Bill Text | History of Actions | Background | Title |
Description: Education Enhancement Fund; cap ending cash balance amount transferred to.
Bill Text: [Introduced]
| 1 | 01/10 (H) Referred To Education;Appropriations | |
| 2 | 01/30 (H) Died In Committee |
| Effective date | July 1, 2001 | |
| Disposition | Dead | |
| Deadline | General Bill/Constitutional Amendment | |
| Revenue | No | |
| Vote type required | Majority |
House Committees:
Principal Author: McCoy
Code Sections: A 027-0103-0203, A 037-0061-0033, A 007-0009-0101, A 007-0009-0103, A 007-0009-0105, A 007-0009-0107
Title: AN ACT TO AMEND SECTION 27-103-203, MISSISSIPPI CODE OF 1972, TO LIMIT THE AMOUNT OF THE UNENCUMBERED ENDING CASH BALANCE WHICH MAY BE TRANSFERRED AT THE END OF EACH FISCAL YEAR TO THE EDUCATION ENHANCEMENT FUND TO $50,000,000.00, AND TO REQUIRE THE BALANCE OF THE UNENCUMBERED FUNDS EXCEEDING $50,000,000.00 WHICH OTHERWISE WOULD BE TRANSFERRED TO THE EDUCATION ENHANCEMENT FUND TO BE TRANSFERRED FIFTY PERCENT INTO THE EDUCATION IMPROVEMENT TRUST FUND AND FIFTY PERCENT INTO THE HIGHER EDUCATION IMPROVEMENT TRUST FUND CREATED IN THIS ACT; TO AMEND SECTION 37-61-33, MISSISSIPPI CODE OF 1972, TO LIMIT THE APPROPRIATION OF EDUCATION ENHANCEMENT FUNDS THAT ARE DERIVED FROM THE UNENCUMBERED ENDING CASH BALANCE TO NONRECURRING EXPENDITURES; TO CREATE IN THE STATE TREASURY A TRUST FUND TO BE KNOWN AS THE HIGHER EDUCATION IMPROVEMENT TRUST FUND; TO PROVIDE THAT THE PRINCIPAL OF THE TRUST FUND SHALL REMAIN INVIOLATE, AND THE INTEREST AND INCOME DERIVED FROM INVESTMENT OF THE PRINCIPAL MAY BE APPROPRIATED BY THE LEGISLATURE EXCLUSIVELY FOR THE SUPPORT OF THE INSTITUTIONS OF HIGHER LEARNING AND THE COMMUNITY AND JUNIOR COLLEGES; TO PROVIDE THAT ONE-HALF OF THE INTEREST AND INCOME SHALL BE RESERVED FOR THE SUPPORT OF THE INSTITUTIONS OF HIGHER LEARNING, AND ONE-HALF OF THE INTEREST AND INCOME SHALL BE RESERVED FOR THE SUPPORT OF THE COMMUNITY AND JUNIOR COLLEGES; TO AMEND SECTIONS 7-9-101 THROUGH 7-9-107, MISSISSIPPI CODE OF 1972, TO PROVIDE THE MANNER IN WHICH THE PRINCIPAL OF THE HIGHER EDUCATION IMPROVEMENT TRUST FUND WILL BE INVESTED; AND FOR RELATED PURPOSES.
End Of Document
2001/html/History/HB/HB0808.htm