State Treasurer

Miss. Code Ann. tit. 7, ch. 9
in effect

Miss. Code Ann. § 7-9-1 Office hours.

The state treasurer shall keep his office at the seat of the government, and shall keep the same open Monday through Friday of each week for eight hours each day.

Miss. Code Ann. § 7-9-3 Vaults to operate with timelock.

It is not lawful for the treasurer or any other person to enter or be in the treasury department between sunset and sunrise, except in case of fire or other like urgent necessity. At five o’clock or sooner in the afternoon, the vaults shall be closed with a timelock set to open at nine o’clock in the forenoon of the next day, unless it be a Sunday or holiday when it shall be set, if possible, to open at that hour on the next business day. During business hours the timelock shall be so adjusted that a person in charge of the office can instantly lock the safe or vault.

Miss. Code Ann. § 7-9-5 Deputy state treasurer and other personnel.

The state treasurer shall be entitled to a bookkeeper, a chief clerk, a bond clerk, and a stenographer to assist him in the discharge of the duties of his office; and he may appoint a deputy who shall possess all the powers and may perform any of the duties of the treasurer. If a deputy treasurer be appointed, he shall also perform all the duties of the chief clerk and shall receive the salary of such clerk, and thereafter no chief clerk shall be employed. The bond of the said deputy shall be one hundred thousand dollars ($100,000.00), and the premium thereon shall be paid as other premiums of state officers.

Miss. Code Ann. § 7-9-7 Bond clerk.

It shall be the duty of the bond clerk to keep a record of all bonds or other securities coming into the possession of the state treasury and to do and perform any other duties required of him by the treasurer. Said clerk shall, before entering upon the duties of his office, execute a good and sufficient bond payable to the state treasurer, in some surety company authorized to do business in Mississippi, in the sum of fifty thousand dollars ($50,000.00), said bond to be conditioned for the faithful discharge of the duties of such clerk and shall be liable for any misfeasance, malfeasance, mistakes, or misappropriations of said clerk, the premium on said bond to be paid as the premium on the state treasurer’s bond is paid. The provisions of this section and the bond required shall in no way alter or change the duties, responsibilities, and liabilities of the state treasurer.

Miss. Code Ann. § 7-9-9 Duties generally.

It shall be the duty of the state treasurer to receive and keep the moneys of the state in the manner provided by law, to disburse the same agreeably to law, and to take receipts or vouchers for moneys which he shall disburse. He shall keep regular, fair, and proper accounts of the receipts and expenditures of the public money; he shall keep accounts in his books in the name of the state, in which he shall enter the amount of all money, stock, securities, and all other property in the treasury or which may at any time be received by him, keeping the receipts and disbursements of each fiscal year in separate accounts, and closing the same with the close of the fiscal year; and he shall open and keep accounts in his books for all appropriations of money made by law, so that the appropriation of money and the application thereof in conformity thereto may clearly and distinctly appear on the books of the treasury.

Miss. Code Ann. § 7-9-11 Separate and distinct accounts of various sources of revenue.

It shall be the duty of the state treasurer to state in the books of the treasury, separately and distinctly, the amount of money received by him on account of state taxes, debts, or on any account whatever for or on behalf of the state, and also an account of the sums he shall pay out of the same, so that the net produce of the whole revenue, and of every branch thereof, and the amount of disbursements and payments of the several demands on the treasury may clearly and distinctly appear.

Miss. Code Ann. § 7-9-12 Establishment of clearing accounts and bank accounts; bad checks.

The State Treasurer is authorized to establish such clearing accounts in the State Treasury and such bank accounts in public depositories in conjunction with the State Fiscal Officer as may be necessary to facilitate the deposit, collection investment and disbursement of state funds in the State Treasury as required by law. The State Treasurer and State Fiscal Officer shall also establish such accounts as necessary to facilitate the handling of bad checks paid into the State Treasury. The State Treasurer may by regulation provide for the establishment of commercial bank accounts by any state agency, which shall serve as the depository for funds which are collected or held by state agencies and required by law to be deposited in the Treasury. Each such account established shall have a maximum balance to be fixed by the State Treasurer. All such accounts shall bear interest which shall be deposited in the General Fund, except for interest on funds in the account of the Mississippi Employment Security Commission designated as the “Mississippi Employment Security Commission Fixed Price Contract Account.” Such interest shall be retained as part of the account to be used by the Mississippi Employment Security Commission solely for Job Training Partnership Act programs. The State Auditor shall test for compliance with this section in any postaudit, and may, after notice and hearing, levy a civil penalty not to exceed One Thousand Dollars ($1,000.00) for any violation hereof. The Auditor shall annually report all violations of this section to the Governor and the Legislature.

Miss. Code Ann. § 7-9-13 Receipts and payments only on warrant; exception for electronic funds transfer.

