SB 2578

AN ACT TO CREATE THE SMALL MUNICIPALITIES FEDERAL MATCH FUND AS A SPECIAL FUND IN THE STATE TREASURY FOR THE PURPOSE OF PROVIDING MATCHING FUNDS TO SMALL COMMUNITIES THROUGHOUT MISSISSIPPI WHICH RECEIVE DISCRETIONARY FEDERAL FUNDS; TO PROVIDE THAT THE MONIES DISBURSED FROM THE FUND SHALL BE MATCHING FUNDS USED TO DRAW DOWN FEDERAL FUNDS FOR CERTAIN MUNICIPALITIES; TO REQUIRE THAT MONIES DISBURSED FROM THE FUND SHALL BE AT A SET MATCH RATE OF TWENTY PERCENT (20%) IN ANY COMBINATION OF EITHER STATE OR LOCAL FUNDS CONTRIBUTED BY THE SMALL MUNICIPALITY TO EIGHTY PERCENT (80%) FEDERAL FUNDS RECEIVED; TO PROVIDE THAT MONIES APPROPRIATED OUT OF THE FUND MAY BE USED TO REIMBURSE ACTUAL OVERSIGHT COSTS INCURRED BY THE DEPARTMENT OF FINANCE AND ADMINISTRATION UP TO A CERTAIN AMOUNT; TO REQUIRE THE DEPARTMENT OF FINANCE AND ADMINISTRATION TO FILE A REPORT ON THE FUND TO CERTAIN PUBLIC OFFICIALS; AND FOR RELATED PURPOSES.