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To: Local and Private
Legislation
MISSISSIPPI LEGISLATURE REGULAR SESSION 2026
By: Representative Roberson
HOUSE BILL NO. 4110
(As Sent to Governor)
AN ACT TO AUTHORIZE AND DIRECT THE BOARD OF TRUSTEES OF 1
OKTIBBEHA COUNTY, MISSISSIPPI, TO ESTABLISH A RESERVE AND 2
TRUST FUND; TO PROVIDE THAT NOT LESS THAN 80% OF THE PROCEEDS 3
FROM THE SALE OF OCH REGIONAL MEDICAL CENTER, WHICH IS OWNED 4
BY THE COUNTY, SHALL BE DEPOSITED INTO THE FUND; TO PROVIDE 5
FOR THE ESTABLISHMENT OF THE BOARD OF TRUSTEES OF THE RESERVE 6
AND TRUST FUND AND PROVIDE THAT ITS MEMBERSHIP SHALL BE THE 7
MEMBERS OF THE BOARD OF SUPERVISORS OF OKTIBBEHA COUNTY; TO 8
REQUIRE THE TRUSTEES TO CONTRACT WITH A QUALIFIED INSTITUTION 9
FIDUCIARY TO PROVIDE INVESTMENT MANAGEMENT AND ADVISORY 10
SERVICES FOR THE FUND; TO PRESCRIBE CERTAIN EARNINGS AND 11
ANNUAL DISTRIBUTIONS OF THE FUND; TO PROVIDE THAT A CERTAIN 12
PERCENTAGE OF THE EARNINGS MAY BE TRANSFERRED TO THE OKTIBBEHA 13
COUNTY OCH PROCEEDS FUND FOR APPROPRIATION BY THE BOARD OF 14
SUPERVISORS FOR ANY LAWFUL COUNTY PURPOSES, INCLUDING GENERAL 15
OPERATIONS, MAINTENANCE AND CAPITAL IMPROVEMENTS; TO PROVIDE 16
STRICT LIMITATIONS FOR WITHDRAWALS FROM THE CORPUS; AND FOR 17
RELATED PURPOSES. 18
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI: 19
SECTION 1. The Legislature finds that the net proceeds 20
from the sale of OCH Regional Medical Center constitute a 21
one-time asset created through decades of investment by the 22
citizens of Oktibbeha County. It is the purpose of this act 23
to establish the Oktibbeha County Reserve and Trust Fund as a 24
permanent endowment for the benefit of present and future 25
generations, to maintain the inflation-adjusted purchasing 26
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power of the corpus in perpetuity, and to provide sustainable 27
annual revenue for the continued improvement and maintenance 28
of Oktibbeha County while preventing depletion or squandering 29
of the principal. 30
SECTION 2. As used in this act, unless a different 31
meaning clearly appears in the context, the following terms 32
shall have the following meaning: 33
(a) "Board of supervisors" means the Board of 34
Supervisors of Oktibbeha County, Mississippi. 35
(b) "County" means Oktibbeha County, Mississippi. 36
(c) "Fund" means the Oktibbeha County Reserve and 37
Trust Fund created by this act. 38
(d) "Net proceeds" means all proceeds from the sale 39
of OCH Regional Medical Center after payment of all debts, 40
obligations, and transaction costs. 41
(e) "Corpus" means the amount initially deposited 42
into the fund pursuant to Section 3 of this act plus all 43
undistributed income and annual inflation adjustments 44
calculated using the U.S. Consumer Price Index - All Urban 45
Consumers (CPI-U) or its successor index. 46
(f) "Earnings" means interest, dividends, and 47
realized capital gains, net of reasonable administrative 48
expenses. 49
SECTION 3. (1) The board of supervisors is hereby 50
authorized and directed to create the Oktibbeha County Reserve 51
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and Trust Fund and to deposit therein all, or any portion equal to 52
or greater than eighty percent (80%), of the net proceeds. 53
(2) On or before July 1, 2026, the board shall adopt a 54
resolution specifying the exact dollar amount of net proceeds, 55
which shall be not less than eighty percent (80%) of the net 56
proceeds, to be initially deposited into the fund. Any net 57
proceeds not deposited shall be placed into a separate special 58
fund to be known as the "Oktibbeha County OCH Proceeds Fund" and 59
shall remain available for appropriation for any lawful county 60
purpose in the ordinary manner. 61
(3) Upon adoption of the resolution, the amount deposited 62
shall constitute the permanent corpus of the fund, and the 63
protective provisions of Sections 5 and 6 of this act shall 64
immediately and irrevocably apply. 65
SECTION 4. (1) The board of supervisors shall serve as 66
the board of trustees of the fund. 67
(2) The trustees shall contract with a qualified 68
institutional fiduciary (a bank or trust company authorized to 69
do business in Mississippi and subject to supervision by the 70
Mississippi Department of Banking and Consumer Finance or the 71
Office of the Comptroller of the Currency) to provide 72
investment management and advisory services. 73
(3) The contract shall require the institutional 74
fiduciary to: 75
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(a) Manage the fund's investments in full compliance 76
with the Mississippi Uniform Prudent Investor Act as set out 77
under Section 91-9-601 et seq., Mississippi Code of 1972; 78
(b) Recommend annually the amount of earnings 79
available for distribution under Section 5 of this act; 80
(c) Provide written certification, before any 81
proposed withdrawal from the corpus, that such withdrawal will 82
