The State Highway Commission, acting through the Director of the State Highway Department, is hereby authorized and directed as follows: on each transfer date, the State Highway Commission shall transfer from the State Highway Fund into the appropriate fund specified below the sum equal to the investment account surplus for such transfer date. During fiscal year 1989, the investment account surplus sums available for transfer shall be transferred into the Economic Development Highway Fund created by Section 65-4-15, until Two Million Dollars ($2,000,000.00) in the aggregate has been transferred to that fund, and any additional investment account surplus sums available for transfer not exceeding Twenty-five Million Dollars ($25,000,000.00) in the aggregate shall be transferred into the State General Fund. During fiscal year 1990 and thereafter, any investment account surplus sums available for transfer shall be transferred into the Economic Development Highway Fund.
As used in Sections 65-4-19, 65-4-21 and 65-4-23, the following terms shall have the following meanings:
“Investment account surplus” means, with respect to each transfer date, the amount specified in item (ii) of the definition of transfer date, as set forth below.
“Transfer date” means the second business day following the delivery to the Director of the State Highway Department of a certificate signed by the State Treasurer to the effect: (i) that, pursuant to Section 4(c) of Chapter 39, Extraordinary Session of 1969 (as amended by Section 1 of Chapter 418, Laws of 1976, as amended by Section 1 of Chapter 478, Laws of 1978, and as amended by Section 1 of Chapter 469, Laws of 1985), the State Bond Commission of the State of Mississippi has restructured the investments held in the investment account established pursuant to such Section 4(c) and relating to the State’s Highway Revenue Refunding Bonds, Series 1985; (ii) that, as a result of such restructuring and pursuant to such Section 4(c), the State Bond Commission has declared a specified sum held in such investment account as being surplus (i.e., as being the investment account surplus for such transfer date); (iii) that the State Bond Commission has applied such investment account surplus to deposit into the bond fund relating to the State’s Highway Revenue Refunding Bonds, Series 1985, in order to reduce on a dollar for dollar basis the amount of gasoline excise taxes which must be deposited in such bond fund, or to retention in such investment account in order to reduce on a dollar for dollar basis the amount of gasoline excise taxes which must be deposited in such investment account, or to any combination of such deposit and retention; (iv) that any portion of the investment account surplus deposited in such bond fund has been invested pending its disbursement to pay principal of or interest on such bonds; (v) that any portion of the investment account surplus retained in such investment account has been invested pending its disbursement to purchase U.S. government obligations which are scheduled to be held in such investment account; and (vi) that provision has been made for all interest earnings on investments of such investment account surplus, pending its disbursement to pay principal of or interest on such bonds, or pending its disbursement to purchase U.S. government obligations scheduled to be held in such investment account, as the case may be, to be paid into the State Highway Fund.
