***Pending***

AMENDMENT No. 1 PROPOSED TO

                             House Bill NO. 1036

                             By Senator(s) Committee

     Amend by striking all after the enacting clause and inserting in lieu thereof the following:

 

     SECTION 1.  From July 1, 2003, until June 30, 2004, the State Treasurer shall transfer to the Budget Contingency Fund created in Section 27-103-301, Mississippi Code of 1972, an amount equal to Thirteen Million Three Hundred Thirty-three Thousand Three Hundred Thirty-four Dollars ($13,333,334.00) each month from the aggregate of special funds in the State Treasury.  The State Treasurer shall determine which special funds shall be transferred to the Budget Contingency Fund each month and shall notify the appropriate agency.  Upon this notification, the agency shall make such transfer from its special funds as required by the State Treasurer.  Transfers required under the provisions of this section shall be prorated among all appropriate special funds in the State Treasury.

     SECTION 2.  (1)  From and after July 1, 2003, the State Treasurer shall monthly charge and collect a cash management fee from each state agency that has special funds in the State Treasury that are held in an account to which the interest and investment earnings on monies in the account are deposited to the credit of the account, for managing the cash balances of the account for the benefit of the state agency.  The amount of the cash management fee shall be equal to one percent (1%) of the average balance in the account.

     (2)  The cash management fees collected for the period from July 1, 2003, until June 30, 2004, shall be deposited into the Budget Contingency Fund created in Section 27-103-301, Mississippi Code of 1972.  The cash management fees collected for each annual period from and after July 1, 2004, shall be deposited into a special fund that is created in the State Treasury to the credit of the Office of the State Treasurer, which shall be expended, upon appropriation by the Legislature, for the purpose of paying maturing bonds and interest on the full faith and credit bonds of the state and paying service charges to banks for acting as agents of the state in paying bonds and interest on the full faith and credit bonds of the state.  Unexpended amounts remaining in the special fund at the end of a fiscal year shall not lapse into the State General Fund, and any interest earned or investment earnings on amounts in the special fund shall be deposited to the credit of the special fund.

     SECTION 3.  (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 funds, amounts listed below for each fund throughout the period beginning upon passage of this act and through June 30, 2003:

Agency/Fund                         Fund No.              Amount

State General Fund                               $  3,600,000.00

Working Cash-Stabilization

  Reserve Fund                                   $3,754,000.00

Department of Transportation          3941       $50,000,000.00

UM - State Court Education Program    3257       $    100,000.00

Department of Health                  3301       $  2,500,000.00

Workers' Compensation Trust Fund      3642       $  5,000,000.00

Employment Compensation Revolving

  Fund                                3644       $1,000,000.00

Tort Claims Fund                      3080       $1,000,000.00

Unclaimed Property Fund               3178       $5,000,000.00

Gaming Commission                     3188       $   299,391.00

Oil and Gas Board                     3493       $1,000,000.00

Camp Shelby Timber Fund               3700       $   100,000.00

Real Estate Appraisers Licensing

  and Certification Board             3836       $   100,000.00

Public Contractors Board              3834       $    300,000.00

DPS - Law Enforcement Officers'

  Standards and Training Board        3742       $2,300,000.00

DPS - Emergency Telecommunications

  Standards and Training Board        3744       $2,000,000.00

DPS - County Jail Officers Board      3741       $    200,000.00

Board of Bar Admissions               3055       $    300,000.00

Board of Nursing                      3838       $    200,000.00

Motor Vehicle Commission              3839       $    100,000.00

Board of Registration of Foresters    3844       $    100,000.00

Board of Pharmacy                     3846       $    750,000.00

Criminal Justice Fund                 3086       $    350,000.00

MDA - CAP Loan Program                34KX       $  1,500,000.00

Securities Act Enforcement Fund       3114       $  2,500,000.00

Total                                            $84,053,391.00

     Funds transferred in this act from the Workers' Compensation Trust Fund shall be covered by a noninterest bearing note payable from the State General Fund to the Workers' Compensation Trust Fund in the amount transferred.  This note payable shall be of indefinite maturity, however, at any time the Workers' Compensation Trust Fund requires payment to be received on the note in order to cover claims expenses or ordinary, necessary, and reasonable operating expenses, the amount so needed shall be transferred back to the Workers' Compensation Trust Fund from the State General Fund and the balance of the note payable shall be reduced to reflect such transfer.  Further, the Workers' Compensation Trust Fund shall utilize all other cash and investment resources available in the payment of claims and operating expenses before making a demand for payment on this note payable.  Further, the note payable shall be carried as an asset on the financial statements of the Workers' Compensation Trust Fund.