Except as otherwise provided in Section 7-9-14 of this chapter, it shall not be lawful for the State Treasurer to pay or receive any money on account of the state but on the warrant or certificate of the State Fiscal Officer, issued pursuant to law. When he shall make any disbursement, he shall write or stamp the word “paid” in large characters across the face of the warrant, and shall make an entry in his office of the date of such warrant. The warrant thus cancelled shall be a sufficient voucher for the payment of the same.

Miss. Code Ann. § 7-9-14 Electronic funds transfer for withdrawal, transfer, or deposit of funds for investment purposes.

The State Treasurer is authorized to receive, disburse or transfer public funds under his jurisdiction by means of wire, direct deposit or electronic funds transfer. The State Fiscal Officer is authorized to receive, disburse or transfer public funds between State Treasury accounts without the issuance of warrant. The State Treasurer and State Fiscal Officer shall promulgate the rules, regulations and procedures to substitute an electronic funds transfer or the receipt, disbursement or transfer of public funds between State Treasury accounts for a receipt warrant, requisition and use of a warrant in order to facilitate the collection, transfer, investment and disbursement of public funds. In the instance of electronic transfer of funds, the Treasurer shall provide the State Fiscal Officer the same information as would be required for a requisition and issuance of a warrant. In the instance of receipt, disbursement and transfer between State Treasury accounts, the State Fiscal Officer shall maintain the same information as would be required if an application for a receipt warrant, a requisition for issuance for warrant and a warrant had been issued. A copy of the record of any electronic funds transfer shall be transmitted by state depositories to the Treasurer who shall file duplicates with the State Fiscal Officer.

Miss. Code Ann. § 7-9-15 All warrants paid to be registered.

The state treasurer shall register all warrants paid or received in payment of public dues by him, in a book kept for that purpose, noting the number of the warrant, the date, and when paid or received; and the treasurer shall not receive or pay any warrant unless he shall be satisfied that the same is genuine and lawfully issued.

Miss. Code Ann. § 7-9-17 Duplicate receipts given when payment made into treasury.

When any payment shall be made into the Treasury in pursuance of any receipt-warrant issued by the State Fiscal Officer, the State Treasurer shall give the person making the payment duplicate receipts, specifying the warrant on which the payment is made, one (1) copy of which shall be filed with the State Fiscal Officer.

Miss. Code Ann. § 7-9-19 States taxes collected paid direct to treasurer.

All taxes, fees and penalties that may be hereafter collected for or in the name of the State of Mississippi shall be paid direct to the Treasurer of the state, as now provided by law, by the officer charged with the duty of collecting the same, with an itemized statement to be filed with the State Fiscal Officer, showing from whom collected and to what account to be credited. All fees and commissions that may be due to any officer for collecting same shall be paid to such officer by the State Treasurer on a warrant issued therefor by the State Fiscal Officer. This section shall not apply to ad valorem taxes, nor to any other collection of taxes by tax collectors of the several counties collecting taxes for the state. Any officer charged with the duty of collecting such taxes, fees and penalties who willfully fails to comply with the provisions of this section shall be guilty of a misdemeanor and, upon conviction thereof, shall forfeit all fees and commissions that may be due him for collecting the same and, in addition, shall be fined not more than One Thousand Dollars ($1,000.00) or imprisoned for six (6) months, or suffer both such fine and imprisonment.

Miss. Code Ann. § 7-9-21 State officials to pay in collections.

All state officials shall make a detailed report to the State Fiscal Officer and pay into the State Treasury all public funds, as defined in Section 7-7-1, which are required to be paid into the Treasury. Such funds shall be deposited in the State Treasury by the end of the next business day following the day that such funds are collected, except as provided elsewhere in this section. The State Fiscal Officer and the State Treasurer are authorized to establish clearing accounts in the State Treasury as may be necessary to facilitate the transfer of monies to municipalities, counties and other special fund accounts, as provided by law. The detailed report hereinabove required shall be fully satisfied when any revenue-collecting agency on its applications for received warrants has stated the amount of money which it has collected from any source whatsoever without having to supply the names of the taxpayers who had remitted such money. At the request of any state agency, the State Fiscal Officer, with the advice and consent of the State Treasurer, may by regulation provide for other than daily deposits of accounts by that state agency. The State Fiscal Officer, with the advice and consent of the State Treasurer, shall determine the frequency and method of deposit for the agency.

Miss. Code Ann. § 7-9-22 Disposition of funds collected by Secretary of State; funding of agency expenses; deposit of monies into State General Fund.

All funds collected by the Office of the Secretary of State, unless otherwise specifically provided for by law, shall be deposited, in accordance with Section 7-9-21, Mississippi Code of 1972, into a special fund hereby created in the State Treasury. Monies in the special fund shall be expended, pursuant to legislative appropriation, to defray the expenses of the Office of the Secretary of State or as otherwise authorized. All unobligated monies in such special fund at the end of the fiscal year shall be paid over into the General Fund of the State Treasury. From and after July 1, 2016, the expenses of this agency shall be defrayed by appropriation from the State General Fund and all user charges and fees authorized under this section shall be deposited into the State General Fund as authorized by law. From and after July 1, 2016, no state agency shall charge another state agency a fee, assessment, rent or other charge for services or resources received by authority of this section.

