House Bill 535

(As Sent to Governor)

AN ACT TO AUTHORIZE THE MISSISSIPPI TRANSPORTATION COMMISSION, ACTING THROUGH THE MISSISSIPPI DEPARTMENT OF TRANSPORTATION, TO SELL CERTAIN STATE-OWNED REAL PROPERTY AND ANY IMPROVEMENTS THEREON, WHICH ARE LOCATED IN NESHOBA COUNTY, MISSISSIPPI; AND FOR RELATED PURPOSES.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:

SECTION 1. (1) The Mississippi Transportation Commission, acting through the Mississippi Department of Transportation, is authorized to sell certain state-owned real property and any improvements thereon, which is located in Neshoba County, Mississippi, such property being more specifically described as follows:

Begin at the Northeast corner of the Southwest 1/4 of the Southeast 1/4 of Section 7, Township 10 North, Range 12 East, and run thence South, a distance of 360.0 feet; thence West, a distance of 89.9 feet; to a point, said point is hereby referred to as Point "A" for future reference; thence West, a distance of 270.1 feet; thence North, a distance of 360.0 feet; thence East, a distance of 360.0 feet to the point of beginning, containing 2.98 acres, more or less, and in addition a strip of land 50 feet in width lying between parallel lines each of which lines is 25 feet distance from a line described as beginning at Point "A" herein above referred to and run thence South 9 degrees 37 feet West, a distance of 532.7 feet to the end of said 50 foot strip of land, and all being situated in the East 1/2 of the Southwest 1/4 of the Southeast 1/4 of Section 7, Township 10 North, Range 12 East, Neshoba County, Mississippi.

(2) The real property and any improvements thereon described in subsection (1) of this section shall be sold by negotiated private sale to a Mississippi resident or Mississippi-based entity for not less than the current fair market value as determined by the average of at least two (2) appraisals by qualified appraisers, one (1) of which shall be selected by the Department of Finance and Administration, and both of whom shall be certified and licensed by the Mississippi Real Estate Appraiser Licensing and Certification Board.

(3) All monies derived from the sale of the property described in subsection (1) of this section shall be deposited into a special fund created in the State Treasury for the use and benefit of the Mississippi Department of Transportation. Unexpended amounts remaining in the special fund at the end of the fiscal year shall not lapse into the State General Fund, and any interest earned on the amounts in the special fund shall be deposited to the credit of the special fund.

(4) The Department of Finance and Administration may correct any discrepancies in the legal description provided in this section.

(5) The State of Mississippi shall retain all mineral rights to the property sold under this section.

SECTION 2. This act shall take effect and be in force from and after its passage.