(1) The Mississippi Work and Save Administrative Fund is created as a special fund in the State Treasury. Monies in the fund shall be expended by the State Treasurer, upon appropriation of the Legislature, for the purposes authorized in this chapter. The fund shall consist of:(a) Monies appropriated to or transferred into the fund by the Legislature, or otherwise made available by the Legislature in any manner;(b) Monies transferred to the fund from the federal government, other state agencies, or local governments;(c) Monies from the payment of application, account, administrative, or other fees and the payment of other monies due the State Treasurer;(d) Any gifts, donations, or grants made to the state for deposit in the fund;(e) Monies collected for the fund from contributions to, or investment returns or assets of, the program or other monies collected by or for the program or pursuant to arrangements established under the program to the extent permitted under federal and state law; and(f) Earnings on monies in the fund.
(a) Monies appropriated to or transferred into the fund by the Legislature, or otherwise made available by the Legislature in any manner;
(b) Monies transferred to the fund from the federal government, other state agencies, or local governments;
(c) Monies from the payment of application, account, administrative, or other fees and the payment of other monies due the State Treasurer;
(d) Any gifts, donations, or grants made to the state for deposit in the fund;
(e) Monies collected for the fund from contributions to, or investment returns or assets of, the program or other monies collected by or for the program or pursuant to arrangements established under the program to the extent permitted under federal and state law; and
(f) Earnings on monies in the fund.
(2) The State Treasurer shall accept any grants, gifts, appropriations, or other monies from the state, any unit of federal, state, or local government, or any other person, firm, partnership, corporation, or other entity solely for deposit into the fund, whether for investment or administrative expenses.
(3) Unexpended amounts remaining in the fund at the end of a fiscal year shall not lapse into the State General Fund, and any interest earned or investment earnings on amounts in the fund shall be deposited into such fund.
(4) To enable or facilitate the start-up and continuing operation, maintenance, administration, and management of the program until the program accumulates sufficient balances and can generate sufficient funding through fees assessed on program accounts for the program to become financially self-sustaining:(a) The State Treasurer may borrow from the state, any unit of federal, state, or local government, or any other person, firm, partnership, corporation, or other entity working capital funds and other funds as may be necessary for this purpose, provided that such funds are borrowed in the name of the program only and that any such borrowings shall be payable solely from the revenues of the program; and(b) The State Treasurer may enter into long-term procurement contracts with one or more financial providers that provide a fee structure that would assist the program in avoiding or minimizing the need to borrow or to rely upon general assets of the state.
(a) The State Treasurer may borrow from the state, any unit of federal, state, or local government, or any other person, firm, partnership, corporation, or other entity working capital funds and other funds as may be necessary for this purpose, provided that such funds are borrowed in the name of the program only and that any such borrowings shall be payable solely from the revenues of the program; and
(b) The State Treasurer may enter into long-term procurement contracts with one or more financial providers that provide a fee structure that would assist the program in avoiding or minimizing the need to borrow or to rely upon general assets of the state.
(5) The state may pay administrative costs associated with the creation, maintenance, operation, and management of the program and trust until sufficient assets are available in the fund for that purpose. Thereafter, all administrative costs of the fund, including any repayment of start-up funds provided by the state, shall be repaid only out of monies on deposit in the fund. However, private funds or federal funding received in order to implement the program until the fund is self-sustaining shall not be repaid unless those funds were offered contingent upon the promise of such repayment.
(6) The State Treasurer may use the monies in the fund solely to pay the administrative costs and expenses of the program and the administrative costs and expenses the State Treasurer incurs in the performance of his duties under this chapter.