Miss. Code Ann. § 7-9-23 Custodian of specified trust funds.

The State Treasurer is designated as sole agent to receive on State Fiscal Officer’s pay warrant and disburse any and all funds received from sources other than those designated by law on State Fiscal Officer’s warrant, which funds are to be expended under the direction and supervision of state officials or agencies for the benefit of the state. The State Treasurer is authorized and directed to receive on State Fiscal Officer’s pay warrant any and all funds above specified and to be credited, each fund to a trust account for which the donor intends it. The special trust account shall designate for what purpose it is donated, and the State Fiscal Officer’s books and Treasurer’s books shall carry it as such. All funds shall be paid out on requisition signed by the proper agent or agents, properly supported by itemized vouchers, designated so to do on a warrant issued by the State Fiscal Officer upon the State Treasurer. Funds intended to be controlled by this section are those coming from the federal government, foundations and individuals to be expended for educational purposes, roads, agriculture, for making economic or social surveys, and for similar purposes. In no way shall this section interfere with or prevent the purpose of the donor. The state agent or official best fitted or qualified to direct the expenditure of a fund for a specified purpose or the official designated by the donor shall expend the funds, and is hereby given authority in the manner outlined herein.

Miss. Code Ann. § 7-9-24 Refunds to state agencies for excess public utility charges.

Any refund to an agency of the State of Mississippi other than an agency financed entirely by federal funds for excess charges made by a public utility pursuant to rates in effect under bond filed with the Public Service Commission shall be forwarded, forthwith, by the administrative head of such state agency to the State Treasurer for deposit into a special account in the State Treasury to be expended as provided by the Legislature at the 1986 Regular Session.

Miss. Code Ann. § 7-9-25 Depository for federal-aid road funds.

All funds and the interest accruing thereon paid into the state treasury, either by the federal government, by any of the counties of the state, or by any road district in the state, for the purpose of constructing what is known as federal-aid highways shall be handled by the state treasury as a special deposit for such purpose. It shall be the duty of the state treasurer immediately upon receipt of such funds to give notice to all banks located in the county in which said funds are to be expended of the fact that such funds are on hand, and that he is ready to receive such proposals as any of them may make for the privilege of keeping such funds until the same are expended in the construction of such highways. The said state treasurer shall deposit said funds with the bank or banks located in the county where same is to be expended, proposing the best terms, having in view the safety of such funds. Security shall be required of like character and amount as provided for in the chapter on depositories, but the amount of such highway funds shall not be included in arriving at 35% limit. Each bank shall be entitled to receive this special highway deposit in addition to the 35% provided for by said chapter.

Miss. Code Ann. § 7-9-27 Investment of special fund to refund overpayment of income taxes.

The treasurer of the state of Mississippi shall invest the moneys deposited in the special fund to refund the overpayment of income taxes under the provisions of Section 27-7-313. The amounts to be invested shall be determined by the treasurer and shall be in the approximate amount of the total moneys deposited in said special fund less the anticipated refunds to be made within the following ninety-day period. Such funds shall be invested by said treasurer in short-term bonds, treasury bills, or other direct obligations of the United States of America, or any national or state banks in the state of Mississippi.

Miss. Code Ann. § 7-9-29 Payment of interest and bonds.

It shall be the duty of the State Treasurer, two (2) weeks before any state bonds or interest coupons become due and payable, to make application to the State Fiscal Officer for his warrant in favor of the State Treasurer, specifying the bond issue and the total amount each of interest and bonds to be paid and when and where due and payable, according to the terms of the bonds. Upon presentation of such application, the State Fiscal Officer shall issue his warrant in favor of the State Treasurer according to said application.

Miss. Code Ann. § 7-9-31 Cancellation of bonds and interest coupons.

The state treasurer shall, as soon as he receives such warrant, deposit the amount thereof in the bank or banks where, according to the terms of the bonds, the interest and bonds are to be paid for, or in some state depository for delivery to such bank or banks. He shall keep an account with each such bank or banks where such deposit has been made, charging it with such deposit and crediting it with the amounts of the bonds and interest coupons as the same are delivered to the state treasurer in his office. The state bond commission shall provide for the method of acceptance and cancellation of bonds and interest coupons duly paid by requiring the paying agent or agents: To deliver bonds and coupons duly paid and cancelled to the state treasurer; or To furnish to the state treasurer, at the end of each month in which bonds and interest coupons of a given bond issue have been presented for payment and have been paid, a statement which shall contain a certified list of bonds and coupons duly paid and cancelled, showing for each issue the bond and coupon numbers, the amounts, the dates due, dates paid and such additional information as the state bond commission shall require along with the bonds and coupons paid. Bonds and interest coupons duly paid shall be properly entered in a bond and interest register of the bond issue to which they belong in the state treasurer’s office, and the treasurer shall accept as cancelled those duly paid and cancelled and so delivered by the paying agent or agents. Any certified list submitted by the paying agent or agents as to payment and cancellation of bonds and interest coupons shall be accepted as conclusive as to payment and cancellation, and such paying agent or agents shall accept responsibility for proper payment and disposition of all bonds and coupons, and for any duplicate payments, payments to unauthorized persons and nonpayment to authorized persons occurring as a result of cancellation or destruction of bonds and coupons.

