MS SB2989

Amends Mississippi Code Section 37-7-455 to allow county boards of education in counties with populations over 10,000 (according to 2000 census) where U.S. Highway 45 intersects Mississippi Highway 16 to sell unused school buildings and property to nonprofit 501(c)(3) entities without competitive bidding requirements.

Permits the fair market value of substantial improvements made by a nonprofit entity to the buildings to count as consideration toward the purchase bid, eliminating the need for competitive bids in such cases.

Requires the school board to enter a finding on its minutes confirming that the nonprofit entity has made substantial improvements and that the property is no longer needed for school district purposes.

Allows the school board president to execute the property conveyance once approved by the board, with the school district retaining all oil, gas, and mineral rights and associated royalty proceeds.

Takes effect July 1, 2010.