House Bill 1043

AN ACT TO AMEND SECTION 67-1-211, MISSISSIPPI CODE OF 1972, TO PROVIDE THAT MONIES IN THE ABC WAREHOUSE CONSTRUCTION FUND MAY NOT BE EXPENDED FOR ANY PURPOSE ASSOCIATED WITH LAND ACQUISITION FOR, AND THE DESIGN, CONSTRUCTION, FURNISHING AND EQUIPPING OF, A NEW WAREHOUSE FOR THE DEPARTMENT OF REVENUE'S ALCOHOLIC BEVERAGE CONTROL DIVISION UNLESS THE DEPARTMENT OF REVENUE AND THE DEPARTMENT OF FINANCE AND ADMINISTRATION HAVE DETERMINED THAT THE PROJECT CAN BE COMPLETED FOR AN AMOUNT THAT IS NOT MORE THAN THE MAXIMUM AMOUNT OF REVENUE BONDS AUTHORIZED TO BE ISSUED UNDER SECTION 7, CHAPTER 483, LAWS OF 2022; AND FOR RELATED PURPOSES.

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

SECTION 1. Section 67-1-211, Mississippi Code of 1972, is amended as follows:

67-1-211. Special funds. (1) A special fund, to be designated the "ABC Warehouse Construction Fund," is created within the State Treasury. The fund shall be maintained by the State Treasurer as a separate and special fund, separate and apart from the General Fund of the state. Monies in this special fund shall be used to assist the Department of Finance and Administration in paying the costs associated with land acquisition for, and the design, construction, furnishing and equipping of, a new warehouse for the Department of Revenue's Alcoholic Beverage Control Division. However, no funds may be expended from the special fund for such purposes unless the Department of Revenue and the Department of Finance and Administration have determined that the total project can be completed for an amount that is not more than the maximum amount of revenue bonds authorized to be issued under Section 7 of Chapter 483, Laws of 2022. In addition, monies in this special fund shall be used to pay the costs of relocating inventory to the new warehouse from the warehouse that is in service on July 1, 2022. 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 or interest earned on amounts in the fund shall be deposited to the credit of the fund.

(2) A special fund, to be designated the "ABC Warehouse Improvements Fund," is created within the State Treasury. The fund shall be maintained by the State Treasurer as a separate and special fund, separate and apart from the General Fund of the state. Monies in this special fund shall be used to assist the Department of Revenue in paying the costs associated with occasional improvements. 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 or interest earned on amounts in the fund shall be deposited to the credit of the fund.

SECTION 2. This act shall take effect and be in force from and after its passage.