MISSISSIPPI LEGISLATURE

2003 Regular Session

To: Appropriations

By: Senator(s) Farris

Senate Bill 2309

(COMMITTEE SUBSTITUTE)

AN ACT TO DIRECT THE STATE TREASURER TO TRANSFER CERTAIN FUNDS INTO THE BUDGET CONTINGENCY FUND, FOR FISCAL YEAR 2003; AND FOR RELATED PURPOSES.

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

     SECTION 1.  The State Treasurer shall transfer to the Budget Contingency Fund created in Section 27-103-301, Mississippi Code of 1972, out of the following enumerated special funds, amounts listed below for each special fund throughout the period beginning upon passage of this act and through June 30, 2003:

     Agency/Fund               Fund No.             Amount

School Ad Valorem Tax

   Reduction Fund               3218            $46,000,000.00

Total                                           $46,000,000.00

     Funds transferred to the Budget Contingency Fund from the Ad Valorem Tax Reduction Fund shall be appropriated to the State Department of Education to insure funding is made available for the third year of teacher salary increase authorized in the Teacher Opportunity Program (TOP), provided in Section 37-19-7(1), Mississippi Code of 1972.

     In addition to the amounts transferred to the Budget Contingency Fund under the provisions of this act, the Budget Contingency Fund is hereby authorized to receive any additional funds that may become available to the fund from any source during Fiscal Year 2003.

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