HB 4110

AN ACT TO AUTHORIZE AND DIRECT THE BOARD OF TRUSTEES OF OKTIBBEHA COUNTY, MISSISSIPPI, TO ESTABLISH A RESERVE AND TRUST FUND; TO PROVIDE THAT NOT LESS THAN 80% OF THE PROCEEDS FROM THE SALE OF OCH REGIONAL MEDICAL CENTER, WHICH IS OWNED BY THE COUNTY, SHALL BE DEPOSITED INTO THE FUND; TO PROVIDE FOR THE ESTABLISHMENT OF THE BOARD OF TRUSTEES OF THE RESERVE AND TRUST FUND AND PROVIDE THAT ITS MEMBERSHIP SHALL BE THE MEMBERS OF THE BOARD OF SUPERVISORS OF OKTIBBEHA COUNTY; TO REQUIRE THE TRUSTEES TO CONTRACT WITH A QUALIFIED INSTITUTION FIDUCIARY TO PROVIDE INVESTMENT MANAGEMENT AND ADVISORY SERVICES FOR THE FUND; TO PRESCRIBE CERTAIN EARNINGS AND ANNUAL DISTRIBUTIONS OF THE FUND; TO PROVIDE THAT A CERTAIN PERCENTAGE OF THE EARNINGS MAY BE TRANSFERRED TO THE OKTIBBEHA COUNTY OCH PROCEEDS FUND FOR APPROPRIATION BY THE BOARD OF SUPERVISORS FOR ANY LAWFUL COUNTY PURPOSES, INCLUDING GENERAL OPERATIONS, MAINTENANCE AND CAPITAL IMPROVEMENTS; TO PROVIDE STRICT LIMITATIONS FOR WITHDRAWALS FROM THE CORPUS; AND FOR RELATED PURPOSES.