Miss. Code Ann. § 7-9-32 Destruction of paid state warrants.

The state treasurer is hereby authorized to destroy all state warrants on which payment has been made according to approved records control schedules. No such records, however, may be destroyed without the approval of the director of the department of archives and history.

Miss. Code Ann. § 7-9-33 Receipted lists of cancelled bonds and coupons.

The State Fiscal Officer shall charge the State Treasurer with the amount of each warrant so issued as herein required. The State Treasurer shall prepare duplicate lists of bonds and coupons paid, cancelled and delivered to the Treasurer’s office and submit the lists to the State Fiscal Officer, who shall sign a receipt on the lists, with seal affixed, for the bonds and interest coupons so cancelled as paid, shall present one (1) of these receipted lists to the State Treasurer (which shall be filed as his voucher for credit), and shall file the other receipted list in the State Fiscal Officer’s office.

Miss. Code Ann. § 7-9-34 Destruction of paid and cancelled bonds and coupons.

The state treasurer is authorized to destroy any bonds and coupons of the State of Mississippi duly paid and cancelled not earlier than one (1) year after the same are surrendered for payment. A certificate containing a description of such bonds and coupons so destroyed, duly witnessed and signed by the treasurer or his deputy and the state fiscal officer, shall be kept on file in the treasurer’s office.

Miss. Code Ann. § 7-9-35 Unexpended balances of appropriations.

Within ten (10) days after the appropriation (out of which said warrant shall have been drawn) expires under Section 64 of the State Constitution, the State Treasurer shall withdraw the unexpended balance or balances in such bank or banks and shall turn said money back into the general funds of the State Treasury. He shall give such bank or banks credit for such returned balance or balances. The State Fiscal Officer shall, upon such payment back into the general fund, credit the State Treasurer on its account for such warrant.

Miss. Code Ann. § 7-9-37 Payment by depositories; meaning of “treasurer’s check” for purpose of implementation of electronic funds transfer.

All state deposits in any depository in the State of Mississippi shall be subject to payment when demanded by the State Treasurer on his Treasurer’s check drawn on the bank for such deposit in payment of a warrant or warrants issued by the State Fiscal Officer, or in the transfer of such deposit or any part thereof from one bank to another or other banks or to the State Treasury, in keeping the funds of the state equitably distributed among the state depositories as required by law, and for any other purposes necessary to carry out the provisions of law or to provide for equitable distribution of funds or payment of warrants when drawn by the State Fiscal Officer. For the purpose of the implementation of Section 7-9-14, the term “Treasurer’s check” as used in this section shall mean either a paper check or a paperless entry on an electronic data processing medium at a state depository that substitutes for a paper check for the purpose of debiting or crediting an account and for which a permanent record is made.

Miss. Code Ann. § 7-9-39 Funds impounded.

In the event the funds coming into the state treasury are insufficient to pay all claims and debts of the state as they mature or become due, the state treasurer is hereby authorized and directed to impound or set aside sufficient funds to pay the bonds, short term notes, certificates of indebtedness, and interest coupons as they severally mature and become due.

Miss. Code Ann. § 7-9-41 Lump-sum withdrawals from treasury.

All support and maintenance funds appropriated for the operating expenses of all departments, institutions, agencies, boards and commissions, supported wholly or in part by the state, shall be drawn from the State Treasury only upon the issuance of individual warrants by the State Fiscal Officer in direct payment for goods sold or services performed, except where specifically provided otherwise in these statutes. The said State Fiscal Officer shall issue his warrants only upon requisitions signed by the proper person, officer or officers. In the case of the state institutions of higher learning, meeting with the written approval of the State Fiscal Officer, such funds may be drawn from the Treasury in the manner prescribed hereinbelow, and when such system of withdrawal is approved by the State Fiscal Officer, it shall not be changed except on the approval of both said parties. The executive heads, together with the secretary or other person in charge of the books and accounts, of the state institutions of higher learning, if they receive such written approval, shall make up, in the form prescribed by the State Fiscal Officer and the State Treasurer, checklists of all salaries, accounts, bills, contracts and claims which shall have accrued during the month. Based upon such statement and in company with it, the state institutions of higher learning, through their proper officers, shall make requisition upon the State Fiscal Officer for only so much money as shall then be needed to pay salaries, accounts, bills, contracts and claims which may then be due, together with a reasonable amount for contingent expenses. Such requisitions may be drawn upon the State Fiscal Officer’s accounts, who shall draw its warrants on the Treasurer from time to time as required, payable to the official depository provided in Section 7-9-43. In the case of special appropriations made for buildings and permanent improvements, repairs, furniture, fixtures, and special supplies, and in all cases where it is not practicable to furnish a detailed statement, such funds may be drawn in installments at such times and in such amounts as necessity may require, and the requisitions for same must be accompanied by a general statement of the proposed purchases and expenditures. In all cases where such lump-sum payments are authorized and paid as provided in this section, the proper officer or officers of the state institutions of higher learning shall make such additional reports to the State Fiscal Officer in the manner and at such times as he may require. Such reports shall also include other funds coming into the possession of or for the use and benefit of the state institutions of higher learning, whether such funds are regularly handled through the State Treasury or not. In the case of the State Department of Public Welfare, lump-sum withdrawals may only be made as provided for in subsection (2) of this section for payments to recipients of services provided by the department.

