Senate Bill 2655

(As Sent to Governor)

AN ACT TO AUTHORIZE THE DEPARTMENT OF FINANCE AND ADMINISTRATION, UPON CONSULTATION WITH THE CHAIRMEN OF THE PUBLIC PROPERTY COMMITTEES OF THE SENATE AND HOUSE OF REPRESENTATIVES, TO SELL AND CONVEY OR LEASE CERTAIN STATE-OWNED REAL PROPERTY KNOWN AS THE JEFFERSON STREET PROPERTIES; AND FOR RELATED PURPOSES.

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

SECTION 1. (1) After consulting with the Chairmen of the Public Property Committees of the Senate and House of Representatives, the Department of Finance and Administration may sell and convey or lease any part of all state-owned real property, whichever is determined to be in the best interest of the State of Mississippi, commonly known as the Jefferson Street Properties, and being more particularly described as follows:

Property bounded by Pearl Street on the north, Jefferson Street on the east, Tombigbee Street on the south and Commerce Street on the west, less and except for easements and right of ways of record; parcel contains 6.4 acres more or less and is located in Jackson, Hinds County, Mississippi.

(2) Money derived from the sale of state-owned property authorized in this act shall be deposited into the State General Fund.

(3) The State of Mississippi shall retain the right to repurchase the real property sold pursuant to this act in the event such property is not used, or ceases to be used for the intended purpose, or is otherwise abandoned by the purchaser.

(4) The State of Mississippi shall retain all mineral rights to the real property sold pursuant to this act.

(5) The provisions of this act shall stand repealed from and after September 1, 2007. However, any contract or lease entered into by the Department of Finance and Administration pursuant to this act before September 1, 2007, shall remain in effect until the expiration of the contract or lease.

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