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2019 Mississippi Code
Title 37 - Education
Chapter 145 - Mississippi Opportunity Loan Program Act
§ 37-145-73. Guarantee reserve funds
Universal Citation: MS Code § 37-145-73 (2019)
- In addition to any other funds it may establish, the board of trustees may, by resolution, establish one or more special funds pursuant to this section, referred to herein as “guarantee reserve funds,” and may pay into such reserve funds:
(a) Any moneys appropriated and made available by the state for the purposes of such guarantee reserve fund;
(b) Any proceeds from the sale of notes or bonds to the extent provided in the resolutions of the board of trustees authorizing the issuance thereof;
(c) Any moneys which may be made available to the board of trustees from any other sources for the purposes of such guarantee reserve fund; and
(d) Any income or interest earned by, or increment to, any reserve fund due to investment shall be deposited in the reserve fund.
- The board of trustees may by resolution provide for the establishment of a guarantee reserve fund requirement for any guarantee reserve fund established pursuant to this section.
- The board of trustees shall, on or before January 1 of each year, make and deliver to the Governor of the state a certificate stating the sum, if any, required to restore the guarantee reserve fund to the fund requirement. The Governor shall transmit to the State Legislature a request for the amount, if any, required to restore the guarantee reserve fund to the required funding level. The State Legislature may, but shall not be required to, make any such appropriations so requested. All sums appropriated by the State Legislature for such restoration and paid shall be deposited by the board of trustees in the guarantee reserve fund.
- Any moneys appropriated by the State Legislature for the purposes of the guarantee reserve fund established pursuant to this section shall not revert to the General Fund of the state at the end of any fiscal year.
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