not impair the long-term, inflation-adjusted purchasing power 83
of the corpus; and 84
(d) Deliver quarterly performance reports and an 85
annual audited compliance statement to the board and the 86
public. 87
(4) The initial contract shall be awarded through 88
competitive request-for-proposals no later than July 1, 2026. 89
Subsequent contracts may be renewed or rebid, but no term 90
shall exceed five (5) years without rebidding. 91
(5) Reasonable fees of the institutional fiduciary (not 92
to exceed one-half of one percent (0.5%) of fund assets 93
annually) shall be paid from the fund as an administrative 94
expense. 95
(6) All meetings and records of the fund shall be subject 96
to the Mississippi Open Meetings Act and Public Records Act. 97
The Investment Policy Statement (IPS) for the fund shall be 98
adopted and may be amended from time to time by resolution of 99
the board of trustees. 100
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(7) (a) The Investment Policy Statement (IPS) for the 101
fund shall be adopted and may be amended from time to time by 102
resolution of the board of trustees. 103
(b) The contracted institutional fiduciary shall 104
prepare and recommend the initial IPS and any proposed 105
amendments. 106
(c) The board of trustees may adopt the IPS or 107
amendment as recommended, or may adopt a modified version, 108
provided that the institutional fiduciary certifies in writing 109
that the adopted IPS, as modified, continues to comply with 110
the Mississippi Uniform Prudent Investor Act and will 111
reasonably preserve the inflation-adjusted purchasing power of 112
the corpus in perpetuity. 113
(d) If the institutional fiduciary cannot make that 114
certification, the board may not adopt the modified IPS. 115
SECTION 5. (1) On July 1 of each year, the institutional 116
fiduciary shall calculate and recommend available earnings, 117
not to exceed four percent (4%) of the average market value of 118
the fund over the preceding thirty-six (36) months (or the 119
life of the fund, if shorter). 120
(2) Reasonable administrative expenses shall first be 121
paid from earnings. 122
(3) Up to eighty-five percent (85%) of the remaining 123
earnings may be transferred to the Oktibbeha County OCH 124
Proceeds Fund for appropriation by the board of supervisors 125
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for any lawful county purpose, including general operations, 126
maintenance, and capital improvements. 127
(4) Any earnings not distributed shall be added to the 128
corpus. 129
(5) No distribution of earnings shall occur in any year 130
in which the inflation-adjusted value of the corpus is below 131
the initial deposit amount established under Section 3 of this 132
act. 133
SECTION 6. After July 1, 2026, the following shall apply: 134
(a) Withdrawals from the corpus shall be permitted 135
only: 136
(i) Up to five percent (5%) of the corpus in 137
any fiscal year for extraordinary capital needs, and only 138
upon: 139
1. A four-fifths (4/5) super majority vote 140
of the full board of supervisors; 141
2. Written certification from the 142
contracted institutional fiduciary that the withdrawals will 143
not impair the long-term, inflation-adjusted purchasing power 144
of the corpus; 145
3. A duly noticed public hearing with at 146
least thirty (30) days' notice; and 147
4. Written findings that no reasonable 148
alternative funding source exists. 149
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ST: Oktibbeha County; authorize the
establishment of the Oktibbeha County Reserve
and Trust Fund for deposit of net proceeds from
sale of certain medical center.
(ii) Unlimited amounts during a federally or 150
state-declared emergency affecting Oktibbeha County, subject 151
to the same supermajority vote and institutional fiduciary 152
certification. 153
(b) Any invasion of the corpus shall immediately 154
suspend all earnings distributions, until the corpus 155
(including accumulated inflation adjustments) is fully 156
restored. One hundred percent (100%) of future income shall 157
be applied to restoration until complete. 158
(c) Within ninety (90) days of any corpus 159
withdrawal, the board shall file a restoration plan with the 160
Mississippi Attorney General and the Chancery Court of 161
Oktibbeha County. 162
SECTION 7. (1) By July 1 of each year, the trustees 163
shall publish an audited financial report, including 164
performance benchmarks, inflation-adjusted corpus 165
calculations, and detailed justification of any withdrawals. 166
(2) The Attorney General is granted standing to enforce 167
the terms of this act. 168
SECTION 8. If the fund balance ever reaches zero, the 169
fund shall dissolve and this act shall stand repealed. 170
However, depletion triggers an automatic investigation by the 171
Mississippi Attorney General into potential mismanagement. 172
SECTION 9. This act shall take effect and be in force 173
from and after its passage. 174