Senate Bill 2436

AN ACT TO REQUIRE AN ANNUAL TRANSFER OF GENERAL FUNDS TO THE OFFICE OF STATE AID ROAD CONSTRUCTION FUND.

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

SECTION 1. Beginning in fiscal year 2022, the State Fiscal Officer shall annually transfer State General Funds to the Office of State Aid Road Construction Fund as provided in this act. The amount of the transfer shall be calculated by the State Fiscal Officer based on revenue generated for the Office of State Aid Road Construction through sales tax, oil tax and fuel tax diversions in fiscal year 1986, adjusted for inflation by the Consumer Price Index for All Urban Consumers (CPI-U), and reduced by the most recently completed fiscal year revenues generated for the Office of State Aid Road Construction through similar diversions. It is the intention of the Legislature that the State Fiscal Officer annually increase the General Fund transfer to the Office of State Aid Road Construction on the same basis.

SECTION 2. The funds transferred pursuant to this act shall be appropriated by the Legislature to the Office of State Aid Road Construction which shall have the authority to receive, budget, and expend those funds as other special funds as authorized in Section 65-18-7.

SECTION 3. For fiscal year 2022, the State Fiscal Officer shall transfer Forty-two Million Twenty-three Thousand Five Hundred Thirteen Dollars ($42,023,513.00) pursuant to the calculation required in Section 1 of this act.

SECTION 4. This act shall take effect and be in force from and after July 1, 2021.