Replaced by Substitute

AMENDMENT NO 2 PROPOSED TO

Senate Bill No. 2518

BY: Representative Hines

Amend after line 65 by inserting the following:

     "SECTION 5.  (1)  The Board of Trustees of State Institutions of Higher Learning, acting on behalf of Mississippi Valley State University, is authorized to enter into a long-term lease(s) of all or any portion of certain real property under its control and possession.  The property described in this section shall be leased for a period not to exceed a term of forty-five (45) years with two (2) additional options for renewal periods not to exceed ten (10) years and one (1) additional option for a renewal period not to exceed five (5) years, for the purposes of developing faculty and staff housing for the benefit of the university. The property to be leased shall be more particularly described upon the submission of a certified survey of the parcel(s) of land identified by the university to be developed with the approval with the board.

     (2)  The lease(s) and any amendments to the lease(s) of all or any portion of the real property authorized for lease(s) under subsection (1) of this section shall be subject to the approval of the Board of Trustees of State Institutions of Higher Learning.  The approved lease(s) and any amendments to the lease(s) shall not be cancelled by successor boards based on the binding successor doctrine.

SECTION 6.  (1)  The Board of Trustees of State Institutions of Higher Learning, acting on behalf of Mississippi Valley State University, is authorized to enter into a long-term sublease(s) of all or any portion of the real property described in Section 1 of this act which is under its control and possession for a period not to exceed a term of forty-five (45) years with two (2) additional options for renewal periods not to exceed ten (10) years and one (1) additional option for a renewal period not to exceed five (5) years.

     (2)  The sublease(s) and any amendments to the sublease(s) of all or any portion of the real property described in Section 1 of this act shall be subject to the approval of the Board of Trustees of State Institutions of Higher Learning.  The approved sublease(s) and any amendments to the sublease(s) shall not be cancelled by successor boards based on the binding successor doctrine.

SECTION 7.  If all or any portion of the property described in Section 1 of this act is leased, Mississippi Valley State University, with the approval of the Board of Trustees of State Institutions of Higher Learning, is authorized to negotiate all aspects of any lease(s) or sublease(s) and any terms and ancillary agreements pertaining to any lease(s) or sublease(s) as may be reasonably necessary to effectuate the intent and purposes of this section and to ensure a fair and equitable return to the state.

SECTION 8.  (1)  All proceeds derived or received from the agreements and lease(s) entered into under Sections 5 and 6 of this act shall be deposited into a special fund and expended only for the use and benefit of Mississippi Valley State University.

      (2)  At the end of the lease term provided in this act, the property leased under the authority provided herein and all improvements to such property shall revert to Mississippi Valley State University.

     (3)  The State of Mississippi shall retain all mineral rights to the real property leased under Section 5 of this act.

     (4)  The Department of Finance and Administration is authorized to correct any discrepancies in the property described in Section 5 of this act."

Further, amend by renumbering succeeding sections accordingly.

Further, amend the title on line 12, by inserting the following after the semicolon:

"TO AUTHORIZE THE BOARD OF TRUSTEES OF STATE INSTITUTIONS OF HIGHER LEARNING, ACTING ON BEHALF OF MISSISSIPPI VALLEY STATE UNIVERSITY TO ENTER INTO A LONG-TERM LEASE(S) OF ALL OR ANY PORTION OF REAL PROPERTY UNDER ITS CONTROL AND POSSESSION FOR THE PURPOSE OF DEVELOPING FACULTY AND STAFF HOUSING FOR THE BENEFIT OF THE UNIVERSITY;".