House Bill 877

AN ACT TO AMEND SECTION 1, CHAPTER 451, LAWS OF 2022, TO CLARIFY THE AUTHORITY OF THE UNIVERSITY OF SOUTHERN MISSISSIPPI TO ENTER INTO INSURANCE AGREEMENTS FOR THE PROTECTION OF LEASED AND SUBLEASED PROPERTY ADMINISTERED BY THE MISSISSIPPI STATE PORT AUTHORITY AT GULFPORT AGAINST LOSS OR DAMAGE TO THE PROPERTY; AND FOR RELATED PURPOSES.

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

SECTION 1. Section 1, Chapter 451, Laws of 2022, is amended as follows:

Section 1. (1) The Board of Trustees of State Institutions of Higher Learning, acting by and through the University of Southern Mississippi, may lease portions of the property administered by the Mississippi State Port Authority at Gulfport.

(2) The University of Southern Mississippi may enter into subleases with public and/or private entities for all or part of such property.

(3) The University of Southern Mississippi, acting with the approval of the Board of Trustees of State Institutions of Higher Learning, may negotiate all aspects of any lease and sublease of such property and any terms and ancillary agreements pertaining to any lease and sublease of such property, including, but not limited to insurance agreements, as may be reasonably necessary to effectuate the intent and purposes of this section and to ensure a fair and equitable return to the state and to protect against loss or damage to the property.

(4) Any lease and sublease as provided for in this section and approved and entered into by the University of Southern Mississippi shall not exceed a term of forty (40) years and shall not be cancelled by any successor boards on the basis of the binding successor doctrine.

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