Senate Bill 2982

AN ACT TO AUTHORIZE THE GOVERNING AUTHORITIES OF THE CITY OF NEWTON, MISSISSIPPI, TO ENTER INTO A LONG-TERM AGREEMENT WITH A COMPANY TO PURCHASE THE EXISTING LEASE OF SPACE ON THE CITY'S WATER TOWER, TO COLLECT RENT FOR SPACE LEASED ON THE TOWER, TO FIND FUTURE TENANTS FOR THE AVAILABLE SPACE ON THE TOWER; AND FOR RELATED PURPOSES.

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

SECTION 1. The governing authorities of the City of Newton, Mississippi, are authorized and empowered, in their discretion, to enter into a long-term agreement with a company to purchase the existing lease of the city's water tower, to collect rent for space leased on the tower and to seek tenants for any available space on the tower, with a commission to be retained by the company. The term of the agreement shall not exceed forty (40) years. The city may include in the agreement an easement over city property for access to the tower for the duration of the agreement.

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