MS HB1292

Amends Section 29-3-81, Mississippi Code of 1972, to allow holders of existing agricultural leases on sixteenth section lands to re-lease at a rental amount equal to the highest acceptable bid received by the school board.

Current leaseholders may elect to extend their lease for the advertised term at the annual rental equal to the highest bid received, rather than being required to pay 120% of the existing lease value.

If the current leaseholder does not exercise the option to extend at the highest bid amount, the school board may hold an auction among bidders, with the highest bid received serving as the opening bid.

Applies only to agricultural leases and allows this re-leasing option on no more than one occasion, with lease terms not exceeding five years (or ten years for rice cultivation or pasturage).

Takes effect July 1, 2011.