Bill Text: MS HB832 | 2014 | Regular Session | Introduced
Bill Title: La Bauve Scholarship Trust Fund; create and require restoration of original corpus of.
Spectrum: Partisan Bill (Republican 4-0)
Status: (Failed) 2014-02-04 - Died In Committee [HB832 Detail]
Download: Mississippi-2014-HB832-Introduced.html
MISSISSIPPI LEGISLATURE
2014 Regular Session
To: Universities and Colleges; Appropriations
By: Representatives Jennings, Alday, Kinkade, Nelson
House Bill 832
AN ACT TO AMEND SECTION 37-101-4, MISSISSIPPI CODE OF 1972, TO CREATE THE LA BAUVE SCHOLARSHIP TRUST FUND FOR THE PURPOSE OF FUNDING THE FELIX LA BAUVE SCHOLARSHIP THAT EXISTS FOR THE BENEFIT OF THE UNIVERSITY OF MISSISSIPPI; TO PROVIDE THAT FROM APPROPRIATIONS MADE FOR FISCAL YEAR 2015, THE LEGISLATURE SHALL PROVIDE SUFFICIENT FUNDS TO THE TRUST FUND TO RESTORE THE ORIGINAL CORPUS OF THE TRUST FUND, ADJUSTED TO CURRENT VALUE AT THE TIME OF RESTORATION; TO PROVIDE THAT THE UNIVERSITY OF MISSISSIPPI SHALL INVEST AND ADMINISTER THE MONIES IN THE TRUST FUND, AND SCHOLARSHIPS FOR THE FELIX LA BAUVE SCHOLARSHIP SHALL BE AWARDED ONLY FROM THE INCOME ON THE CORPUS OF THE TRUST FUND; TO PROVIDE THAT THE CORPUS OF THE TRUST FUND SHALL REMAIN INVIOLATE, AND NO EXPENDITURE SHALL BE MADE FROM THE CORPUS OF THE TRUST FUND FOR ANY PURPOSE; TO PROVIDE THAT THE LEGISLATURE SHALL NOT APPROPRIATE ANY FUNDS FOR THE FELIX LA BAUVE SCHOLARSHIP AFTER THE INITIAL APPROPRIATION FOR FISCAL YEAR 2015 TO RESTORE THE CORPUS OF THE TRUST FUND; AND FOR RELATED PURPOSES.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:
SECTION 1. Section 37-101-4, Mississippi Code of 1972, is amended as follows:
37-101-4. (1) (a) There shall be a trusteeship, to be known as the Felix La Bauve Scholarship Trust, for the Felix La Bauve Scholarship that exists for the benefit of the University of Mississippi. The trusteeship shall be composed of three (3) persons. The initial composition of the trusteeship shall be the two (2) persons who last filled the position of La Bauve trustee on the Board of Trustees of State Institutions of Higher Learning and, as an ex officio voting member, the person holding the office of DeSoto County Superintendent of Education. The term of the trustee who served as La Bauve trustee on the Board of Trustees of State Institutions of Higher Learning from 1980-1984 shall be four (4) years. The term of the trustee who served in that position from 1984-1988 shall be eight (8) years. The term of each of the trustees shall begin on June 1, 1988.
(b) At least one (1) month before the expiration of the term of a trustee, other than the DeSoto County Superintendent of Education, the trusteeship shall choose a successor who shall serve a term of eight (8) years. No trustee other than the DeSoto County Superintendent of Education shall serve more than one (1) term of office. Any person chosen as a trustee other than the Superintendent of Education shall be a resident of DeSoto County and shall hold an undergraduate degree from the University of Mississippi.
(c) In case of the death, disability or resignation of any trustee, other than the DeSoto County Superintendent of Education, the trusteeship shall appoint a person to serve the remainder of the term of his predecessor who shall be a resident of DeSoto County and shall hold an undergraduate degree from the University of Mississippi.
(2) The trusteeship shall be responsible for recommending to the Chancellor of the University of Mississippi prospective students who are eligible recipients of the La Bauve Scholarship. The Chancellor shall choose the best qualified student or students from those nominated, depending on the amount of monies available for scholarship awards.
(3) The Legislature shall continue to appropriate the annual sum to the University of Mississippi that has been paid in lieu of the interest earned on the original corpus of the La Bauve Scholarship Trust Fund until such time as the Legislature restores the original corpus of the trust fund, adjusted to current value at the time of restoration. Once the Legislature has restored the trust fund as hereinbefore provided, the annual appropriation shall cease, and scholarships shall be awarded from the income on the corpus of the trust fund. Thereafter, no expenditure shall be made from the corpus of the trust fund for any purpose. The Legislature shall not appropriate any funds for the Felix La Bauve Scholarship after the initial appropriation for fiscal year 2015 to restore the corpus of the trust fund.
(4) There is created the La Bauve Scholarship Trust Fund for the purpose of funding the Felix La Bauve Scholarship. From appropriations made for fiscal year 2015, the Legislature shall provide sufficient funds to the trust fund to restore the original corpus of the trust fund, adjusted to current value at the time of restoration. The University of Mississippi shall invest and administer the monies in the trust fund, and scholarships for the Felix La Bauve Scholarship shall be awarded only from the income on the corpus of the trust fund. The corpus of the trust fund shall remain inviolate, and no expenditure shall be made from the corpus of the trust fund for any purpose.
SECTION 2. This act shall take effect and be in force from and after its passage.
