisors shall receive such bids or
proposals as the financial institutions may make for the privilege of keeping
the county funds, or any part thereof. The bids or proposals shall designate
the kind of security as authorized by law which the financial institutions
propose to give as security for funds, and the board shall cause the county
funds and all other funds in the hands of the county treasurer to be deposited
in the qualified financial institution or qualified institutions proposing the
best terms, taking into consideration all material aspects of the proposal
including, but not limited to, net earnings, account costs, costs of transfer
of accounts from existing depositories, banking services provided and other
service considerations, and meeting the requirements provided in Section 27-105-315,
having in view the safety of such funds. However, if a bank submits a bid or
offer to the board of supervisors to act as a depository for the county and the
bid or offer, if accepted, would result in a contract in which a member of the
board of supervisors would have a direct or indirect interest, the board of
supervisors may elect to not open or consider any bids received and submit the
matter to the State Treasurer. Upon receipt of the bids received from the
board of supervisors, the State * * * Treasurer shall open and
consider the bids received, select a depository or depositories, make all
decisions and take any action within the authority of the board of supervisors
under this section relating to the selection of a depository or depositories,
including:
(a) The selecting and opening of accounts;
(b) Approval of securities;
(c) The transfer and deposit of funds between depositories; and
(d) All other related functions.
If the board of supervisors elects to open and consider the bids or offers, it shall not open or consider any bid which, if accepted, would result in a contract in which a member of the board of supervisors would have a direct or indirect interest.
SECTION 2. This act shall take effect and be in force from and after July 1, 2020.