The elected office of the State Treasurer is created under Article 5, Section 134, of the Mississippi Constitution. The Mississippi Code details the fiduciary responsibilities of the Treasurer. These responsibilities include the issuance of State debt, responsibility for the timely payment of principal and interest on the State's bond and note obligations, and receiving, disbursing and investing State funds. Specifically, the State Treasurer's statutory duties are:

·To invest and account for general, special, clearing and special purpose investment funds, as well as bond proceeds, according to specific legislated authorization and direction;

·To account for and invest trust funds in the custody of the Treasurer;

·To account for and disburse funds for scheduled payments on bonded indebtedness;

·To prepare all reports and maintain all records required by the Federal Tax Reform Act for calculating any required arbitrage rebate;

·To distribute proportionate tax revenues to counties, cities, and other taxing districts of the State;

·To monitor the cash position of all Treasury funds to insure that cash balances are invested immediately and sufficient cash balances are on hand to pay obligations as they become due;

·To provide a cash flow projection for the timing of receipts and disbursements;

·To identify and recommend to other state agencies the use of cash management techniques which speed collection and increase earnings on investment balances;

·To publish semi-annual GAAP report packages on all funds managed by the Treasurer for inclusion in the Comprehensive Annual Financial Report prepared by the Department of Finance and Administration;

·To act as custodian of unclaimed property reported to the Treasurer and attempt to locate the rightful owners so that they may claim their property;

·To serve as Treasurer to the Mississippi Employment Security Commission;
To insure that all State deposits in approved depository institutions are collateralized at 105% of the deposit balance according to statute;

·To serve as custodian for securities pledged to the State and its agencies;

·To annually approve and issue a commission to all financial institutions serving as depositories for State funds; and

·To process and pay all warrants issued by the State in payment of its obligations;

The State Treasurer also represents the Executive Branch on various boards and commissions. These entities work for the realization of many fundamental aspects of a quality life---from the development of essential infrastructure such as clean water and affordable housing, to the development of young minds for future economic contributions to the workplace. These authorities are:

· Health Care Trust Fund
· Magnolia Capital Corporation
· State Bond Commission
· Public Employees Retirement System
· Mississippi Prepaid Affordable College Tuition Program
· Mississippi Home Corporation
· Economic Development Strategic Planning Task Force
· Mississippi Development Bank
· Tort Claims Board
· License Tag Commission
· Mississippi Business Finance Corporation
· Mississippi Educational Facilities Authority for Private Colleges
· Mississippi Commission on Work Force Excellence
· Special Prison Emergency Management Board