Senate Bill 2811

(As Sent to Governor)

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 AND ANY IMPROVEMENTS THEREON UNDER THE POSSESSION AND CONTROL OF THE UNIVERSITY OF SOUTHERN MISSISSIPPI, LOCATED IN JACKSON COUNTY, 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, acting on behalf of the Board of Trustees of State Institutions of Higher Learning, is authorized to sell and convey certain state-owned real property and any improvements thereon 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.

Title Vested In:

According to said Public Records, fee simple title is vested in University of Southern Mississippi, by virtue of Judgment Approving Final Account and Closing the Estate from Chancery Court of Forrest County, Mississippi for the Estate of M.M. Roberts, deceased, dated July 22, 1986, filed on July 24, 1986 at 9:20 am., and recorded in Book 865, Page 816.

and also by:

Order Amending Judgment from the Forrest County, Mississippi Chancery Court, dated June 13, 1989,

filed June 21, 1989, at 9:44 a.m. and recorded in Book 939, Page 672.

(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 which who shall be selected by the Department of Finance and Administration, and both of which 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 the M.M. Roberts Endowment Fund administered by the University of Southern Mississippi.

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