HB 1650
State Treasury; close those funds having no transactional activity other than interest from pooled investments.
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- Passed House
- Passed Senate
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- Became Law
Bill overview
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.
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