Senate Bill 2678

AN ACT TO AMEND SECTION 27-25-506, MISSISSIPPI CODE OF 1972, TO PROVIDE THAT UNTIL FISCAL YEAR 2006, $10,000,000.00 OF THE STATE'S SHARE OF OIL AND GAS SEVERANCE TAXES SHALL BE DEPOSITED INTO THE STATE GENERAL FUND AND THE REMAINDER SHALL BE APPROPRIATED FOR THE SUPPORT OF THE MISSISSIPPI ADEQUATE EDUCATION PROGRAM; AND FOR RELATED PURPOSES.

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

SECTION 1. Section 27-25-506, Mississippi Code of 1972, is amended as follows:

27-25-506. There is hereby created a special fund in the State Treasury into which the state's share of proceeds collected pursuant to Sections 27-25-505 and 27-25-705 shall be deposited.

The state's share of all oil and gas severance taxes derived from oil and gas resources under state-owned lands or from severed state-owned minerals shall be deposited into the State Treasury to the credit of the trust fund created in Section 206A, Mississippi Constitution of 1890. The following amounts of the remainder of tax collections apportioned to the state shall be deposited to the credit of the trust fund created in Section 206A, Mississippi Constitution of 1890:

(a) For fiscal year 1994, all amounts collected in excess of Thirty-five Million Dollars ($35,000,000.00);

(b) For fiscal year 1995, all amounts collected in excess of Thirty-two Million Five Hundred Thousand Dollars ($32,500,000.00);

(d) For fiscal year 1997, all amounts collected in excess of Twenty-seven Million Five Hundred Thousand Dollars ($27,500,000.00);

(e) For fiscal year 1998, all amounts collected in excess of Twenty-five Million Dollars ($25,000,000.00);

(f) For fiscal year 1999, all amounts collected in excess of Twenty Million Dollars ($20,000,000.00);

(g) For fiscal year 2000, all amounts collected in excess of Fifteen Million Dollars ($15,000,000.00);

(h) For fiscal year 2001 through December 31, 2000, all amounts collected and transferred in excess of Ten Million Dollars ($10,000,000.00);

(i) For fiscal year 2005, all amounts collected in excess of Ten Million Dollars ($10,000,000.00);

(j) For fiscal year 2006, all amounts collected in excess of Five Million Dollars ($5,000,000.00); and

(k) For fiscal year 2007 and each fiscal year thereafter, all such tax collections apportioned to the state shall be deposited to the credit of the trust fund.

The monies collected pursuant to paragraphs (a) through (j) of this section that are not deposited into the trust fund shall be deposited into the State General Fund. * * * For fiscal year 2005, the monies not deposited into the State General Fund shall be deposited into the Budget Contingency Fund created in Section 27-103-301. All monies deposited into the Budget Contingency Fund under this section shall be appropriated by the Legislature for the support of the * * * Mississippi Adequate Education Program as successor to the Minimum Education Program.

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