House Bill 1152

AN ACT TO DIRECT THE STATE FISCAL OFFICER TO TRANSFER, FROM THE AGGREGATE OF SPECIAL FUNDS IN THE STATE TREASURY AND/OR THE STATE GENERAL FUND, $4,000,000.00 TO THE MISSISSIPPI DEVELOPMENT AUTHORITY, WHICH SHALL EXPEND THOSE FUNDS TO PROMOTE ECONOMIC DEVELOPMENT IN THE STATE OF MISSISSIPPI; AND FOR RELATED PURPOSES.

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

SECTION 1. (1) During the period beginning upon July 1, 2005, and until June 30, 2006, the State Fiscal Officer shall transfer, from the aggregate of special funds in the State Treasury and/or the State General Fund, the sum of Four Million Dollars ($4,000,000.00) to the appropriate special fund or funds in the State Treasury to the credit of the Mississippi Development Authority. The Mississippi Development Authority shall expend those funds, upon appropriation by the Legislature, to promote economic development in the State of Mississippi.

(2) The State Fiscal Officer shall determine which special funds, if any, shall be transferred under this section and shall notify the appropriate agencies, except that the Working Cash-Stabilization Reserve Fund, trust funds, bond proceed funds, federal funds, special-source funds used to match federal funds, special-source funds to the credit of the Mississippi Department of Transportation, special-source funds to the credit of the Department of Mental Health derived from client care, and special-source funds to the credit of the Telecommunications Ad Valorem Tax Reduction Fund established under Section 27-38-7, shall be exempt from any transfer under this section. Upon notification from the State Fiscal Officer, the agencies shall make the transfers from their special funds as required by the State Fiscal Officer.

SECTION 2. This act shall take effect and be in force from and after July 1, 2005.