Mississippi § 55-24-17 - Mississippi Coast Coliseum and Convention Trust Fund established; administration of fund; use of monies.

§ 55-24-17. Mississippi Coast Coliseum and Convention Trust Fund established; administration of fund; use of monies.

The proceeds from the tax authorized under the provisions of Sections 1 and 2 of Chapter 863, Local and Private Laws of 1987, shall be paid to the Mississippi Coast Coliseum and Convention Trust Fund. The fund shall be used for the operational, maintenance, replacement and capital expenses of the Mississippi Coast Coliseum and Convention Center, as hereinafter provided and managed as provided in subsection (2) of this section. Amounts on deposit in the fund shall be invested in interest-bearing accounts or approved securities to include, but not limited to, U.S. Treasury bills and U.S. Treasury notes and bonds, federal agency securities or federal mortgage-backed securities guaranteed as to repayment of principal by the federal government or an agency of the federal government, certificates of deposits fully covered by insurance administered by the Federal Deposit Insurance Corporation or covered by pledge securities, repurchase agreements and short-term money market funds invested in U.S. government and U.S. government agencies. All interest income earned on the fund shall be paid into the Mississippi Coast Coliseum Commission Operating Fund. The principal amount deposited into the fund from the proceeds of the special taxes authorized by Chapter 863, Laws of 1987 shall not be withdrawn from the trust for any purpose whatsoever except as provided for in subsection (2) of this section. The interest earned on the fund may also be used for debt service for capital improvements or expansion or for payment of expenses for operations, maintenance and replacement of capital improvements. From and after July 1, 2016, the Mississippi Coast Coliseum and Convention Trust Fund shall be administered by the Harrison County Board of Supervisors, and the Harrison County Board of Supervisors may expend monies in the fund upon recommendation of the commission, without state appropriation, for the purpose of repairs, restorations, debt service expense and capital improvements to the Mississippi Coast Coliseum and Convention Center. From and after July 1, 2016, until February 16, 2018, the Harrison County Board of Supervisors shall not expend more than Two Million Dollars ($2,000,000.00) from the Mississippi Coast Coliseum Trust Fund; however, from and after February 16, 2018, the board of supervisors is authorized to expend any or all of the remaining monies in such trust fund upon recommendation of the commission.