House Bill 392

AN ACT TO AMEND SECTION 1 OF CHAPTER 4, LAWS OF 2005, SECOND EXTRAORDINARY SESSION, AND SECTION 5 OF CHAPTER 101, LAWS OF 2005, SECOND EXTRAORDINARY SESSION, TO CLARIFY THAT FUNDS RECEIVED AS A SETTLEMENT PAYMENT FROM MCI, INC., MAY BE USED BY THE PUBLIC EMPLOYEES' RETIREMENT SYSTEM AS A CREDIT AGAINST THE INCREASE IN THE EMPLOYER CONTRIBUTION FOR UNIVERSITIES, COMMUNITY AND JUNIOR COLLEGES AND PUBLIC SCHOOL DISTRICTS; AND FOR RELATED PURPOSES.

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

SECTION 1. Section 1 of Chapter 4, Laws of 2005, Second Extraordinary Session, is amended as follows:

Section 1. (1) The State Fiscal Officer shall transfer general funds in the amounts listed below to the specified agencies and accounts held in the State Treasury during the period beginning upon the passage of this act:

AGENCY/FUND FUND NO. AMOUNT

Public Employees' Retirement System 3531 $ 50,000,000.00

Mississippi Development Authority 34CW $ 35,000,000.00

Mississippi Department of Public Safety 3711 $ 5,000,000.00

UMC - Cancer Institute 3283 $ 10,000,000.00

TOTAL $100,000,000.00

(2) It is the intent of the Legislature to transfer certain funds paid into the State General Fund upon receipt thereof by MCI, Inc., on behalf of itself and reorganized debtors as the settlement payment and release under Chapter 11 Case No. 02-13533: (a) to the Mississippi Public Employees' Retirement System administration fund to be utilized by the system as a credit for agencies or entities receiving general funds as follows: (i) for state agencies, the credit will be against the one percent (1%) increase attributable to general fund employer contributions only; and (ii) for universities, community and junior colleges and public school districts, the credit will be against the one percent (1%) increase attributable to funds from all sources except federal funds; (b) to the Mississippi Development Authority during fiscal year 2005 in order to fulfill the state's obligations relating to the Mississippi Beef Processors, LLC, up to Thirty-five Million Dollars ($35,000,000.00), as necessary, with any remaining balance to lapse into the State General Fund; (c) to the Mississippi Department of Public Safety, Three Million Dollars ($3,000,000.00) of which shall be used to fund a Highway Patrol Cadet Class, and Two Million Dollars ($2,000,000.00) shall be used to purchase equipment; and (d) to the University of Mississippi Medical Center Cancer Institute in order to fund the operation of the Institute during fiscal years 2006 and 2007.

SECTION 2. Section 5 of Chapter 101, Laws of 2005, Second Extraordinary Session, is amended as follows:

Section 5. Of the funds appropriated in Section 1, as authorized in House Bill No. 1 of the 2005 Second Extraordinary Session, the following sum, or so much thereof as may be necessary, is hereby appropriated from Fund 3531 to be utilized by the system as a credit for agencies or entities receiving general funds as follows: (a) for state agencies, the credit will be against the one percent (1%) increase attributable to general fund employer contributions only; and (b) for universities, community and junior colleges and public school districts, the credit will be against the one percent (1%) increase attributable to funds from all sources except federal funds for the fiscal year beginning July 1, 2005, and ending June 30, 2006

............................................. $ 50,000,000.00.

SECTION 3. This act shall take effect and be in force from and after its passage.