House Bill 1112

AN ACT TO AUTHORIZE THE BOARD OF TRUSTEES OF STATE INSTITUTIONS OF HIGHER LEARNING TO SELL REAL PROPERTY ON BEHALF OF THE STATE INSTITUTIONS OF HIGHER LEARNING; AND FOR RELATED PURPOSES.

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

SECTION 1. The Board of Trustees of State Institutions of Higher Learning, in its discretion, may sell any real property on behalf of a state institution of higher learning if the board determines that the sale is in the best interest of the state institution and the real property is not needed for that institution's existing programs or operations. However, before real property may be sold under the authority granted in this section, an appraisal must be made of the subject property by a licensed real estate appraiser selected and approved by the Department of Finance and Administration, acting through the Bureau of Building, Grounds and Real Property Management. The appraisal must be filed with the Bureau of Building, Grounds and Real Property Management no less than thirty (30) days before the proposed sale of the real property. The state institution for whom the board is selling the real property and the purchaser of the property shall share the cost of the appraisal equally. Consideration paid for the purchase of any real property sold under the authority of this section may not be less than the fair market value of the property, as determined by the appraiser. SECTION 2. This act shall take effect and be in force from and after July 1, 2007.