Mississippi Administrative Code › Title 6 - Economic Development › Part 401 - PEARL RIVER BASIN DEVELOPMENT DISTRICT › Chapter 1 - REGULATIONS › Rule 6-401-1.12 - DEPOSITORIES FOR DISTRICT FUNDS AND INVESTMENT POLICIES

Current through June 25, 2024
Pursuant to Section 25-43-5(l)(b), the following District
				  policies and rules of practice regarding investments, approval and selection of
				  official depositories and the like are hereby adopted.
(a) All funds of the Pearl River Basin
				Development District (except and less amounts sufficient to cover disbursements
				for current operation) shall be deposited at interest with qualified State
				Depositories which have been designated and approved as qualified depositories
				of the District, at a rate of interest not less than the bank discount rate on
				United States Treasury Bills of comparable maturity.
Such funds shall be offered to qualified depositories of the
				  District having combined capital and surplus account or regulatory net worth of
				  $1 million or more on a competitive basis for certificates of deposits in such
				  amount or amounts as may be designated by the District with maturities not
				  longer than 13 months. The amount of any deposit which is in excess of $100,000
				  shall be secured to the extent required by Law by obligations of the United
				  States of America or by general obligation or highway bonds of the State of
				  Mississippi. The maximum amount to be held in certificates of deposit with any
				  one commercial bank depository shall be 10[CENT] of its combined capital and
				  surplus account, or $500,000 whichever is less. The maximum amount to be held
				  in certificates of deposit with any other qualified depository shall be
				  $100,000.
Provided that bond proceeds, funds held for current
				  operations, and other funds for which no acceptable certificate of deposit can
				  be obtained may be invested in direct obligations issued by or guaranteed in
				  full as to principal and interest by the United States of America or in such
				  other types of interest bearing accounts as may be authorized by law, to be
				  secured to the extent and in the manner required by law.
(b)
Designation of
				depositories
.
(1) Pursuant to
				Section
				51-11-39,
				the Board shall designate one or more official state depositories within the
				member counties of the District to serve as depositories for funds covered by
				this paragraph, and such funds shall, from time to time be deposited in such
				depositories.
(2) Before
				designating depositories, the Board shall issue a notice stating the time and
				place the Board will meet for such purpose and inviting the banks or banking
				institutions in the District counties to submit applications to be designated
				depositories. The applications shall be on a form provided by the District,
				which shall be furnished upon request and submitted in complete form by a time
				prescribed by the Board. Said notice shall be published one time in a newspaper
				or newspapers published in the District and specified by the Board.
(3) The term of service for depositories
				shall be prescribed by the Board from time to time and shall be stated in the
				notice inviting depository applications.
(4) At the time and place mentioned in the
				notice, the Board shall review the applications and the management and
				conditions of those banks and banking institutions offering the most favorable
				terms and conditions for the handling of the funds of the District, provided
				the Board finds that such banks and banking institutions have proper management
				and are in condition to warrant handling the District funds in the manner
				prescribed in Title 27, Chapter 105 of the Mississippi Code of 1972, as
				amended. After considering all relevant facts and circumstances bearing on the
				management and condition of said banks or banking institutions, the Board shall
				choose and notify all banks and banking institutions whose depository
				applications are approved. Such notification shall state the period of time
				such approval encompasses. The Board shall also, within a reasonable time,
				provide such approved depositories with specific deposit and investment
				procedures which the District will follow.