Mississippi SB2894 requires the return of unexpended local improvement project funds and earned interest to the Capital Expense Fund.
Mississippi SB2894 mandates that any unexpended funds from local improvement projects and the interest earned on those funds be returned to the Capital Expense Fund. The bill outlines procedures for withholding a percentage of payments and allocations to municipalities or counties to recover funds owed to the Capital Expense Fund if they fail to return the required funds. It also establishes a process for the Department of Finance and Administration to notify the State Auditor if reports are overdue, allowing the Auditor to conduct necessary audits or investigations.
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