Rule 6-401-1.12 - DEPOSITORIES FOR DISTRICT FUNDS AND INVESTMENT POLICIESPursuant 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.6 Miss. Code. R. 401-1.12
Miss. Code Ann. § 51-11-39.