MISSISSIPPI LEGISLATURE
2010 Regular Session
To: Public Property; Universities and Colleges
By: Representative Watson
AN ACT TO AUTHORIZE THE DEPARTMENT OF FINANCE AND ADMINISTRATION, ACTING ON BEHALF OF THE BOARD OF TRUSTEES OF STATE INSTITUTIONS OF HIGHER LEARNING, TO PURCHASE CERTAIN REAL PROPERTY FOR THE USE AND BENEFITS OF THE STATE INSTITUTIONS OF HIGHER LEARNING; TO AUTHORIZE THE DEPARTMENT TO LEASE THE ACQUIRED PROPERTY TO A PERSON, CORPORATION OR OTHER LEGAL ENTITY FOR PURPOSES OF ECONOMIC DEVELOPMENT TO BENEFIT THE STATE INSTITUTIONS OF HIGHER LEARNING IN THE AREA OF THE PROPERTY; AND FOR RELATED PURPOSES.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:
SECTION 1. (1) The Department of Finance and Administration, acting on behalf of the Board of Trustees of State Institutions of Higher Learning, may purchase real property from a property owner who is willing to sell the subject property to the State of Mississippi, subject to the requirements of Section
29-1-1, to be held for the use and benefit of the state institution of higher learning, under the direction and control of the Board of Trustees of State Institutions of Higher Learning.
(2) After purchasing any property under the authority granted in this section, the Department of Finance and Administration may lease the acquired parcel of property to a person, corporation or other legal entity selected by the state institution of higher learning, subject to the approval of the department and the Board of Trustees of State Institutions of Higher Learning, for purposes of economic development for the benefit of the state institution of higher learning in the general area where the property was acquired. Any lease entered under this subsection shall be subject to the requirements of Section 29-1-201.
SECTION 2. This act shall take effect and be in force from and after its passage.