Miss. Code Ann. § 7-9-43 Contracts with selected depositories.

The state institutions of higher learning and the Department of Human Services, after receiving the written approval of the State Fiscal Officer as provided in Section 7-9-41, shall select and make a contract with some bank to serve as a depository for funds of the same. Said bank so selected shall qualify to receive said fund and secure the same as required of state depositories under Section 27-105-5 before receiving any funds, except as herein noted in the case of private hospitals. The life of said contract with a depository shall be for five (5) years. Each bank shall enter into a written contract, the terms of which shall be to perform faithfully all acts and duties required of it by this and other laws of the state. As such depository, it shall receive and keep account of all funds and pay out same on the check of the secretary or business manager, countersigned by the president or chairman of the board or institution. Such bank shall receive, keep, disburse and account for all funds of the Department of Human Services and such state institution of higher learning for which it shall be a depository, and turn over all funds and accounts to its legal successor, provided all private hospitals shall be exempted from providing depositories. All books, accounts and reports made thereon for any funds shall conform to the requirements of the General Accounting Office, and shall be filed with the said General Accounting Office.

Miss. Code Ann. § 7-9-45 Monthly verification with auditor.

The State Treasurer and the State Fiscal Officer shall, on or before the tenth day of each month, check, verify and reconcile the list of the receipts into the Treasury for the previous month, according to the warrants on which they are founded, and in whose name the several receipts have been given, and their respective dates, amounts and numbers.

Miss. Code Ann. § 7-9-47 Reports to the legislature.

The state treasurer shall make to the legislature, at the commencement of each regular, not extraordinary, session, a detailed report of the receipts and expenditures since his last report. He shall present to it the report required of him by Section 115 of the Constitution and, in case of a deficiency of revenue, he shall suggest such increase of taxes as he may consider best suited to supply the deficiency. He shall also make to the legislature, or to either house thereof, such supplemental reports as may be called for.

Miss. Code Ann. § 7-9-49 Reports to governor.

The state treasurer shall furnish to the governor, from time to time when required, a full and complete statement, in tabular form, of the situation of the public finances and full information touching the condition and proceedings of his office. The books of the treasurer shall, at all seasonable times, be open to the inspection of the governor and of the auditor, and the governor shall at all times be permitted to examine and count the money on hand.

Miss. Code Ann. § 7-9-51 Suit on bond for embezzlement.

If the state treasurer shall misapply, waste, or embezzle any money, stock, securities, or other property in the treasury, it shall be the duty of the attorney general to bring suit on the bond of such treasurer, in the circuit court of the county where the seat of government is situated, for the amount of money, stock, securities, or other property so misapplied, wasted, or embezzled. If a judgment be rendered for the plaintiff, the defendant shall pay double the damages assessed, not exceeding the penalty of the bond.

Miss. Code Ann. § 7-9-53 Preservation of records.

The state treasurer shall safely keep and preserve all moneys, securities, books, records, papers, and other things belonging to his office without waste, embezzlement, or misapplication thereof; and at the expiration of his term, he shall deliver the same to his successor.

Miss. Code Ann. § 7-9-55 Repealed.

Repealed by Laws, 1985, ch. 419, § 4, eff from and after November 4, 1986, the date upon which the electorate ratified the addition of Section 206A to the Mississippi Constitution of 1890 which was proposed by Laws, 1985, ch. 546. § 7-9-55 . [En Laws, 1982, ch. 495, § 1] § 7-9-57 . [En Laws, 1982, ch. 495, § 2] § 7-9-59 . [En Laws, 1982, ch. 495, § 3; Am 1984, ch. 488, § 164] § 7-9-61 . [En Laws, 1982, ch. 495, § 4] Editor’s Notes — Former § 7-9-55 created a special fund in the state treasury. Former § 7-9-57 related to the principal of a special fund as additional security for state bonds. Former § 7-9-59 authorized investments for a special fund. Former § 7-9-61 authorized expenditures from a special fund.

