Senate Bill 2870

AN ACT TO PROVIDE THAT THE PROCEEDS OF BONDS AUTHORIZED TO BE ISSUED BY ANY ACT OF THE LEGISLATURE PASSED AFTER JULY 1, 2018, MAY BE USED TO REIMBURSE REASONABLE ACTUAL AND NECESSARY COSTS INCURRED BY THE DEPARTMENT OF AUDIT IN PROVIDING SERVICES RELATED TO A PROJECT FOR WHICH FUNDING IS PROVIDED FROM THE USE OF PROCEEDS OF SUCH BONDS; TO LIMIT THE AMOUNT THAT MAY BE REIMBURSED; AND FOR RELATED PURPOSES.

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

SECTION 1. The proceeds of bonds authorized to be issued by any act of the Legislature passed after July 1, 2018, may be used to reimburse reasonable actual and necessary costs incurred by the Department of Audit in providing services related to a project for which funding is provided from the use of proceeds of such bonds. The Department of Audit shall maintain an accounting of actual costs incurred for each project for which reimbursements are sought. The Department of Audit may escalate its budget and expend such funds in accordance with rules and regulations of the Department of Finance and Administration in a manner consistent with the escalation of federal funds. Unless otherwise provided in the legislation authorizing the issuance of bonds, reimbursements under this section shall not exceed five percent (5%) of the amount of bonds issued for a project or Twenty Thousand Dollars ($20,000.00) whichever is the lesser amount. Reimbursements under this section shall satisfy any applicable federal tax law requirements.

SECTION 2. This act shall take effect and be in force from and after July 1, 2018.