MS Const., Article 8, Section 206-A

There is hereby created and established in the State Treasury a trust fund which may be used, as hereinafter provided, for the improvement of education within the State of Mississippi. There shall be deposited in such trust fund: (a) The state's share of all oil severance taxes and gas severance taxes derived from oil and gas resources under state-owned lands or from severed state-owned minerals; (b) (b) Any and all monies received by the state from the development, production and utilization of oil and gas resources under state-owned lands or from severed state-owned minerals, except for the following portions of such monies: (i) All mineral leasing revenues specifically reserved by general law in effect at the time of the ratification of this amendment for the following purposes: (A) management of a state leasng program; (B) clean-up, remedial or abatement actions involving pollution as a result of oil or gas exploration or production; (C) management or protection of state waters, land and wildlife; or (D) acquisition of additional waters and land; and (ii) Monies derived from sixteenth section lands and lands held in lieu thereof or from minerals severed from sixteenth section lands and lands held in lieu thereof; and (iii) Monies derived from lands or minerals administered in trust for any state institution of higher learning or administered therefor by the head of any such institution; (c) Any gift, donation, bequest, trust, grant, endowment or transfer of money or securities designated for said trust fund; and (d) All such monies from any other source whatsoever as the Legislature shall, in its discretion, so appropriate or shall, by general law, so direct. The principal of the trust fund shall remain inviolate and shall be invested as provided by general law such institution; (c) Any gift, donation, bequest, trust, grant, endowment or transfer of money or securities designated for said trust fund; and (d) All such monies from any other source whatsoever as the Legislature shall, in its discretion, so appropriate or shall, by general law, so direct. The principal of the trust fund shall remain inviolate and shall be invested as provided by general law. Interest and income derived from investment of the principal of the trust fund may be appropriated by the Legislature by a majority vote of the elected membership of each house of the Legislature and expended exclusively for the education of the elementary and secondary school students and/or vocational and technical training in this state. SOURCES: Laws 1985, ch. 546, effective November 20, 1986. NOTE: The insertion of Section 206-A was proposed by Laws 1985, ch. 546, House Concurrent Resolution No. 35, and upon ratification by the electorate on November 4, 1986, was inserted by proclamation of the Secretary of State on November 20, 1986. Laws 1966, ch. 399, §2, effective July 1, 1986, provides as follows: “Upon the effective date of this act, any funds, including interest earned theron, to the credit of the special fund for the administration of the Mineral Lease Division of the Department of Natural Resources and to the credit of the Gulf and Wildlife Protection Fund, which are in excess of the amounts set forth in Section 29-7-3 to be used for the purposes prescribed therin, shall be transferred into the Education Trust Fund created in Section 206-A.”