     The State Bond Commission is hereby directed and authorized to determine, approve and execute the terms and conditions of this note with the Workers' Compensation Trust Fund and such terms and conditions shall be subject to yearly renewal and/or review by the State Bond Commission.

     (2)  From and after July 1, 2003, 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 funds, amounts listed below for each fund throughout the period beginning July 1, 2003, and through June 30, 2004:

Agency/Fund                         Fund No.              Amount

State General Fund                               $104,450,606.00

DPS - Emergency Telecommunications

Standards and Training Board         3744       $1,000,000.00

Workers' Compensation Commission      3521       $    100,000.00

Board of Bar Admissions               3055       $     50,000.00

Auctioneers Commission                3820       $    100,000.00

Board of Pharmacy                     3846       $    250,000.00

MDA - CAP Loan Program                34KX       $  2,000,000.00

School Ad Valorem Tax Reduction Fund             $46,000,000.00

Total                                            $153,950,606.00

     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 the period beginning upon passage of this act and through June 30, 2004.

     SECTION 4.  (1)  There is created in the State Treasury a special fund to be known as the Special Funds Transfer Fund, which shall be comprised of the monies required to be deposited into the fund under Section 27-65-75(18).  Upon receipt of monies deposited into the fund under Section 27-65-75(18), the State Treasurer shall transfer those monies to special funds. 

     (2)  Unexpended amounts remaining in the fund at the end of a fiscal year shall not lapse into the State General Fund, and any interest earned or investment earnings on amounts in the fund shall be deposited to the credit of the fund.

     SECTION 5.  This act shall take effect and be in force from and after its passage.

     Further, amend by striking the title in its entirety and inserting in lieu thereof the following:

 

     AN ACT TO DIRECT THE STATE TREASURER, FROM JULY 1, 2003, UNTIL JUNE 30, 2004, TO TRANSFER TO THE BUDGET CONTINGENCY FUND A MONTHLY SUM FROM THOSE SPECIAL FUNDS IN THE TREASURY AS DETERMINED BY THE STATE TREASURER; TO DIRECT THE TREASURER TO CHARGE AND COLLECT A CASH MANAGEMENT FEE ANNUALLY FROM EACH STATE AGENCY THAT HAS SPECIAL FUNDS IN THE TREASURY THAT RETAIN THEIR INTEREST AND INVESTMENT EARNINGS, FOR MANAGING THE CASH BALANCES OF THOSE FUNDS FOR THE BENEFIT OF THE STATE AGENCY; TO PROVIDE THAT THE CASH MANAGEMENT FEES COLLECTED FOR THE FIRST YEAR SHALL BE DEPOSITED INTO THE BUDGET CONTINGENCY FUND; TO PROVIDE THAT THE CASH MANAGEMENT FEES COLLECTED FOR EACH ANNUAL PERIOD AFTER JUNE 30, 2004, SHALL BE DEPOSITED INTO A SPECIAL FUND CREATED IN THE STATE TREASURY, WHICH SHALL BE EXPENDED TO PAY THE DEBT SERVICE ON FULL FAITH AND CREDIT BONDS OF THE STATE; TO DIRECT THE TREASURER TO TRANSFER CERTAIN FUNDS TO THE BUDGET CONTINGENCY FUND; TO CREATE A SPECIAL FUND IN THE STATE TREASURY TO BE KNOWN AS THE SPECIAL FUNDS TRANSFER FUND, WHICH SHALL BE COMPRISED OF THE MONIES REQUIRED TO BE DEPOSITED INTO THE FUND UNDER SECTION 27-65-75(18), MISSISSIPPI CODE OF 1972; AND FOR RELATED PURPOSES.