Miss. Code Ann. § 7-9-63 Repealed.

Repealed by Laws, 1995, ch. 622, § 23, eff from and after July 1, 1995. § 7-9-63 . [Laws, 1984, ch. 488, § 286; Laws, 1985, ch. 525, § 12] Editor’s Notes — Former § 7-9-63 was entitled: Systems policy and planning revolving fund.

Miss. Code Ann. § 7-9-64 Repealed.

Repealed by Laws, 1992, ch. 419, § 33, eff from and after July 1, 1992, and by Laws, 1993, ch. 509, § 6, eff from and after July 1, 1993. § 7-9-64 . [Laws, 1988, ch. 487, § 13; Laws, 1992, ch. 484, § 6] Editor’s Notes — Laws, 1992, ch. 419, was vetoed by the Governor on May 3, 1992. The veto was overridden by the State Senate and House of Representatives on May 4, 1992. Laws of 1992, ch. 419, § 34, effective from and after July 1, 1992, provides as follows: “SECTION 34. Nothing in this act shall affect or defeat any claim, assessment, appeal, suit, right or cause of action for taxes due or accrued under the income, sales and use tax laws before the date on which this act becomes effective, whether such claims, assessments, appeals, suits or actions have been begun before the date on which this act becomes effective or are begun thereafter; and the provisions of the income, sales and use tax laws are expressly continued in full force, effect and operation for the purpose of the assessment, collection and enrollment of liens for any taxes due or accrued and the execution of any warrant under such laws before the date on which this act becomes effective, and for the imposition of any penalties, forfeitures or claims for failure to comply with such laws.” Former § 7-9-64 created the Education Reserve Fund.

Miss. Code Ann. § 7-9-65 Repealed.

Repealed from and after November 4, 1986, the date upon which the electorate ratified the addition of Section 206A to the Mississippi Constitution of 1890 which was proposed by Laws, 1985, ch. 546. §§ 7-9-65 through 7-9-69 . [En Laws, 1986, ch. 436, §§ 1-3] Editor’s Notes — Former § 7-9-65 concerned the deposit of revenue derived from oil, gas and other mineral resources under federally-owned lands or severed federally owned minerals. Former § 7-9-67 related to the deposit of revenue derived from oil, gas and other mineral resources received pursuant to the Federal Outer Continental Shelf Lands Act. Former § 7-9-69 related to deposit of revenue derived from oil, gas and other mineral resources under federally-owned lands or from severed federally-owned minerals into trust fund for improvement of education.

Miss. Code Ann. § 7-9-70 Mississippi Fire Fighters Memorial Burn Center Fund established; deposits; investments; Mississippi Burn Care Fund.

There is created and established in the State Treasury a special trust fund to be known as the “Mississippi Fire Fighters Memorial Burn Center Fund.” There shall be deposited in such fund (a) all such fees as the State Treasurer is directed to deposit therein under subsection (4) of Section 27-19-56.1, under subsection (4) of Section 27-19-56.2 and under subsection (5)(b) of Section 27-19-56.4; and (b) any gift, donation, bequest, trust, grant, endowment, transfer of money or securities or any other monies from any source whatsoever as may be designated for deposit in the fund. The principal of the trust fund created under subsection (1) of this section shall remain inviolate and shall be invested as provided by law. Interest and income derived from investment of the principal of the trust fund may be appropriated by the Legislature and expended exclusively for the support and maintenance of the Mississippi Fire Fighters Memorial Burn Center. From and after June 17, 2005, there shall be created in the State Treasury a fund known as the Mississippi Burn Care Fund. The Mississippi Burn Care Fund shall be the Mississippi Fire Fighters Memorial Burn Center Fund and any reference to the Mississippi Fire Fighters Memorial Burn Center Fund in law shall mean the Mississippi Burn Care Fund. All funds payable to the Mississippi Fire Fighters Memorial Burn Center Fund shall, from and after June 17, 2005, be paid to the Mississippi Burn Care Fund. All balances in the Mississippi Fire Fighters Memorial Burn Center Fund and the Mississippi Fire Fighters Memorial Fire Fighters Burn Center Escrow Fund shall be transferred to the Mississippi Burn Care Fund on June 17, 2005. All interest earned by funds in the Mississippi Burn Care Fund shall be credited to the fund and not the General Fund. For fiscal year 2006, and for each fiscal year thereafter, the Legislature may appropriate interest, income or other funds credited to the Mississippi Burn Care Fund, and there shall be no requirement that the monies deposited to the fund be held inviolate in trust. Any appropriation of funds from the Mississippi Burn Care Fund shall be to the Mississippi Department of Health for the purpose of carrying out its responsibilities established in Section 41-59-5; however, after the Mississippi Burn Center established at the University of Mississippi Medical Center under Section 37-115-45 is operational, any appropriation of funds from the Mississippi Burn Care Fund shall be to the University of Mississippi Medical Center for the operation of the Mississippi Burn Center. The Mississippi Burn Care Fund shall be authorized to accept gifts, donations, bequests, appropriations or other grants from any source, governmental or private, for deposit into the fund. The Department of Health, or the University of Mississippi Medical Center after the Mississippi Burn Center is operational, shall be the agency responsible for receiving any such gifts, donations, bequests, appropriations or grants and shall deposit such to the Mississippi Burn Care Fund.

