MISSISSIPPI LEGISLATURE

1999 Regular Session

To: Education; Appropriations

By: Representatives McCoy, Holland, Eaton, Williams, King, Moss, Bowles, Broomfield, Comans, Grist, Holden, Livingston, Manning, Maples, Miles, Mitchell, Stringer, Taylor, Vince, Walker, Warren, Clark, Coleman (29th), Cummings, Hudson, Stevens, Weathersby, Young

AN ACT TO AMEND SECTION 39-5-23, MISSISSIPPI CODE OF 1972, TO AUTHORIZE THE MISSISSIPPI DEPARTMENT OF ARCHIVES AND HISTORY TO CREATE THE MISSISSIPPI LANDMARK GRANT PROGRAM WITHIN THE DEPARTMENT'S HISTORIC PROPERTIES TRUST FUND FOR THE PURPOSE OF ENSURING THE PRESERVATION OF PROPERTIES DESIGNATED AS MISSISSIPPI LANDMARKS; TO AUTHORIZE COUNTIES AND MUNICIPALITIES TO CONTRIBUTE TO THE DEPARTMENT OF ARCHIVES AND HISTORY FOR THE PURPOSE OF PROVIDING FUNDS FOR THE LANDMARK GRANT PROGRAM; TO PROVIDE THAT THE DEPARTMENT OF ARCHIVES AND HISTORY SHALL ADMINISTER THE MISSISSIPPI LANDMARK GRANT PROGRAM; TO REVISE THE PURPOSES FOR WHICH FUNDS IN THE HISTORIC PROPERTIES TRUST FUND MAY BE USED; TO AMEND SECTION 89-12-37, MISSISSIPPI CODE OF 1972, TO ESTABLISH WITHIN THE ABANDONED PROPERTY FUND AN HISTORIC PROPERTIES FINANCING FUND WITH THE INCOME TO BE TRANSFERRED QUARTERLY TO THE MISSISSIPPI LANDMARK GRANT PROGRAM WITHIN THE HISTORIC PROPERTIES TRUST FUND; AND FOR RELATED PURPOSES.

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

SECTION 1. Section 39-5-23, Mississippi Code of 1972, is amended as follows:

39-5-23. (1) The Mississippi Department of Archives and History is hereby authorized and empowered to solicit and accept donations, bequests, devises, gifts and grants of money from individuals, organizations and federal, state and local governmental bodies, to be deposited in the Historic Properties Trust Fund which is hereby created in the State Treasury. Contributions to the Historic Properties Trust Fund may be undesignated or earmarked for the purpose of acquiring, preserving, restoring, supporting, operating and administering Mississippi Landmark properties or for use on specific historical projects that have been authorized by the Department of Archives and History. The State Treasurer shall invest all monies in the Historic Properties Trust Fund as other state funds are authorized to be invested, and any interest earned shall be deposited into the fund. * * *

(2) The Mississippi Department of Archives and History is hereby authorized and empowered to solicit and accept donations, bequests, devises, gifts and grants of money and real and personal property. The Board of Trustees of the Department of Archives and History may, in its discretion, sell such real and personal property by public or private sale and shall deposit proceeds derived from such sale into the Historic Properties Trust Fund.

(3) (a) The Board of Trustees of the Mississippi Department of Archives and History is authorized to establish the Mississippi Landmark Grant Program within the Historic Properties Trust Fund to help ensure the preservation of Mississippi Landmark properties.

(b) The Board of Trustees of the Mississippi Department of Archives and History may deposit funds appropriated by the Legislature, or funds transferred from the Historic Properties Financing Fund as specified in Section 89-12-37(2), into the account established for the Mississippi Landmark Grant Program within the Historic Properties Trust Fund. All funds deposited in the account for the Mississippi Landmark Grant Program shall be used exclusively for the purpose of acquiring, preserving, restoring, supporting, operating and administering Mississippi Landmark properties or those properties to be designated as Mississippi Landmarks.

(c) The board of supervisors of every county and the governing authorities of every municipality in the state may make contributions to the Mississippi Department of Archives and History, to be deposited into the account for the Mississippi Landmark Grant Program. Such contributions may be undesignated or earmarked for use on specific Mississippi Landmark properties.

(d) The Board of Trustees of the Mississippi Department of Archives and History shall have all powers necessary to implement and administer the Mississippi Landmark Grant Program, and the board of trustees shall promulgate all rules and regulations necessary for the implementation and administration of the program.

SECTION 2. Section 89-12-37, Mississippi Code of 1972, is amended as follows:

89-12-37. (1) All funds received under the provisions of this chapter shall forthwith be deposited by the Treasurer in a special fund hereby established in the State Treasury to be designated the "Abandoned Property Fund," except that the Treasurer shall deposit in a separate special fund hereby established in the State Treasury to be designated the "Abandoned Property Claims Payment Fund" an amount not exceeding One Hundred Fifty Thousand Dollars ($150,000.00) from which he shall make prompt payment of claims duly allowed by him as hereinafter provided. Before making the deposits in either special fund, he shall record the name and last known address of each person appearing from the holders' reports to be entitled to the abandoned property and the name and last known address of each insured person or annuitant and, with respect to each policy or contract listed in the report of a life insurance corporation, its number, the name of the corporation and the amount due. The record shall be available for public inspection at all reasonable business hours.

(2) There is created within the Abandoned Property Fund in the State Treasury a trust to be known as the Historic Properties Financing Fund, which shall be used as provided in this section. On July 1, 1999, Ten Million Dollars ($10,000,000.00) in the Abandoned Property Fund shall be set aside and placed in the Historic Properties Financing Fund created herein. The principal of the Historic Property Financing Fund shall remain inviolate within the Abandoned Property Fund, and shall be invested in the same manner as the remainder of the Abandoned Property Fund. The interest and income earned from the investment of the principal of the Historic Properties Financing Fund shall be transferred quarterly to the Mississippi Landmark Grant Program account within the Historic Properties Trust Fund created under Section 39-5-23. The transferred money shall be utilized by the Department of Archives and History for the purposes as specified in Section 39-5-23(3).

SECTION 3. This act shall take effect and be in force from and after July 1, 1999.