MISSISSIPPI LEGISLATURE

1999 Regular Session

To: Municipalities

By: Representative Jennings

AN ACT TO AUTHORIZE A MUNICIPALITY TO ESTABLISH A RESERVE FUND IN A SEPARATE ACCOUNT OF THE MUNICIPALITY; TO AUTHORIZE THE FUND TO BE ADMINISTERED BY THE GOVERNING AUTHORITIES MUNICIPALITY; AND FOR RELATED PURPOSES.

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

SECTION 1. Any municipality in the state may establish a special fund to be known as a municipal reserve fund. Funds specifically designated by the governing authorities of a municipality for deposit in the municipality's reserve fund shall be deposited in a separate municipal account established for this purpose. The interest earned in a municipality's reserve fund shall be credited to the municipality's reserve fund. Legal expenditures shall be made from the fund upon requisition of the governing authorities of a municipality, spread on the minutes and signed by the mayor of the municipality, the secretary of the mayor, or the president of the city council or board of aldermen. A municipality may deposit funds as needed into its reserve fund.

SECTION 2. This act shall take effect and be in force from and after July 1, 1999.