House Bill 385

AN ACT TO AMEND SECTION 37-101-41, MISSISSIPPI CODE OF 1972, TO AUTHORIZE THE BOARD OF TRUSTEES TO AUTHORIZE UNIVERSITIES TO LEASE LAND AT THE UNIVERSITY FOR THE CONSTRUCTION OF FACILITIES BY PRIVATE FINANCING; AND FOR RELATED PURPOSES.

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

SECTION 1. Section 37-101-41, Mississippi Code of 1972, is amended as follows:

37-101-41. (a) Except as otherwise provided in paragraph (b) of this section, the Board of Trustees of State Institutions of Higher Learning is hereby authorized and empowered to lease to private individuals or corporations, for a period not exceeding thirty-one (31) years, any land at any of the following state-supported institutions: Mississippi State University of Agriculture and Applied Science, Jackson State University, Mississippi Valley State University, University of Mississippi, Alcorn State University, University of Southern Mississippi, Mississippi University for Women and Delta State University, for the purpose of erecting auxiliary facilities thereon for active faculty and students. The auxiliary facilities shall be constructed thereon by private financing, and shall be leased back to the board for use by the concerned state-supported institution of higher learning. The lease shall contain a provision permitting the board to purchase the building located thereon for the sum of One Dollar ($1.00) after payment by the board of all sums of money due under said lease.

(b) The Board of Trustees of State Institutions of Higher Learning may grant authority to universities to lease to private individuals or corporations any land at the university, for the purpose of erecting auxiliary facilities thereon for active faculty and students. The auxiliary facilities shall be constructed thereon by private financing, and shall be leased back to the board for use by the university. The lease shall contain a provision permitting the board to purchase the auxiliary facilities located thereon for the sum of One Dollar ($1.00) after payment by the board of all sums of money due under said lease.

SECTION 2. This act shall take effect and be in force from and after July 1, 2007.