Miss. Code Ann. § 7-9-71 and 7-9-73. Repealed.

Repealed by Laws, 1974, ch. 565, § 3, eff March 21, 1976. §§ 7-9-71 and 7-9-73 [En Laws, 1974, ch. 565, §§ 1, 2] Editor’s Notes — Former § 7-9-71 created the state bond supervisory division in the state treasurer’s office and provided for a director and staff and the director’s fidelity bond. Former § 7-9-73 fixed the powers and duties of the division.

Miss. Code Ann. § 7-9-101 Authorization to employ or enter into contract with investment advisors, security custodians, and/or bank trust departments.

The State Treasurer is hereby authorized and empowered to employ or enter into a contract for the services of investment advisors, security custodians and/or bank trust departments for the management and investment of the Education Improvement Trust Fund created in Section 206A of the Mississippi Constitution of 1890. Compensation or fees for such services shall be paid from the income derived from investment of the principal of the trust fund, subject to appropriation by the Legislature.

Miss. Code Ann. § 7-9-103 Authorized investments for principal of Education Improvement Trust Fund; powers of investment entity.

The principal of the Education Improvement Trust Fund shall be invested by the investment entity so selected by the State Treasurer, and all purchases shall be made from competitive offerings. Such funds may be invested only as follows: Bonds, notes, certificates and other valid general obligations of the State of Mississippi, or of any county, or of any city, or of any supervisors district of any county of the State of Mississippi, or of any school district bonds of the State of Mississippi; notes or certificates of indebtedness issued by the Veterans’ Home Purchase Board of Mississippi, provided such notes or certificates of indebtedness are secured by the pledge of collateral equal to two hundred percent (200%) of the amount of the loan, which collateral is also guaranteed at least for fifty percent (50%) of the face value by the United States Government, and provided that not more than five percent (5%) of the total investment holdings of the system shall be in Veterans’ Home Purchase Board notes or certificates at any time; real estate mortgage loans one hundred percent (100%) insured by the Federal Housing Administration on single family homes located in the State of Mississippi, where monthly collections and all servicing matters are handled by the Federal Housing Administration approved mortgagees authorized to make such loans in the State of Mississippi; State of Mississippi highway bonds; Funds may be deposited in federally insured institutions domiciled in the State of Mississippi; Corporate bonds of Grade A or better as rated by Standard and Poor or by Moody’s Investment Service; or corporate short-term obligations of corporations, or of wholly-owned subsidiaries of corporations, whose short term obligations are rated S-3 or better by Standard and Poor or rated P-3 or better by Moody’s Investment Service; Bonds of the Tennessee Valley Authority; Bonds, notes, certificates and other valid obligations of the United States, and other valid obligations of any federal instrumentality that issues securities under authority of an act of Congress and are exempt from registration with the Securities and Exchange Commission; Bonds, notes, debentures and other securities issued by any federal instrumentality and fully guaranteed by the United States; Interest-bearing bonds or notes which are general obligations of any other state in the United States or of any city or county therein, provided such city or county had a population as shown by the federal census next preceding such investment of not less than twenty-five thousand (25,000) inhabitants, and provided that such state, city or county has not defaulted for a period longer than thirty (30) days in the payment of principal or interest on any of its general obligation indebtedness during a period of ten (10) calendar years immediately preceding such investment; Certificates of deposit and repurchase agreements. All investments shall be acquired by the investment entity at the highest market rate available for such securities; and Securities of, or other interests in, any open-end or closed-end management type investment company or investment trust registered under the provisions of 15 USCS Section 80a-1 et seq. provided that the portfolio of such investment company or investment trust is limited to direct obligations issued by the United States of America, United States Government agencies, United States Government instrumentalities or United States Government sponsored enterprises, and to repurchase agreements fully collateralized by direct obligations of the United States of America, United States Government agencies, United States Government instrumentalities or United States Government sponsored enterprises, and the investment company or investment trust takes delivery of such collateral for the repurchase agreement, either directly or through an authorized custodian. The State Treasurer and the Executive Director of the Department of Finance and Administration shall review and approve the investment companies and investment trusts in which funds invested under this paragraph (j) may be invested. However, at no time shall the funds invested in investment companies and investment trusts under this paragraph (j) exceed twenty percent (20%) of all investments of the Education Improvement Trust Fund under this section. Any limitations herein set forth shall be applicable only at the time of purchase and shall not require the liquidation of any investment at any time. Subject to the above terms, conditions, limitations and restrictions, the investment entity shall have power to sell, assign, transfer and dispose of any of the securities and investments of the trust fund.

