Senate Bill 2370

AN ACT TO AUTHORIZE MISSISSIPPI STATE UNIVERSITY TO ENTER INTO A LONG-TERM AGREEMENT TO LEASE AND SUBLEASE A PORTION OF ITS PROPERTY FOR THE PURPOSES OF DEVELOPING FACILITIES FOR HOUSING AND/OR RETAIL; TO PROVIDE THAT THE LEASE AND SUBLEASE SHALL BE SUBJECT TO THE APPROVAL OF THE BOARD OF TRUSTEES OF STATE INSTITUTIONS OF HIGHER LEARNING; AND FOR RELATED PURPOSES.

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

SECTION 1. (1) Mississippi State University of Agriculture and Applied Sciences is authorized to enter into a long-term lease of all or any portion of certain property not to exceed a term of forty (40) years for the purposes of developing housing and/or retail to benefit the University.

(2) The lease and any amendments to the lease shall be subject to the approval of the Board of Trustees of State Institutions of Higher Learning. The approved lease and any amendments to the lease shall not be cancelled by successor boards based on the binding successor doctrine.

SECTION 2. (1) Mississippi State University of Agriculture and Applied Sciences is authorized to enter into a long-term sublease of all or any portion of the property described in Section 1 of this act not to exceed a term of forty (40) years.

(2) The sublease and any amendments to the sublease shall be subject to the approval of the Board of Trustees of State Institutions of Higher Learning. The approved sublease and any amendments to the sublease shall not be cancelled by successor boards based on the binding successor doctrine.

SECTION 3. If all or any portion of the property described in Section 1 is leased, Mississippi State University of Agriculture and Applied Sciences, with the approval of the Board of Trustees of State Institutions of Higher Learning, is authorized to negotiate all aspects of any lease or sublease and any terms and ancillary agreements pertaining to any lease or sublease as may be reasonable necessary to effectuate the intent and purposes of this act and to ensure a fair and equitable return to the state.

SECTION 4. This act shall take effect and be in force from and after its passage.