Senate Bill 2445

AN ACT TO AMEND SECTION 27-103-213, MISSISSIPPI CODE OF 1972, TO PROVIDE THAT A CERTAIN AMOUNT OF THE UNENCUMBERED CASH BALANCE IN THE GENERAL FUND IN THE STATE TREASURY AT THE CLOSE OF EACH FISCAL YEAR, IF AVAILABLE, SHALL BE DISTRIBUTED TO THE STATE HIGHWAY FUND; TO AMEND SECTION 65-1-141.1, MISSISSIPPI CODE OF 1972, TO MAKE A MINOR, NONSUBSTANTIVE REVISION TO THE PURPOSES UNDER WHICH MONIES SHALL BE SPENT FROM THE 2022 MAINTENANCE PROJECT FUND; TO AMEND SECTION 65-1-141.2, MISSISSIPPI CODE OF 1972, TO MAKE A MINOR, NONSUBSTANTIVE REVISION TO THE PURPOSES UNDER WHICH MONIES SHALL BE SPENT FROM THE 2022 CAPACITY PROJECT FUND; AND FOR RELATED PURPOSES.

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

SECTION 1. Section 27-103-213, Mississippi Code of 1972, is amended as follows:

27-103-213. (1) The unencumbered cash balance in the General Fund in the State Treasury at the close of each fiscal year shall be distributed to the Municipal Revolving Fund, the Working Cash-Stabilization Reserve Fund, the 2022 Capacity Project Fund, and the Capital Expense Fund in the manner provided in this section.

(2) (a) At the end of each fiscal year, the Executive Director of the Department of Finance and Administration and the State Treasurer shall determine the extent of the unencumbered cash balance existing in the General Fund in the State Treasury.

(b) As used in this section, the term "unencumbered cash balance" or "unencumbered General Fund cash balance" means the amount in the State General Fund after deducting all appropriations and other expenditures. However, if the Legislature has authorized additional or deficit appropriations or transfers from the State General Fund for that fiscal year, those amounts shall be subtracted from the unencumbered cash balance in the General Fund before determining the amount available for distribution. The unencumbered General Fund cash balance shall not be determined until after August 31 of each year, and it shall not be made until the State Treasurer has received a certificate in writing from the Executive Director of the Department of Finance and Administration, with notification to the Legislative Budget Office, showing the amount of the unencumbered General Fund cash balance.

(3) If any unencumbered General Fund cash balance is available for distribution under this section, the distribution of those funds shall be made by the Executive Director of the Department of Finance and Administration in the following order:

(a) To the Municipal Revolving Fund, an amount equal to Seven Hundred Fifty Thousand Dollars ($750,000.00); however, if the amount of the unencumbered General Fund cash balance is less than Seven Hundred Fifty Thousand Dollars ($750,000.00), then the total amount of the unencumbered General Fund cash balance shall be distributed to the Municipal Revolving Fund.

(b) To the Working Cash-Stabilization Reserve Fund, fifty percent (50%) of the amount of the unencumbered General Fund cash balance after the distributions are made under paragraph (a), not to exceed ten percent (10%) of the General Fund appropriations for the fiscal year that the unencumbered General Fund cash balance represents. For the purposes of this paragraph (b), the appropriations for the fiscal year shall be the total amount contained in the actual appropriation bills passed by the Legislature.

(c) To the 2022 Capacity Project Fund, the unencumbered General Fund cash balance after the distributions are made under paragraph (a) and (b), not to exceed One Hundred Million Dollars ($100,000,000.00).

( * * *cd) To the Capital Expense Fund, any remaining amount of the unencumbered General Fund cash balance after the distributions are made under paragraphs (a) * * * ~~and~~, (b) and (c).

SECTION 2. Section 65-1-141.1, Mississippi Code of 1972, is amended as follows:

65-1-141.1. There is created in the State Treasury a special fund to be designated as the "2022 Maintenance Project Fund," which shall consist of funds made available by the Legislature in any manner and funds from any other source designated for deposit into such fund. The fund shall be maintained by the State Treasurer as a separate and special fund, separate and apart from the General Fund of the state. Unexpended amounts remaining in the fund at the end of a fiscal year shall not lapse into the State General Fund, and any investment earnings or interest earned on amounts in the fund shall be deposited to the credit of the fund. Monies in the fund shall be used by the Department of Transportation, upon appropriation by the Legislature, to provide for maintenance projects * * * ~~by adopting~~ included in the Pavement Program of the Three-Year Plan as adopted by, amended by, or reissued by the Mississippi Transportation Commission * * * under the authority of Section 65-1-141.

SECTION 3. Section 65-1-141.2, Mississippi Code of 1972, is amended as follows:

65-1-141.2. There is created in the State Treasury a special fund to be designated as the "2022 Capacity Project Fund," which shall consist of funds made available by the Legislature in any manner and funds from any other source designated for deposit into such fund. The fund shall be maintained by the State Treasurer as a separate and special fund, separate and apart from the General Fund of the state. Unexpended amounts remaining in the fund at the end of a fiscal year shall not lapse into the State General Fund, and any investment earnings or interest earned on amounts in the fund shall be deposited to the credit of the fund. Monies in the fund shall be used by the Department of Transportation, upon appropriation by the Legislature, to provide for capacity projects * * * ~~by adopting~~ included in the Capacity Program of the Three-Year Plan as adopted by, amended by, or reissued by the Mississippi Transportation Commission * * * under the authority of Section 65-1-141.

SECTION 4. This act shall take effect and be in force from and after its passage.