Senate Bill 2520

AN ACT TO CREATE IN THE STATE TREASURY A SPECIAL TRUST FUND DESIGNATED AS THE "MISSISSIPPI VETERANS HOME PERPETUAL CARE FUND" TO BE USED UPON REQUISITION TO THE STATE TREASURER BY THE EXECUTIVE DIRECTOR OF THE MISSISSIPPI VETERANS AFFAIRS BOARD FOR THE ADMINISTRATION AND MAINTENANCE OF MISSISSIPPI VETERANS NURSING HOMES; TO PROVIDE FOR EXPENDITURES FROM THE FUND AND PROVIDE FOR AN INITIAL TRANSFER FOR THE PRINCIPAL OF THE FUND FROM FUNDS HELD BY THE MISSISSIPPI VETERANS AFFAIRS BOARD; AND FOR RELATED PURPOSES.

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

SECTION 1. (1) There is hereby created in the State Treasury a fund to be designated as the "Mississippi Veterans Home Perpetual Care Fund," hereinafter referred to in this section as "fund," which may be used for administration, renovation, maintenance and operation of the Mississippi Veterans Nursing Homes.

(2) The principal of the fund shall permanently remain intact except as hereinafter provided, and shall not lapse into the State General Fund at the end of the fiscal year. The fund shall be treated as a special trust fund. Interest earned on the principal therein shall be credited by the Treasurer to the fund.

(3) Expenditures may be made from the interest accrued by the fund upon requisition to the Treasurer by the Executive Director of the Mississippi Veterans Affairs Board in furtherance of the administration, renovation, maintenance and operation of the Mississippi Veterans Nursing Homes. Expenditures may be made from the principal only after a declaration of an emergency by the Governor of the State of Mississippi and affirmed by the Mississippi Veterans Affairs Board.

(4) In addition to any money that may be appropriated to it, the fund's principal shall consist of an initial transfer of Six Million Dollars ($6,000,000.00) initiated by the Mississippi Veterans Affairs Board of any monies rightfully held by the Mississippi Veterans Affairs Board to the State Treasurer and any additional funds allocated at the discretion of the Mississippi Veterans Affairs Board.

SECTION 2. This act shall take effect and be in force from and after July 1, 2020.