Senate Bill 2309

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 Senate Bill No. 2680, 2001 Regular Session, 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.