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MississippiHB 41102026 Regular SessionHouse

Oktibbeha County; authorize the establishment of the Oktibbeha County Reserve and Trust Fund for deposit of net proceeds from sale of certain medical center.

Sponsored By: Sponsor information unavailable

Signed by Governor

Local and Private LegislationLocal and Private

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Bill Overview

Analyzed Economic Effects

3 provisions identified: 2 benefits, 0 costs, 1 mixed.

Oktibbeha trust protects hospital sale money

The law creates the Oktibbeha County Reserve and Trust Fund. The board must deposit at least 80% of net sale proceeds from OCH Regional Medical Center into it. By July 1, 2026, the board must pass a resolution setting the exact dollar amount, no less than 80%. Any remaining proceeds go to a separate OCH Proceeds Fund for any lawful county purpose. The first deposit sets the permanent principal that receives extra protections.

Strict rules and audits for trust fund

The Board of Supervisors serves as trustees and must hire a qualified bank or trust company. The first contract must be chosen by a competitive RFP by July 1, 2026, and no contract can exceed five years without rebidding. The manager must follow the prudent investor law, give quarterly reports, and file an annual audited compliance statement. Fees paid from the fund are capped at 0.5% per year, and meetings and records are open to the public. Each year by July 1, the trustees must publish an audited report with performance, inflation-adjusted principal, and reasons for any withdrawals; the Attorney General can enforce the law.

Limits on spending and withdrawals from trust

Each July 1, the fiduciary calculates available earnings, capped at 4% of the fund’s average value over the prior 36 months (or life if shorter). Administrative costs come out first; up to 85% of the rest may move to the OCH Proceeds Fund; any unpaid earnings add to principal. No earnings are paid when the inflation‑adjusted principal is below the initial deposit. After July 1, 2026, principal withdrawals are limited to 5% a year for big capital needs and require a 4/5 board vote, fiduciary certification, a public hearing with 30 days’ notice, and written findings that no other funding is available. During a declared emergency affecting the county, withdrawals can be unlimited but still need the supermajority vote and certification. Any use of principal stops earnings payouts until the principal is restored, with 100% of future income used for restoration, and a plan must be filed with the Attorney General and the Chancery Court within 90 days. If the fund ever falls to $0, it dissolves, the law is repealed, and the Attorney General investigates possible mismanagement.

Sponsors & Cosponsors

Sponsors

There is no primary sponsor on record.

Cosponsors

There are no cosponsors for this bill.

Roll Call Votes

All Roll Calls

Yes: 289 • No: 1

House vote • 4/1/2026

Concurred in Amend From Senate

Yes: 120 • No: 1

Senate vote • 3/29/2026

Passed As Amended

Yes: 50 • No: 0

House vote • 3/23/2026

Passed

Yes: 119 • No: 0

Actions Timeline

  1. Approved by Governor

    4/8/2026legislature

  2. Enrolled Bill Signed

    4/6/2026Senate

  3. Enrolled Bill Signed

    4/6/2026House

  4. Concurred in Amend From Senate

    4/1/2026House

  5. Returned For Concurrence

    3/31/2026Senate

  6. Passed As Amended

    3/29/2026Senate

  7. Amended

    3/29/2026Senate

  8. Title Suff Do Pass As Amended

    3/26/2026Senate

  9. Referred To Local and Private

    3/24/2026Senate

  10. Transmitted To Senate

    3/24/2026House

  11. Passed

    3/23/2026House

  12. Title Suff Do Pass

    3/18/2026House

  13. Referred To Local and Private Legislation

    2/26/2026House

Bill Text

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