Senate Bill 2811

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 SELL AND CONVEY CERTAIN STATE-OWNED REAL PROPERTY LOCATED IN JACKSON COUNTY, MISSISSIPPI, UNDER THE POSSESSION AND CONTROL OF THE UNIVERSITY OF SOUTHERN MISSISSIPPI; AND FOR RELATED PURPOSES.

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

SECTION 1. (1) The Department of Finance and Administration is authorized to sell and convey certain state-owned real property under the possession and control of the University of Southern Mississippi, located in Jackson County, Mississippi, and more particularly described as follows:

The North 5 acres of the N1/2 S1/2 of the SW1/4, West of Saracena Road, Section 15, Township 5 South, Range 5 West, Jackson County, Mississippi.

(2) The real property described in subsection (1) of this section shall not be sold for less than the current fair market value as determined by the averaging of at least two (2) appraisals by qualified appraisers, one (1) of whom shall be selected by the Department of Finance and Administration, and both of whom shall be certified and licensed by the Mississippi Real Estate Appraiser Licensing and Certification Board.

(3) The State of Mississippi shall retain all mineral rights to the real property sold under this section.

(4) Proceeds from the sale of the real property described in subsection (1) of this section shall be deposited into a special fund in the State Treasury and shall be expended only for the benefit of the University of Southern Mississippi.

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