Senate Bill 2640

AN ACT TO AUTHORIZE THE DEPARTMENT OF FINANCE AND ADMINISTRATION TO APPLY RENT PAYMENTS MADE DURING THE LEASE OF ANY REAL PROPERTY FOR STATE GOVERNMENT OFFICES TOWARD THE PURCHASE OF THE REAL PROPERTY; TO PROVIDE THAT THE PURCHASE PRICE OF THE REAL PROPERTY SHALL BE BASED UPON APPRAISALS APPROVED BY THE DEPARTMENT OF FINANCE AND ADMINISTRATION; AND FOR RELATED PURPOSES.

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

SECTION 1. The Bureau of Building, Grounds and Real Property Management, Department of Finance and Administration, is hereby authorized to apply rent payments made during the lease of any real property for state government offices toward the purchase of the real property. The purchase price of the real property shall be based upon appraisals approved by the Department of Finance and Administration. The bureau shall not pay an amount in excess of the appraised value of the land and buildings to be acquired. The appraised value shall be determined by taking the average of two (2) appraisals as determined by two (2) professional appraisers who shall be selected by the Department of Finance and Administration and shall be certified and licensed by the Mississippi Real Estate Appraiser Licensing and Certification Board.

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