MISSISSIPPI LEGISLATURE
2025 Regular Session
To: Banking and Financial Services; County Affairs
By: Representative Aguirre
AN ACT TO AMEND SECTION 27-105-305, MISSISSIPPI CODE OF 1972, TO REVISE THE INTERVAL OF TIME FOR PUBLISHING NOTICE OF THE ACCEPTANCE OF BIDS FROM FINANCIAL INSTITUTIONS TO SERVE AS THE COUNTY DEPOSITORY WHENEVER THE BOARD OF SUPERVISORS DESIGNATES A DEPOSITORY DURING THE BOARD MEMBERS' LAST YEAR OF THEIR TERM OF OFFICE; TO DELETE THE PROHIBITION AGAINST A BOARD OF SUPERVISORS DESIGNATING A COUNTY DEPOSITORY DURING THE LAST YEAR OF A FOUR-YEAR TERM; 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. Beginning on
July 1, 2025, the board of supervisors at the regular December * * * 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, up to 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 * * *; however, the interval of time for
giving notice shall be no more than twenty-four (24) months when the board of
supervisors designates a depository during the last year of the board members'
four-year term of office. The notice shall refer by name to this article,
and it shall not be necessary to incorporate in the notice the provisions of
this article * * *.
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 its passage.