Miss. Code Ann. § 7-9-105 Power to adopt rules and regulations.

The State Treasurer is authorized and empowered to adopt necessary rules and regulations consistent with this legislation to facilitate the management of said education trust funds.

Miss. Code Ann. § 7-9-107 Transfer of funds.

Upon request of the investment entity, signed by the proper person, officer or officers, the State Fiscal Management Board shall issue its warrants to authorize the transfer from the Education Improvement Trust Fund created in Section 206A of the Mississippi Constitution of 1890 such funds as are selected for investment pursuant to Sections 7-9-101 through 7-9-107, and upon receipt of such warrants the State Treasurer shall immediately transfer such sums to the proper funds or accounts.

Miss. Code Ann. § 7-9-151 Repealed.

Repealed by Laws, 2011, ch. 400, § 6, effective July 1, 2014. § 7-9-151 . [Laws, 1994, ch. 529, § 1; Laws, 2000, ch. 531, § 1; reenacted without change, Laws, 2003, ch. 375, § 1; reenacted without change, Laws, 2004, ch. 474, § 1; reenacted without change, Laws, 2006, ch. 410, § 1; Laws, 2008, ch. 408, § 1; reenacted without change, Laws, 2009, 2nd Ex Sess, ch. 22, § 1; reenacted without change, Laws, 2011, ch. 400, § 1, eff from and after July 1, 2011.] § 7-9-153 . [Laws, 1994, ch. 529, § 2; Laws, 2000, ch. 531, § 2; reenacted without change, Laws, 2003, ch. 375, § 2; reenacted without change, Laws, 2004, ch. 474, § 2; reenacted without change, Laws, 2006, ch. 410, § 2; Laws, 2008, ch. 408, § 2; reenacted without change, Laws, 2009, 2nd Ex Sess, ch. 22, § 2; reenacted without change, Laws, 2011, ch. 400, § 2, eff from and after July 1, 2011.] § 7-9-155 . [Laws, 1994, ch. 529, § 3; Laws, 2000, ch. 531, § 3; reenacted without change, Laws, 2003, ch. 375, § 3; reenacted without change, Laws, 2004, ch. 474, § 3; reenacted without change, Laws, 2006, ch. 410, § 3; reenacted without change, Laws, 2009, 2nd Ex Sess, ch. 22, § 3; reenacted without change, Laws, 2011, ch. 400, § 3, eff from and after July 1, 2011.] § 7-9-157 . [Laws, 1994, ch. 529, § 4; reenacted without change, Laws, 2003, ch. 375, § 4; reenacted without change, Laws, 2004, ch. 474, § 4; reenacted without change, Laws, 2006, ch. 410, § 4; reenacted without change, Laws, 2009, 2nd Ex Sess, ch. 22, § 4; reenacted without change, Laws, 2011, ch. 400, § 4, eff from and after July 1, 2011.] § 7-9-159 . [Laws, 1994, ch. 529, § 5; reenacted without change, Laws, 2003, ch. 375, § 5; reenacted without change, Laws, 2004, ch. 474, § 5; reenacted without change, Laws, 2006, ch. 410, § 5; reenacted without change, Laws, 2009, 2nd Ex Sess, ch. 22, § 5; reenacted without change, Laws, 2011, ch. 400, § 5, eff from and after July 1, 2011.] Editor’s Notes — Former § 7-9-151 established the Capital Improvements Preplanning Fund and provided the source of monies for and purposes of the fund. Former § 7-9-153 pertained to payment of expenses for preplanning projects, preliminary studies and plans, warrants, requisitions and limits on the amount of warrants. Former § 7-9-155 pertained to the repayment of preplanning funds received from the Capital Improvements Preplanning Fund. Former § 7-9-157 authorized the Department of Finance and Administration to receive and expend source funds in connection with the expenditure of funds deposited into the Capital Improvements Preplanning Fund. Former § 7-9-159 pertained to the transfer of funds in the Capital Improvements Preplanning Fund, created pursuant to Chapter 246, Laws of 1973, to the Capital Improvements Preplanning Fund created by Sections 7-9-151 through 7-9-159 . Amendment Notes — The 2000 amendment inserted the third sentence. The 2003 amendment reenacted the section without change. The 2004 amendment reenacted the section without change. The 2006 amendment reenacted the section without change. The 2008 amendment substituted “Two Hundred Fifty Thousand Dollars ($250,000.00)” for “Two Hundred Thousand Dollars ($200,000.00).” The 2011 amendment reenacted the section without change.

Miss. Code Ann. § 7-9-161 Repeal of §§ 7-9-151 through 7-9-159.

Sections 7-9-151 through 7-9-159, Mississippi Code of 1972, shall be repealed on July 1, 2014.

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