As Amended
SEC. 31-17-123. Borrowing not to exceed amount which can be repaid in fiscal year of
loan; transfers to General Fund.
The intent of the Legislature is to authorize borrowing funds under the provisions of Sections 31-17-101 through
31-17-123 to offset any temporary cash flow deficiencies and should not be construed to authorize the borrowing
of any funds in an amount which cannot be repaid during the fiscal year in which such funds are borrowed. The
State Tax Commission and University Research Center, utilizing all available revenue forecast data, shall annually
develop a general fund revenue estimate to be adopted by the Legislative Budget Office as of the date of sine die
adjournment. If, at the end of October, or at the end of any month thereafter of any fiscal year, the revenues
received for the fiscal year shall fall below ninety-eight percent (98%) of the Legislative Budget Office general fund
revenue estimate at the date of sine die adjournment, the State Fiscal Officer shall reduce allocations of general
funds and state-source special funds to general fund and special fund agencies and to the "administration and other
expenses" budget of the State Highway Department in an amount necessary to keep expenditures within the sum of
actual general fund receipts including any transfers to the General Fund from the Working Cash-Stabilization
Reserve Fund for the fiscal year. The State Fiscal Officer may, upon his determination of need based on the
revenue shortfall, transfer funds as provided in Section 27-103-203, from the Working Cash-Stabilization Reserve
Fund to the General Fund to supplement the general fund revenue. State-source special funds in an amount equal
to any reduction made under the provisions of this section shall be transferred to the State General Fund upon
requisitions for warrants signed by the respective agency head and such transfer shall be made within a reasonable
period to be determined by the State Fiscal Officer. No agency's allocation shall be reduced in an amount to
exceed five percent (5%); however, in the event that the allocations of general funds and state-source special funds
to all general fund and special fund agencies and to the "administration and other expenses" budget of the State
Highway Department have been reduced by five percent (5%), any additional reductions required to be made
hereunder shall consist of a uniform percentage reduction of general funds and state-source special funds to all
general fund and special fund agencies, and to the "administration and other expenses" budget of the State
Highway Department. Any receipt from loans authorized by Sections 31-17-101 through 31-17-123 shall not be included as revenue receipts. The State Fiscal Officer shall immediately send notice of any action taken under
authority of this section to the Legislative Budget Office.
For the purpose of this section, "state-source special funds" shall be construed to mean any special funds in any
agency derived from any source, but shall not include the following special funds: special funds derived from
federal sources, from local or regional political subdivisions, or from donations; special funds held in a fiduciary
capacity for the benefit of specific persons or classes of persons; self-generated special funds of the state institutions
of higher learning or the state junior colleges; special funds of Mississippi Industries for the Blind, the State Port at
Gulfport, Yellow Creek Inland Port, Pat Harrison Waterway District, Pearl River Basin Development District, Pearl
River Valley Water Management District, Tombigbee River Valley Water Management District, Yellow Creek
Watershed Authority, or Coast Coliseum Commission; special funds of the Department of Wildlife, Fisheries and
Parks derived from the issuance of hunting or fishing licenses; and special funds generated by agencies whose
primary function includes the establishment of standards and the issuance of licenses for the practice of a
profession within the State of Mississippi.
SOURCES: Laws, 1966, ch. 557, Sec. 12; 1979, ch. 466, Sec. 1; 1984, ch. 488, Sec. 195; 1985, ch. 525, Sec. 7; 1986, ch. 480, Sec. 3; 1988, ch. 518, Sec. 21, eff from and after July 1, 1988. Laws, 1992, ch. 484 Sec. 10, eff from and after passage (approved May 7, 1992).