HB 1650

AN ACT TO AMEND SECTION 27-105-3, MISSISSIPPI CODE OF 1972, TO DEFINE THE TERMS "POOLED INVESTMENT VEHICLE," "STATE AGENCY" AND "STATE FISCAL OFFICER"; TO CREATE NEW SECTION 27-105-32, MISSISSIPPI CODE OF 1972, TO REQUIRE THE STATE TREASURER TO ANNUALLY REVIEW EACH PUBLIC FUND, ACCOUNT OR TRUST THAT RECEIVES INTEREST ALLOCATION FROM A POOLED INVESTMENT VEHICLE TO DETERMINE IF THE FUND, ACCOUNT OR TRUST THAT RECEIVES INTEREST HAD NO TRANSACTIONAL ACTIVITY, OTHER THAN THE RECEIPT OF INTEREST WITHIN THE PRIOR FISCAL YEAR; TO AUTHORIZE THE STATE TREASURER TO PRECLUDE CERTAIN FUNDS, ACCOUNTS OR TRUSTS FROM RECEIVED INTEREST; TO DIRECT CERTAIN FUNDS TO BE CLOSED OR CONSOLIDATED WITHIN THE STATE TREASURY; TO AMEND SECTION 27-105-33, MISSISSIPPI CODE OF 1972, TO AUTHORIZE AN EXCEPTION TO THE INVESTMENT REQUIREMENTS OF THIS CHAPTER UPON A DEMONSTRATION OF SUFFICIENT JUSTIFICATION; TO CREATE NEW SECTION 27-105-34, MISSISSIPPI CODE OF 1972, TO REQUIRE EACH STATE AGENCY TO REVIEW ITS FUNDS, ACCOUNTS AND TRUSTS WITHIN AND OUTSIDE OF THE STATE TREASURY AND REPORT CERTAIN INFORMATION TO THE TREASURER; TO REQUIRE THE TREASURER TO REPORT CERTAIN COMPILED INFORMATION TO THE LEGISLATIVE BUDGET OFFICE AND THE SENATE AND HOUSE LEGISLATIVE SERVICES OFFICE; TO AMEND SECTION 27-105-1, MISSISSIPPI CODE OF 1972, TO CONFORM; AND FOR RELATED PURPOSES.